Fidelity Ethereum Fund
For the period ended Jun 30, 2026. Filed Aug 6, 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 6, 2026
FETH$22.17-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001193125-26-208449
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-337675
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 52 previous paragraphs and 65 current paragraphs.
34 unchanged; 17 reworded; 14 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 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 (14)
Current report
Results of Operations
Current report
The Trust’s net assets decreased from approximately $1.2 billion as of March 31, 2026, to $0.8 billion as of June 30, 2026. The change in the Trust’s net assets was driven by a decrease in outstanding Shares, which decreased from 57,850,000 as of March 31, 2026 to 47,800,000 as of June 30, 2026 as a result of 17,075,000 Shares (683 Baskets) being created and 27,125,000 Shares (1,085 Baskets) being redeemed, coupled with a decrease in the price of ether, which decreased 24.21% from $2,101.84 as of March 31, 2026 to $1,593.01 as of June 30, 2026.
Current report
The NAV per Share decreased 24.25% from $20.95 as of March 31, 2026 to $15.87 as of June 30, 2026. The Trust’s NAV per Share decreased 24.87% from $20.91 as of March 31, 2026 to $15.71 as of June 30, 2026.
Current report
The Trust’s NAV per Share of $24.21 at April 17, 2026, was the highest during the three months ended June 30, 2026, compared with a low of $15.47 at June 5, 2026.
Current report
The Trust’s net assets increased from approximately $0.7 billion as of March 31, 2025, to $1.2 billion as of June 30, 2025. The change in the Trust’s net assets was driven by an increase in outstanding Shares, which rose from 40,025,000 as of March 31, 2025 to 49,925,000 as of June 30, 2025 as a result of 24,200,000 Shares (968 Baskets) being created and 14,300,000 Shares (572 Baskets) being redeemed, coupled with an increase in the price of ether, which rose 35.48% from $1,834.80 as of March 31, 2025 to $2,485.81 as of June 30, 2025.
Current report
The Trust’s NAV per Share increased 36.69% from $18.34 on March 31, 2025 to $25.07 on June 30, 2025.
Current report
The Trust’s NAV per Share of $28.13 at June 11, 2025, was the highest during the three months ended June 30, 2025, compared with a low of $14.64 at April 8, 2025.
Current report
The quantity of ether owned by the Trust and held by the ether custodian increased from 400,086 as of March 31, 2025, to 498,722 as of June 30, 2025. The increase in quantity resulted from using net cash proceeds received from the increase in capital transactions to purchase ether.
Current report
The net increase in net assets resulting from operations for the three months ended June 30, 2025, was approximately $0.3 billion, primarily resulting from a net unrealized appreciation on investment in ether of $0.4 billion and a net realized loss of approximately $0.1 billion from the sale of the investment in ether for the redemption of Shares.
Current report
The Six Months Ended June 30, 2026
Current report
The Six Months Ended June 30, 2025
Current report
The Trust’s NAV per Share decreased 25.03% from $33.44 on December 31, 2024 to $25.07 on June 30, 2025.
Current report
The quantity of ether owned by the Trust and held by the ether custodian increased from 471,750 as of December 31, 2024, to 498,722 as of June 30, 2025. The increase in quantity resulted from the issuances of Shares, which were partially offset from ether transferred to pay the Sponsor fee during the six months ended June 30, 2025.
Current report
The net decrease in net assets resulting from operations for the six months ended June 30, 2025, was $0.4 billion, primarily resulting from a net unrealized depreciation on investment in ether of $0.1 billion and a net realized loss of $0.3 billion from the sale of the investment in ether for the redemption of Shares.
Removed paragraphs (1)
Previous report
The NAV per Share decreased 44.99% from $33.34 as of December 31, 2024 to $18.34 as of March 31, 2025. The Trust’s NAV per Share decreased 45.16% from $33.44 on December 31, 2024 to $18.34 on March 31, 2025.
Reworded paragraphs (17)
Previous wording
The Trust is passively managed and does not pursue active management investment strategies. The Sponsor believes that the Shares are designed to provide investors with a cost-effective and convenient way to invest in ether without purchasing, holding and trading ether directly. The Trust sells and redeems Shares only with Authorized Participants in exchange for ether or cash and only in blocks of 25,000 Shares.
Current wording
The Trust is passively managed and does not pursue active management investment strategies, utilize leverage, or invest in derivatives in seeking to meet its investment objective. The Sponsor believes that the Shares are designed to provide investors with a cost-effective and convenient way to invest in ether without purchasing, holding and trading ether directly. The Trust sells and redeems Shares only with Authorized Participants in exchange for ether or cash and only in blocks of 25,000 Shares (a "Basket").
Previous wording
The quantity of ether owned by the Trust and held by the ether custodian decreased from 743,795 as of December 31, 2025, to 576,821 as of March 31, 2026. The decrease in quantity resulted from net redemptions of Shares during the quarter which corresponded to net sales of ether.
Current wording
The quantity of ether owned by the Trust and held by the ether custodian decreased from 576,821 as of March 31, 2026, to 476,311 as of June 30, 2026. The decrease in quantity resulted from net redemptions of Shares during the quarter which corresponded to net sales of ether.
Previous wording
The net decrease in net assets resulting from operations for the three months ended March 31, 2026, was approximately $0.7 billion, primarily resulting from a net unrealized depreciation on investment in ether of approximately $0.4 billion and a net realized loss of $0.3 billion from the sale of the investment in ether for the redemption of Shares.
Current wording
The net decrease in net assets resulting from operations for the three months ended June 30, 2026, was approximately $0.3 billion, primarily resulting from a net change in unrealized depreciation on investment in ether of approximately $0.1 billion and a net realized loss of $0.1 billion from the sale of the investment in ether for the redemption of Shares.
Previous wording
The Trust’s net assets decreased from approximately $2.2 billion as of December 31, 2025, to $1.2 billion as of March 31, 2026. The change in the Trust’s net assets was driven by a decrease in outstanding Shares, which fell from 74,550,000 as of December 31, 2025 to 57,850,000 as of March 31, 2026 as a result of 29,000,000 Shares (1,160 Baskets) being created and 45,700,000 Shares (1,828 Baskets) being redeemed, coupled with a decrease in the price of ether, which fell 29.27% from $2,971.55 as of December 31, 2025 to $2,101.84 as of March 31, 2026.
Current wording
The Trust’s net assets decreased from approximately $2.2 billion as of December 31, 2025, to $0.8 billion as of June 30, 2026. The change in the Trust’s net assets was driven by a decrease in outstanding Shares, which decreased from 74,550,000 as of December 31, 2025 to 47,800,000 as of June 30, 2026 as a result of 46,075,000 Shares (1,843 Baskets) being created and 72,825,000 Shares (2,913 Baskets) being redeemed, coupled with a decrease in the price of ether, which decreased 46.39% from $2,971.55 as of December 31, 2025 to $1,593.01 as of June 30, 2026.
Previous wording
The NAV per Share decreased 29.31% from $29.64 as of December 31, 2025 to $20.95 as of March 31, 2026. The Trust’s NAV per Share decreased 29.26% from $29.56 as of December 31, 2025 to $20.91 as of March 31, 2026.
Current wording
The NAV per Share decreased 46.46% from $29.64 as of December 31, 2025 to $15.87 as of June 30, 2026. The Trust’s NAV per Share decreased 46.85% from $29.56 as of December 31, 2025 to $15.71 as of June 30, 2026.
Previous wording
The Trust’s NAV per Share of $33.67 at January 14, 2026, was the highest during the three months ended March 31, 2026, compared with a low of $18.49 at February 23, 2026.
Current wording
The Trust’s NAV per Share of $33.67 at January 14, 2026, was the highest during the six months ended June 30, 2026, compared with a low of $15.47 at June 5, 2026.
Previous wording
The quantity of ether owned by the Trust and held by the ether custodian decreased from 471,750 as of December 31, 2024, to 400,086 as of March 31, 2025. The decrease in quantity resulted from net redemptions of Shares during the quarter which corresponded to net sales of ether.
Current wording
The quantity of ether owned by the Trust and held by the ether custodian decreased from 743,795 as of December 31, 2025, to 476,311 as of June 30, 2026. The decrease in quantity is the result from net redemptions of Shares during the six months which corresponded to net sales of ether.
Previous wording
The net decrease in net assets resulting from operations for the three months ended March 31, 2025, was $0.7 billion, primarily resulting from a net unrealized depreciation on investment in ether of $0.5 billion and a net realized loss of $0.2 billion from the sale of the investment in ether for the redemption of Shares.
Current wording
The net decrease in net assets resulting from operations for the six months ended June 30, 2026, was $0.9 billion, primarily resulting from a net unrealized depreciation on investment in ether of $0.5 billion and a net realized loss of approximately $0.4 billion from the sale of the investment in ether for the redemption of Shares.
Previous wording
The Trust’s net assets decreased from approximately $1.6 billion as of December 31, 2024, to $0.7 billion as of March 31, 2025. The change in the Trust’s net assets was driven by a decrease in outstanding Shares, which fell from 47,175,000 as of December 31, 2024 to 40,025,000 as of March 31, 2025 as a result of 19,500,000 Shares (780 Baskets) being redeemed and 12,350,000 Shares (494 Baskets) being created, coupled with a decrease in the price of ether, which fell 44.96% from $3,333.60 as of December 31, 2024 to $1,834.80 as of March 31, 2025.
Current wording
The Trust’s net assets decreased from approximately $1.6 billion as of December 31, 2024, to $1.2 billion as of June 30, 2025. The change in the Trust’s net assets was driven by an increase in outstanding Shares, which rose from 47,175,000 as of December 31, 2024 to 49,925,000 as of June 30, 2025 as a result of 36,550,000 Shares (1,462 Baskets) being created and 33,800,000 Shares (1,352 Baskets) being redeemed, coupled with a decrease in the price of ether, which fell 25.43% from $3,333.60 as of December 31, 2024 to $2,485.81 as of June 30, 2025.
Previous wording
The Trust’s NAV per Share of $36.93 at January 06, 2025, was the highest during the three months ended March 31, 2025, compared with a low of $18.34 at March 31, 2025.
Current wording
The Trust’s NAV per Share of $36.93 at January 6, 2025, was the highest during the six months ended June 30, 2025, compared with a low of $14.64 at April 8, 2025.
Previous wording
Sponsor Fee payments made to the Sponsor are calculated as a fixed percentage of the Trust’s Ether Holdings. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as the Trust’s Ether Holdings are not known until a future date.
Current wording
Sponsor Fee payments made to the Sponsor are calculated as a fixed percentage of 0.25% of the Trust’s Ether Holdings. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as the Trust’s Ether Holdings are not known until a future date.
Previous wording
As of 4:00 p.m., EST, on the last business day of the three months ended March 31, 2026, the Trust’s total value of ether based on the Index Price (non-GAAP methodology) was $1,209,767,694, a difference of $2,618,770 to the GAAP value, which was $1,212,386,464, and the total market value of the Trust’s ether based on the price of ether at 4:00 p.m., EST, in the principal market was $1,208,567,905, a difference of $3,818,559 to the GAAP value, which was $1,212,386,464.
Current wording
As of 4:00 p.m., EST, on the last business day of the quarter ended June 30, 2026, the Trust’s total value of ether based on the Index Price (non-GAAP methodology) was $751,090,460, a difference of $7,678,137 to the GAAP value, which was $758,768,597, and the total market value of the Trust’s ether based on the price of ether at 4:00 p.m., EST, in the principal market was $751,871,611, a difference of $6,896,986 to the GAAP value, which was $758,768,597.
Previous wording
As of 4:00 p.m., EST, on the last business day of the year ended December 31, 2025, the Trust’s total value of ether based on the Index Price (non-GAAP methodology) was $2,204,520,518, a difference of $5,704,911 to the GAAP value, which was $2,210,225,429, and the total market value of the Trust’s ether based on the price of an ether at 4:00 p.m., EST, in the principal market (non-GAAP methodology) was $2,210,515,510, a difference of $290,081 to the GAAP value, which was $2,210,225,429.
Current wording
As of 4:00 p.m., EST, on the last business day of the year ended December 31, 2025, the Trust’s total value of ether based on the Index Price (non-GAAP methodology) was $2,204,520,518, a difference of $5,704,911 to the GAAP value, which was $2,210,225,429, and the total market value of the Trust’s ether based on the price of ether at 4:00 p.m., EST, in the principal market (non-GAAP methodology) was $2,210,515,510, a difference of $290,081 to the GAAP value, which was $2,210,225,429.
Previous wording
The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the three months ended March 31, 2026.
Current wording
The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the six months ended June 30, 2026.
Previous wording
During the three months ended March 31, 2026, the Index Price has ranged from $1,853.94 on February 23, 2026, to $3,375.83 on January 14, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent ether spot markets individually or as a group.
Current wording
During the six months ended June 30, 2026, the Index Price has ranged from $1,553.00 on June 5, 2026, to $3,375.83 on January 14, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent ether spot markets individually or as a group.
Previous wording
During the three months ended March 31, 2026, the 11:59:59 p.m. EST market price of ether, as reported on the Trust’s principal market, has ranged from $1,830.25 on February 23, 2026, to $3,337.73 on January 14, 2026.
Current wording
During the six months ended June 30, 2026, the 11:59:59 p.m. EST market price of ether, as reported on the Trust’s principal market, has ranged from $1,556.21 on June 25, 2026, to $3,337.73 on January 13, 2026.
Previous wording
Shares trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to the Trust’s NAV per Share. The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of ether. The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the three months ended March 31, 2026.
Current wording
Shares trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to the Trust’s NAV per Share. The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of ether. The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the six months ended June 30, 2026.