VanEck Ethereum ETF
For the period ended Mar 31, 2026. Filed May 14, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 14, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0000930413-25-003439
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0000930413-26-001609
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 24 previous paragraphs and 19 current paragraphs.
15 unchanged; 4 reworded; 0 added; 3 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (3)
Previous report
The Nine-Month Period Ended September 30, 2025
Previous report
The Trust’s NAV increased from $146,428,902 at December 31, 2024 to $265,946,969 at September 30, 2025, an 81.62% increase. The increase in the Trust’s NAV resulted primarily from an increase in the number of outstanding Shares, which increased from 3,000,000 Shares at December 31, 2024 to 4,400,000.00 Shares at September 30, 2025, a net result of 2,325,000 Shares (93 Baskets) being created and 925,000 Shares (37 Baskets) being redeemed during the period. In addition, the price of ETH increased 23.88% from $3,333 at December 31, 2024 to $4,129 at September 30, 2025.
Previous report
The 23.83% increase in the NAV per Share from $48.81 at December 31, 2024 to $60.44 at September 30, 2025 is primarily related to the 23.88% increase in the price of ETH during this period.
Reworded paragraphs (4)
Previous wording
The Trust’s NAV increased from $118,333,419 at June 30, 2025 to $265,946,969 at September 30, 2025, a 124.74% increase. The increase in the Trust’s NAV resulted primarily from an increase in the price of ETH, which increased 66.09% from $2,486 at June 30, 2025 to $4,129 at September 30, 2025. The number of Shares outstanding also increased from 3,250,000 Shares at June 30, 2025 to 4,400,000 Shares at September 30, 2025, a net result of 1,800,000 Shares (72 Baskets) being created and 650,000 Shares (26 Baskets) being redeemed during the period.
Current wording
The Trust’s NAV decreased from $157,578,941 at December 31, 2025 to $106,775,700 at March 31, 2026, a 32.24% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of ETH, which decreased 29.28% from $2,971.01 at December 31, 2025 to $2,101.20 at March 31, 2026. The number of Shares outstanding also decreased from 3,625,000 Shares at December 31, 2025 to 3,475,000 Shares at March 31, 2026, a net result of 1,000,000 Shares (40 Baskets) being created and 1,150,000 Shares (46 Baskets) being redeemed during the period.
Previous wording
The 66.00% increase in the NAV per Share from $36.41 at June 30, 2025 to $60.44 at September 30, 2025 is directly related to the 66.09% increase in the price of ETH during this period.
Current wording
The 29.31% decrease in the NAV per Share from $43.47 at December 31, 2025 to $30.73 at March 31, 2026 is directly related to the 29.28% decrease in the price of ETH during this period.
Previous wording
The NAV per Share of $70.58 on August 22, 2025, was the highest during the quarter, compared with a low during the quarter of $35.38 on July 1, 2025.
Current wording
The NAV per Share of $49.37 on January 14, 2026, was the highest during the quarter, compared with a low during the quarter of $27.12 on February 23, 2026.
Previous wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2025, was $86,212,750 resulting from a net unrealized appreciation on investment in ETH of $76,792,729, a net realized gain of $9,505,163 on ETH sold for the redemption of Shares, a net realized gain of $12,350 from ETH sold to pay expenses during the quarter, and a net investment loss of $97,492. Other than the Sponsor Fee of $97,492, the Trust has no other expenses during the quarter.
Current wording
Net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $44,780,413 resulting from the net change in unrealized depreciation on investment in ETH of $30,226,986, a net realized loss of $14,464,858 on ETH sold for the redemption of Shares, a net realized loss of $24,939 from ETH sold to pay expenses during the quarter, and a net investment loss of $63,630. Other than the Net Sponsor Fee of $63,630, the Trust has no other expenses during the quarter.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The NAV per Share of $70.58 on August 22, 2025, was the highest during the nine months, compared with a low during the nine months of $21.45 on April 8, 2025.
Previous report — wording carried elsewhere
Net increase in net assets resulting from operations for the nine months ended September 30, 2025, was $ 44,561,298 resulting from a net change in unrealized appreciation on investment in ETH of $40,956,880, a net realized gain of $3,689,560 on ETH sold for the redemption of Shares, a net realized gain of $12,350 from ETH sold to pay expenses during the period, and a net investment loss of $97,492. Other than the Sponsor Fee of $97,492, the Trust has no other expenses during the period.