Note 2 - Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Notes Tables

Activity in Ether [Table Text Block]

Three Months Ended September 30, 2025	Quantity			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		1,768,573		$	5,242,898,137		$	4,396,336,194		$	—
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	Quantity			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		3,031		$	10,000,000		$	10,590,295		$	—
Ether purchased		384,840			1,147,427,156			1,147,427,156			—
Ether sold to pay expenses		(28	)		(84,988	)		(63,328	)		(21,660	)
Net realized loss		—			—			(21,660	)		—
Net change in unrealized appreciation/depreciation		—			—			(138,509,122	)		—
Ending balance		387,843		$	1,157,342,168		$	1,019,423,341		$	(21,660	)

Nine Months Ended September 30, 2025	Quantity			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		1,071,415		$	3,543,902,275		$	3,571,669,777		$	—
Ether purchased		3,471,085			12,249,273,102			12,249,273,102			—
Ether sold for the redemption of shares		(697,568	)		(2,302,367,865	)		(2,332,927,732	)		30,559,867
Ether sold to pay expenses		(2,109	)		(6,855,582	)		(6,849,547	)		(6,035	)
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	Quantity			Cost			Fair Value			Realized Gain (Loss)
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		—			—			(21,660	)		—
Net change in unrealized appreciation/depreciation		—			—			(137,918,827	)		—
Ending balance		387,843		$	1,157,342,168		$	1,019,423,341		$	(21,660	)