60 unchanged sentences
Review of Financial Results (unaudited)
−Removed: Financial Highlights for the Three Months Ended March 31, 2026 and 2025
+Added: Financial Highlights for the Three and Six Months Ended June 30, 2026 and 2025
(All amounts in the following table and the subsequent paragraphs, except Share, Ether and price of Ether amounts, are in thousands)
Three Months Ended
−Removed: Net realized and unrealized loss on investment in Ether
−Removed: Net decrease in net assets resulting from operations
+Added: Six Months Ended
+Added: Net realized and unrealized (loss) gain on investment in Ether
+Added: Net (decrease) increase in net assets resulting from operations
Net assets (1)
−Removed: (1) Net assets is calculated in accordance with U.S.
+Added: (1) Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S.
GAAP based on the Digital Asset Market price of Ether on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
−Removed: Net realized and unrealized loss on investment in Ether for the three months ended March 31, 2026 was ($688,510), which includes a realized loss of ($276) on the transfer of Ether to pay expenses, a realized loss of ($83,340) on the sale of Ether to meet redemptions, a realized loss on investment in Ether sold to pay the Sponsor’s Staking Fee of ($115), net change in unrealized appreciation/depreciation on investment in Ether of ($604,760) and net change in unrealized appreciation/depreciation on the Sponsor’s Staking Fee payable in Ether of ($19).
−Removed: Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $2,971.94 per Ether as of December 31, 2025, to $2,095.22 per Ether as of March 31, 2026.
−Removed: Net decrease in net assets resulting from operations was ($681,101) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in Ether, plus the net investment income of $7,409.
−Removed: Net assets decreased to $1,804,771 at March 31, 2026, a 17% decrease for the three-month period.
+Added: Net realized and unrealized loss on investment in Ether for the three months ended June 30, 2026 was ($466,704), which includes a realized loss of ($93,456) on the sale of Ether to meet redemptions, a realized loss of ($365) on the transfer of Ether sold to pay the Sponsor’s Fee, a realized loss on the transfer of Ether sold to pay the Sponsor’s Staking Fee of ($144), net change in unrealized appreciation/depreciation on investment in Ether of ($372,739).
+Added: Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $2,095.22 per Ether as of March 31,2026, to $1,578.53 per Ether as of June 30, 2026.
+Added: Net decrease in net assets resulting from operations was ($459,129) for the three months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Ether, plus the net investment loss of ($946).
+Added: Net assets decreased to $1,349,077 at June 30, 2026, a 25% decrease for the three-month period.
The decrease in net assets resulted from the aforementioned Ether price depreciation, the redemption of approximately 73,084 Ether with a value of $136,736 from the Trust, the withdrawal of approximately 462 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 130 Ether to pay the foregoing Sponsor’s Staking Fee and the payable of approximately 2 Ether to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of approximately 62,608 Ether with a value of $140,171 to the Trust in connection with Share creations during the period and the contribution of approximately 4,243 Ether with a value of $8,521 in connection with Staking Rewards.
−Removed: Net realized and unrealized loss on investment in Ether for the three months ended March 31, 2025 was ($716,962), which includes a realized loss of ($122) on the transfer of Ether to pay the Sponsor’s Fee, a realized loss of ($35,193) on the sale of Ether to meet redemptions and net change in unrealized appreciation/depreciation on investment in Ether of ($681,647).
−Removed: Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,340.40 per Ether as of December 31, 2024, to $1,827.33 per Ether as of March 31, 2025.
−Removed: Net decrease in net assets resulting from operations was ($717,285) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in Ether, plus the Sponsor’s Fee of $323.
−Removed: Net assets decreased to $834,039 at March 31, 2025, a 47% decrease for the three-month period.
+Added: Net realized and unrealized gain on investment in Ether for the three months ended June 30, 2025 was $328,962, which includes a realized loss of ($6,067) on the sale of Ether to meet redemptions, a realized loss of ($188) on the transfer of Ether sold to pay the Sponsor’s Fee, and net change in unrealized appreciation/depreciation on investment in Ether of $335,217.
+Added: Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $1,827.33 per Ether as of March 31, 2025, to $2,516.23 per Ether as of June 30, 2025.
+Added: Net increase in net assets resulting from operations was $328,556 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $406.
+Added: Net assets increased to $1,330,256 at June 30, 2025, a 59% increase for the three-month period.
+Added: The increase in net assets resulted from the aforementioned Ether price appreciation and the contribution of approximately 78,927 Ether with a value of $182,637 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 183 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 6,499 Ether with a value of $14,976 from the Trust.
+Added: Net realized and unrealized loss on investment in Ether for the six months ended June 30, 2026 was ($1,155,214), which includes a realized loss of ($176,796) on the sale of Ether to meet redemptions, a realized loss of ($641) on the transfer of Ether sold to pay the Sponsor’s Fee, a realized loss on the transfer of Ether sold to pay the Sponsor’s Staking Fee of ($259), net change in unrealized appreciation/depreciation on investment in Ether of ($977,499) and net change in unrealized appreciation/depreciation on the Sponsor’s Staking Fee payable in Ether of ($19).
+Added: Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $2,971.94 per Ether as of December 31, 2025, to $1,578.53 per Ether as of June 30, 2026.
+Added: Net decrease in net assets resulting from operations was ($1,140,230) for the six months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Ether, plus the net investment income of ($1,912).
+Added: Net assets decreased to $1,349,077 at June 30, 2026, a 38% decrease for the six-month period.
+Added: The decrease in net assets resulted from the aforementioned Ether price depreciation, the redemption of approximately 167,279 Ether with a value of $369,689 from the Trust, the withdrawal of approximately 944 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 314 Ether to pay the foregoing Sponsor’s Staking Fee and the payable of approximately 2 Ether to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of approximately 281,172 Ether with a value of $677,841 to the Trust in connection with Share creations during the period and the contribution of approximately 7,699 Ether with a value of $16,896 in connection with Staking Rewards.
+Added: Net realized and unrealized loss on investment in Ether for the six months ended June 30, 2025 was ($388,000), which includes a realized loss of ($310) on the transfer of Ether sold to pay the Sponsor’s Fee, a realized loss of ($41,260) on the sale of Ether to meet redemptions and net change in unrealized appreciation/depreciation on investment in Ether of ($346,430).
+Added: Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,340.40 per Ether as of December 31, 2024, to $2,516.23 per Ether as of June 30, 2025.
+Added: Net decrease in net assets resulting from operations was ($388,729) for the six months ended June 30, 2025, which consisted of the net realized and unrealized loss on investment in Ether, plus the Sponsor’s Fee of $729.
+Added: Net assets decreased to $1,330,256 at June 30, 2025, a 15% decrease for the six-month period.
The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 315 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 47,955 Ether with a value of $119,392 from the Trust, partially offset by the contribution of approximately 106,064 Ether with a value of $265,463 to the Trust in connection with Share creations during the period.
18 unchanged sentences
Selected Operating Data
−Removed: As of March 31,
+Added: As of June 30,
Price of Ether on principal market
2 unchanged sentences
1,349,076,627
+Added: 1,330,256,308
NAV per Share (2)
1,348,965,524
+Added: 1,331,223,775
(1) The Principal Market NAV and Principal Market NAV per Share are calculated using the fair value of Ether based on the price provided by the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date, in accordance with U.S.
1 unchanged sentence
The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms.
−Removed: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of March 31, 2026 were Coinbase, Kraken, Crypto.com, LMAX Digital, Bullish, and Bitstamp by Robinhood.
−Removed: The Digital Asset Trading Platforms included in the Index as of March 31, 2025 were Coinbase, Kraken, Bullish, and Crypto.com.
−Removed: The Digital Asset Trading Platforms included in the Index as of May 4, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE, Gemini, Hashkey, Kraken, LMAX Digital, and OKX.
+Added: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2026, were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gate, Gemini, HashKey, Kraken, LMAX Digital, OKX and OSL.
+Added: The Digital Asset Trading Platforms included in the Index as of June 30, 2025, were Coinbase, Kraken, Bullish, Crypto.com and LMAX Digital.
Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.
5 unchanged sentences
Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.
−Removed: The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026.
+Added: The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2026.
For more information on the determination of the Trust’s NAV, see “Item 1.
Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in our Annual Report.
−Removed: The following table illustrates the movements in the Index Price from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026.
−Removed: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of March 31, 2026, individually or as a group.
+Added: The following table illustrates the movements in the Index Price from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2026.
+Added: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of June 30, 2026, individually or as a group.
End of period
Last business day
−Removed: July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025
−Removed: Twelve months ended March 31, 2026
−Removed: July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026
−Removed: The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Trust’s principal market, from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026.
+Added: July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025
+Added: Twelve months ended June 30, 2026
+Added: July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2026
+Added: The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Trust’s principal market, from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2026.
Digital Asset Market Price
2 unchanged sentences
Last business day
−Removed: July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025
−Removed: Twelve months ended March 31, 2026
−Removed: July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026
−Removed: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026.
+Added: July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025
+Added: Twelve months ended June 30, 2026
+Added: July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2026
+Added: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2026.
ETH Premium/(Discount):
1 unchanged sentence
NAV per Share (Non-GAAP) ($)
−Removed: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2026.
+Added: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2026.
ETH Premium/(Discount):
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.