iShares Staked Ethereum Trust ETF

Previous wording

The Trust issues and redeems Shares only in aggregations of 40,000 Shares (a “Basket”) or integral multiples thereof, based on the quantity of ether attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities). Only registered broker-dealers that have previously entered into an agreement with the Sponsor governing the terms and conditions of such issuance (such broker-dealer, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash or ether. Baskets may be redeemed by the Trust in exchange for an amount of ether corresponding to their redemption value or for the cash proceeds from selling the amount of ether corresponding to their redemption value.

Current wording

The Trust issues and redeems Shares only in aggregations of 40,000 Shares (a “Basket”) or integral multiples thereof, based on the quantity of ether attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities). Only registered broker-dealers that have previously entered into an agreement with the Sponsor governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash or ether. Baskets may be redeemed by the Trust in exchange for an amount of ether corresponding to their redemption value or for the cash proceeds from selling the amount of ether corresponding to their redemption value.

Previous wording

The Trust engages in Staking Activities with respect to a portion of its ether holdings in order to earn staking rewards (“Staking Consideration”). Under the Trust’s staking program, the Sponsor instructs the Ether Custodian to stake the Trust’s ether. The Trust retains control of its ether throughout the staking process. The delegation of ether for staking purposes does not constitute a sale, transfer, or other derecognition event, as control of the ether is not transferred to the validator or staking provider.

Current wording

The Trust stakes a portion of its ether holdings in order to earn staking rewards (“Staking Consideration”). Under the Trust’s staking program, the Sponsor instructs Coinbase Custody Trust Company, LLC, as the Trust’s ether custodian, to stake the Trust’s ether. The Trust retains control of its ether throughout the staking process. The delegation of ether for staking purposes does not constitute a sale, transfer, or other derecognition event, as control of the ether is not transferred to the validator or staking provider.

Previous wording

The Trust’s net asset value increased from $409,810,664 at March 31, 2026 to $459,401,748 at June 30, 2026, a 12.10% increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 15,160,000 Shares at March 31, 2026 to 22,400,000 Shares at June 30, 2026, a consequence of 9,800,000 Shares (245 Baskets) being created and 2,560,000 Shares (64 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value was partially offset by distributions paid by the Trust in the amount of $351,670 and a decrease in the price of ether, which fell 24.21% from $2,101.84 on March 31, 2026 to $1,593.01 at June 30, 2026.

Current wording

The Trust’s net asset value increased from $459,401,748 at June 30, 2026 to $1,188,664,751 at September 30, 2026, a 158.74% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of ether, which rose 69.11% from $1,593.01 at June 30, 2026 to $2,693.88 at September 30, 2026. The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 22,400,000 Shares at June 30, 2026 to 34,280,000 Shares at September 30, 2026, a consequence of 12,720,000 Shares (318 Baskets) being created and 840,000 Shares (21 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value was partially offset by distributions paid by the Trust in the amount of $2,622,730.

Previous wording

The 24.12% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $27.03 at March 31, 2026 to $20.51 at June 30, 2026 is directly related to the 24.21% decrease in the price of ether. The Financial Statement NAV decreased slightly less than the price of ether on a percentage basis due to net investment income, which was $954,393 for the quarter, or 0.17% of the Trust’s average weighted assets of $553,391,885 during the quarter.

Current wording

The 69.75% total return for the quarter ended September 30, 2026, primarily resulted from the 69.11% increase in the price of ether. The total return increased slightly more than the price of ether on a percentage basis due to net investment income, which was $2,650,436 for the quarter, or 0.36% of the Trust’s average weighted assets of $743,865,321 during the quarter.

Previous wording

The NAV of $31.22 on April 17, 2026 was the highest during the quarter, compared with a low during the quarter of $20.03 on June 5, 2026.

Current wording

The NAV of $35.56 on September 21, 2026 was the highest during the quarter, compared with a low during the quarter of $20.84 on July 1, 2026.

Previous wording

The net decrease in net assets resulting from operations for the quarter ended June 30, 2026 was $164,693,027, resulting from a net realized loss of $13,274 from ether sold to pay expenses, a net realized loss of $8,550,367 from ether sold for the redemption of Shares, a net realized loss of $2,770,669 from ether paid for the in-kind redemptions of Shares, a net realized loss of $87,095 from ether sold for Trust distributions and an unrealized loss on investment in ether of $154,226,015, partially offset by a net investment income of $954,393. Other than the net Sponsor’s fee of $240,392 the Trust had no expenses during the quarter.

Current wording

The net increase in net assets resulting from operations for the quarter ended September 30, 2026 was $367,071,461, resulting from an unrealized gain on investment in ether of $364,969,560, a net investment income of $2,650,436 and a net realized gain of $2,839 from ether sold for the redemptions of Shares, partially offset by a net realized loss of $85,695 from ether sold for Trust distributions, a net realized loss of $6,858 from ether sold to pay expenses, and a net realized loss of $458,821 from ether paid for the in-kind redemptions of Shares. Other than the net Sponsor’s fee of $416,691, the Trust had no expenses during the quarter.

Previous wording

The Trust’s net asset value increased from $100,000 at January 14, 2026 to $459,401,748 at June 30, 2026. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 4,000 Shares at January 14, 2026 to 22,400,000 Shares at June 30, 2026, a consequence of 25,000,000 Shares (625 Baskets) being created and 2,600,000 Shares (65 Baskets) being redeemed during the period. The increase in the Trust’s net asset value was partially offset by distributions paid by the Trust in the amount of $351,670 and a decrease in the price of ether, which fell 18.03% from the Trust’s first ether purchase at a price of $1,943.44 on February 18, 2026 to $1,593.01 at June 30, 2026.

Current wording

The Trust’s net asset value increased from $100,000 at January 14, 2026 to $1,188,664,751 at September 30, 2026. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 4,000 Shares at January 14, 2026 to 34,280,000 at September 30, 2026, a consequence of 37,720,000 Shares (943 Baskets) being created and 3,440,000 Shares (86 Baskets) being redeemed during the period. The increase in the Trust’s net asset value also benefited from an increase in the price of ether, which rose 38.61% from the Trust’s first ether purchase at a price of $1,943.44 on February 18, 2026 to $2,693.88 at September 30, 2026. The increase in the Trust’s net asset value was partially offset by distributions paid by the Trust in the amount of $2,974,400.

Previous wording

The 17.96% decrease in the NAV for purposes of the Financial Statement NAV from $25.00 at January 14, 2026 to $20.51 at June 30, 2026 is directly related to the 18.03% decrease in the price of ether. The Financial Statement NAV decreased slightly less than the price of ether on a percentage basis due to net investment income, which was $923,978 for the period, or 0.27% of the Trust’s average weighted assets of $341,146,070 during the period.

Current wording

The 39.36% total return for the period ended September 30, 2026, primarily resulted from the 38.61% increase in the price of ether. The total return increased slightly more than the price of ether on a percentage basis due to net investment income, which was $3,574,414 for the period, or 0.74% of the Trust’s average weighted assets of $483,646,728 during the period.

Previous wording

The NAV of $31.22 on April 17, 2026 was the highest during the period, compared with a low during the period of $20.03 on June 5, 2026.

Current wording

The NAV of $35.56 on September 21, 2026 was the highest during the period, compared with a low during the period of $20.03 on June 5, 2026.

Previous wording

The net decrease in net assets resulting from operations for the period ended June 30, 2026 was $160,751,068, resulting from a net realized loss of $13,274 from ether sold to pay expenses, a net realized loss of $8,550,367 from ether sold for the redemption of Shares, a net realized loss of $2,799,740 from ether paid for the in-kind redemptions of Shares, a net realized loss of $87,095 from ether sold for Trust distributions and an unrealized loss on investment in ether of $150,224,570, partially offset by a net investment income of $923,978. Other than the net Sponsor’s fee of $270,807 the Trust had no expenses during the period.

Current wording

The net increase in net assets resulting from operations for the period ended September 30, 2026 was $206,320,393, resulting from an unrealized gain on investment in ether of $214,744,990 and a net investment income of $3,574,414, partially offset by a net realized loss of $8,547,528 from ether sold for the redemption of Shares, a net realized loss of $3,258,561 from ether paid for the in-kind redemptions of Shares, a net realized loss of $20,132 from ether sold to pay expenses, and a net realized loss of $172,790 from ether sold for Trust distributions. Other than the net Sponsor’s fee of $687,498, the Trust had no expenses during the period.