What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-14 compared with 2026-05-15 · 121 added, 69 removed, 271 unchanged (41% of the section changed)

Financial Statements (Unaudited)

OF ASSETS AND LIABILITIES

21SHARES ETHEREUM ETF

STATEMENTS OF ASSETS AND LIABILITIES

Investment in ether, at fair value (cost $ 19,528,111 , and $ 38,559,102 , respectively) $ 12,916,751 $ 31,298,450

Staking Rewards receivable 360 –

Capital shares receivable 2,617,219 –

Total assets 12,916,751 31,298,450

Ether purchased payable 2,617,489 –

Staking Fee payable 90

Total liabilities – –

7 unchanged sentences

Net asset value per Share $ 7.88 $ 14.83

The accompanying

notes are an integral part of the financial statements.

OF INVESTMENT

March 31, 2026 (Unaudited)

% of Net Assets

The accompanying notes are an integral

part of the financial statements.

21SHARES ETHEREUM ETF

SCHEDULES OF INVESTMENT

30, 2026 (Unaudited)

Investment in ether * 8,185.4684 $ 19,528,111 $ 12,916,751 100.00 %

2 unchanged sentences

Net assets $ 12,916,751 100.00 %

December 31, 2025

% of Net Assets

Investment in ether ** 10,534.5809 $ 38,559,102 $ 31,298,450 100.00 %

2 unchanged sentences

Net assets $ 31,298,450 100.00 %

* 23.02% of ether held was staked as of March 31, 2026 – See Note 2.

* 86.42% of ether held was staked as of June 30, 2026 – See Note 2.

** 23.73% of ether held was staked as of December 31, 2025 – See Note 2.

accompanying notes are an integral part of the financial statements.

OF OPERATIONS

The accompanying notes are an integral part

of the financial statements.

21SHARES ETHEREUM ETF

STATEMENTS OF OPERATIONS

Investment income

10 unchanged sentences

Net realized loss on investment in ether sold for redemptions ( 3,646,146 ) – ( 12,768,869 ) ( 3,476,102 )

Net realized loss on investment in ether sold to pay Sponsor Fee – ( 1,843 ) – ( 320 )

Net change in unrealized appreciation (depreciation) on investment in ether ( 445,355 ) 6,469,118 649,292 88,594

Net change in unrealized gain on Sponsor Fee payable – 1,523

Net realized and change in unrealized loss ( 8,040,486 ) ( 9,855,103 )

Net decrease in net assets resulting from operations $ ( 7,993,753 ) $ ( 9,861,010 )

accompanying notes are an integral part of the financial statements.

OF CHANGES IN NET ASSETS

Net realized and change in unrealized gain (loss) ( 4,100,345 ) 6,467,275 ( 12,140,831 ) ( 3,387,828 )

Net increase (decrease) in net assets resulting from operations $ ( 4,079,548 ) $ 6,457,692 $ ( 12,073,301 ) $ ( 3,403,318 )

The accompanying notes are an integral part

of the financial statements.

21SHARES ETHEREUM ETF

STATEMENTS OF CHANGES IN NET ASSETS

Net assets, beginning of period $ 18,191,793 $ 8,403,421 $ 31,298,450 $ 16,869,879

2 unchanged sentences

Income distribution ( 15,524 ) – ( 57,129 ) –

Net investment income 46,733 ( 5,907 )

Net investment income (loss) 20,797 ( 9,583 ) 67,530 ( 15,490 )

Net realized loss on investment in ether sold for income distribution ( 8,844 ) – ( 21,254 ) –

Net realized gain (loss) on investment in ether sold for redemptions ( 9,122,723 ) ( 3,476,102 )

Net realized loss on investment in ether sold for redemptions ( 3,646,146 ) – ( 12,768,869 ) ( 3,476,102 )

Net realized loss on investment in ether sold to pay Sponsor Fee – ( 1,843 ) – ( 320 )

Net change in unrealized appreciation (depreciation) on investment in ether ( 445,355 ) 6,469,118 649,292 88,594

Net change in unrealized gain on Sponsor Fee payable – 1,523

Net assets, end of period $ 12,916,751 $ 23,002,554 $ 12,916,751 $ 23,002,554

2 unchanged sentences

Shares redeemed ( 2,170,000 ) – ( 4,230,000 ) ( 610,000 )

Net decrease in Shares issued ( 370,000 ) ( 90,000 )

accompanying notes are an integral part of the financial statements.

to Financial Statements (UNAUDITED)

Net increase (decrease) in Shares issued ( 100,000 ) 910,000 ( 470,000 ) 820,000

The accompanying notes are an integral part

of the financial statements.

21Shares Ethereum ETF

Notes to Financial Statements (Unaudited)

The 21Shares Ethereum ETF (the “Trust”) is a Delaware statutory trust, formed on September 5, 2023, pursuant to the Delaware Statutory Trust Act (“DSTA”).

6 unchanged sentences

Coinbase Custody Trust Company, LLC (“Coinbase”), BitGo Bank & Trust, N.A.

(BitGo), BitGo New York Trust Company, LLC (“BitGo New York”), and Anchorage Digital Bank N.A (“Anchorage”, and, together with Coinbase, BitGo New York and BitGo, as the context may require, the “Ether Custodians”, “Custodians” and each an “Ether Custodian”) are the custodians for the Trust and hold all of the Trust’s ether on the Trust’s behalf.

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

(“Anchorage”, and, together with Coinbase, BitGo New York and BitGo, as the context may require, the “Ether Custodians”, “Custodians” and each an “Ether 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.

7 unchanged sentences

The Pricing Benchmark is designed to reflect the performance of ether in U.S.

In seeking to achieve its investment objective, the Trust holds ether at its Custodians and values its Shares daily based on the Pricing Benchmark.

In seeking to achieve its investment objective, the Trust holds ether at its Custodians and the Administrator values the Shares daily based on the Pricing Benchmark.

On June 30, 2026, the Sponsor provided notice to the Pricing Benchmark Provider of the termination, effective August 31, 2026, of the licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark.

The Sponsor intends to enter into a licensing agreement with FTSE International Limited (“FTSE”) on or about August 24, 2026, whereby FTSE will provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, worldwide license to access, view and use FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust.

Accordingly, the change in pricing benchmark provider is not expected to have a material impact on the Trust's net asset value, the fair value measurement of the Trust's ether, or the Trust's results of operations, and does not represent a change in accounting principle.

The change will be applied prospectively from the date the successor benchmark becomes effective.

The Trust is an “emerging growth company” as that term is used in the Securities Act, and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.

3 unchanged sentences

Delivery of the Initial Seed Shares was made on May 1, 2024.

On June 18, 2024, the Sponsor, in its capacity as Seed Capital Investor, purchased the initial seed creation baskets comprising 20,000 Shares (the “Initial Seed Creation Baskets”).

On June 18, 2024, the Sponsor, in its capacity as Seed Capital Investor, purchased the initial seed creation baskets comprising 20,000 Shares (the “Seed Creation Baskets”).

In its capacity as the Seed Capital Investor, the Sponsor, has acted as a statutory underwriter in connection with this purchase.

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

On June 18, 2024, the Trust purchased ether with the proceeds of the Initial Seed Creation Baskets by transacting with a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, an “Ether Counterparty”), to acquire ether on behalf of the Trust in exchange for cash provided by the Sponsor, in its capacity as Seed Capital Investor.

All ether acquired in connection with the Initial Seed Creation Baskets is held by one or more of the Custodians.

The statements of assets and liabilities and schedules of investment on March 31, 2026, and the statements of operations, and changes in net assets for the three months ended March 31, 2026 and 2025, 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 three months ended March 31, 2026 and 2025, and for all interim periods presented have been made.

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 a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, an “Ether Counterparty”), to acquire ether on behalf of the Trust in exchange for cash provided by the Sponsor, in its capacity as Seed Capital Investor.

All ether acquired in connection with the Seed Creation Baskets is held by one or more of the Custodians.

The statements of assets and liabilities and schedules of investment on June 30, 2026, and the statements of operations, and changes in net assets for the three and six months ended June 30, 2026 and 2025, 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 three and six months ended June 30, 2026 and 2025, and for all interim periods presented have been included.

In addition, interim period results are not necessarily indicative of results for a full-year period.

5 unchanged sentences

The Trust uses fair value as its method of accounting for ether in accordance with its classification as an investment company for accounting purposes.

As an investment company for accounting purposes, the Trust is exempt from the requirement to present a statement of cash flows pursuant to ASC Topic 230, Statement of Cash Flows.

Accordingly, a statement of cash flows has not been presented.

Accounting Estimates

11 unchanged sentences

The Trust obtains relevant volume and level of activity information and based on initial analysis will select an exchange market as the Trust’s principal market.

The net asset value (“NAV”) and NAV per Share will be calculated using the fair value of ether based on the price provided by this exchange market, as of 4 :

The net asset value (“NAV”) and NAV per Share will be calculated using the fair value of ether based on the price provided by this exchange market, as of 4:00 p.m.

ET on the measurement date for GAAP purposes.

8 unchanged sentences

Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.

The following table presents information about the Trust’s assets measured at fair value as of March 31, 2026 (Unaudited) and December 31, 2025:

The following table presents information about the Trust’s assets measured at fair value as of June 30, 2026 (Unaudited) and December 31, 2025:

Amount at Fair Value Measurement Using

Fair Value Level 1 Level 2 Level 3

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Investment in ether $ 12,916,751 $ 12,916,751 $ – $ –

18 unchanged sentences

Staking rewards are recorded as staking income recognized at fair value when earned.

Because the Sponsor is not the principal to the block validation service, it does not control the full output of the reward-generating activity, and instead receives an aggregate of 25 % of the Staking Rewards.

Of the Staking Fee (as defined below), the Sponsor pays the Staking Provider Consideration.

1 unchanged sentence

As such, the Trust presents staking rewards on a gross basis.

The rewards owed or paid to the Staking Services Providers reduce the amount of staking rewards that are generated from the Trust’s staking activities (the “Staking Activities”) that are available in the assets of the Trust.

Staking Rewards are received in general daily at its Custodians’ account, as earned.

1 unchanged sentence

The Trust’s staked ether is unable to be moved on the blockchain or traded during this period.

The Trust recognizes staking rewards as revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Under the staking arrangements, the validator (e.g., the Ether Custodian or other staking provider) is considered the customer, as it receives access to the Trust’s staking capacity (i.e., the delegation of ether), which represents the Trust’s performance obligation.

In exchange, the Trust is entitled to staking rewards generated by the Ethereum protocol.

Staking rewards represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed, and the Trust receives rewards in its custodial account.

The contract term is the length of each staking epoch.

Staking rewards are recognized as revenue when the Trust satisfies its performance obligations.

Staking rewards are received in ether, which represents non-cash consideration.

Non-cash consideration is measured at fair value at the date of inception of each contract in accordance with ASC 606.

Temporary lock-up periods or transfer restrictions from staking could limit the Trust’s ability to meet redemptions.

For the quarters ended March 31, 2026 and December 31, 2025, the Trust staked an average of 22.69 % and 16.65 %, respectively, of its ether holdings on a daily basis.

As of March 31, 2026 and December 31, 2025, the Trust had staked 23.02 % and 23.73 %, respectively, of its ether holdings.

For the three months ended June 30, 2026, the Trust staked an average of 31.64 % of its ether holdings on a daily basis.

For the six months ended June 30, 2026, the Trust staked an average of 27.32 % of its ether holdings on a daily basis.

As of June 30, 2026 and December 31, 2025, the Trust had staked 86.42 % and 23.73 %, respectively, of its ether holdings.

The staked percentage as of any particular date, including at the end of a reporting period, may differ from the quarterly average.

The Sponsor Fee payable is settled in ether.

The liability is remeasured at each reporting date by reference to the fair value of the ether required to settle it, with the effect of remeasurement recognized in net change in unrealized appreciation (depreciation) on the Sponsor Fee payable.

On settlement, the difference between the carrying amount of the liability and the cost basis of the ether delivered is recognized in net realized gain (loss) on in-kind liabilities paid.

Distributions to Shareholders

9 unchanged sentences

Any differences between the tax and book distributable amounts are reclassified within the components of net assets at year-end.

During the three months ended March 31, 2026, the Trust made cash distributions to shareholders derived from a portion of the ether received as Staking Rewards from the Trust’s staking activities, including $ 22,935 , or $ 0.010378 per Share, on January 8, 2026 and $ 18,670 , or $ 0.012530 per Share on March 30, 2026, for aggregate distributions of $ 41,605 , or $ 0.022908 per Share.

During the six months ended June 30, 2026, the Trust made cash distributions to shareholders derived from a portion of the ether received as Staking Rewards from the Trust’s staking activities, including $ 22,935 , or $ 0.010378 per Share, on January 8, 2026, $ 18,670 , or $ 0.012530 per Share, on March 30, 2026, and $ 15,524 , or $ 0.009466 per Share, on June 29, 2026, for aggregate distributions of $ 57,129 , or $ 0.032374 per Share.

The distributions reduced the Trust’s ether holdings through the sale of ether to generate cash.

Calculation of NAV and NAV per Share

On each day other than when the Exchange is closed for regular trading (a “Business Day”), as soon as practicable after 4 :

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

ET, 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 and other assets held by the Trust based on the Pricing Benchmark price.

17 unchanged sentences

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 recognizes gain or loss on such sale.

The Sponsor has reviewed the tax positions as of March 31, 2026 and December 31,2025 , and has determined that no provision for income tax is required in the Trust’s financial statements.

The Sponsor has reviewed the tax positions as of June 30, 2026 and December 31, 2025, and has determined that no provision for income tax is required in the Trust’s financial statements.

Segment Reporting

6 unchanged sentences

Fair Value of Ether

The following represents the changes in quantity of ether and the fair value for the three months ended on March 31, 2026 (Unaudited) and 2025 (Unaudited):

The following represents the changes in quantity of ether and the fair value during the six months ended on June 30, 2026 (Unaudited) and 2025 (Unaudited):

ether Fair Value

Beginning balance as of January 1, 2026 10,534.5809 $ 31,298,450

Ether purchased for contributions 8,440.5491 19,571,380

Ether purchased for cash contributions 18,775.6394 42,174,350

Ether rewards received 36.1048 90,018

Ether sold for income distribution ( 26.5604 ) ( 57,129 )

Ether sold for redemptions ( 10,290.4138 ) ( 24,642,679 )

Ether sold for cash redemptions ( 21,125.2745 ) ( 48,425,619 )

Ether sold to pay expenses ( 9.0218 ) ( 22,488 )

Net realized loss on investment in ether sold to pay Sponsor Fee – –

Net realized loss on investment in ether sold for income distribution – ( 21,254 )

Net realized loss on investment in ether sold for redemptions – ( 12,768,869 )

Change in unrealized appreciation on investment in ether – 1,094,647

Ending balance as of March 31, 2026 * 8,685.3821 $ 18,191,793

Net change in unrealized appreciation on investment in ether – 649,292

Ending balance as of June 30, 2026 8,185.4684 $ 12,916,751

ether Fair Value

Beginning balance as of January 1, 2025 5,050.0000 $ 16,869,879

Ether purchased for contributions 2,599.7490 7,070,589

Ether purchased for cash contributions 7,147.4484 15,212,271

Ether rewards received – –

Ether sold for income distribution – –

Ether sold for redemptions ( 3,049.1610 ) ( 5,676,038 )

Ether sold for cash redemptions ( 3,049.1610 ) ( 5,676,038 )

Ether sold to pay expenses ( 6.0000 ) ( 14,095 )

Net realized loss on investment in ether sold to pay Sponsor Fee – ( 320 )

Net realized loss on investment in ether sold for income distribution – –

Net realized loss on investment in ether sold for redemptions – ( 3,476,102 )

Change in unrealized depreciation on investment in ether – ( 6,380,524 )

Ending balance as of March 31, 2025 4,600.5880 $ 8,407,804

Net change in unrealized appreciation on investment in ether – 88,594

Ending balance as of June 30, 2025 9,142.2874 $ 23,004,189

The following represents the changes in quantity of ether and the fair value during the three months ended on June 30, 2026 (Unaudited) and 2025 (Unaudited):

ether Fair Value

Beginning balance as of April 1, 2026 8,685.3821 $ 18,191,793

Ether purchased for cash contributions 10,335.0903 22,602,970

Ether rewards received 13.3463 27,730

Ether sold for income distribution ( 9.8482 ) ( 15,524 )

Ether sold for cash redemptions ( 10,835.1655 ) ( 23,782,940 )

Ether sold to pay expenses ( 3.3366 ) ( 6,933 )

Net realized loss on investment in ether sold to pay Sponsor Fee – –

Net realized loss on investment in ether sold for income distribution – ( 8,844 )

Net realized loss on investment in ether sold for redemptions – ( 3,646,146 )

Net change in unrealized depreciation on investment in ether – ( 445,355 )

Ending balance as of June 30, 2026 8,185.4684 $ 12,916,751

ether Fair Value

Beginning balance as of April 1, 2025 4,600.5880 $ 8,407,804

Ether purchased for cash contributions 4,547.6994 8,143,205

Ether rewards received - -

Ether sold for income distribution - -

Ether sold for cash redemptions - -

Ether sold to pay expenses ( 6.0000 ) ( 14,095 )

Net realized loss on investment in ether sold to pay Sponsor Fee - ( 1,843 )

Net realized loss on investment in ether sold for income distribution - -

Net realized loss on investment in ether sold for redemptions - -

Net change in unrealized appreciation on investment in ether – 6,469,118

Ending balance as of June 30, 2025 9,142.2874 $ 23,004,189

Trust Expenses

3 unchanged sentences

The six-month waiver period ended on January 23, 2025, at which time the Sponsor began collecting the Sponsor Fee.

On October 8, 2025, the Sponsor agreed to voluntarily waive the fee it receives from the Trust as compensation for the Sponsor’s services rendered to the Trust for a period of one year beginning on October 9, 2025 ending on October 8, 2026.

On October 8, 2025, the Sponsor agreed to voluntarily waive the Sponsor Fee for a period of one year beginning on October 9, 2025 and ending on October 8, 2026.

Except for during periods in which the Sponsor Fee was being waived, the Sponsor Fee accrues daily and is payable in ether weekly in arrears.

1 unchanged sentence

The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.

The Trust incurred Sponsor Fee for the quarters ended March 31, 2026 and 2025 of $ 0 and $ 5,907 net of Sponsor Fee waived of $ 12,125 and $ 2,169 , respectively.

The Trust incurred Sponsor Fee for the three months ended June 30, 2026 and 2025, of $ 0 and $ 9,583 net of Sponsor Fee waived of $ 9,657 and $ 0 , respectively.

The Trust incurred Sponsor Fee for the six months ended June 30, 2026 and 2025, of $ 0 and $ 15,490 net of Sponsor Fee waived of $ 21,782 and $ 2,169 , respectively.

As partial consideration for receipt of the Sponsor Fee, the Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) the fee payable to marketing agent for services provided to the Trust (the “Marketing Fee”), (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 (including legal, marketing and audit fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related expenses, (viii) audit fees, (ix) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (x) printing and mailing costs;

6 unchanged sentences

The Trust shall not be responsible for paying any fees or expenses associated with the transfer of ether as needed to pay the Sponsor Fee or Additional Trust Expenses.

In consideration for the Sponsor’s facilitation of staking, the Trust pays 25 % of the staking rewards generated by the Trust’s Staking Activities to the Sponsor (“Staking Fee”) and retains the remainder.

The Staking Fee is accrued in ether and converted to U.S.

Dollars by reference to the Pricing Benchmark and is payable in ether weekly in arrears.

The Trust incurred Staking Fees for the three months and the six months ended June 30, 2026, of $ 6,933 and $ 22,488 , respectively.

The accrued liability as of June 30, 2026 and December 31, 2025, was $ 0 and $ 0 respectively.

To the extent that the Sponsor does not voluntarily assume expenses, they will be the responsibility of the Trust.

1 unchanged sentence

The Trust is not obligated to repay any such costs related to the Trust’s organization and offering paid by the Sponsor.

In consideration for the Sponsor’s facilitation of staking, the Trust pays 25 % of the Staking Rewards to the Sponsor (“Staking Fee”) and retains the remainder of the Staking Rewards.

The Staking Fee is accrued in ether and converted to U.S.

Dollars by reference to the Pricing Benchmark and is payable in ether weekly in arrears.

The Trust incurred Staking Fee for the three months ended March 31, 2026 and 2025 of $ 15,555 and $ 0 , respectively.

The accrued liability as of March 31, 2026 and December 31, 2025, was $ 90 and $ 0 , respectively.

Creation and Redemption of Shares

The Trust creates and redeems Shares on a continuous basis but only in one or more Creation Baskets (other than in the case of the Initial Seed Shares) consisting of 10,000 Shares or multiples thereof at the NAV on the date of the creation or redemption.

The Trust creates and redeems Shares on a continuous basis but only in blocks consisting of 10,000 Shares (“Creation Baskets”) (other than in the case of the Initial Seed Shares) or multiples thereof at the NAV on the date of the creation or redemption.

Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders.

8 unchanged sentences

2026 Three Months

(Unaudited) (Unaudited)

2025 Six Months Ended

2026 Six Months Ended

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Activity in Capital Shares:

3 unchanged sentences

2026 Three Months

(Unaudited) (Unaudited)

2025 Six Months Ended

2026 Six Months Ended

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Activity in Capital Transactions:

13 unchanged sentences

The Trust’s operations are supported by its Sponsor, who is in turn supported by its parent company and affiliated companies and external service providers.

As of March 31, 2026, and December 31, 2025, the Sponsor owned zero Shares of the Trust.

As of June 30, 2026 and December 31, 2025, the Sponsor owned zero Shares of the Trust.

The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange.

For the three months ended March 31, 2026, the Trust engaged in no digital asset trading activity with FalconX Bravo, Inc.

(“FalconX Bravo”), a registered swap dealer and a subsidiary of FalconX, which became an affiliated entity on November 2025.

For the three and six months ended June 30, 2026, the Trust engaged in no digital asset trading activity with FalconX Bravo, Inc.

(“FalconX Bravo”), a registered swap dealer and a subsidiary of FalconX, which became an affiliated entity in November 2025.

Financial Highlights

1 unchanged sentence

2026 Three Months

(Unaudited) (Unaudited)

2025 Six Months Ended

2026 Six Months Ended

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Net asset value per Share, beginning of period $ 10.46 $ 9.13 $ 14.83 $ 16.70

Net investment income (loss) on investment in ether (1) 0.02 ( 0.01 )

Net realized and change in unrealized gain (loss) on investment in ether (2) ( 4.37 ) ( 7.56 )

Net investment income (loss) (1) 0.01 ( 0.01 ) 0.04 ( 0.01 )

Net realized and change in unrealized gain (loss) (2) ( 2.58 ) 3.45 ( 6.96 ) ( 4.12 )

Net change in net assets from operations ( 2.57 ) 3.44 ( 6.92 ) ( 4.13 )

34 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-Q

Item 1. Financial Statements