Fidelity Ethereum Fund
For the period ended Sep 30, 2026. Filed Nov 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.
Sep 30, 2026 · Filed Nov 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 2026-06-30; filed 2026-08-06.
0001193125-26-337675
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-451442
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 65 previous paragraphs and 78 current paragraphs.
33 unchanged; 21 reworded; 24 added; 10 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 5 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 (24)
Current report
Pursuant to the Trust's investment objective, the Sponsor utilizes the services of the Custodians to stake, or cause to be staked, all of the Trust's ether with one or more trusted node operators (which may include the Custodians or their affiliates) (each, a “Node Operator”), except for ether reserved by the Sponsor in its sole discretion to facilitate foreseeable redemption transactions, pay Trust expenses, protect the Trust and its assets, and comply with the Sponsor's adopted liquidity risk management program (the “Liquidity Program”) that provides a variety of mechanisms to monitor and manage the liquidity of the Trust's assets. Accordingly, while under normal circumstances the Trust may stake up to 100% of the Trust's ether, there is no minimum percentage the Trust is required to stake. The Sponsor generally considers normal circumstances to be periods when the Ethereum network is operating without material disruption, redemption activity is within expected ranges, and there are no extraordinary events requiring the Sponsor to reserve additional ether for liquidity management purposes. The Trust receives a portion of the staking rewards generated by a Node Operator.
Current report
The Trust’s net assets increased from approximately $0.8 billion as of June 30, 2026, to $1.6 billion as of September 30, 2026. The change in the Trust’s net assets was driven by an increase in outstanding Shares, which increased from 47,800,000 as of June 30, 2026 to 58,625,000 as of September 30, 2026 as a result of 28,250,000 Shares (1,130 Baskets) being created and 17,425,000 Shares (697 Baskets) being redeemed, coupled with an increase in the price of ether, which increased 69.11% from $1,593.01 as of June 30, 2026 to $2,693.88 as of September 30, 2026.
Current report
The NAV per Share increased 69.00% from $15.87 as of June 30, 2026 to $26.82 as of September 30, 2026. The Trust’s NAV per Share increased 69.32% from $15.71 as of June 30, 2026 to $26.60 as of September 30, 2026.
Current report
The Trust’s NAV per Share of $27.53 at September 21, 2026, was the highest during the three months ended September 30, 2026, compared with a low of $16.13 at July 1, 2026.
Current report
The Trust’s net assets increased from approximately $1.2 billion as of June 30, 2025, to $3.2 billion as of September 30, 2025. The change in the Trust’s net assets was driven by an increase in outstanding Shares, which rose from 49,925,000 as of June 30, 2025 to 76,500,000 as of September 30, 2025 as a result of 67,750,000 Shares (2,710 Baskets) being created and 41,175,000 Shares (1,647 Baskets) being redeemed, coupled with an increase in the price of ether, which rose 66.18% from $2,485.81 as of June 30, 2025 to $4,130.84 as of September 30, 2025.
Current report
The Trust’s NAV per Share increased 64.58% from $25.07 as of June 30, 2025 to $41.26 as of September 30, 2025.
Current report
The Trust’s NAV per Share of $48.12 at August 22, 2025, was the highest during the three months ended September 30, 2025, compared with a low of $24.11 at July 1, 2025.
Current report
The quantity of ether owned by the Trust and held by the ether custodians increased from 498,722 as of June 30, 2025, to 763,730 as of September 30, 2025. The increase in quantity is the result of the net increase from capital share transactions.
Current report
The Nine Months Ended September 30, 2026
Current report
The net decrease in net assets resulting from operations for the nine months ended September 30, 2026, was approximately $0.4 billion, primarily resulting from a net realized loss of approximately $0.5 billion from the sale of the investment in ether for the redemption of Shares.
Current report
The Nine Months Ended September 30, 2025
Current report
The Trust’s NAV per Share increased 23.39% from $33.44 as of December 31, 2024 to $41.26 as of September 30, 2025.
Current report
distributions at least quarterly in order to rely on the safe harbor conditions established by IRS Revenue Procedure 2025‑31
Current report
applicable to grantor trusts that stake digital assets.
Current report
The Trust's staking program involves the temporary loss of the ability to transfer or otherwise dispose of the Trust's ether. As part of the “bonding” and “unbonding” processes of staking, any staked portion of ether will be inaccessible for a period of time, which is variable by network demand and a range of other factors. While the Trust does not have long-term capital resource requirements or obligations, there can be no guarantee that the process for the Custodians to unstake or “exit” the Trust's staked ether positions will result in the Trust regaining complete control of its ether in time to satisfy its short-term obligations to facilitate foreseeable Shareholder redemption requests and pay Trust expenses. The Trust maintains the Liquidity Program that provides a variety of mechanisms to monitor and manage the liquidity of the Trust's assets. The Liquidity Program is available in full at the Trust's website at www.fidelity.com.
Current report
Under the Liquidity Program, the Trust maintains a portion of its investments as readily available to facilitate foreseeable redemption requests, pay Trust expenses, or protect the Trust and its assets. Assets that are readily available to meet redemption requests include cash and cash equivalents, and any investment or portion of an investment reasonably expected to be able to be liquidated, sold, transferred, or assigned within the Trust's established redemption distribution period without the conversion or disposition significantly changing the market value of the investment.
Current report
The Trust may, in its discretion and subject to the Liquidity Program, suspend the right of creation or redemption or postpone the redemption or purchase settlement date for (1) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable, or (2) such other period as the Sponsor determines to be necessary for the protection of Shareholders.
Current report
The Trust may exchange its staked ether for an amount of unstaked ether. In such transactions, the ether trading counterparty facilitating such trade will generally deliver an amount of unstaked ether that is less than the amount of staked ether the Trust has delivered in exchange, with such spread representing the ether trading counterparty's compensation. While such spreads are generally expected to be de minimis in relation to the Trust's overall assets, any such spread charged by an ether trading counterparty will reduce the amount of ether represented by a Share and the value of Shares.
Current report
As part of the Liquidity Program, the Trust may establish various liquidity sources, which it may use to temporarily finance the redemption requests of Shareholders or for other short-term liquidity requirements. These liquidity sources may include borrowing arrangements made via uncommitted and committed lines of credit.
Current report
As of the date of this Quarterly Report, the Trust has not entered into any line of credit or other borrowing arrangement, nor suspended the rights of creations or redemptions or postponed redemption or purchase settlement dates nor exchanged its staked ether for an amount of unstaked ether.
Current report
Monthly Staking Information for the Quarter Ended September 30, 2026
Current report
The trailing 30-day average of the percentage of the Trust’s assets that are staked, which includes assets that are actively staked and those in the bonding and unbonding process of staking.
Current report
The annualized trailing 30-day average gross staking reward rate of the Trust derived from staking activity. As of September 30, 2026, the activation process for staked ether was not completed and the Trust has not recognized staking rewards.
Current report
The annualized trailing 30-day average net staking reward rate of the Trust derived from staking activity, after staking fees. As of September 30, 2026, the activation process for staked ether was not completed and the Trust has not recognized staking rewards.
Removed paragraphs (10)
Previous 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.
Previous 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.
Previous 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.
Previous report
The Trust’s NAV per Share increased 36.69% from $18.34 on March 31, 2025 to $25.07 on June 30, 2025.
Previous 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.
Previous report
The Six Months Ended June 30, 2026
Previous report
The Six Months Ended June 30, 2025
Previous report
The Trust’s NAV per Share decreased 25.03% from $33.44 on December 31, 2024 to $25.07 on June 30, 2025.
Previous report
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 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.
Reworded paragraphs (21)
Previous wording
Fidelity Ethereum Fund (the “Trust”) is an exchange-traded product that issues shares of beneficial interest (the “Shares”) that trade on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to seek to track the performance of ether, as measured by the performance of the Fidelity Ethereum Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities. The Index is constructed using ether price feeds from eligible ether spot markets and a volume-weighted median price (“VWMP”) methodology, calculated every 15 seconds based on VWMP spot market data over rolling sixty-minute increments. The Index is designed to reflect the performance of ether in U.S. dollars. In seeking to achieve its investment objective, the Trust holds ether and values its Shares daily based on the same methodology used to calculate the Index. The Trust is sponsored by FD Funds Management LLC (the “Sponsor”), a wholly owned subsidiary of FMR LLC.
Current wording
Fidelity Ethereum Fund (the “Trust”) is an exchange-traded product that issues shares of beneficial interest (the “Shares”) that trade on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to seek to track the performance of ether, as measured by the performance of the Fidelity Ethereum Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities, plus an amount based on the staking rewards associated with ether. As a result of the Trust’s receipt of staking-based amounts, the Trust is expected to outperform the Index before consideration of the Trust’s expenses and other liabilities. The Index is constructed using ether price feeds from eligible ether spot markets and a volume-weighted median price (“VWMP”) methodology, calculated every 15 seconds based on VWMP spot market data over rolling sixty-minute increments. The Index is designed to reflect the performance of ether in U.S. dollars. In seeking to achieve its investment objective, the Trust holds ether and values its Shares daily based on the same methodology used to calculate the Index. The Trust is sponsored by FD Funds Management LLC (the “Sponsor”), a wholly owned subsidiary of FMR LLC. The Trust may custody its ether at Anchorage Digital Bank N.A., BitGo Bank & Trust N.A. (formerly BitGo Trust Company, Inc.) and Fidelity Digital Assets, N.A., an affiliate of the Sponsor (formerly Fidelity Digital Asset Services, LLC) (each a “Custodian” and collectively the “Custodians”), each of which provides custody services for digital assets.
Previous wording
The Administrator calculates the Trust’s NAV once each Exchange trading day. The Trust’s NAV for a normal trading day is released after 4:00 p.m. Eastern time (“EST”). Trading during the core trading session on the Exchange typically closes at 4:00 p.m. EST. However, the Trust’s NAVs are not officially struck until after 4:00 p.m. EST. The pause after 4:00 p.m. EST provides an opportunity for the Sponsor to algorithmically detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor has established a Valuation and Liquidity Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Valuation and Liquidity Committee. If the Valuation and Liquidity Committee determines in good faith that the Index does not reflect an accurate ether price, then the Valuation and Liquidity Committee instructs the Administrator to employ an alternative method to determine the fair value of the Trust’s assets. In determining an alternative fair value method, the Valuation and Liquidity Committee generally considers such criteria as observable market-based inputs, including market quotations and last sale information from third-party pricing services and/or trading platforms on which ether are traded. The Valuation and Liquidity Committee’s selection of third-party pricing services used considers the qualifications, experience, and history of the pricing services and whether their valuation methodologies and procedures are reasonably designed to produce prices that reflect fair value under the prevailing market conditions.
Current wording
The Administrator calculates the Trust’s NAV once each Exchange trading day. The Trust’s NAV for a normal trading day is released after 4:00 p.m. Eastern time (“EST”). Trading during the core trading session on the Exchange typically closes at 4:00 p.m. EST. However, the Trust’s NAVs are not officially struck until after 4:00 p.m. EST. The pause after 4:00 p.m. EST provides an opportunity for the Sponsor to algorithmically detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor has established a Valuation and Liquidity Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Valuation and Liquidity Committee. If the Valuation and Liquidity Committee determines in good faith that the Index does not reflect an accurate ether price, then the Valuation and Liquidity Committee instructs the Administrator to employ an alternative method to determine the fair value of the Trust’s assets. In determining an alternative fair value method, the Valuation and Liquidity Committee generally considers such criteria as observable market-based inputs, including market quotations and last sale information from third-party pricing services and/or trading platforms on which ether is traded. The Valuation and Liquidity Committee’s selection of third-party pricing services used considers the qualifications, experience, and history of the pricing services and whether their valuation methodologies and procedures are reasonably designed to produce prices that reflect fair value under the prevailing market conditions.
Previous 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.
Current wording
The quantity of ether owned by the Trust and held by the ether custodians increased from 476,311 as of June 30, 2026, to 583,807 as of September 30, 2026. The increase in quantity resulted from net proceeds from issuance of capital shares which corresponded to net purchases of ether.
Previous 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.
Current wording
The net increase in net assets resulting from operations for the three months ended September 30, 2026, was approximately $0.5 billion, primarily resulting from a net change in unrealized appreciation on investment in ether of approximately $0.6 billion.
Previous wording
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 wording
The net increase in net assets resulting from operations for the three months ended September 30, 2025, was approximately $0.9 billion, primarily resulting from a net unrealized appreciation on investment in ether of approximately $1.0 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 $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.
Current wording
The Trust’s net assets decreased from approximately $2.2 billion as of December 31, 2025, to $1.6 billion as of September 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 58,625,000 as of September 30, 2026 as a result of 74,325,000 Shares (2,973 Baskets) being created and 90,250,000 Shares (3,610 Baskets) being redeemed, coupled with a decrease in the price of ether, which decreased 9.34% from $2,971.55 as of December 31, 2025 to $2,693.88 as of September 30, 2026.
Previous 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.
Current wording
The NAV per Share decreased 9.51% from $29.64 as of December 31, 2025 to $26.82 as of September 30, 2026. The Trust’s NAV per Share decreased 10.01% from $29.56 as of December 31, 2025 to $26.60 as of September 30, 2026.
Previous 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.
Current wording
The Trust’s NAV per Share of $33.67 at January 14, 2026, was the highest during the nine months ended September 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 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.
Current wording
The quantity of ether owned by the Trust and held by the ether custodians decreased from 743,795 as of December 31, 2025, to 583,807 as of September 30, 2026. The decrease in quantity is the result of net redemptions of Shares during the nine months which corresponded to net sales of ether.
Previous 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.
Current wording
The Trust’s net assets increased from approximately $1.6 billion as of December 31, 2024, to $3.2 billion as of September 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 76,500,000 as of September 30, 2025 as a result of 104,300,000 Shares (4,172 Baskets) being created and 74,975,000 Shares (2,999 Baskets) being redeemed, coupled with an increase in the price of ether, which rose 23.92% from $3,333.60 as of December 31, 2024 to $4,130.84 as of September 30, 2025.
Previous wording
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 wording
The Trust’s NAV per Share of $48.12 at August 22, 2025, was the highest during the nine months ended September 30, 2025, compared with a low of $14.64 at April 8, 2025.
Previous wording
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 wording
The quantity of ether owned by the Trust and held by the ether custodians increased from 471,750 as of December 31, 2024, to 763,730 as of September 30, 2025. The increase in quantity is the result of the net increase from capital share transactions.
Previous 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.
Current wording
The net increase in net assets resulting from operations for the nine months ended September 30, 2025, was $0.5 billion, primarily resulting from a net unrealized appreciation on investment in ether of $0.9 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 does not hold a cash balance except in connection with the issuance and redemption of Baskets or to pay expenses not assumed by the Sponsor. To the extent the Trust does not have available cash to facilitate redemptions or pay expenses not assumed by the Sponsor, the Trust will sell ether. When selling ether on behalf of the Trust, the Sponsor endeavors to minimize the Trust’s holdings of assets other than ether. As a consequence, the Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and ether.
Current wording
The Trust does not hold a cash balance except in connection with the issuance and redemption of Baskets or to pay expenses not assumed by the Sponsor. To the extent the Trust does not have available cash to facilitate redemptions or pay expenses not assumed by the Sponsor, the Trust will sell ether. When selling ether on behalf of the Trust, the Sponsor endeavors to minimize the Trust’s holdings of assets other than ether. As a consequence, the Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and ether. The Trust intends to make cash
Previous wording
In exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.
Current wording
In exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. In addition to the Sponsor Fee, the Trust bears Staking Fees.
Previous 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.
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. In addition to the Sponsor Fee, the Trust bears the Staking Fees, which the Sponsor, the custodians, and node operators each receive from the proceeds of the node operators' staking activities that the Trust receives from the Ethereum network. The total amount of the Staking Fee equals 15% of all staking rewards received by the Trust; the Trust retains the remaining 85%. As the Sponsor cannot anticipate the amount of staking rewards that will be received by the Trust in future periods, the amount of the Staking Fee or the portion of the Staking Fee any party is entitled to will not be known until a future date.
Previous 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.
Current wording
As of 4:00 p.m., EST, on the last business day of the quarter ended September 30, 2026, the Trust’s total value of ether based on the Index Price (non-GAAP methodology) was $1,559,850,389, a difference of $12,855,429 to the GAAP value, which was $1,572,705,818, 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 $1,558,104,806, a difference of $14,601,012 to the GAAP value, which was $1,572,705,818.
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 six months ended June 30, 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 nine months ended September 30, 2026.
Previous 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.
Current wording
During the nine months ended September 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 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.
Current wording
During the nine months ended September 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 six months ended June 30, 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 nine months ended September 30, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.