Fair Value of Ether

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Ether

3. Fair Value of Ether

As of March 31, 2026, the Trust held a net closing balance of 104,650.7879 ether with a total market value of $219,465,260 based on the CME CF Ether - Dollar Reference Rate - New York Variant ("Pricing Index") price of $2,097.12, used to determine the Trust's NAV. The total market value of the Trust's ether held was $219,266,424 based on the price of ether (Lukka Prime Rate) in the principal market (Crypto.com) of $2,095.22, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of ether and the respective fair value for the three-month period ended March 31, 2026:

	Quantity of ether			Fair Value (amounts in thousands)
Beginning balance as of December 31, 2025		115,663.9141		$	343,746
Purchases		36,871.4255			102,476
In-Kind Redemptions		(2,504.9565	)		(5,123	)
Sales for the redemption of Shares		(45,316.4348	)		(111,251	)
Ether transferred for Sponsor Fee		(63.1604	)		(162	)
Net realized gain (loss) on investment in ether transferred to pay Sponsor Fee		—			54
Net realized gain (loss) on In-Kind Redemptions of ether		—			868
Net realized gain (loss) on investment in ether sold for redemptions		—			(38,498	)
Change in unrealized appreciation (depreciation) on investment in ether		—			(72,844	)
Ending balance as of March 31, 2026		104,650.7879		$	219,266

Additions during the year primarily represent ether purchased due to creations into the Trust and In-Kind Creations. Dispositions during the year represent ether sold as a result of shareholder redemptions from the Trust and in-kind redemptions. In addition, ether was transferred to pay the Sponsor Fee of the Trust. For the three months ended March 31, 2026, the Trust recognized net realized losses of $37,575,301, which represents the net of cumulative realized gains of $922,371 and cumulative realized losses of $38,497,672.

As of December 31, 2025, the Trust held a net closing balance of 115,663.9141 ether with a total market value of $342,919,216 based on the ETHUSD_NY price per ether of $2,964.79, used to determine the Trust's NAV. The total market value of the Trust's ether held was $343,746,213 based on the price per ether (Lukka Prime Rate) in the principal market (Crypto.com) of $2,971.94, used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of ether and the respective fair value for the period from December 31, 2024 to December 31, 2025:

	Quantity of ether			Fair Value (amounts in thousands)
Beginning balance as of December 31, 2024		121,101.8582		$	404,529
Purchases		156,792.8617			576,881
Sales for the redemption of Shares		(162,038.8128	)		(582,989	)
Ether transferred for Sponsor Fee		(191.9930	)		(599	)
Net realized gain (loss) on investment in ether transferred to pay Sponsor Fee		—			249
Net realized gain (loss) on investment in ether sold for redemptions		—			(54,632	)
Change in unrealized appreciation (depreciation) on investment in ether		—			307
Ending balance as of December 31, 2025		115,663.9141		$	343,746