VanEck Ethereum ETF
For the period ended Jun 30, 2026. Filed Aug 13, 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.
Jun 30, 2026 · Filed Aug 13, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0000930413-26-002504
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 19 previous paragraphs and 24 current paragraphs.
14 unchanged; 4 reworded; 3 added; 1 removed; 0 previous and 3 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.
Added paragraphs (3)
Current report
The Three Months Ended June 30, 2026
Current report
The Six Months Ended June 30, 2026
Current report
The 46.56% decrease in the NAV per Share from $43.47 at December 31, 2025 to $23.23 at June 30, 2026 is primarily related to the 46.50% decrease in the price of ETH during the six months ended June 30, 2026.
Removed paragraphs (1)
Previous report
The Quarter Ended March 31, 2026
Reworded paragraphs (4)
Previous 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.
Current wording
The Trust’s NAV decreased from $106,775,700 at March 31, 2026 to $77,828,275 at June 30, 2026, a 27.11% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of ETH, which decreased 24.35% from $2,101.20 at March 31, 2026 to $1,589.53 at June 30, 2026. The number of Shares outstanding also decreased from 3,475,000 Shares at March 31, 2026 to 3,350,000 Shares at June 30, 2026, a net result of 200,000 Shares (8 Baskets) being created and 325,000 Shares (13 Baskets) being redeemed during the three months ended June 30, 2026.
Previous 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.
Current wording
The 24.41% decrease in the NAV per Share from $30.73 at March 31, 2026 to $23.23 at June 30, 2026 is primarily related to the 24.35% decrease in the price of ETH during the three months ended June 30, 2026.
Previous 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.
Current wording
The NAV per Share of $49.37 on January 14, 2026, was the highest during the six months, compared with a low during the six months of $22.75 on June 5, 2026.
Previous 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.
Current wording
Net decrease in net assets resulting from operations for the six months ended June 30, 2026, was $(70,557,703) resulting from the net change in unrealized appreciation (depreciation) on investment in ETH of $(50,016,186), a net realized loss of $(20,374,218) on ETH sold for the redemption of Shares, a net realized loss of $(52,041) from ETH sold to pay expenses during the six months, and a net investment loss of $115,528. Other than the Net Sponsor Fee of $115,258, the Trust has no other expenses during the six months ended June 30, 2026.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The NAV per Share of $35.50 on April 17, 2026, was the highest during the three months, compared with a low during the three months of $22.75 on June 5, 2026.
Current report — wording carried from elsewhere
Net decrease in net assets resulting from operations for the three months ended June 30, 2026, was $(25,777,290) resulting from the net change in unrealized appreciation (depreciation) from investment in ETH of $(19,789,200), a net realized loss of $(5,909,360) on ETH sold for the redemption of Shares, a net realized loss of $(27,102) from ETH sold to pay expenses during the three months, and a net investment loss of $51,628. Other than the Net Sponsor Fee of $51,628, the Trust has no other expenses during the three months ended June 30, 2026.
Current report — wording carried from elsewhere
The Trust’s NAV decreased from $157,578,941 at December 31, 2025 to $77,828,275 at June 30, 2026, a 50.61% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of ETH, which decreased 46.50% from $2,971.01 at December 31, 2025 to $1,589.53 at June 30, 2026. The number of Shares outstanding also decreased from 3,625,000 Shares at December 31, 2025 to 3,350,000 Shares at June 30, 2026, a net result of 1,200,000 Shares (48 Baskets) being created and 1,475,000 Shares (59 Baskets) being redeemed during the six months ended June 30, 2026.