What changed in this filing

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Item 1. Financial Statements

2025-11-14 compared with 2025-08-13 · 165 added, 106 removed, 334 unchanged (45% of the section changed)

Financial Statements (Unaudited)

21SHARES CORE ETHEREUM ETF

21Shares Ethereum ETF

STATEMENTS OF ASSETS AND LIABILITIES

Investment in ether, at fair value (cost $ 21,597,228 , $ 15,551,512 , respectively)

September 30,

Investment in ether, at fair value (cost $ 40,133,491 and $ 15,551,512 , respectively)

Sponsor fee payable

1 unchanged sentence

Commitments and contingent liabilities (Note 9)

$ 23,002 ,554

Net assets consists of

Paid-in-capital

Accumulated earnings (loss)

Accumulated earnings

Shares issued and outstanding, no par value, unlimited amount authorized

Net asset value per share

The accompanying notes are an integral

part of the financial statements.

21SHARES CORE ETHEREUM ETF

The accompanying notes are an integral part of the financial

21Shares Ethereum ETF

SCHEDULES OF INVESTMENT

30, 2025 (Unaudited)

September 30, 2025 (Unaudited)

% of Net Assets

Investment in ether

8 unchanged sentences

of the financial statements.

21SHARES CORE ETHEREUM ETF

21Shares Ethereum ETF

STATEMENTS OF OPERATIONS

(initial seed

creation date)

For the three

September 30,

For the three

September 30,

For the period

(initial seed creation date) to

September 30,

Total expenses

4 unchanged sentences

Net realized gain (loss) on investment in ether sold to pay Sponsor fee

Net change in unrealized appreciation on investment in ether

Net change in unrealized appreciation (depreciation) on investment in ether

( 3,223,608 )

( 3,222,047 )

Net realized and change in unrealized gain (loss)

( 3,223,608 )

( 3,222,047 )

Net increase (decrease) in net assets resulting from operations

The accompanying notes are an integral part

of the financial statements.

21SHARES CORE ETHEREUM ETF

$ ( 3,223,608 )

$ ( 3,222,047 )

The accompanying notes are an integral part of the financial statements.

21Shares Ethereum ETF

STATEMENTS OF CHANGES IN NET ASSETS

(initial seed

creation date)

For the three

September 30,

For the three

September 30,

For the period from May 1,

(initial seed creation date) to

September 30,

Net assets, beginning of period

2 unchanged sentences

( 47,704,815 )

( 53,380,852 )

Net investment loss

Net realized gain (loss) on investment in ether sold for redemptions

( 3,476,102 )

Net realized gain (loss) on investment in ether sold to pay Sponsor fee

Net change in unrealized appreciation on investment in ether

Net change in unrealized appreciation (depreciation) on investment in ether

( 3,223,608 )

( 3,222,047 )

Net assets, end of period

2 unchanged sentences

Shares redeemed

( 2,280,000 )

( 2,890,000 )

Net increase in Shares issued and outstanding

1 unchanged sentence

of the financial statements.

Core Ethereum ETF

to Financial Statements (Unaudited)

The 21Shares Core Ethereum

ETF (the “Trust”) is a Delaware statutory trust, formed on September 5, 2023, pursuant to the Delaware Statutory Trust Act

The Trust operates pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”).

Delaware Trust Company, a Delaware trust company, is the trustee of the Trust (the “Trustee”).

The Trust is managed and controlled

by 21Shares US LLC (the “Sponsor”).

The Sponsor is a limited liability company formed in the state of Delaware on June 16,

2021, and is a wholly owned subsidiary of Jura Pentium Inc., whose ultimate parent company is 21co Holdings Limited (formerly known as

Amun Holdings Limited).

Coinbase Custody Trust Company, LLC (“Coinbase”), BitGo New York Trust Company, LLC (“BitGo”),

and Anchorage Digital Bank N.A (“Anchorage”, and, together with Coinbase and BitGo, as the context may require, the “Custodian”,

“Custodians” and each a “Custodian”), are the custodians for the Trust and hold all of the Trust’s ether

on the Trust’s behalf.

The transfer agent (the “Transfer Agent”), the administrator for the Trust (the “Administrator”),

and the cash custodian (the “Cash Custodian”), is Bank of New York Mellon.

The 21Shares Ethereum ETF

(the “Trust”) is a Delaware statutory trust, formed on September 5, 2023, pursuant to the Delaware Statutory Trust Act (“DSTA”).

The Trust operates pursuant to a Second Amended and Restated Trust Agreement (the “Trust Agreement”).

CSC Delaware Trust

Company, a Delaware trust company, is the trustee of the Trust (the “Trustee”).

On August 27, 2025, 21Shares Ethereum ETF

(the “Trust”)’s sponsor, 21Shares US LLC (the “Sponsor”), caused a Certificate of Amendment to the Trust’s

Certificate of Trust to be filed with the Secretary of State of the State of Delaware in order to change the name of the Trust from “21Shares

Core Ethereum ETF” to “21Shares Ethereum ETF”.

The Trust is managed and controlled by the Sponsor.

The Sponsor is

a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly owned subsidiary of Jura Pentium Inc., whose

ultimate parent company is 21co Holdings Limited (formerly known as Amun Holdings Limited).

Coinbase Custody Trust Company, LLC (“Coinbase”),

BitGo New York Trust Company, LLC (“BitGo”), and Anchorage Digital Bank N.A (“Anchorage”, and, together with Coinbase

and BitGo, as the context may require, the “Custodian”, “Custodians” and each a “Custodian”) are

the custodians for the Trust and hold all of the Trust’s ether on the Trust’s behalf.

The transfer agent (the “Transfer

Agent”), the administrator for the Trust (the “Administrator”), and the cash custodian (the “Cash Custodian”),

is Bank of New York Mellon.

The Trust is an exchange-traded

3 unchanged sentences

The Shares were listed for trading on the Exchange

on July 23, 2024, under the ticker symbol “CETH”.

on July 23, 2024, and currently trade under the ticker symbol “TETH”.

The Trust’s investment

objective is to seek to track the performance of ether, as measured by the performance of the CME CF Ether-Dollar Reference Rate —

New York Variant (the “Index”), adjusted for the Trust’s expenses and other liabilities.

New York Variant (the “Index”), adjusted for the Trust’s expenses and other liabilities, and to reflect rewards from staking a portion of the Trust’s ether, to the extent the Sponsor in its sole discretion

determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the

Trust’s ability to qualify as a grantor trust for U.S.

Federal income tax purposes.

CF Benchmarks Ltd.

9 unchanged sentences

On May 1, 2024, the Sponsor, in its capacity as Seed Capital Investor, subject to certain

conditions, purchased 2 Shares at a per-Share price of $ 50.00 (the “Initial Seed Shares”).

conditions, purchased two Shares at a per-Share price of $ 50.00 (the “Initial Seed Shares”).

Total proceeds to the Trust from

7 unchanged sentences

The total proceeds to the Trust from the sale of the Seed Creation Baskets were $ 340,739 .

On June 18, 2024, the Trust purchased ether with the proceeds of the Seed Creation Baskets by transacting with an Ether Counterparty to

On June 18, 2024, the Trust purchased ether with the proceeds of the Seed Creation Baskets by transacting with an ether counterparty, which is a designated third party who is not an Authorized Participant (as defined below) but who may be an affiliate

of an Authorized Participant and with whom the Sponsor has entered into an agreement on behalf of the Trust (a “Trading Counterparty”), to

acquire ether on behalf of the Trust in exchange for cash provided by the Sponsor, in its capacity as Seed Capital Investor.

1 unchanged sentence

The statement of assets and

liabilities and schedule of investment on June 30, 2025, and the statements of operations, and changes in net assets for the three and

six months ended June 30, 2025, and for the period May 1, 2024 (initial seed creation date) through June 30, 2024, have been prepared

on behalf of the Trust and are unaudited.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal

recurring adjustments) necessary to present fairly the financial position and results of operations for the period ended June 30, 2025,

and for all interim periods presented have been made.

In addition, interim period results are not necessarily indicative of results for

a full-year period.

liabilities and schedule of investment on September 30, 2025, and the statements of operations, and changes in net assets for the three

and nine months ended September 30, 2025, and for the period May 1, 2024 (initial seed creation date) through September 30, 2024, have

been prepared on behalf of the Trust and are unaudited.

In the opinion of management of the Sponsor of the Trust, all adjustments (which

include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the period ended

September 30, 2025, and for all interim periods presented have been made.

In addition, interim period results are not necessarily indicative

of results for a full-year period.

The fiscal year-end of the

60 unchanged sentences

Fair Value Measurement Using

June 30, 2025 (Unaudited)

September 30, 2025 (Unaudited)

Investment in ether

18 unchanged sentences

the Exchange is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m.

(Eastern Time), the

NAV of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the ether

14 unchanged sentences

If the Trust sells ether (for example, to pay fees or expenses),

such a sale is a taxable event to Shareholders.

such a sale is a taxable event to shareholders of the Trust (“Shareholders”).

Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having

sold the pro rata share of the ether held in the Trust at the time of the sale and may recognize gain or loss on such sale.

has reviewed the tax positions as of June 30, 2025, and has determined that no provision for income tax is required in the Trust’s

has reviewed the tax positions as of September 30, 2025, and has determined that no provision for income tax is required in the Trust’s

financial statements.

13 unchanged sentences

The following represents the

changes in quantity of ether and the respective fair value for the six months ended June 30, 2025 (Unaudited):

changes in quantity of ether and the respective fair value for the nine months ended September 30, 2025 and the period from May 1,

2024 (initial seed creation date) to September 30, 2024 (Unaudited):

Beginning balance as of January 1, 2025

4 unchanged sentences

Net realized gain (loss) on investment in ether sold for redemptions

Change in unrealized appreciation (depreciation) on investment in ether

Ending balance as of September 30, 2025

Beginning balance as of May 1, 2024 (initial seed creation date)

Ether purchased

Net realized gain (loss) on investment in ether sold to pay Sponsor fee

Net realized gain (loss) on investment in ether sold for redemptions

Change in unrealized appreciation (depreciation) on investment in ether

( 3,222,047 )

Change in unrealized appreciation on investment in ether

Ending balance as of June 30, 2025*

* No comparative table has been provided as the Trust commenced

operations on May 1, 2024.

Ending balance as of September 30, 2024

The following represents the

changes in quantity of ether and the respective fair value for the three months ended June 30, 2025 and 2024 (Unaudited):

Beginning balance as of April 1, 2025

changes in quantity of ether and the respective fair value for the three months ended September 30, 2025 and 2024 (Unaudited):

Beginning balance as of July 1, 2025

Ether purchased

Net realized gain on investment in ether sold to pay Sponsor fee

( 11,391.3532 )

( 47,718,601 )

Net realized gain (loss) on investment in ether sold to pay Sponsor fee

Net realized gain (loss) on investment in ether sold for redemptions

Change in unrealized appreciation on investment in ether

Ending balance as of June 30, 2025

Beginning balance as of May 1, 2024 (initial seed creation date)

Change in unrealized appreciation (depreciation) on investment in ether

Ending balance as of September 30, 2025

Beginning balance as of July 1, 2024

Ether purchased

Net realized gain on investment in ether sold to pay Sponsor fee

Net realized gain on investment in ether sold for redemptions

Change in unrealized appreciation on investment in ether

Ending balance as of June 30, 2024

Net realized gain (loss) on investment in ether sold to pay Sponsor fee

Net realized gain (loss) on investment in ether sold for redemptions

Change in unrealized appreciation (depreciation) on investment in ether

( 3,223,608 )

Ending balance as of September 30, 2024

Trust Expenses

11 unchanged sentences

The Trust incurred Sponsor fees

for the six-month period ended June 30, 2025 and for the period May 1, 2024 (initial seed creation date) through June 30, 2024 of $ 15,490

and $ 0 , net of Sponsor fees waived of $ 2,169 respectively.

for the nine-month period ended September 30, 2025 and for the period May 1, 2024 (initial seed creation date) through September 30, 2024

of $ 38,251 and $ 0 , net of Sponsor fees waived of $ 2,169 and $ 3,777 , respectively.

The Sponsor has agreed to

3 unchanged sentences

(i) the fee payable to marketing agents for services provided to the Trust (the “Marketing Fee”),

(ii) fees to the Administrator, if any, (iii) fees to the ether Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee,

(ii) fees to the Administrator, if any, (iii) fees to the Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee,

(vi) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system

8 unchanged sentences

charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust

to protect the Trust or the interests of Shareholders, any indemnification of the ether Custodians, Administrator or other agents, service

to protect the Trust or the interests of Shareholders, any indemnification of the Custodians, Administrator or other agents, service

providers or counter-parties of the Trust, the fees and expenses related to the listing, and extraordinary legal fees and expenses, including

23 unchanged sentences

An ether Trading Counterparty may be an affiliate of an Authorized Participant.

The Authorized Participants

deliver only cash to create Shares and receive only cash when redeeming Shares.

Further, Authorized Participants will not directly or

indirectly purchase, hold, deliver, or receive ether as part of the creation or redemption process or otherwise direct the Trust or a

third-party with respect to purchasing, holding, delivering, or receiving ether as part of the creation or redemption process.

The Authorized Participants may deliver cash or in-kind orders to create Shares and receive cash or in-kind orders when redeeming Shares.

The Trust creates Shares by

receiving ether from a third-party that is not the Authorized Participant and the Trust—not the Authorized Participant—is

responsible for selecting the third-party to deliver the ether.

Further, the third-party will not be acting as an agent of the Authorized

receiving ether from an ether Trading Counterparty that is not the Authorized Participant and the Trust—not the Authorized Participant—is

responsible for selecting the ether Trading Counterparty to deliver the ether.

Further, the ether Trading Counterparty will not be acting as an agent of the Authorized

Participant with respect to the delivery of the ether to the Trust or acting at the direction of the Authorized Participant with respect

to the delivery of the ether to the Trust.

The Trust redeems shares by delivering ether to a third-party that is not the Authorized Participant

and the Trust—not the Authorized Participant—is responsible for selecting the third-party to receive the ether.

third-party will not be acting as an agent of the Authorized Participant with respect to the receipt of the ether from the Trust or acting

The Trust redeems shares by delivering ether to a ether Trading Counterparty that is not the Authorized Participant

and the Trust—not the Authorized Participant—is responsible for selecting the ether Trading Counterparty to receive the ether.

ether Trading Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the ether from the Trust or acting

at the direction of the Authorized Participant with respect to the receipt of the ether from the Trust.

The third-party is unaffiliated

The ether Trading Counterparty is unaffiliated

with the Trust and the Sponsor.

(initial seed

Activity in Capital Transactions Issued and Redeemed:

September 30,

period May 1,

2024 (initial seed creation date) through

September 30,

Activity in Capital Transactions:

Shares issued

Shares redeemed

Net Change in Capital Transactions Issued and Redeemed

(1) Included 2 initial seed shares issued and redeemed in cash.

(initial seed

Activity in Capital Transactions Issued and Redeemed:

( 2,280,000 )

( 2,890,000 )

Net Change in Capital Transactions

September 30,

period May 1,

2024 (initial seed creation date) through

September 30,

Activity in Capital Transactions:

Shares issued

1 unchanged sentence

( 47,704,815 )

Net Change in Capital Transactions Issued and Redeemed

( 53,380,852 )

Net Change in Capital Transactions

Ether purchased payable represents

2 unchanged sentences

two Business Days of the trade date.

September 30,

Ether purchased payable

sold receivable represents the quantity of ether sold for the redemption of Shares where the ether has not yet been settled.

ether is transferred within two Business Days of the trade date.

Ether sold receivable represents

the quantity of ether sold for the redemption of Shares where the ether has not yet been settled.

Generally, ether is transferred within

two Business Days of the trade date.

September 30,

Ether sold receivable

4 unchanged sentences

companies and external service providers.

As of June 30, 2025, the Sponsor

owned 20,000 Shares of the Trust.

As of September 30, 2025,

the Sponsor owned zero Shares of the Trust.

On July 22, 2025 the Sponsor redeemed its Initial Seed Creation Basket of 20,000 Shares.

The Sponsor arranged for the

2 unchanged sentences

Financial Highlights

Per Share Performance (for a Share outstanding

throughout each period presented)

(initial seed

Per Share Performance (for a Share

outstanding throughout each period presented)

three months ended

September 30,

three months ended

September 30,

nine months ended

September 30,

2024 (initial seed creation date) to September 30,

Net asset value per Share, beginning of period

9 unchanged sentences

2 Calculated using average Shares outstanding.

3 The amount shown for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.

3 The amount shown for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses for such period because of the timing of sales and repurchases of the Trust's shares in relation to fluctuating market values for the Trust.

4 Total return is calculated based on the change in value during the period and is not annualized.

42 unchanged sentences

Subsequent Events

On July 22, 2025, the Sponsor,

in its capacity as Seed Capital Investor, redeemed the Seed Creation Baskets comprising 20,000 Shares (the “Seed Creation Baskets”)

for $ 374,052 .

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

July 31, 2025, the amendment to the Trust's S-1 registration statement 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.

The Trust has evaluated all subsequent events through the issuance of the financial statements and has noted no other events requiring

adjustment or additional disclosure in the financial statements other than the items noted above.

On October 7, 2025, 21Shares

Ethereum ETF (the “Trust”) entered into a Master Infrastructure-As-A-Service Agreement (the “Staking Services Agreement”)

with Coinbase Crypto Services, LLC, a Delaware limited liability company (“Coinbase Crypto” or the “Staking Services

On October 8, 2025, the Trust

entered into an amendment to the Sponsor Agreement, by and between the Trust and the Sponsor, to allow for staking of the Trust’s

The amendment to the Sponsor Agreement provides that the portion of the consideration paid to the Sponsor for arranging for the

staking of the Trust’s ether will be comprised of an aggregate of 25 % of the gross staking consideration generated from staking.

Of this amount, the Sponsor will pay the Staking Services Provider for their services under the Staking Services Agreement and the Trust’s

ether custodians in connection with staking activities.

The Trust will receive and retain the remainder of the gross staking consideration.

The Trust has evaluated all

subsequent events through the issuance of the financial statements and has noted no other events requiring adjustment or additional disclosure

in the financial statements other than the items noted above.

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