iShares 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 transactions (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 transactions (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’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.

Current wording

The Trust’s net asset value increased from $4,292,908,953 at June 30, 2026 to $9,900,024,143 at September 30, 2026, a 130.61% 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 119,040,000 Shares at June 30, 2026 to 162,426,667 Shares at September 30, 2026, a consequence of 52,640,000 Shares (1,316 Baskets) being created and 9,253,333 Shares (231 Baskets) being redeemed during the quarter.

Previous 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.

Current wording

The 69.05% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $36.06 at June 30, 2026 to $60.96 at September 30, 2026 is directly related to the 69.11% increase in the price of ether. The Financial Statement NAV increased slightly less than the price of ether on a percentage basis due to the Sponsor’s fee, which was $4,329,088 for the quarter, or 0.06% of the Trust’s average weighted assets of $6,869,961,967 during the quarter.

Previous 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.

Current wording

The NAV of $62.55 on September 21, 2026 was the highest during the quarter, compared with a low during the quarter of $36.63 on July 1, 2026.

Previous 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.

Current wording

The net increase in net assets resulting from operations for the quarter ended September 30, 2026 was $3,375,124,883, resulting from an unrealized gain on investment in ether of $3,550,891,833, partially offset by a net realized loss of $1,879,624 from ether sold to pay expenses, a net realized loss of $53,755,181 from ether sold for the redemption of Shares, a net realized loss of $115,803,057 from ether paid for the in-kind redemptions of Shares and a net investment loss of $4,329,088. Other than the Sponsor’s fee of $4,329,088, the Trust had no expenses during the quarter.

Previous wording

The Six-Month Period Ended June 30, 2026

Current wording

The Nine-Month Period Ended September 30, 2026

Previous wording

The Trust’s net asset value decreased from $10,300,756,520 at December 31, 2025 to $4,292,908,953 at June 30, 2026, a 58.32% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of ether, which fell 46.39% from $2,971.55 at December 31, 2025 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 458,720,000 Shares at December 31, 2025 to 357,120,000 Shares at June 30, 2026, a consequence of 132,040,000 Shares (3,301 Baskets) being created and 233,640,000 Shares (5,841 Baskets) being redeemed during the period.

Current wording

The Trust’s net asset value decreased from $10,300,756,520 at December 31, 2025 to $9,900,024,143 at September 30, 2026, a 3.89% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of ether, which fell 9.34% from $2,971.55 at December 31, 2025 to $2,693.88 at September 30, 2026. The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 152,906,667 Shares at December 31, 2025 to 162,426,667 Shares at September 30, 2026, a consequence of 96,653,333 Shares (2,416 Baskets) being created and 87,133,333 Shares (2,178 Baskets) being redeemed during the period.

Previous wording

The 46.48% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $22.46 at December 31, 2025 to $12.02 at June 30, 2026 is directly related to the 46.39% 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 $8,837,030 for the period, or 0.12% of the Trust’s average weighted assets of $7,129,146,394 during the period.

Current wording

The 9.53% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $67.38 at December 31, 2025 to $60.96 at September 30, 2026 is directly related to the 9.34% 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 $13,166,118 for the period, or 0.19% of the Trust’s average weighted assets of $7,041,802,192 during the period.

Previous wording

The NAV of $25.50 on January 14, 2026 was the highest during the period, compared with a low during the period of $11.75 on June 5, 2026.

Current wording

The NAV of $76.50 on January 14, 2026 was the highest during the period, compared with a low during the period of $35.25 on June 5, 2026.

Previous wording

The net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $4,498,612,905, resulting from an unrealized loss on investment in ether of $2,465,307,121, a net realized loss of $1,206,506,228 on ether distributed for the redemption of Shares, a net realized loss of $811,791,042 from ether paid for the in-kind redemptions of Shares a net realized loss of $6,171,484 from ether sold to pay expenses during the period and a net investment loss of $8,837,030. Other than the Sponsor’s fees of $8,837,030, the Trust had no expenses during the period.

Current wording

The net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $1,123,488,022, resulting from a net realized loss of $8,051,108 from ether sold to pay expenses, a net realized loss of $1,260,261,408 from ether sold for the redemption of Shares, a net realized loss of $927,594,099 from ether paid for the in-kind redemptions of Shares and a net investment loss of $13,166,118, partially offset by an unrealized gain on investment in ether of $1,085,584,712. Other than the Sponsor’s fee of $13,166,118, the Trust had no expenses during the period.