This is actually the easiest exercise theoretically.

Ascend a shape, move the shape up a fret and descend, move it up and ascend etc.

This will help technique, ear training and fretboard knowledge.

Here’s how to make it more effective;

• Hum the root of the arpeggio and transpose your hum as you shift up
• Always know what the root after each shift. You can grow your fretboard knowledge at the same time.
• Pay attention to how the strings feel different to sweep across as you fret closer and closer to the pick; learn how you change your technique to account for this
• Practice all kinds of arpeggios and shapes and partial variations thereof

Here are some shapes to get you started