What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 91 added, 187 removed, 311 unchanged (47% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At September 30, 2025 and December 31, 2024

September 30,

At March 31, 2026 and December 31, 2025

Investment in ether, at fair value (a)

1 unchanged sentence

10,061 16,171

Receivable for capital shares sold

6,379,800,622 10,303,059,666

16,001,622,732 3,571,706,800

Sponsor’s fees payable

3,356,165 444,633

Payable for investments purchased

Sponsor’s fee payable

1,395,466 2,303,146

13 unchanged sentences

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2025 the three months ended September 30, 2024 and the period from May 21, 2024 (Date of Seeding) to September 30, 2024

September 30, 2025

September 30, 2024

September 30, 2025

(Date of Seeding) to

September 30, 2024

Sponsor’s fees

$ 7,917,727 $ 358,491 $ 11,838,343 $ 358,911

Sponsor’s fees waived

( 204,795 ) ( 186,634 ) ( 1,748,012 ) ( 186,634 )

For the three months ended March 31, 2026 and 2025

Three Months Ended

Sponsor’s fee

Sponsor’s fee waived

Total expenses

7,712,932 171,857 10,090,331 172,277

Net investment loss

( 7,712,932 ) ( 171,857 ) ( 10,090,331 ) ( 172,277 )

Net Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Net Realized and Unrealized Loss

Net realized loss from:

Ether sold to pay expenses

730,372 ( 21,660 ) ( 6,035 ) ( 21,660 )

Ether sold for the redemption of Shares

( 928,738,671

Net realized gain (loss)

327,812,749 (a)

( 21,660 ) (b) 30,553,832 (c) ( 21,660 ) (b)

( 203,341,675

Net realized loss

( 932,028,634

( 203,654,846

Net change in unrealized appreciation/depreciation

( 2,059,492,330

Net realized and unrealized gain (loss)

( 1,728,580,085

Net increase (decrease) in net assets resulting from operations

Net realized and unrealized loss

( 2,991,520,964

Net increase (decrease) in net assets per Share (d)

( 1,932,234,931

Includes $352,587,218 of realized gains and $(24,774,469) of realized losses.

Net decrease in net assets resulting from operations

( 2,996,490,501

( 1,933,481,580

Net decrease in net assets per Share (a)

Net decrease in net assets per Share based on average shares outstanding during the period.

Includes $(191,019,080) of ether paid for the in-kind redemption of Shares.

Includes $41,760,600 of realized gains and $(973,789,234) of realized losses.

Includes $436,231 of realized gains and $(204,091,077) of realized losses.

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three, six and nine months ended September 30, 2025

September 30, 2025

For the three months ended March 31, 2026

Three Months Ended

March 31, 2026

Net Assets at December 31, 2025

1 unchanged sentence

Net investment loss

( 1,246,649 )

Net realized loss

6 unchanged sentences

Contributions for Shares issued

Distributions for Shares redeemed

1,454,888,419

Net increase in net assets from capital share transactions

Decrease in net assets

( 1,384,871,548 )

Net Assets at March 31, 2025

$ 2,186,390,619

Net investment loss

( 1,130,750 )

Net realized loss

( 93,604,071 )

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

1,594,046,863

Distributions for Shares redeemed

( 2,380,749,282

Net increase in net assets from capital share transactions

1,449,889,370

Increase in net assets

2,209,405,189

Net Assets at June 30, 2025

$ 4,395,795,808

Net investment loss

( 7,712,932 )

Net realized gain

Net change in unrealized appreciation/depreciation

3,236,696,155

Net increase in net assets resulting from operations

3,556,795,972

Capital Share Transactions:

Contributions for Shares issued

9,717,095,182

Distributions for Shares redeemed

( 1,798,908,440 )

Net increase in net assets from capital share transactions

Net decrease in net assets from capital share transactions

( 925,860,863

Increase in net assets

Decrease in net assets

( 3,922,351,364

Net Assets at September 30, 2025

Net Assets at March 31, 2026

6,378,405,156

3 unchanged sentences

( 131,520,000

Net increase in Shares issued and outstanding

Net decrease in Shares issued and outstanding

See notes to financial statements.

iShares ® Ethereum Trust ETF

Statement of Changes in Net Assets (Unaudited)

For the three months ended September 30, 2024 and the period from May 21, 2024 (Date of Seeding) to September 30, 2024

For the Period from

(Date of Seeding) to September 30, 2024

Net Assets at May 21, 2024

Net investment loss

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2024

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

Net Assets at December 31, 2024

3,571,262,167

Net investment loss

Net realized loss

( 203,654,846

Net change in unrealized appreciation/depreciation

4 unchanged sentences

Contributions for Shares issued

Distributions for Shares redeemed

( 390,105,968

Net increase in net assets from capital share transactions

1,147,455,307

Increase in net assets

Decrease in net assets

( 1,384,871,548

Net Assets at September 30, 2024

Net Assets at March 31, 2025

2,186,390,619

6 unchanged sentences

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2025 and For the Period from May 21, 2024 (Date of Seeding) to September 30, 2024

September 30,

(Date of Seeding)

to September 30,

For the three months ended March 31, 2026 and 2025

Three Months Ended

Cash Flows from Operating Activities

Net increase (decrease) in net assets resulting from operations

Net decrease in net assets resulting from operations

( 2,996,490,501

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

( 1,933,481,580

Adjustments to reconcile the net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Purchases of ether

( 833,522,851

( 938,629,210

Proceeds from ether sold

1 unchanged sentence

Net realized (gain) loss

( 30,553,832 ) 21,660

Net change in unrealized appreciation/depreciation

2,059,492,330

Change in operating assets and liabilities:

Sponsor’s fees payable

1,728,580,085

Net cash used in operating activities

Change in operating assets and liabilities:

Sponsor’s fee payable

Net cash provided by (used in) operating activities

( 548,642,293

1 unchanged sentence

Proceeds from issuance of Shares

$ 12,122,367,134 $ 1,157,455,307

Payments for Shares redeemed

( 1,560,379,798

Net cash provided by financing activities

( 390,105,968

Net increase in cash

Net cash provided by (used in) financing activities

( 726,804,191

Net decrease in cash

Cash, beginning of period

Cash, end of period

Supplemental disclosure of non-cash information:

Ethereum purchased for Shares issued

Ethereum paid for Shares redeemed

( 820,369,484

2 unchanged sentences

Schedules of Investments (Unaudited)

At September 30, 2025 and December 31, 2024

September 30, 2025

At March 31, 2026 and December 31, 2025

March 31, 2026

3,035,336 $ 10,674,287,156 $ 6,379,790,561

10 unchanged sentences

Liabilities in Excess of Other Assets – (0.02) %

( 2,286,975 )

Net Assets – 100.00 %

3 unchanged sentences

Notes to Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

The iShares Ethereum Trust ETF (the “Trust”) was organized on November 9, 2023 as a Delaware statutory trust.

12 unchanged sentences

On July 29, 2025, the SEC issued 19b - 4 orders permitting in-kind creations and redemptions by authorized participants for the Trust.

On July 31, 2025, the amendment to the Trust’s registration statement on Form S- 1 was declared effective.

On July 31, 2025, the post-effective amendment to the Trust’s registration statement on Form S- 1 was declared effective.

As a result of these regulatory actions, the Trust is authorized to create and redeem Shares with authorized participants on an in-kind basis.

6 unchanged sentences

Interim period results are not necessarily indicative of results for a full-year period.

These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2024, as filed with the SEC on March 5, 2025.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

34 unchanged sentences

Any such correction could adversely affect the value of the Shares.

The Trust’s periodic financial statements may not utilize net asset value of the Trust to the extent the methodology used to calculate the Index is deemed not to be consistent with U.S.

The Trust’s periodic financial statements may not utilize the net asset value of the Trust to the extent the methodology used to calculate the Index is deemed not to be consistent with U.S.

Gain or loss on sales of ether is calculated on a trade date basis using the average cost method.

The following tables summarize activity in ether for the three months ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025

The following tables summarize activity in ether for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

Beginning balance

3,467,229 $ 12,538,047,760 $ 10,303,043,495 $ —

Ether purchased

2,516,582 9,716,662,530 9,716,662,530 —

Ether sold for the redemption of shares

( 441,125 ) ( 1,471,657,646 ) ( 1,798,740,023 ) 327,082,377

Ether sold to pay expenses

( 1,207 ) ( 3,951,091 ) ( 4,681,463 ) 730,372

Net realized gain

— — 327,812,749 —

Net change in unrealized appreciation/depreciation

— — 3,236,696,155 —

Ending balance

3,842,823 $ 13,483,951,930 $ 15,874,086,142 $ 327,812,749

Three Months Ended September 30, 2024

Beginning balance

Ether purchased (a)

564,146 1,454,835,663 1,454,835,663 —

Ether purchased

Ether sold for the redemption of Shares (b)

( 993,501 ) ( 3,309,498,370 ) ( 2,380,759,699 ) ( 928,738,671 )

7 unchanged sentences

3,035,336 $ 10,674,287,156 $ 6,379,790,561 $ ( 932,028,634 )

The following tables summarize activity in ether for the nine months ended September 30, 2025 and the period from May 21, 2024 ( Date of Seeding) to September 30, 2024:

Nine Months Ended September 30, 2025

Includes ether purchased in-kind for Shares issued of $ 621,312,812 .

Includes ether paid in-kind for Shares redeemed of $ 820,369,484 (Cost of ether paid was $ 1,011,388,564 and realized loss of ether paid was $ 191,019,080 ).

Three Months Ended March 31, 2025

Beginning balance

6 unchanged sentences

( 509 ) ( 1,670,167 ) ( 1,356,996 ) ( 313,171 )

Net realized gain

— — 30,553,832 —

Net change in unrealized appreciation/depreciation

— — 2,362,366,710 —

Ending balance

3,842,823 $ 13,483,951,930 $ 15,874,086,142 $ 30,553,832

Period from May 21, 2024 (Date of Seeding) to

September 30, 2024

Beginning balance

— $ — $ — $ —

Ether purchased

387,871 1,157,427,156 1,157,427,156 —

Ether sold to pay expenses

( 28 ) ( 84,988 ) ( 63,328 ) ( 21,660 )

Net realized loss

20 unchanged sentences

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of September 30, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2026 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Segment Reporting

5 unchanged sentences

dollars or in-kind or any combination thereof.

For the nine months ended September 30, 2025, the Sponsor’s fee was $ 11,838,343 .

For the three months ended March 31, 2026, the Sponsor’s fee was $ 4,969,537 .

The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time.

2 unchanged sentences

In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s fee, Shareholders will be notified in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website.

For the nine months ended September 30, 2025, the amount waived was $ 1,748,012 .

For the three months ended March 31, 2026, there were no fees waived.

The Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust:

6 unchanged sentences

Indemnification

The Trust Agreement provides that the Sponsor shall indemnify the Trustee, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) that is incurred by any of them and that arises out of or is related to ( 1 ) any offer or sale by the Trust of Baskets, ( 2 ) acts performed or omitted pursuant to the provisions of the Trust Agreement (A) by the Trustee, its directors, employees, delegees and agents or (B) by the Sponsor or ( 3 ) any filings with or submissions to the SEC in connection with or with respect to the Shares, except that the Sponsor shall not have any obligations to pay any indemnification amounts incurred as a result of and attributable to ( x ) the willful misconduct, gross negligence or bad faith of, or material breach of the terms of the Trust Agreement by, the Trustee, (y) information furnished in writing by the Trustee to the Sponsor expressly for use in the registration statement, or any amendment thereto, filed with the SEC relating to the Shares that is not materially altered by the Sponsor or (z) any misrepresentations or omissions made by an authorized participant (other than the Sponsor) in connection with such authorized participant’s offer and sale of Shares.

statement, or any amendment thereto, filed with the SEC relating to the Shares that is not materially altered by the Sponsor or (z) any misrepresentations or omissions made by an authorized participant (other than the Sponsor) in connection with such authorized participant’s offer and sale of Shares.

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) ( 1 ) caused by the willful misconduct, gross negligence or bad faith of the Trustee or ( 2 ) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic report, filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

4 unchanged sentences

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust, that have not yet occurred.

Concentration Risk

3 unchanged sentences

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 30, 2025, the three months ended September 30, 2024 and the period from May 21, 2024 ( Date of Seeding) to September 30, 2024.

September 30,

(Date of Seeding) to

September 30,

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2026 and 2025.

Three Months Ended

Net asset value per Share, beginning of period

$ 18.81 $ 26.47 $ 25.24 $ 25.00

Net investment loss (a)

( 0.02 ) ( 0.01 ) ( 0.04 ) ( 0.01 )

Net realized and unrealized gain (loss) (b)

12.45 ( 6.55 ) 6.04 ( 5.08 )

Net increase (decrease) in net assets from operations

12.43 ( 6.56 ) 6.00 ( 5.09 )

Net realized and unrealized loss (b)

Net decrease in net assets from operations

Net asset value per Share, end of period

$ 31.24 $ 19.91 $ 31.24 $ 19.91

Total return, at net asset value (c)(d)

66.08 % ( 24.78 )% 23.77 % ( 20.20 )% (e)(f)

Ratio to average net assets:

Net investment loss (g)

( 0.24 )% ( 0.12 )% ( 0.21 )% ( 0.12 )%

Total expenses (g)

0.25 % 0.24 % 0.25 % 0.24 %

Total expenses after fees waived (g)

0.24 % 0.12 % 0.21 % 0.12 %

Net investment loss (e)

Total expenses (e)

Total expenses after fees waived (e)

Based on average Shares outstanding during the period.

2 unchanged sentences

Percentage is not annualized.

For the period June 24, 2024 ( Effective Date) to September 30, 2024.

For the period May 21, 2024 to September 30, 2024, the Trust’s total return was ( 20.36 )%.

Percentage is annualized.

10 unchanged sentences

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At September 30, 2025, the value of the ether held by the Trust is categorized as Level 1.

At March 31, 2026, the value of the ether held by the Trust is categorized as Level 1.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

16 unchanged sentences

The Trust issues and redeems Shares only in aggregations of 40,000 Shares (a “Basket”) or integral multiples thereof, based on the quantity of ether attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities).

Only registered broker-dealers that have previously entered into an agreement with the Sponsor governing the terms and conditions of such issuance (such broker-dealer, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash or ether.

Only registered broker-dealers that have previously entered into an agreement with the Sponsor governing the terms and conditions of such transactions (such broker-dealer, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash or ether.

Baskets may be redeemed by the Trust in exchange for an amount of ether corresponding to their redemption value or for the cash proceeds from selling the amount of ether corresponding to their redemption value.

In connection with cash creations and redemptions, the Trust engages in ether transactions for converting cash into ether (in association with purchase orders) and ether into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, a “Ether Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such Ether Trading Counterparties and the Trust, or choosing to trade through Coinbase Inc.

In connection with cash creations and redemptions, the Trust engages in ether transactions for converting cash into ether (in association with purchase orders) and ether into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, an “Ether Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such Ether Trading Counterparties and the Trust, or choosing to trade through Coinbase Inc.

(the “Prime Execution Agent”) acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.

4 unchanged sentences

Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the net asset value per Share (“NAV”).

CF Benchmarks Index is calculated as of 4:00 p.m.

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 Benchmark Regulations (“BMR”).

5 unchanged sentences

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States.

The financial statements and accompanying notes are prepared in accordance with U.S.

GAAP in the United States.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

3 unchanged sentences

Results of Operations

The Quarter Ended September 30, 2025

The Trust’s net asset value increased from $4,395,795,808 at June 30, 2025 to $15,870,778,522 at September 30, 2025, a 261.04% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 233,720,000 Shares at June 30, 2025 to 508,080,000 Shares at September 30, 2025, a consequence of 332,680,000 Shares (8,317 Baskets) being created and 58,320,000 Shares (1,458 Baskets) being redeemed during the quarter.

The increase in the Trust’s net asset value also benefited from an increase in the price of ether, which rose 66.18% from $2,485.81 at June 30, 2025 to $4,130.84 at September 30, 2025.

The 66.08% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $18.81 at June 30, 2025 to $31.24 at September 30, 2025 is directly related to the 66.18% increase in the price of ether.

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 $7,712,932 for the quarter, or 0.06% of the Trust’s average weighted assets of $12,565,170,179 during the quarter.

The NAV of $36.46 on August 22, 2025 was the highest during the quarter, compared with a low during the quarter of $18.28 on July 1, 2025.

Net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $3,556,795,972, resulting from a net realized gain of $730,372 from ether sold to pay expenses, a net realized gain of $327,082,377 from ether sold for the redemption of Shares and an unrealized gain on investment in ether of $3,236,696,155, partially offset by a net investment loss of $7,712,932.

The Quarter Ended March 31, 2026

The Trust’s net asset value decreased from $10,300,756,520 at December 31, 2025 to $6,378,405,156 at March 31, 2026, a 38.08% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of ether, which fell 29.27% from $2,971.55 at December 31, 2025 to $2,101.84 at March 31, 2026.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 458,720,000 Shares at December 31, 2025 to 401,880,000 Shares at March 31, 2026, a consequence of 74,680,000 Shares (1,867 Baskets) being created and 131,520,000 Shares (3,288 Baskets) being redeemed during the quarter.

The 29.34% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $22.46 at December 31, 2025 to $15.87 at March 31, 2026 is directly related to the 29.27% decrease in the price of ether.

The Financial Statement NAV decreased slightly more than the price of ether on a percentage basis due to the Sponsor’s fee, which was $4,969,537 for the quarter, or 0.06% of the Trust’s average weighted assets of $8,064,642,007 during the quarter.

The NAV of $25.50 on January 14, 2026 was the highest during the quarter, compared with a low during the quarter of $14.01 on February 23, 2026.

The net decrease in net assets resulting from operations for the quarter ended March 31, 2026 was $2,996,490,501, resulting from a net realized loss of $3,289,963 from ether sold to pay expenses, a net realized loss of $737,719,591 from ether sold for the redemption of Shares, a net realized loss of $191,019,080 from ether paid for the in-kind redemptions of Shares, an unrealized loss on investment in ether of $2,059,492,330 and a net investment loss of $4,969,537.

Other than the Sponsor’s fee of $4,969,537, the Trust had no expenses during the quarter.

The Nine-Month Period Ended September 30, 2025

The Trust’s net asset value increased from $3,571,262,167 at December 31, 2024 to $15,870,778,522 at September 30, 2025, a 344.40% increase.

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 Shares at December 31, 2024 to 508,080,000 Shares at September 30, 2025, a consequence of 458,800,000 Shares (11,470 Baskets) being created and 92,200,000 Shares (2,305 Baskets) being redeemed during the quarter.

The increase in the Trust’s net asset value also benefited from an increase in the price of ether, which rose 23.92% from $3,333.60 at December 31, 2024 to $4,130.84 at September 30, 2025.

The 23.77% increase in the Financial Statement NAV from $25.24 at December 31, 2024 to $31.24 at September 30, 2025 is directly related to the 23.92% increase in the price of ether.

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 $10,090,331 for the period, or 0.16% of the Trust’s average weighted assets of $6,331,492,268 during the period.

The NAV of $36.46 on August 22, 2025 was the highest during the period, compared with a low during the period of $11.09 on April 8, 2025.

Net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $2,382,830,211, resulting from an unrealized gain on investment in ether of $2,362,366,710, a net realized gain of $30,559,867 on ether distributed for the redemption of Shares, a net realized loss of $6,035 from ether sold to pay expenses during the period and a net investment loss of $10,090,331.

Other than the Sponsor’s fee of $10,090,331, 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.

What changed 10-Q

Item 1. Financial Statements