Creation and Redemption of Shares

12 Months Ended

Dec. 31, 2025

Creation and Redemption of Shares [Abstract]

The Trust creates and redeems Shares on a continuous basis but only in one or more Baskets (other than in the case of the Initial Seed Shares) consisting of 10,000 Shares or multiples thereof on the NAV of 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. The Trust engages in ether transactions for converting cash into ether (in association with purchase orders) and ether into cash (in association with redemption orders).

Authorized Participants may purchase Shares in cash by depositing cash in the Trust’s account with the Cash Custodian. This will cause the Sponsor, on behalf of the Trust, to automatically instruct 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 (i) purchase the amount of ether equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting ether amount in the Trust’s accounts with the Ether Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized Participant’s designee of, ether to the Trust’s accounts with an Ether Custodian in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct an Ether Custodian to transfer ether to an Ether Counterparty, who will sell the ether to be executed, in the Sponsor’s reasonable efforts, at the Index price used to calculate the Trust’s NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through an Ether Custodian, will deliver ether to the Authorized Participant or its designee in exchange for Shares.

	Year Ended December 31, 2025			For the Period from May 1, 2024 (date of initial seeding) through December 31, 2024
Activity in Capital Shares:
Shares issued		4,680,000			1,810,002
Shares redeemed		(3,580,000	)		(800,002	)
Net Change in Capital Shares		1,100,000			1,010,000

	Year Ended December 31, 2025			For the Period from May 1, 2024 (date of initial seeding) through December 31, 2024
Activity in Capital Transactions:
Contributions for Shares issued	$	80,160,645		$	27,592,779
Distributions for Shares redeemed		(67,107,797	)		(15,109,007	)
Net Change in Capital Transactions	$	13,052,848		$	12,483,772

Ether purchased payable represents the quantity of ether purchased for the creation of Shares where the ether has not yet settled. Generally, ether is transferred within two Business Days of the trade date.

	December 31, 2025		December 31, 2024

Ether purchased payable	$	-	$	-

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.

	December 31, 2025		December 31, 2024

Ether sold receivable	$	-	$	-

- Definition

The entire disclosure for equity.

+ References

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+ Details

21Shares Ethereum ETF 10-K