4 unchanged sentences
Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
−Removed: The Trust did not declare any cash distributions to Shareholders during the period from May 21, 2024 to December 31, 2024.
+Added: The Trust did not declare any cash distributions to Shareholders during the fiscal year ended December 31, 2025 and the period from May 21, 2024 (Date of Seeding) to December 31, 2024.
The Trust has no obligation to make periodic distributions to Shareholders.
4 unchanged sentences
Total Number of Shares
−Removed: Average Price Paid Per Share
+Added: Average Price
+Added: Paid Per Share
10/01/25 to 10/31/25
12 unchanged sentences
The Trust is a Delaware statutory trust.
−Removed: The Trust does not have any officers, directors, or employees, and is administered by the Second Amended and Restated Trust Agreement dated as of July 3, 2024, among the Sponsor, the Trustee and the Delaware Trustee.
+Added: The Trust does not have any officers, directors, or employees, and is administered by the Third Amended and Restated Trust Agreement dated as of July 8, 2025, among the Sponsor, the Trustee and the Delaware Trustee.
The Trust issues Shares representing fractional undivided beneficial interests in its net assets.
6 unchanged sentences
Shares of the Trust trade on NASDAQ under the ticker symbol ETHA.
−Removed: Valuation of Ether ; The CF Benchmarks Index
+Added: Valuation of Ether;
+Added: The CF Benchmarks Index
On each Business Day, as soon as practicable after 4:00 p.m.
1 unchanged sentence
For purposes of making these calculations, a Business Day means any day other than a day when NASDAQ is closed for regular trading.
−Removed: CF Benchmarks Index is calculated as of 4:00 p.m.
+Added: The CF Benchmarks Index is calculated as of 4:00 p.m.
The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under the UK BMR.
2 unchanged sentences
In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.
−Removed: For the period covered by this report was the Sponsor’s fee.
+Added: As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.
The Trust’s only source of liquidity is its sales of ether.
9 unchanged sentences
Results of Operations
+Added: The Year Ended December 31, 2025
+Added: The Trust’s net asset value increased from $3,571,262,167 at December 31, 2024 to $10,300,756,520 at December 31, 2025, a 188.43% increase.
+Added: The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 141,480,000 at December 31, 2024 to 458,720,000 at December 31, 2025, a consequence of 546,320,000 Shares (13,658 Baskets) being created and 229,080,000 Shares (5,727 Baskets) being redeemed during the year.
+Added: The increase in the Trust’s net asset value was partially offset by a decrease in the price of ether, which fell 10.86% from $3,333.60 at December 31, 2024 to $2,971.55 at December 31, 2025.
+Added: The 11.01% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $25.24 at December 31, 2024 to $22.46 at December 31, 2025 is directly related to the 10.86% decrease in the price of ether.
+Added: The Financial Statement NAV decreased slightly more than the price of ether on a percentage basis due to the Sponsor’s Fee, which was $18,411,090 for the year, or 0.23% of the Trust’s average weighted assets of $8,063,917,630 during the year.
+Added: The Financial Statement NAV of $36.46 on August 22, 2025 was the highest during the year, compared with a low of $11.09 on April 8, 2025.
+Added: Net decrease in net assets resulting from operations for the year ended December 31, 2025 was $2,315,493,008, resulting from an unrealized loss on investment in ether of $2,262,771,767, a net investment loss of $18,411,090, and a net realized loss of $195,777,445 from ether sold for the redemption of Shares, partially offset by a net realized gain of $135,453 from ether sold to pay expenses, and a net realized gain of $161,331,841 from ether paid for the in-kind redemption of shares.
+Added: Other than the net Sponsor’s Fee of $18,411,090, the Trust had no expenses during the year.
The Period from May 21, 2024 (Date of Seeding) to December 31, 2024
3 unchanged sentences
With the above transaction on June 24, 2024, the Trust commenced operations and the Sponsor’s Fee started accruing daily at an annualized rate equal to 0.25% of the net asset value of the Trust.
−Removed: The 0.96% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $25.00 at May 21, 2024 (Date of Seeding) to $25.24 at December 31, 2024 is directly related to the 1.03% increase in the price of ether.
−Removed: The Financial Statement NAV increased slightly less than the price of ether on a percentage basis due to the net Sponsor’s fees, which were $888,986 for the period, or 0.08% of the Trust’s average weighted assets of $1,087,092,372 during the period.
+Added: The 0.96% increase in the Financial Statement NAV from $25.00 at May 21, 2024 (Date of Seeding) to $25.24 at December 31, 2024 is directly related to the 1.03% increase in the price of ether.
+Added: The Financial Statement NAV increased slightly less than the price of ether on a percentage basis due to the net Sponsor’s Fee, which was $888,986 for the period, or 0.08% of the Trust’s average weighted assets of $1,087,092,372 during the period.
The NAV of $30.86 on December 6, 2024 was the highest during the period, compared with a low of $16.85 on September 6, 2024.
The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 400,000 Shares at May 21, 2024 to 141,480,000 Shares at December 31, 2024, a consequence of 147,280,000 Shares (3,682 Baskets) being created and 6,200,000 Shares(155 Baskets) being redeemed during the period.
−Removed: The increase in the Trust’s net asset value also benefited from an increase in the price of ether, which grew 1.03% from the Trust’s first ether purchase of $3,299.54 on June 24, 2024 to $3,333.60 at December 31, 2024.
+Added: The increase in the Trust’s net asset value also benefited from an increase in the price of ether, which rose 1.03% from the Trust’s first ether purchase of $3,299.54 on June 24, 2024 to $3,333.60 at December 31, 2024.
Net increase in net assets resulting from operations for the period ended December 31, 2024 was $34,418,803, resulting from an unrealized gain on investment in ether of $27,767,502 and a net realized loss of $22,070 from ether sold to pay expenses and a net realized gain of $7,562,357 from ether sold for the redemption of Shares.
−Removed: Other than the net Sponsor’s fees of $888,986, the Trust had no expenses during the period.
+Added: Other than the net Sponsor’s Fee of $888,986, the Trust had no expenses during the period.
Quantitative and Qualitative Disclosures About Market Risk.
1 unchanged sentence
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.