iShares Ethereum Trust ETF

Previous wording

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP in the United States. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of ether, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Ether; The CF Benchmark Index,” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Current wording

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP in the United States. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of ether, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Ether; The CF Benchmarks Index,” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Previous wording

The Trust’s net asset value decreased from $10,300,756,520 at December 31, 2025 to $6,378,405,156 at March 31, 2026, a 38.08% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of ether, which fell 29.27% from $2,971.55 at December 31, 2025 to $2,101.84 at March 31, 2026. The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 458,720,000 Shares at December 31, 2025 to 401,880,000 Shares at March 31, 2026, a consequence of 74,680,000 Shares (1,867 Baskets) being created and 131,520,000 Shares (3,288 Baskets) being redeemed during the quarter.

Current wording

The Trust’s net asset value decreased from $6,378,405,156 at March 31, 2026 to $4,292,908,953 at June 30, 2026, a 32.70% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of ether, which fell 24.21% from $2,101.84 at March 31, 2026 to $1,593.01 at June 30, 2026. The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 401,880,000 Shares at March 31, 2026 to 357,120,000 Shares at June 30, 2026, a consequence of 57,360,000 Shares (1,434 Baskets) being created and 102,120,000 Shares (2,553 Baskets) being redeemed during the quarter.

Previous wording

The 29.34% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $22.46 at December 31, 2025 to $15.87 at March 31, 2026 is directly related to the 29.27% 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 $4,969,537 for the quarter, or 0.06% of the Trust’s average weighted assets of $8,064,642,007 during the quarter.

Current wording

The 24.26% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $15.87 at March 31, 2026 to $12.02 at June 30, 2026 is directly related to the 24.21% 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 $3,867,493 for the quarter, or 0.06% of the Trust’s average weighted assets of $6,203,930,952 during the quarter.

Previous wording

The NAV of $25.50 on January 14, 2026 was the highest during the quarter, compared with a low during the quarter of $14.01 on February 23, 2026.

Current wording

The NAV of $18.33 on April 17, 2026 was the highest during the quarter, compared with a low during the quarter of $11.75 on June 5, 2026.

Previous wording

The net decrease in net assets resulting from operations for the quarter ended March 31, 2026 was $2,996,490,501, resulting from a net realized loss of $3,289,963 from ether sold to pay expenses, a net realized loss of $737,719,591 from ether sold for the redemption of Shares, a net realized loss of $191,019,080 from ether paid for the in-kind redemptions of Shares, an unrealized loss on investment in ether of $2,059,492,330 and a net investment loss of $4,969,537. Other than the Sponsor’s fee of $4,969,537, the Trust had no expenses during the quarter.

Current wording

The net decrease in net assets resulting from operations for the quarter ended June 30, 2026 was $1,502,122,404, resulting from a net realized loss of $2,881,521 from ether sold to pay expenses, a net realized loss of $468,786,637 from ether sold for the redemption of Shares, a net realized loss of $620,771,962 from ether paid for the in-kind redemptions of Shares and an unrealized loss on investment in ether of $405,814,791 and a net investment loss of $3,867,493. Other than the Sponsor’s fee of $3,867,493, the Trust had no expenses during the quarter.