What changed in this filing

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Item 1B. Unresolved Staff Comments

2026-03-30 compared with 2025-03-26 · 55 added, 51 removed, 11 unchanged (91% of the section changed)

1 unchanged sentence

Cybersecurity.

Risk Management, Strategy and Governance

The Trust has no employees or internal information systems and is managed

by the Sponsor.

Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as the ETH Custodian

and Additional ETH Custodian and other service providers to protect the Trust’s information from cybersecurity threats.

has policies, standards, and procedures on information security (the “Cybersecurity Documents”).

The Cybersecurity Documents

govern the procurement, use, storage, protection and permissions of data systems, applications and devices.

The Cybersecurity Documents

outline the correct usage of elements and tasks on the networks/infrastructure to ensure safe operation, high availability, performance,

and data accuracy.

VanEck has adopted the National Institute of

Standards and Technology’s (“NIST”) cybersecurity framework as its security outline.

The program is reviewed annually.

Risk Management, Strategy and

The Trust has no employees or internal information systems

and is managed by the Sponsor.

Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as

the ETH Custodian and Additional ETH Custodian and other service providers to protect the Trust’s information from cybersecurity

VanEck has policies, standards, and procedures on information security (the “Cybersecurity Documents”).

Cybersecurity Documents govern the procurement, use, storage, protection and permissions of data systems, applications and devices.

Cybersecurity Documents outline the correct usage of elements and tasks on the networks/infrastructure to ensure safe operation,

high availability, performance, and data accuracy.

VanEck has adopted the National Institute

of Standards and Technology’s (“NIST”) cybersecurity framework as its security outline.

The program is reviewed

Using the NIST framework as a guide, VanEck’s cybersecurity program is organized around the following program domains:

● Identify critical assets, data, systems and capabilities, cybersecurity strategy and governing elements, threats and cybersecurity

● Protect assets (data, systems, networks, personnel, etc.) from external or internal malicious actors and failed practices

● Detect anomalies and security events through environments monitoring, analysis, remediation, and reporting.

Engage outside vendors

to periodically test the network infrastructure and software applications against known vulnerabilities and to ensure the use of a best

critical assets, data, systems and capabilities, cybersecurity strategy and governing

elements, threats and cybersecurity risks

assets (data, systems, networks, personnel, etc.) from external or internal malicious

actors and failed practices

anomalies and security events through environments monitoring, analysis, remediation,

and reporting.

Engage outside vendors to periodically test the network infrastructure

and software applications against known vulnerabilities and to ensure the use of a best

practice security program

● Respond to incidents regardless of source or causality

● Recover through planning, improvements and communications (external and internal)

● Conduct after-action evaluation to identify what went well, what did not go well and improve VanEck systems on the back of an issue

VanEck employs third-party firms to assess its

cybersecurity posture, conduct penetration testing, and forensic analysis.

VanEck maintains a risk-based approach to identifying

and overseeing cybersecurity risks presented by third parties, including vendors, service providers, counterparties and clients, as well

as the systems of third parties that could significantly and adversely impact VanEck’s business in the event of a cybersecurity

incident affecting those third-party systems.

Third-party risks are included within VanEck’s NIST framework, and risk identification

and mitigation are supported by VanEck’s cybersecurity program.

VanEck also performs diligence on certain third parties and monitors

cybersecurity threats and risks identified through such diligence.

to incidents regardless of source or causality

through planning, improvements and communications (external and internal)

after-action evaluation to identify what went well, what did not go well and improve

VanEck systems on the back of an issue

VanEck employs third-party firms to assess

its cybersecurity posture, conduct penetration testing, and forensic analysis.

VanEck maintains a risk-based approach

to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, counterparties

and clients, as well as the systems of third parties that could significantly and adversely impact VanEck’s business in the

event of a cybersecurity incident affecting those third-party systems.

Third-party risks are included within VanEck’s NIST

framework, and risk identification and mitigation are supported by VanEck’s cybersecurity program.

VanEck also performs diligence

on certain third parties and monitors cybersecurity threats and risks identified through such diligence.

Roles and Responsibilities

Roles and responsibilities for cybersecurity have

been established first by VanEck’s cybersecurity policy and secondly by its connection to the governance structure of the firm and

VanEck’s risk management committee (the “Risk Management Committee”), which is comprised of senior-level employees.

Roles and responsibilities for cybersecurity

have been established first by VanEck’s cybersecurity policy and secondly by its connection to the governance structure of

the firm and VanEck’s risk management committee (the “Risk Management Committee”), which is comprised of senior-level

Cybersecurity is closely aligned with not only risk management, but also with business continuity planning and response.

the importance of cybersecurity protection and its practice at the manager and employee level is frequently communicated to the staff

Specifically, VanEck’s Chief Information Security Officer, reporting to the co-chair of the Risk Management Committee,

is responsible for conducting the firm’s cybersecurity risk assessment, as well as providing regular staff educations with a special

emphasis on proper desktop and email security and conduct.

Special training is also given to recently on-boarded staff.

Chief Administrative Officer and Chief Technology Officer, together with VanEck’s Chief Information Security Officer, are responsible

for the day-to-day operations of the firm cybersecurity infrastructure including normal operations as well as any remedial work required

in response to an incident.

The communication responsibility in the event of an incident is shared by VanEck’s CEO and the General

Since our commencement of operations, we have not

experienced a material information security breach incident and we are not aware of any cybersecurity risks that are reasonably likely

to materially affect our business.

However, future incidents could have a material impact on our business strategy, results of operations,

or financial condition.

In addition, the importance of cybersecurity protection and its practice at the manager and employee level is frequently communicated

to the staff globally.

Specifically, VanEck’s Chief Information Security Officer , reporting to the co-chair of the Risk Management

Committee, is responsible for conducting the firm’s cybersecurity risk assessment, as well as providing regular staff educations

with a special emphasis on proper desktop and email security and conduct.

Special training is also given to recently on-boarded

VanEck’s Chief Administrative Officer and Chief Technology Officer, together with VanEck’s Chief Information

Security Officer, are responsible for the day-to-day operations of the firm cybersecurity infrastructure including normal operations

as well as any remedial work required in response to an incident.

The communication responsibility in the event of an incident

is shared by VanEck’s CEO and the General Counsel.

Since our commencement of operations,

we have not experienced a material information security breach incident and we are not aware of any cybersecurity risks that are

reasonably likely to materially affect our business.

However, future incidents could have a material impact on our business strategy,

results of operations, or financial condition.

See “Item 1A.

Risk Factors— Other Risks—Due to the increased use of technologies, intentional

and unintentional cyber-attacks pose operational and information security risks.”

Risk Factors— Other Risks—Due to the increased

use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.”

Not applicable.

3 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.

What changed 10-K

Item 1B. Unresolved Staff Comments