Franklin Ethereum Trust
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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.
Sep 30, 2025 · Filed Nov 13, 2025
EZET$16.85-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001140361-25-030870
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001140361-25-041936
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 31 previous paragraphs and 37 current paragraphs.
25 unchanged; 6 reworded; 4 added; 0 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 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 (4)
Current report
Results of Operations for the six months ended September 30, 2025
Current report
Results of Operations for the period July 23, 2024 (Date of commencement of operations) to September 30, 2024
Current report
For the period July 23, 2024 (Date of commencement of operations) to September 30, 2024, 1,500,000 Shares were issued in exchange for 11,400.0000 ether and 50,000 Shares were redeemed in exchange for 380.0000 ether. The Fund’s NAV per Share began the period at $26.21 and ended the period at $19.98. The decrease in NAV per Share was due to a lower price of ether of $2,628.44 at period end, which represented a decrease of 23.79% from $3,448.77 at July 23, 2024.
Current report
The change in net assets from operations for the period July 23, 2024 (Date of commencement of operations) to September 30, 2024 was $(6,971,976), which was due to (i) payment of the Sponsor’s Fee of $(10,129), (ii) less waiver and reimbursement of $10,129, and (iii) net realized loss from ether sold for the redemption of shares and sold to pay expenses of $(194,831) and (iii) a net change in unrealized appreciation (depreciation) on investment in ether of $(6,777,145). Other than the Sponsor Fee the Fund had no expenses during the period July 23, 2024 to September 30, 2024.
Reworded paragraphs (6)
Previous wording
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Previous wording
At June 30, 2025, the Custodian held 14,053.0027 ether on behalf of the Fund, with a market value of $35,136,863 (cost: $42,429,783) based on the Principal Market Price at quarter end.
Current wording
At September 30, 2025, the Custodian held 22,020.1883 ether on behalf of the Fund, with a market value of $90,961,875 (cost: $76,013,644) based on the Principal Market Price at quarter end.
Previous wording
For the quarter ended June 30, 2025, 450,000 Shares were issued in exchange for 3,417.9518 ether and (150,000) Shares were redeemed in exchange for (1,145.1553) ether. The Fund’s NAV per Share began the period at $13.94 and ended the period at $18.99. The 36.23% increase in the Fund's NAV from $13.94 at March 31, 2025 to $18.99 at June 30, 2025 is directly related to the 36.27% increase in the price of ether. The Fund’s NAV increased slightly less than the price of ether on a percentage basis due to the Sponsor’s fee of $13,393 for the period.
Current wording
For the three months ended to September 30, 2025, 1,800,000 Shares were issued in exchange for 13,665.9046 ether and 750,000 Shares were redeemed in exchange for 5,693.8940 ether. The Fund’s NAV per Share began the period at $18.99 and ended the period at $31.35. The 65.09% increase in the Fund's NAV from $18.99 at June 30, 2025 to $31.35 at September 30, 2025 is directly related to the 65.21% increase in the price of ether. The Fund’s NAV increased slightly less than the price of ether on a percentage basis due to the Sponsor’s fee of $36,550 for the period.
Previous wording
Net realized and change in unrealized gain on investment in ether for the quarter ended June 30, 2025 was approximately $7,200,320, which includes a net realized loss on investment in ether sold for redemptions of $1,744,386 and net change in unrealized appreciation on investment in ether of approximately $8,944,706. Net realized and change in unrealized gain on investment in ether for the period was driven by ether price appreciation from $1,834.80 per ether as of March 31, 2025 to $2,500.31 per ether as of June 30, 2025. Net increase in net assets resulting from operations was approximately $7,186,927 for the quarter ended June 30, 2025, which consisted of the net realized and change in unrealized gain on investment in ether of $7,200,320 offset by the Sponsor Fee of $13,393. Net assets increased to approximately $35,123,473 on June 30, 2025. The increase in net assets primarily resulted from a net increase resulting from operations of $7,186,927, which was primarily driven by the aforementioned ether price appreciation, and net capital share transactions of approximately $6,331,148.
Current wording
Net realized and change in unrealized gain on investment in ether for the three months ended September 30, 2025, was approximately $26,892,862 which includes a net realized gain on investment in ether sold for redemptions of $4,651,711 and net change in unrealized appreciation on investment in ether of approximately $22,241,151. Net realized and change in unrealized gain on investment in ether for the period was driven by ether price appreciation from $2,500.31 per ether as of June 30, 2025 to $4,130.84 per ether as of September 30, 2025. Net increase in net assets resulting from operations was approximately $26,856,312 for the three months ended September 30, 2025, which consisted of the net realized and change in unrealized gain on investment in ether of $26,892,862 offset by the Sponsor Fee of $36,550. Net assets increased to approximately $90,925,327 on September 30, 2025. The increase in net assets primarily resulted from the aforementioned ether price movement, net capital share transactions of approximately $28,945,542, and a net increase resulting from operations of $26,856,312.
Previous wording
The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars or in-kind or any combination thereof. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Fund will sell ether as needed to pay the Sponsor’s fee. For a period from July 23, 2024 (the day the Shares were initially listed on the Exchange) to January 31, 2025, the Sponsor agreed to waive the entire Sponsor’s Fee on the first $10.0 billion of the Fund’s assets. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement or on the Sponsor’s website for the Fund.
Current wording
The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars or in-kind or any combination thereof. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Fund will sell ether as needed to pay the Sponsor’s fee. From July 23, 2024 (the day the Shares were initially listed on the Exchange) to January 31, 2025, the Sponsor agreed to waive the entire Sponsor’s Fee on the first $10.0 billion of the Fund’s assets. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement or on the Sponsor’s website for the Fund.
Previous wording
At June 30, 2025 and March 31,2025, the Fund as well as the Trust do not have any off-balance sheet arrangements.
Current wording
At September 30, 2025 and March 31, 2025, the Fund as well as the Trust did not have any off-balance sheet arrangements.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the six months ended to September 30, 2025, 2,250,000 Shares were issued in exchange for 17,083.8564 ether and 900,000 Shares were redeemed in exchange for 6,833.2633 ether. The Fund’s NAV per Share began the period at $13.94 and ended the period at $31.35. The 124.89% increase in the Fund's NAV from $13.94 at March 31, 2025 to $31.35 at September 30, 2025 is directly related to the 125.14% increase in the price of ether. The Fund’s NAV increased slightly less than the price of ether on a percentage basis due to the Sponsor’s fee of $49,943 for the period.
Current report — wording carried from elsewhere
Net realized and change in unrealized gain on investment in ether for the six months ended September 30, 2025, was approximately $34,093,182 which includes a net realized gain on investment in ether sold for redemptions of $2,907,325 and net change in unrealized appreciation on investment in ether of approximately $31,185,857. Net realized and change in unrealized gain on investment in ether for the period was driven by ether price appreciation from $1,834.80 per ether as of March 31, 2025 to $4,130.84 per ether as of September 30, 2025. Net increase in net assets resulting from operations was approximately $34,043,239 for the six months ended September 30, 2025, which consisted of the net realized and change in unrealized gain on investment in ether of $34,093,182 offset by the Sponsor Fee of $49,943. Net assets increased to approximately $90,925,327 on September 30, 2025. The increase in net assets primarily resulted from the aforementioned ether price movement, net capital share transactions of approximately $35,276,690, and a net increase resulting from operations of $34,043,239.