Creations and Redemptions of Shares

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Creations and Redemptions of Shares

5. Creations and Redemptions of Shares

At June 30, 2025 and December 31, 2024, there were an unlimited number of Shares authorized by the Trust. The Trust creates and redeems Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets on behalf of investors are made by the Authorized Participant in exchange for the delivery of Ether to the Trust or the distribution of Ether by the Trust. The amount of Ether required for each Creation Basket or Redemption Basket is determined by dividing (x) the amount of Ether owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of Ether representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 0.0094 of one Ether at both June 30, 2025 and December 31, 2024.

The cost basis of investments in Ether recorded by the Trust is the fair value of Ether, as determined by the Trust, at 4:00 p.m., New York time, on the date of transfer to the Trust by the Authorized Participant, or Liquidity Provider, based on the Creation Baskets. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of each Share to investors. The Authorized Participant or Liquidity Provider may realize significant profits buying, selling, creating, and redeeming Shares as a result of changes in the value of Shares or Ether.

On May 21, 2024, NYSE Arca filed an application with the SEC pursuant to Rule 19b-4 under the Exchange Act to list the Shares of the Trust on NYSE Arca. On April 23, 2024, the Sponsor filed with the SEC a registration statement on Form S-1, as amended through July 18, 2024, to register the Shares of the Trust under the Securities Act of 1933. On July 17, 2024, the SEC approved NYSE Arca’s 19b-4 application to list the Shares of the Trust on NYSE Arca as an exchange-traded product and on July 22, 2024, the Sponsor authorized the commencement of a redemption program once the registration statement on Form S-1, as amended, was declared effective.

	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
Activity in Number of Shares Issued and Redeemed:
Shares issued		8,380,000			11,260,000
Shares redeemed		(690,000	)		(5,090,000	)
Net Change in Number of Shares Issued and Redeemed		7,690,000			6,170,000

(Amounts in thousands)	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
Activity in Value of Shares Issued and Redeemed:
Shares issued	$	182,637		$	265,463
Shares redeemed		(14,976	)		(119,392	)
Net Change in Value of Shares Issued and Redeemed	$	167,661		$	146,071

Ether receivable represents the value of Ether covered by contractually binding orders for the creation of Shares where the Ether has not yet been transferred to the Trust’s account. Generally, ownership of the Ether is transferred within no more than two business days of the trade date.

	As of June 30,
(Amounts in thousands)	2025
Ether receivable	$	-

Ether payable represents the value of Ether covered by contractually binding orders for the redemption of Shares where the Ether has not yet been transferred out of the Trust’s account. Generally, ownership of the Ether is transferred within no more than two business days of the trade date.

	As of June 30,
(Amounts in thousands)	2025
Ether payable	$	-