iShares Ethereum Trust ETF

Previous wording

Valuation of Ether; The CF Benchmark Index

Current wording

Valuation of Ether;** The CF Benchmarks Index**

Previous wording

On each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m. Eastern Time (“ET”), the Trust evaluates the ether held by the Trust as reflected by the CME CF Ether–Dollar Reference Rate – New York Variant for the ether – U.S. Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the net asset value per Share (“NAV”).

Current wording

On each Business Day, as soon as practicable after 4:00 p.m. Eastern Time (“ET”), the Trust evaluates the ether held by the Trust as reflected by the CME CF Ether–Dollar Reference Rate – New York Variant for the ether – U.S. Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the net asset value per share (“NAV”). For purposes of making these calculations, a Business Day means any day other than a day when NASDAQ is closed for regular trading.

Previous wording

CF Benchmarks Index is calculated as of 4:00 p.m. ET. The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under UK Benchmark Regulations (“BMR”). The administrator of the CF Benchmarks Index is CF Benchmarks Ltd. (the “Index Administrator”) a UK incorporated company, authorized and regulated by the Financial Conduct Authority (“FCA”) of the UK as a Benchmark Administrator, under UK BMR.

Current wording

CF Benchmarks Index is calculated as of 4:00 p.m. ET. The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under the UK Benchmark Regulations (“BMR”). The administrator of the CF Benchmarks Index is CF Benchmarks Ltd., a UK incorporated company, authorized and regulated by the Financial Conduct Authority of the UK as a Benchmark Administrator under the UK BMR.

Previous wording

The Trust’s net asset value increased from $10,589,875 at June 30, 2024 to $1,019,342,543 at September 30, 2024. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 400,000 Shares at June 30, 2024 to 51,200,000 Shares at September 30, 2024, a consequence of 50,800,000 Shares (1,270 Baskets) being created. The increase in the Trust’s net asset value was partially offset by a decrease in the price of ether, which fell 24.78% from $3,494.31 at June 30, 2024 to $2,628.44 at September 30, 2024.

Current wording

The Trust’s net asset value decreased from $3,571,262,167 at December 31, 2024 to $2,186,390,619 at March 31, 2025, a 38.78% decrease. The decrease in the Trust’s net asset value resulted primarily from an decrease in the price of ether, which fell 44.96% from $3,333.60 at December 31, 2024 to $1,834.80 at March 31, 2025, partially offset by a increase in the number of outstanding shares which rose from 141,480,000 Shares at December 31, 2024 to 157,440,000 Shares at March 31, 2025, a consequence of 39,960,000 Shares (999 Baskets) being created and 24,000,000 Shares (600 Baskets) being redeemed during the quarter.

Previous wording

The 20.36% decrease in the NAV for purposes of the Financial Statement NAV from $25.00 at May 21, 2024 (Date of Seeding) to $19.91 at September 30, 2024 is directly related to the 20.34% decrease in the price of ether. The Financial Statement NAV decreased slightly more than the price of ether on a percentage basis due to the Sponsor’s fee, which was $172,277 for the period, or 0.04% of the Trust’s average weighted assets of $405,270,976 during the period.

Current wording

The 44.97% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $25.24 at December 31, 2024 to $13.89 at March 31, 2025 is directly related to the 44.96% decrease in the price of ether. The Financial Statement NAV decreased slightly more than the price of ether on a percentage basis due to the Sponsor’s fee, which was $1,246,649 for the quarter, or 0.04% of the Trust’s average weighted assets of $3,306,900,749 during the quarter.

Previous wording

The NAV of $26.70 on July 19, 2024 was the highest during the quarter, compared with a low during the quarter of $16.85 on September 6, 2024.

Current wording

The NAV of $27.95 on January 6, 2025 was the highest during the quarter, compared with a low during the quarter of $13.89 on March 31, 2025.

Previous wording

Net decrease in net assets resulting from operations for the quarter ended September 30, 2024 was $138,702,639, resulting from an unrealized loss on investment in ether of $138,509,122, a net investment loss of $171,857, and a net realized loss of $21,660 from ether sold to pay expenses. Other than the net Sponsor’s fee of $171,857, the Trust had no expenses during the quarter.

Current wording

Net decrease in net assets resulting from operations for the quarter ended March 31, 2025 was $1,933,481,580, resulting from an unrealized loss on investment in ether of $1,728,580,085, a net realized loss of $203,341,675 on ether distributed for the redemption of Shares, a net realized loss of $313,171 from ether sold to pay expenses during the quarter, and a net investment loss of $1,246,649. Other than the Sponsor’s fees of $1,246,649, the Trust had no expenses during the quarter.