<SEC-DOCUMENT>0000930413-26-000942.txt : 20260330
<SEC-HEADER>0000930413-26-000942.hdr.sgml : 20260330
<ACCEPTANCE-DATETIME>20260330173543
ACCESSION NUMBER:		0000930413-26-000942
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		50
CONFORMED PERIOD OF REPORT:	20251231
FILED AS OF DATE:		20260330
DATE AS OF CHANGE:		20260330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VanEck Ethereum ETF
		CENTRAL INDEX KEY:			0001860788
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				866752793
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42141
		FILM NUMBER:		26813655

	BUSINESS ADDRESS:	
		STREET 1:		C/O VANECK DIGITAL ASSETS, LLC
		STREET 2:		666 THIRD AVENUE, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-293-2048

	MAIL ADDRESS:	
		STREET 1:		C/O VANECK DIGITAL ASSETS, LLC
		STREET 2:		666 THIRD AVENUE, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VanEck Ethereum Trust
		DATE OF NAME CHANGE:	20240523

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VanEck Ethereum ETF
		DATE OF NAME CHANGE:	20240215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VanEck Ethereum Trust
		DATE OF NAME CHANGE:	20210505
</SEC-HEADER>
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<tr style="vertical-align: top"> <td>&#160;</td> <td><b>For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate" id="ixv-7865"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate" id="ixv-7866">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus" id="ixv-7867">2025</ix:nonNumeric></ix:nonNumeric></b></td></tr>
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<tr style="vertical-align: top"> <td style="width: 3%"><ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:DocumentTransitionReport" id="ixv-7868">&#9744;</ix:nonNumeric></td> <td style="width: 97%"><b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></td></tr>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><b>For the transition period from</b>&#8201;<span style="text-decoration:underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span>&#160;<b>to</b></p><div>

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</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName" id="ixv-78"><b>VanEck Ethereum ETF</b></ix:nonNumeric></p><div>

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<tr style="vertical-align: top"> <td style="text-align: center">(State or other jurisdiction of<br/> incorporation or organization)</td> <td>&#160;</td> <td style="text-align: center">(I.R.S. Employer Identification No.)</td></tr>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>c/o VanEck Digital Assets, LLC<br/>
Jonathan R. Simon, Esq.<br/>
Matthew A. Babinsky, Esq.<br/>
<ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1" id="ixv-7870">666 Third Avenue</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2" id="ixv-7871">9th Floor</ix:nonNumeric><br/>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>



</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Indicate
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus" id="ixv-7879">Yes</ix:nonNumeric> </span><span style="font-family: Segoe UI Symbol,sans-serif">&#9746;</span><span style="font-family: Arial, Helvetica, Sans-Serif">
No </span><span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</span></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files). <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent" id="ixv-7880">Yes</ix:nonNumeric> </span><span style="font-family: Segoe UI Symbol,sans-serif">&#9746;</span><span style="font-family: Arial, Helvetica, Sans-Serif">
No </span><span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging
growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 34%">Large accelerated filer &#9744;</td> <td style="width: 1%">&#160;</td> <td style="width: 32%">Accelerated filer &#9744;</td> <td style="width: 1%">&#160;</td> <td style="width: 32%">&#160;</td></tr>
<tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr>
<tr style="vertical-align: top"> <td><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory" id="ixv-7881">Non-accelerated filer</ix:nonNumeric> &#9746;</td> <td>&#160;</td> <td>Smaller reporting company <ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntitySmallBusiness" id="ixv-7882">&#9746;</ix:nonNumeric>&#160;</td> <td>&#160;</td> <td>Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="ixv-7883">&#9746;</ix:nonNumeric></td></tr>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act </span><ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntityExTransitionPeriod" id="ixv-240"><span style="font-family: Segoe UI Symbol,sans-serif">&#9746;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. </span><ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:IcfrAuditorAttestationFlag" id="ixv-247"><span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">If securities
are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. </span><ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:DocumentFinStmtErrorCorrectionFlag" id="ixv-254"><span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167; 240.10D-1(b).
</span><span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes </span><span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</span><span style="font-family: Arial, Helvetica, Sans-Serif">
<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany" id="ixv-7884">No</ix:nonNumeric> </span><span style="font-family: Segoe UI Symbol,sans-serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As of June 30, 2025, the aggregate market value of the shares of
VanEck Ethereum ETF held by non-affiliates was approximately $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="dei:EntityPublicFloat" scale="0" unitRef="usd" id="ixv-7885">118,333,419</ix:nonFraction>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As of February 28, 2026, the Registrant had <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-7886">3,775,000</ix:nonFraction>&#160;Shares
outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center"><b>DOCUMENTS INCORPORATED BY REFERENCE:
None</b></p><div>

</div><!-- Field: Rule-Page --><div style="text-align: left"><div style="font-size: 1pt; border-top: Black 1px solid; border-bottom: Black 4px solid; width: 100%">&#160;</div></div><!-- Field: /Rule-Page --><div>



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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Cautionary Note Regarding Forward-Looking
Statements</b></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Annual Report on Form 10-K (the &#8220;Report&#8221;) includes
statements which relate to future events or future performance. In some cases, you can identify such forward-looking statements
by terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221;
&#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221;
or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included
in this Report that address activities, events or developments that may occur in the future, including such matters as changes
in commodity prices and market conditions (for ETH and the &#8220;Shares&#8221;), the operations of VanEck Ethereum ETF (the &#8220;Trust&#8221;),
the plans of VanEck Digital Assets, LLC, the sponsor of the Trust (the &#8220;Sponsor&#8221;), and references to the Trust&#8217;s
future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or
results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis
of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes
are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor&#8217;s expectations
and predictions is subject to a number of risks and uncertainties, including the special considerations discussed in this Report,
general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental
authorities or regulatory bodies and other world economic and political developments. Consequently, all the forward-looking statements
made in this Report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments
the Sponsor anticipates will be realized or, even if substantially realized, will result in the expected consequences to, or have
the expected effects on, the Trust&#8217;s operations or the value of the shares issued by the Trust. Moreover, neither the Sponsor
nor any other person assumes responsibility for the accuracy or completeness of the forward-looking statements. Neither the Trust
nor the Sponsor undertakes an obligation to publicly update or conform to actual results any forward-looking statement, whether
as a result of new information, future developments or otherwise, except as required by law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Risk Factors Summary</b></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following is only a summary of the principal risks that could
materially and adversely affect our business, financial condition, results of operations and cash flows, which should be read in
conjunction with the detailed description of these risks in &#8220;Item 1A. Risk Factors.&#8221; Some of the factors that could
materially and adversely affect our business, financial condition, results of operations and cash flows include, but are not limited
to, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The trading prices of many digital assets, including ETH, have experienced extreme volatility in recent periods and may continue
to do so. Extreme volatility in the future, including further declines in the trading prices of ETH, could have a material adverse
effect on the value of the Shares and the Shares could lose all or substantially all of their value.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of ETH as
a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the
associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies
such as the Ethereum blockchain.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Due to the nature of private keys, ETH transactions are irrevocable and stolen or incorrectly transferred ETH may be irretrievable.
As a result, any incorrectly executed ETH transactions could adversely affect an investment in the Trust.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The value of the Shares relates directly to the value of ETH, the value of which may be highly volatile and subject to fluctuations
due to a number of factors.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The MarketVector Ethereum Benchmark Rate (the &#8220;Index&#8221;) has a limited history, the Index price could
fail to track the global ETH price, and a failure of the Index price could adversely affect the value of the Shares.</td></tr></table><div>


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    </div><!-- Field: /Page --><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The Index price used to calculate the value of the Trust&#8217;s ETH may be volatile, adversely affecting the value of the
Shares.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Security threats to the Trust&#8217;s accounts with the Gemini Trust Company, LLC (the &#8220;ETH Custodian&#8221;) or Coinbase
Custody Trust Company, LLC (the &#8220;Additional ETH Custodian&#8221;) could result in the halting of Trust operations and a loss
of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Due to the unregulated nature and lack of transparency surrounding the operations of ETH trading platforms, which may be subject
to regulation in a relevant jurisdiction, but may not be complying, they may experience fraud, manipulation, security failures
or operational problems, which may adversely affect the value of ETH and, consequently, the value of the Shares.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Digital asset markets in the United States exist in a state of regulatory uncertainty, and adverse legislative or regulatory
developments could significantly harm the value of ETH or the Shares, such as by banning, restricting or imposing onerous conditions
or prohibitions on the use of ETH, mining activity, digital wallets, the provision of services related to trading and custodying
ETH, the operation of the Ethereum network, or the digital asset markets generally.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The holders of Shares (the &#8220;Shareholders&#8221;) do not have the protections associated with ownership of Shares in an
investment company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) or the protections
afforded by the Commodity Exchange Act of 1936, as amended (the &#8220;CEA&#8221;).</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>If regulatory changes or interpretations of a financial firm that is authorized to purchase or redeem Shares with the Trust
(known as &#8220;Authorized Participants&#8221;), a third party selected by the Sponsor to purchase ETH from (such third party,
a &#8220;Liquidity Provider&#8221;), the Trust&#8217;s or the Sponsor&#8217;s activities require the regulation of an Authorized
Participant, Liquidity Provider, the Trust or the Sponsor as a money service business under the regulations promulgated by the
U.S. Department of Treasury Financial Crimes Enforcement Network (&#8220;FinCEN&#8221;) under the authority of the U.S. Bank Secrecy
Act or as a money transmitter or digital asset business under state regimes for the licensing of such businesses, an Authorized
Participant, Liquidity Provider, the Trust or the Sponsor may be required to register and comply with such regulations, which could
result in extraordinary, recurring and/or nonrecurring expenses to the Authorized Participant, Trust or Sponsor or increased commissions
for the Authorized Participant&#8217;s clients, thereby reducing the liquidity of the Shares.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The treatment of digital currency for U.S. federal income tax purposes is uncertain.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates
have no fiduciary duties to the Trust and its Shareholders other than as provided in the Trust Agreement, which may permit them
to favor their own interests to the detriment of the Trust and its Shareholders.</td></tr></table><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Table of Contents</b></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;">
<tr>
    <td style="vertical-align: top; width: 95%; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a001">PART I</a></td>
    <td style="vertical-align: bottom; width: 5%; text-align: right; padding-bottom: 5pt; white-space: nowrap;">1</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a002">Item 1. Business</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">1</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a003">Item 1A. Risk Factors</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">22</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a004">Item 1B. Unresolved Staff Comments</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">85</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a005">Item 1C. Cybersecurity</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">85</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a006">Item 2. Properties</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">86</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a007">Item 3. Legal Proceedings</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">86</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a008">Item 4. Mine Safety Disclosures</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">86</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a009">PART II</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">86</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a010">Item 5. Market for Registrant&#8217;s Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity&#160;Securities</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">86</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a011">Item 6. [Reserved]</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">87</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a012">Item 7. Management&#8217;s Discussion and Analysis of Financial
    Condition and Results of Operations</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">87</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a013">Item 7A. Quantitative and Qualitative Disclosures About
    Market Risk</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">89</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a014">Item 8. Financial Statements and Supplementary Data</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">89</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a015">Item 9. Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">89</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a016">Item 9A. Controls and Procedures</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">89</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a017">Item 9B. Other Information</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">90</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a018">Item 9C. Disclosure Regarding Foreign Jurisdictions that
    Prevent Inspections</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">90</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a019">PART III</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">90</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a020">Item 10. Directors, Executive Officers and Corporate Governance</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">90</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a021">Item 11. Executive Compensation</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">90</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a022">Item 12. Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">90</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a023">Item 13. Certain Relationships and Related Transactions,
    and Director Independence</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">91</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a024">Item 14. Principal Accounting Fees and Services</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">91</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a025">Part IV</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">92</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; padding-bottom: 5pt; white-space: nowrap;"><a href="#x1_c115874a026">Item 15. Exhibits, Financial Statement Schedules</a></td>
    <td style="vertical-align: bottom; text-align: right; padding-bottom: 5pt; white-space: nowrap;">92</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 10pt; white-space: nowrap;"><a href="#x1_c115874a027">Item 16. Form 10-K Summary</a></td>
    <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">93</td></tr>
</table><div>

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</div><div><a id="x1_c115874a001"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>PART I</b></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&#160;</b></p><div>

</div><div><a id="x1_c115874a002"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 1. Business.</b></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Summary</b></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The VanEck Ethereum ETF (the &#8220;Trust&#8221;) was formed as a
Delaware statutory trust on March 1, 2021. The Trust operates pursuant to the Second Amended and Restated Declaration of Trust
and Trust Agreement dated as of July 28, 2024 (the &#8220;Trust Agreement&#8221;). The purpose of the Trust is to own ETH transferred
to the Trust in exchange for shares issued by the Trust (the &#8220;Shares&#8221;). Each Share represents a fractional undivided
beneficial interest in and ownership of the Trust. The assets of the Trust consist primarily of ETH held by a third-party custodian.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust is managed and controlled by the sponsor VanEck Digital
Assets, LLC (the &#8220;Sponsor&#8221;), a Delaware limited liability company. The Sponsor is a wholly-owned subsidiary of Van
Eck Associates Corporation (&#8220;VanEck&#8221;). CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee
of the Trust (the &#8220;Trustee&#8221;). Gemini Trust Company, LLC (the &#8220;ETH Custodian&#8221;) and Coinbase Custody Trust
Company, LLC (the &#8220;Additional ETH Custodian&#8221;) are the custodians of the Trust who hold all of the Trust&#8217;s ethereum
on the Trust&#8217;s behalf. State Street Bank and Trust Company (&#8220;State Street&#8221;) serves as the Trust&#8217;s administrator
(the &#8220;Administrator&#8221;), the transfer agent for the Trust (the &#8220;Transfer Agent&#8221;) and the cash custodian of
the Trust (the &#8220;Cash Custodian&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On May 20, 2024, Van Eck Associates Corporation (&#8220;VanEck&#8221;
or the &#8220;Seed Capital Investor&#8221;), the parent of the Sponsor, subject to certain conditions, purchased the &#8220;Seed
Shares,&#8221; comprising 2,000 Shares at a per-Share price of $50.00. Delivery of the Seed Shares was made on May 20, 2024. Total
proceeds to the Trust from the sale of the Seed Shares were $100,000. On June 25, 2024, the Seed Shares were redeemed for cash
and the Seed Capital Investor purchased the &#8220;Seed Creation Baskets,&#8221; comprising of 200,000 Shares at a per-Share price
of $50.00. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10,000,000, which resulted in the Trust
receiving 2,929.06 ETH. Delivery of the Seed Creation Baskets was made on June 26, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust&#8217;s net asset value (&#8220;NAV&#8221;) was $157,578,941
at December 31, 2025, the Trust&#8217;s fiscal year end. Outstanding Shares of the Trust were 3,625,000 at December 31, 2025.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust is not actively managed and will not take any actions to
take advantage, or mitigate the impacts, of volatility in the price of ETH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The activities of the Trust include (i) selling Shares in blocks
of 25,000 Shares (&#8220;Baskets&#8221;) to financial firms that are registered broker-dealers (&#8220;Authorized Participants&#8221;
or &#8220;APs&#8221;) in exchange for cash to purchase ETH; (ii) selling ETH to distribute cash to Authorized Participants redeeming
Baskets; (iii) purchasing ETH represented by the Basket being created; and (iv) selling ETH to distribute cash to Authorized Participants
redeeming Shares or to pay the Sponsor&#8217;s Fee and Trust expenses not assumed by the Sponsor, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust sells or redeems its Shares in Baskets that are based on
the amount of ETH represented by the Basket being created, the amount of ETH being equal to the combined NAV of the number of Shares
included in the Basket (net of the accrued but unpaid remuneration due the Sponsor (&#8220;Sponsor Fee&#8221;) and any accrued
but unpaid expenses or liabilities not assumed by the Sponsor). The Trust conducts subscriptions and redemptions in cash or in-kind.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For a subscription in cash, the Authorized Participant&#8217;s subscription
for Shares shall be in the amount of cash needed to purchase the amount of ETH represented by the Basket being created, as calculated
by the Administrator based on the Index or the other valuation policies described in the prospectus relating to the offering of
the Shares. The AP will deliver the cash to the Trust&#8217;s account at the Cash Custodian, which the Sponsor will then use to
purchase ETH from a third party selected by the Sponsor who (1) is not the Authorized Participant and (2) will not be acting as
an agent, nor at the direction, of the Authorized Participant with respect to the delivery of ETH to the Trust in connection with
such cash creation (such third party, a &#8220;Liquidity Provider&#8221;). For a redemption in cash, the Sponsor shall arrange
for the ETH represented by the Basket to be sold to a Liquidity Provider selected by the Sponsor and the cash proceeds to be distributed
from the Trust&#8217;s account at the Cash Custodian to the Authorized Participant in exchange for their Shares. For an &#8220;in-kind&#8221;
subscription, Authorized Participants will deliver, or arrange for the delivery by the Authorized Participant&#8217;s designee
of, ETH to the Trust&#8217;s Custody Account with the ETH Custodian in exchange for Shares when they purchase Shares. For an &#8220;in-kind&#8221;
redemption transaction with the Trust, when Authorized Participants redeem Shares, the Trust through the ETH Custodian, will deliver
ETH to such Authorized Participants, or a designee thereof, in exchange for their Shares.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor of the Trust maintains a website at https://www.vaneck.com/us/en/investments/ethereum-trust-ETHV/,
through which the Trust&#8217;s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments
to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
&#8220;Exchange Act&#8221;), are made available free of charge after they have been filed or furnished to the Securities and Exchange
Commission (the &#8220;SEC&#8221;). The information on the Trust&#8217;s website is not, and shall not be deemed to be, part of
this report or incorporated into any other filings we make with the SEC. Additional information regarding the Trust may also be
found on the SEC&#8217;s EDGAR database at www.sec.gov.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Trust Objective</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust&#8217;s investment objective is to reflect the performance
of the price of ETH less the expenses of the Trust&#8217;s operations. The Trust provides investors with the opportunity to access
the market for ETH through Shares held in a traditional brokerage account without the potential barriers to entry or risks involved
with holding or transferring ETH directly, acquiring it from an exchange, or earning it as a reward for performing validation services.
The Sponsor believes that the design of the Trust enables certain investors to more effectively and efficiently implement strategic
and tactical asset allocation strategies that use ETH by investing in the Shares rather than purchasing, holding and trading ETH
directly or through derivatives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust is a passive investment vehicle that does not seek to pursue
any investment strategy beyond tracking the price of ETH. As a result, the Trust will not attempt to speculatively sell ETH at
times when its price is high or speculatively acquire ETH at low prices in the expectation of future price increases, nor will
the Trust attempt to avoid losses or hedge exposure arising from the risk of changes in the price of ETH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Listing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Shares are listed for trading on the Cboe BZX Exchange, Inc.
(the &#8220;Exchange&#8221;) under the ticker symbol &#8220;ETHV.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Overview of the Ethereum Industry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ETH is a digital asset that can be transferred among participants
on the Ethereum network on a peer-to-peer basis via the Internet. Unlike other means of electronic payments, ETH can be transferred
without the use of a central administrator or clearing agency. Because a central party is not necessary to administer ETH transactions
or maintain the ETH ledger, the term decentralized is often used in descriptions of ethereum.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The supply of ETH is not determined by a central government, but
rather by an open-source software program that governs the rate at which new ETH is released into the network. The responsibility
for maintaining the official ledger of who owns what ETH and for validating new ETH transactions is not entrusted to any single
central entity. Instead, it is distributed among the network&#8217;s participants. There is no hard cap which would limit the number
of outstanding ethereum at any one time to a predetermined maximum.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Because peer-to-peer transfers of ETH are recorded on the &#8220;Ethereum
Blockchain,&#8221; which is a digital public recordkeeping system or ledger, buying, holding and selling ETH is very different
than buying, holding and selling more conventional instruments like cash, stocks or bonds. Validators authenticate and bundle ETH
transactions sequentially into files called &#8220;blocks,&#8221; which requires performing computational work to solve a cryptographic
puzzle set by the Ethereum network&#8217;s software protocol. Because each solved block contains a reference to the previous block,
they form a chronological &#8220;chain&#8221; back to the first ETH transaction. Copies of the Ethereum Blockchain are stored in
a decentralized manner on the computers of each individual Ethereum network full node, i.e., any user who chooses to maintain on
their computer a full copy of the Ethereum Blockchain as well as related software. Each ETH is associated with a set of unique
cryptographic &#8220;keys,&#8221; in the form of a string of numbers and letters, which allow whoever is in possession of the private
key to assign that ETH in a transfer that the Ethereum network will recognize.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ETH must either be acquired through the process of participating
in the validation of transactions that are added to the Ethereum Blockchain obtained in a peer-to-peer transaction, or purchased
through an online ETH trading platform or other intermediary, such as a broker in the</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">institutional over-the-counter (&#8220;OTC&#8221;) market. Peer-to-peer
transactions may be difficult to arrange, and involve complex and potentially risky procedures around safekeeping, transferring
and holding the ETH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Alternatively, purchasing ETH on an ETH trading platform requires
choosing a trading platform, opening an account, and transferring funds to the trading platform in order to purchase the ETH. Transactions
on exchanges are not ordinarily recorded on the Ethereum Blockchain. There are currently a large number of ETH trading platforms
from which to choose, the quality and reliability of which varies significantly. The value of ETH within the market is determined,
in part, by the supply of and demand for ethereum in the global ETH market, market expectations for the adoption of ETH as a store
of value, the number of merchants that accept ethereum as a form of payment, and the volume of peer-to-peer transactions, among
other factors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Outside of exchanges, ETH can be traded OTC in transactions that
are not publicly reported. The OTC market is largely institutional in nature, and OTC market participants generally consist of
institutional entities, such as firms that offer two-sided liquidity for ETH, investment managers, proprietary trading firms, high-net-worth
individuals that trade ETH on a proprietary basis, entities with sizeable ETH holdings, and family offices. The OTC market provides
a relatively flexible market in terms of quotes, price, quantity, and other factors, although it tends to involve large blocks
of ETH. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging in OTC transactions will agree
upon a price and then one of the two parties will then initiate the transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Although ETH was among the first digital assets,
in the ensuing years, the number of digital assets, market participants and companies in the space has increased dramatically.
In addition to ETH, other well-known digital assets include, among others, Bitcoin, XRP, Solana, Avalanche, Cardano, Cash, and
Litecoin. The category and protocols are still being defined and evolving. MarketVector and the Sponsor believe that the ETH market
has matured such that it is operating at a level of efficiency and scale similar in material respects to established global equity,
fixed income and commodity markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>ETH Value</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The value of ETH is determined by the value
that various market participants place on ETH through their transactions. The most common means of determining the value of an
ETH is by surveying one or more ETH trading platforms where ETH is traded publicly and transparently. The price of ETH on the ETH
market has exhibited periods of extreme volatility, which could have a negative impact on the performance of the Trust. As of February
27, 2026, the price of ETH has decreased to $1,922.54. (source: Coinbase).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On exchanges, ETH is traded with publicly disclosed
valuations for each executed trade, measured by one or more fiat currencies such as the U.S. dollar or Euro. OTC dealers or market
makers do not typically disclose their trade data.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust and the Sponsor face competition with respect to the creation
of competing products, including with respect to the creation of competing exchange-traded ETH products. There can be no assurance
that the Trust will grow to or maintain an economically viable size.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, commercial banks and other financial institutions have
a number of initiatives that incorporate new technologies, including blockchain and similar technologies, into their payments and
settlement activities, which could compete with, or reduce the demand for, ETH. The Trust competes with direct investments in ETH,
other cryptocurrencies, futures contracts for ETH (&#8220;ETH Futures&#8221;), and other potential financial vehicles, including
securities backed by or linked to cryptocurrency and other investment vehicles that focus on other digital assets, including other
exchange-traded ETH products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The MarketVector Ethereum Benchmark Rate</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">MarketVector is the index sponsor and index administrator for the
MarketVector<sup>TM</sup> Ethereum Benchmark Rate (&#8220;MarketVector Ethereum Benchmark Rate&#750; or &#8220;Index&#750;.)
MarketVector is a wholly-owned subsidiary of VanEck. MarketVector is the calculation agent for the MarketVector Ethereum Benchmark
Rate and an affiliate of VanEck.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The MarketVector Ethereum Benchmark Rate is a U.S. dollar-denominated
composite reference rate for the price of ETH. The Index is calculated daily between 00:00 and 24:00 (ET) and the Index values are
disseminated to data vendors. The Index is disseminated in U.S. dollars and the closing and intraday value is calculated over twenty
three-minute intervals pursuant to a methodology referred to as an equal-weighted average of the volume-weighted median price.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The MarketVector Ethereum Benchmark Rate is designed to be
a robust price for ETH in U.S. dollars. There is no component other than ETH in the Index. The underlying trading platforms are sourced
from the industry leading BITA Exchange Ranking report, which is issued by BITA GmbH. BITA GmbH (&#8220;BITA&#8221;) is a Germany-based
fintech company that provides enterprise-grade indexes, data and infrastructure to institutions operating in the passive and quantitative
investment spaces. Active in the digital asset industry since 2018, BITA GmbH provides crypto calculation, index administration and infrastructure
solutions to financial institutions globally. BITA reviews various trading exchanges and analyzes such exchanges to determine whether
the exchanges should be approved as a data source (approved exchanges are referred to by BITA as &#8220;whitelisted&#8221;). BITA&#8217;s
methodology for evaluating exchanges utilizes a combination of qualitative and quantitative metrics to analyze a comprehensive data set,
covering five categories of evaluation. The categories of evaluation include regulatory stability, liquidity, data quality, technology
and usability. BITA evaluates each category of each exchange with respect to each different digital asset, with different weights assigned
to each category to arrive at a &#8220;total score&#8221; for each exchange. BITA then ascribes a rating to each exchange and determines
the minimum total score for an exchange to be included in each pricing index. Each qualifying exchange is then ranked by BITA according
to their &#8220;total score&#8221; to determine their BITA ranking, which determines the weighting of such exchange in the MarketVector Ethereum Benchmark Rate. The BITA Exchange Ranking report provides a framework for assessing risk of each trading platform and brings
transparency and accountability to a rapidly evolving market and industry. Based on the BITA Exchange Ranking report, MarketVector initially
selects the top five trading platforms by rank for inclusion in the MarketVector Ethereum Benchmark Rate. If an eligible
trading platform is downgraded by two or more notches in a semi-annual review and is no longer in the top five by rank, it is replaced
by the highest ranked non-component trading platform. Adjustments to exchange coverage are announced four business days prior to the
first business day of each of June and December at 23:00 CET. The MarketVector Ethereum Benchmark Rate is rebalanced at
16:00:00 ET on the last trading day of each of May and November. The current exchange composition of the MarketVector Ethereum Benchmark Rate is Coinbase, Crypto.com, Gemini, Kraken and OKX.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As noted above, the MarketVector Ethereum Benchmark Rate is
disseminated in USD and the closing and intraday value is calculated over twenty three-minute intervals pursuant to a methodology referred
to as an equal-weighted average of the volume-weighted median price. In other words, MarketVector Ethereum Benchmark Rate
seeks to provide the average price that ETH has traded at during the past hour. This is calculated as the average of the volume-weighted
median price on the constituent platforms of each of the twenty three-minute intervals, as displayed below: Volume-weighted median price
of ETH for each three minute period (20 total) / 20 = MarketVector Ethereum Benchmark Rate price. When determining the volume-weighted
median price during a three minute period, the highest and lowest contributed prices from the five constituent platforms are removed
and the volume-weight median is derived from the contributed prices of the other three exchanges. Using twenty consecutive three-minute
segments over a sixty-minute period means malicious actors would need to sustain efforts to manipulate the market over an extended period
of time, or would need to replicate efforts multiple times across exchanges, potentially triggering review. This extended period also
supports Authorized Participant activity by capturing volume over a longer time period, rather than forcing Authorized Participants to
mark an individual close or auction. The use of a median price reduces the ability of outlier prices to impact the NAV, as it systematically
excludes those prices from the NAV calculation. The use of a volume-weighted median (as opposed to a traditional median) serves as an
additional protection against attempts to manipulate the NAV by executing a large number of low-dollar trades, because, any manipulation
attempt would have to involve a majority of global spot ETH volume in a three-minute window to have any influence on the NAV. As discussed
herein, removing the highest and lowest prices further protects against attempts to manipulate the NAV, requiring bad actors to act on
multiple exchanges at once to have any ability to influence the price.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Net Asset Value Determinations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">NAV means the total assets of the Trust which shall consist solely
of ETH and cash, less total liabilities of the Trust. The Trust&#8217;s NAV is calculated based on the Trust&#8217;s net asset
holdings as reconciled to the ETH Custodian&#8217;s accounts on a market approach, determined on a daily basis in accordance with
the MarketVector Ethereum Benchmark Rate price at 4:00 p.m. Eastern Time (&#8220;ET&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Trust&#8217;s NAV per Share is calculated
by:</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>taking the current market value of its total assets;</td></tr></table><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>subtracting any liabilities; and</td></tr></table><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>dividing that total by the total number of outstanding Shares.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust Agreement gives the Sponsor the exclusive authority to
determine the Trust&#8217;s NAV and the Trust&#8217;s NAV per Share, which it has delegated to the Administrator.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Administrator calculates the NAV of the
Trust once each Exchange trading day. The NAV for a normal trading day will be released after 4:00 p.m. ET. Trading during the
core trading session on the Exchange typically closes at 4:00 p.m. ET. However, NAVs are not officially struck until later in the
day (often by 5:30 p.m. ET and generally no later than 8:00 p.m. ET). The pause between 4:00 p.m. ET and 5:30 p.m. ET (or later)
provides an opportunity to detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor will monitor for
significant events related to crypto assets that may impact the value of ETH and will determine in good faith, and in accordance
with its valuation policies and procedures, whether to fair value the Trust&#8217;s ETH on a given day (e.g., if the MarketVector Ethereum Benchmark Rate is not available the Sponsor). In certain circumstances, the Sponsor will determine whether to fair value
the Trust&#8217;s ETH on a given day based on whether certain pre-determined criteria have been met. For example, if the MarketVector Ethereum Benchmark Rate deviates by more than a pre-determined amount from an alternate benchmark available to the Sponsor, then
the Sponsor may determine to utilize the alternate benchmark. The Sponsor may also fair value the Trust&#8217;s ETH using observed
market transactions from one or more exchanges. The Sponsor may also fair value the Trust&#8217;s ETH using a combination of inputs
in certain situations (e.g., using observed market transactions, OTC quotations from brokers, etc.).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accordingly, the NAV of the Trust may reflect
the fair value of ETH rather than the ETH market prices on certain exchanges at 4:00 p.m. ET. Fair value pricing involves subjective
judgements and it is possible that a fair value determination for ETH or other assets is materially different than the value that
could be realized upon the sale of such ETH or asset. In addition, fair value pricing could result in a difference between the
prices used to calculate the Trust&#8217;s NAV and the prices used by the MarketVector Ethereum Benchmark Rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Intraday Indicative Value</b></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor, in conjunction with the Administrator, will work in
good faith to determine the fair value and the correct calculation of the Trust&#8217;s NAV. In addition, in order to provide updated
information relating to the Trust for use by Shareholders and market professionals, ICE Data Indices, LLC will calculate and disseminate
throughout the core trading session on each trading day an updated intraday indicative value (&#8220;IIV&#8221;). The IIV is calculated
by taking creation unit holdings and updating that value throughout the trading day to reflect changes in the price of ETH; this
value is then divided by the numbers of Shares per creation unit in order to calculate an IIV on a &#8220;per Share&#8221; basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The IIV disseminated during the Exchange core trading session hours
should not be viewed as an actual real time update of the NAV, because NAV per Share is calculated only once at the end of each
trading day based upon the relevant end of day values of the Trust&#8217;s investments. The Trust will provide the IIV per Share
updated every 15 seconds, as calculated by the Exchange or a third-party financial data provider during the Exchange&#8217;s regular
trading hours (9:30 a.m. to 4:00 p.m. ET). ICE Data Indices, LLC will disseminate the IIV value through the facilities of CTA/CQ
High Speed Lines. In addition, the indicative fund value will be published on the Exchange&#8217;s website and will be available
through on-line information services such as Bloomberg and Reuters. The IIV may differ from the NAV due to the differences in the
time window of trades used to calculate each price (the NAV uses a sixty-minute window, whereas the IIV draws prices from the last
trade on each exchange in an effort to produce a relevant, real-time price). The Sponsor does not believe this will cause confusion
in the marketplace, as Authorized Participants are the only Shareholders who interact with the NAV and the Sponsor will communicate
its NAV calculation methodology clearly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There are many instances in the market today
where the IIV and the NAV of an ETF are subtly different, whether due to the calculation methodology, market hours overlap or other
factors. The Sponsor has seen limited or no negative impact on trading, liquidity or other factors for exchange-traded funds in
this situation. The Sponsor believes that the IIV tracks the globally integrated ETH price as reflected on the contributing real
ETH trading platforms.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dissemination of the IIV provides additional
information that is not otherwise available to the public and is useful to Shareholders and market professionals in connection
with the trading of the Trust&#8217;s Shares on the Exchange. Shareholders and market professionals are able throughout the trading
day to compare the market price of the Trust and the IIV. If the market price of the Trust&#8217;s Shares diverges significantly
from the IIV, market professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be
trading at a discount compared to the IIV, a market professional could buy the Trust&#8217;s Shares on the Exchange and sell short
futures contracts. Such arbitrage trades can tighten the tracking between the market price of the Trust and the IIV and thus can
be beneficial to all market participants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Secondary Market Trading</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust will create and redeem Shares from time to time, but only
in one or more Baskets. The creation and redemption of Baskets are only made in exchange for delivery to the Trust or the distribution
by the Trust of the amount of ETH (or corresponding amount of cash) equal to the number of Shares included in the Baskets being
created or redeemed determined on the day the order to create or redeem Baskets is properly received.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As discussed above, Authorized Participants are the only persons
that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers or other securities
market participants, such as banks and other financial institutions that are not required to register as broker-dealers to engage
in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized Participant
is under no obligation to offer to the public Shares of any Baskets it does create.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Authorized Participants that do offer to the public Shares from the
Baskets they create will do so at per-Share offering prices that are expected to reflect, among other factors, the trading price
of the Shares on the Exchange, the NAV of the Trust at the time the Authorized Participant purchased the Baskets, the NAV of the
Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity
of ETH or other portfolio investments. Baskets are generally redeemed when the price per Share is at a discount to the NAV per
Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times may
have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple
clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other
forms of compensation or inducement of any kind from either the Trust or the Sponsor and no such person has any obligation or responsibility
to the Sponsor or the Trust to effect any sale or resale of Shares. Shares trade in the secondary market on the Exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Shares are expected to trade in the secondary market on the Exchange.
Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per Share. The amount of the
discount or premium in the trading price relative to the 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 ETH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Sponsor</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor arranged for the creation of the Trust and is responsible
for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange.
The Sponsor has developed a marketing plan for the Trust, prepares marketing materials regarding the Shares of the Trust, and exercises
the marketing plan of the Trust on an ongoing basis. The Sponsor appoints and may remove the Trust&#8217;s other service providers,
including the Trustee, Administrator, Transfer Agent, ETH Custodian, Additional ETH Custodian and Marketing Agent (as defined below),
as well as any additional, replacement, or successor service providers. The Sponsor has agreed to pay all ordinary operating expenses
(except for litigation expenses and other extraordinary expenses) out of the Sponsor&#8217;s unified fee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Cash Custodian</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the cash custodian agreement (the &#8220;Cash Custody Agreement&#8221;),
State Street acts as custodian for the Trust&#8217;s cash. The Cash Custodian is responsible for, among other things, maintaining
a separate deposit account or accounts for cash in the name of the Trust and determining the amount of ETH and/or cash required
for the issuance or redemption, as the case may be, of Shares in creation unit aggregations of the Trust after the end of each
trading day.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the Cash Custody Agreement between State Street and the Trust,
State Street may act as custodian for the Trust&#8217;s non-ETH assets, if any, and as custodian for the Trust&#8217;s cash (in
such capacity, the &#8220;Cash Custodian&#8221;). The Cash Custodian has agreed to, among other things, open and maintain a separate
deposit account or accounts of the Trust, to determine the amount of ETH and/or cash required for an issuance or redemption of
shares in a Basket and to release and deliver non-ETH assets and pay out cash.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Cash Custodian shall credit to the deposit account(s) all cash
received by the Cash Custodian from or for the account of the Trust. Upon an instruction to purchase Shares for the account of
the Trust, the Cash Custodian shall pay out cash of the Trust to purchase Shares. Upon an instruction to redeem Shares for the
account of the Trust, the Cash Custodian shall transfer the Shares so as to sell or redeem the Shares and receive proceeds of such
sale or redemption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Ethereum Custodian</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gemini Trust Company, LLC serves as the Trust&#8217;s ETH Custodian
and is a fiduciary under &#167; 100 of the New York Banking Law. The ETH Custodian is authorized to serve as the Trust&#8217;s
custodian under the Trust Agreement and pursuant to the terms and provisions of the agreement which establishes the rights and
responsibilities the ETH Custodian, the Sponsor and the Trust with respect to the custody of the Trust&#8217;s ETH (the &#8220;Custody
Agreement&#8221;). The ETH Custodian has its principal office at 315 Park Ave South, Floor 16, New York, NY 10010.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The ETH Custodian makes available to the Trust a custodial account
for ETH maintained by the ETH Custodian (&#8220;ETH Account&#8221;) and access to an omnibus custodial account held at depository
institutions or money market funds in the ETH Custodian&#8217;s name for the benefit of its customers at which a cash balance may
be maintained (&#8220;Fiat Account&#8221;). The ETH Custodian&#8217;s services in respect of the ETH Account (i) allow ETH to be
deposited from a public blockchain address to the Trust&#8217;s ETH Account and (ii) allow ETH to be withdrawn from the ETH Account
to a public blockchain address as instructed by the Trust. The Trust expects to use the Fiat Account to facilitate the purchase
and sale of ETH in connection with the cash creations and redemptions. In respect of the Fiat Account, the ETH Custodian holds
the Trust&#8217;s cash held in its Fiat Account in one or more omnibus accounts for the benefit of the ETH Custodian&#8217;s customers
at depository institutions or money market funds.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor may, in its sole discretion, add or terminate other ETH
custodians. The Sponsor has executed an agreement with Coinbase Custody Trust Company (&#8220;Coinbase Custody&#8221;) that allows
Coinbase Custody to serve as an additional custodian for the Trust&#8217;s assets. The Sponsor may, in its sole discretion, change
the custodian for the Trust&#8217;s ETH holdings, but it will have no obligation to do so or to seek any particular terms for the
Trust from other such custodians. To the extent that the Sponsor adds or terminates other ETH custodians, or changes the custodian
for the Trust&#8217;s ETH holdings, notification will be made to Shareholders via a prospectus supplement and/or a current report
filed with the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust&#8217;s ETH Custodian will keep custody of all of the Trust&#8217;s
ETH and will safeguard the private keys to the ETH associated with the Trust&#8217;s ETH Account and Clearing Account. ETH private
keys are stored in two different forms: &#8220;hot wallet&#8221; storage, whereby the private keys are stored on secure, internet-connected
devices, and &#8220;cold&#8221; storage, where digital currency private keys are stored completely offline. The Custody Agreement
requires the ETH Custodian to hold the Trust&#8217;s ETH in its ETH Account in cold storage, unless required to facilitate withdrawals
as a temporary measure. ETH temporarily held in the Clearing Account in connection with creations and redemptions or withdrawals
of ETH to pay the Sponsor Fee or extraordinary expenses may be held in omnibus hot storage wallets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The ETH Custodian will use segregated cold storage ETH addresses
for the Trust&#8217;s ETH Account, which is separate from the ETH addresses that the ETH Custodian uses for its other customers
and which are directly verifiable via the ethereum blockchain. The ETH Custodian will at all times record and identify in its books
and records that such ETH constitute the property of the Trust. The ETH Custodian will not loan, hypothecate, pledge or otherwise
encumber the Trust&#8217;s ETH, as applicable, without the Trust&#8217;s instruction, nor will the Sponsor or any other entity
or service provider. The Trust will not lease or loan ETH held in the Trust&#8217;s account with the ETH Custodian and will not
give instructions to that effect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to the ETH custodial services in connection with the
ETH Account, the ETH Custodian will also provide the Trust with clearing and settlement services for ETH purchase and sale transactions
(&#8220;Clearing Services&#8221;) between the Trust and a third party selected by the Sponsor who (1) is not the Authorized Participant
and (2) will not be acting as an agent, nor at the direction, of the Authorized Participant with respect to the delivery of ETH
to the Trust (such third party, a &#8220;Liquidity Provider&#8221;) in connection with the Trust&#8217;s creation and redemption
processes as well as in connection with transfers of ETH out of the Trust to pay the Sponsor Fee and to reimburse the Sponsor in
ethereum for payment of extraordinary expenses. These services are detailed within the clearing agreement between the Trust and
the ETH Custodian (the &#8220;Clearing Agreement&#8221;). In connection with the Clearing Services, the ETH Custodian will make
available to the Trust a clearing account (the &#8220;Clearing Account&#8221;).</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Additional ETH Custodian</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Coinbase Custody Trust Company, LLC, serves as the Trust&#8217;s
Additional ETH Custodian and is a fiduciary under &#167; 100 of the New York Banking Law and a qualified custodian for purposes
of Rule 206(4)-2(d)(6) under the Investment Advisers Act of 1940, as amended. The Additional ETH Custodian is authorized to serve
as the Trust&#8217;s custodian under the Trust Agreement and pursuant to the terms and provisions of the Additional ETH Custody
Agreement. The Additional ETH Custodian has its principal address at 55 Hudson Yards, 550 West 34th Street, 4th Floor, New York,
NY 10001.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Additional ETH Custodian makes available to the Trust a custodial
account for ETH maintained by the Additional ETH Custodian (the &#8220;Additional ETH Account&#8221;). The Additional ETH Custodian&#8217;s
services in respect of the Additional ETH Account (i) allow all or a portion of the Trust&#8217;s ETH allocated to the vault balance
(the &#8220;Additional ETH Vault Balance&#8221;) to be held in the Additional ETH Account, (ii) allow ETH to be deposited from
a public blockchain address to the Trust&#8217;s Additional ETH Account, (iii) allow ETH to be withdrawn from the Additional ETH
Account to a public blockchain address as instructed by the Trust and (iv) certain additional services as may be agreed to between
the Trust and the Additional ETH Custodian from time to time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Trustee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trustee, a Delaware trust company, acts as the trustee of the
Trust for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act (&#8220;DSTA&#8221;).
The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement
of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>General Duty of Care of Trustee</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Trustee is a fiduciary under the Trust Agreement;
provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee are limited by, and are only those
specifically set forth in, the Trust Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>Resignation, Discharge or Removal of Trustee;
Successor Trustees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trustee may resign upon at least 60 days&#8217; prior written
notice to the Sponsor; provided, however, that such resignation shall not be effective until such time as a successor Trustee has
accepted such appointment. The Sponsor may remove the Trustee at any time upon 60 days&#8217; prior written notice to the Trustee;
provided, however, that such removal shall not be effective until such time as a successor Trustee has accepted such appointment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Upon the resignation or removal of the Trustee, the Sponsor shall
appoint a successor Trustee. If no successor Trustee shall have been appointed and shall have accepted such appointment within
60 days after the giving of such notice of resignation or removal, the Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee. Any successor Trustee appointed pursuant to the Trust Agreement shall be eligible to
act in such capacity in accordance with the Trust Agreement and, following compliance with the Trust Agreement, shall become fully
vested with the rights, powers, duties and obligations of its predecessor under the Trust Agreement, with like effect as if originally
named as Trustee. Any such successor Trustee shall notify the Trustee of its appointment by providing a written instrument to the
Trustee. At such time the Trustee shall be discharged of its duties herein. Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Trustee shall be a party, or any corporation to which substantially all the corporate trust business of the Trustee
may be transferred, shall, subject to the preceding sentence, be the Trustee under the Trust Agreement without further act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Administrator</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">State Street serves as the Trust&#8217;s Administrator. State Street&#8217;s
principal address is One Congress Street, Boston, MA 02111. Under the Trust&#8217;s Administration Agreement between State Street
and the Trust (the &#8220;Trust Administration Agreement&#8221;) and a separate cash custodian agreement, the Administrator provides
certain administrative and accounting services and financial reporting for the maintenance and operations of the Trust, maintaining
the books of account of the Trust, including calculating the NAV of the Trust and disseminating the NAV and other information for
accounting data or any information pertaining to the books and records maintained by the Administrator. In addition, the Administrator
makes available the office space, equipment, personnel and facilities required to provide such services. The Administrator also
facilitates the transfer of ETH required for the operation of the Trust. Under the Cash Custody Agreement, State Street may act
as custodian for the Trust&#8217;s non-ETH assets, if any, and as bank for the Trust&#8217;s cash.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Transfer Agent</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">State Street serves as the Transfer Agent for the Trust. The Transfer
Agent: (1) issues and redeems Shares of the Trust; (2) responds to correspondence by Shareholders and others relating to its duties;
(3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust. The Trust&#8217;s Transfer Agent facilitates the
settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Marketing Agent</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Van Eck Securities Corporation (the &#8220;Marketing Agent&#8221;),
a wholly-owned subsidiary of VanEck, is responsible for: (1) working with the Administrator to review and approve, or reject, purchase
and redemption orders of Baskets placed by Authorized Participants with the Administrator; (2) providing assistance in the marketing
of the Shares; (3) reviewing and approving the marketing materials prepared by the Sponsor for compliance with applicable SEC and
the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) advertising laws, rules and regulations; and (4) maintaining
a public website on behalf of the Trust, containing information about the Trust and the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>The Trust&#8217;s Fees and Expenses</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust pays the Sponsor a unified fee (the &#8220;Sponsor
Fee&#8221;) of 0.20% of average daily net assets that accrues daily and pays monthly. For the period from July 23, 2024 through July
22, 2025, the Sponsor waived the entire Sponsor Fee for the first $1.5 billion of the Trust&#8217;s net assets. The Sponsor Fee is
paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Administrator makes its
determination regarding the Sponsor Fee in respect of each day by reference to the Trust&#8217;s NAV as of that day. The Sponsor Fee
accrues in U.S. dollars daily and is payable monthly in arrears in ETH on, or by, the tenth business day of the next month in
respect of the prior month. Each month, the Administrator calculates the Sponsor Fee for each day of the month, resulting in a
cumulative total in U.S. dollars, which the Administrator then calculates the ETH equivalent of by reference to the Index as of the
date of calculation, and the Sponsor shall then withdraw the corresponding amount of ETH from the Trust&#8217;s ETH Account in
payment of the Sponsor Fee. The Sponsor has agreed to pay all ordinary operating expenses (except for extraordinary expenses,
including but not limited to, non-recurring expenses and costs of services performed by the Sponsor or a service provider on behalf
of the Trust to protect the Trust or the interests of Shareholders, such as in connection with any indemnification of agents,
service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any legal fees and expenses
incurred in connection with litigation, regulatory enforcement or investigation matters) out of the Sponsor Fee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For extraordinary expenses not covered in the previous sentence,
the Sponsor shall pay these expenses as they become due and seek contemporaneous reimbursement from the Trust in the form of ETH
at the time of payment. For extraordinary expenses denominated in dollars, the Sponsor shall convert the expense amounts into ETH
at the Index price on the date the Sponsor seeks such reimbursement from the Trust, and shall withdraw the corresponding amounts
of ETH from the Trust as reimbursement for paying such extraordinary expenses of the Trust. For extraordinary expenses denominated
in ETH, if any, the Sponsor shall withdraw the corresponding amounts of ETH from the Trust as reimbursement for paying such extraordinary
expenses. Neither the Trust nor the Shareholders shall be responsible for any fees and expenses, including any Ethereum network
fees, incurred by the Sponsor to withdraw ETH from the Trust&#8217;s ETH Account in connection with payment of the Sponsor Fee
or Trust expenses not assumed by the Sponsor, or to convert such ETH, once withdrawn, into cash (if applicable). The Sponsor will
sell ETH which may be facilitated by one or more Liquidity Providers and/or the ETH Custodian or an affiliate thereof, in connection
with the termination of the Trust and the liquidation of the Trust&#8217;s ETH holdings, which the Sponsor shall do at a price
which it is able to obtain through commercially reasonable efforts, and arrange for the distribution of the cash proceeds to the
Trust&#8217;s Shareholders and creditors (if any). Accordingly, the amount of ETH held by the Trust may vary from time to time
depending on the level of the Trust&#8217;s expenses and liabilities and the market price of ETH. In addition, the Sponsor may,
at its sole discretion, and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time. The Sponsor
is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during
any period not covered by the waiver. In the future, if the Sponsor decides to waive all or a portion of the Sponsor Fee, Shareholders
will be notified in a prospectus supplement, in the Trust&#8217;s periodic Exchange Act reports and/or on the Trust&#8217;s website.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Creation and Redemption of Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust creates and redeems Shares from time to time, but only
in one or more Baskets. Baskets are only made in exchange for delivery to the Trust of the amount of ETH represented by the Baskets
being created, or an amount of cash sufficient to purchase such amount of ETH, the amount of which is equal to the combined NAV
of the number of Shares included in the Baskets being created determined as of 4:00 p.m. ET on the day the order to create Baskets
is properly received. Baskets are only redeemed in exchange for delivery to the Trust of the amount of Shares represented by the
Basket. The Authorized Participants will deliver cash or ETH to create Shares and will receive cash or ETH when redeeming Shares.
For a redemption in cash, the Sponsor shall arrange for the ETH represented by the Basket to be sold to a Liquidity Provider selected
by the Sponsor and the cash proceeds to be distributed from the Trust&#8217;s account at the</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cash Custodian to the Authorized Participant.
The Liquidity Providers as of the date of this Report, that have agreed to serve as a Liquidity Provider and have consented to
be named in the Trust&#8217;s registration statement are Nonco LLC, Virtu Financial Singapore Pte., JSCT, LLC and Cumberland DRW
LLC Additional Liquidity Providers may be added at any time, subject to the Sponsor&#8217;s sole discretion. For an &#8220;in-kind&#8221;
subscription, Authorized Participants will deliver, or arrange for the delivery by the Authorized Participant&#8217;s designee
of, ETH to the Trust&#8217;s account with the ETH Custodian in exchange for Shares when they purchase Shares. For an &#8220;in-kind&#8221;
redemption transaction with the Trust, when Authorized Participants redeem Shares, the Trust through the ETH Custodian, will deliver
ETH to such Authorized Participants, or a designee thereof, in exchange for their Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Authorized Participants</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Authorized Participants are the only persons that may place orders
to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants,
such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions
described below, and (2) participants in the Depository Trust Company (&#8220;DTC&#8221;) such as banks, brokers, dealers and trust
companies (&#8220;DTC Participants&#8221;). Registered broker-dealers are subject to various requirements of the federal securities
laws and rules, including financial responsibility rules such as the customer protection rule, the net capital rule and recordkeeping
requirements. On May 15, 2025, the SEC and FINRA withdrew their 2019 joint statement regarding broker-dealer custody of crypto
asset securities, which was widely perceived as prohibiting broker-dealers from offering custodial services for crypto assets that
are not securities. Additionally, on the same day, the SEC released a set of Frequently Asked Questions (FAQs) clarifying its views
on broker-dealers&#8217; crypto asset activities. The FAQs stated that (i) SEC Rule 15c3-3 applies only to crypto asset securities,
and (ii) broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot crypto exchange-traded
products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To become an Authorized Participant, a person must enter into an
agreement with the Sponsor and the Trustee that provides the procedures for the creation and redemption of Baskets (the &#8220;Authorized
Participant Agreement&#8221;). The Authorized Participant Agreement provides the procedures for the creation and redemption of
Baskets and for the delivery, or facilitation of the delivery, of the ETH required for such creation and redemptions. The Authorized
Participant Agreement and the related procedures attached thereto may be amended by the Trust or the Sponsor (as the case may be),
without the consent of any Shareholder or Authorized Participant. Authorized Participants pay the Transfer Agent a fee for each
order they place to create or redeem one or more Baskets. The transaction fee may be reduced, increased or otherwise changed by
the Sponsor. Authorized Participants who make deposits (directly in the case of cash creations and indirectly in the case of ETH
deposits) with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any
kind from either the Trust or the Sponsor, and no such person will have any obligation or responsibility to the Sponsor or the
Trust to effect any sale or resale of Shares.</p><div>

</div><p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Each Authorized Participant is required to be registered as a broker-dealer
under the Exchange Act and a member in good standing with FINRA, or exempt from being or otherwise not required to be licensed
as a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in the states or other jurisdictions where
the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws
and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers
as it determines is appropriate in light of its own regulatory regime.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As of the date of this Report, the Authorized Participants that have
consented to be named in the Trust&#8217;s registration statement are Jane Street Capital, LLC, Virtu Americas LLC, Macquarie Capital
Inc., and ABN AMRO Clearing USA LLC. Additional Authorized Participants may be added at any time, subject to the Sponsor&#8217;s
discretion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following description of the procedures for the creation and
redemption of Baskets is only a summary and a Shareholder should refer to the relevant provisions of the Trust Agreement and the
form of Authorized Participant Agreement for more detail. The Trust Agreement and form of Authorized Participant Agreement are
incorporated by reference to this Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Authorized Participants will place orders through the Transfer Agent.
The Transfer Agent will coordinate with the Sponsor, who will in turn coordinate with the Trust&#8217;s ETH Custodian in order
to facilitate settlement of the Shares and ETH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The trading prices of many digital assets, including ETH, have experienced
extreme volatility in recent periods and may continue to do so. Extreme volatility may persist and the value of the Shares may
significantly decline in the future without recovery. The digital asset markets may be experiencing a bubble or may experience
a bubble again in the future. Extreme volatility in the future, including further declines in the trading prices of ETH, could
have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. The
Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price
of ETH.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, the use of cash creations and redemptions has transaction
costs of buying and selling ETH. These costs include the bid-ask spread along with the operational costs from the labor and overhead
involved in calculating, executing, monitoring, and accounting for transactions in the ETH markets and related cash movements.
The Trust&#8217;s Authorized Participant Agreement provides that transaction costs and slippage related to Basket creation and
redemption are the responsibility of the Authorized Participant. Under ordinary circumstances, the Trust does not anticipate that
there would be fees or costs related to purchases and sales of ethereum because Clearing Services are provided to the Trust without
additional charges by the ETH Custodian. To the extent there are unusual or unanticipated fees or costs associated with ETH purchases
and sales in connection with creation and redemption activity, the Sponsor would seek to pass these costs to the Liquidity Providers
or the Authorized Participants. If unable to do so, the Sponsor would treat these as extraordinary expenses and could decide to
seek reimbursement from the Trust to the extent the fees or expenses were paid by the Sponsor on the Trust&#8217;s behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Creation Procedures</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On any business day, an Authorized Participant may place an order
with the Transfer Agent to create one or more Baskets. Currently, creation orders are accepted in cash or in-kind. For purposes
of processing creation and redemption orders, a &#8220;business day&#8221; means any day other than a day when the Exchange is
closed for regular trading (&#8220;Business Day&#8221;). Purchase orders must be placed by the order cut-off time for a purchase
order on a Business Day (the &#8220;Creation Order Cut-Off Time&#8221;). The Creation Order Cut-Off Time is 3:59:59 p.m. ET on
a trade date or as otherwise communicated by the Sponsor. The day on which an order is received by the Transfer Agent is considered
the purchase order date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Prior to the delivery of Baskets for a purchase order, the Authorized
Participant must also have wired to the Transfer Agent the nonrefundable transaction fee due for the creation order to offset the
transfer and other transaction costs associated with the issuance of the Basket. Authorized Participants may not withdraw a creation
request. The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. By placing a
creation order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian or ETH with the ETH
Custodian. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For a cash creation, the total deposit of cash required to create
each Basket is an amount of cash that is in the same proportion to the total assets of the Trust, net of accrued expenses and other
liabilities, on the date the order to purchase is properly received, as the number of Shares to be created under the purchase order
is in proportion to the total number of Shares outstanding on the date the order is received. On the trade date for a purchase
order (the &#8220;Creation Trade Date&#8221;), following receipt of the purchase order from the Authorized Participant, the Trust
shall, in its sole discretion, select a Liquidity Provider and execute a trade to purchase ETH from that Liquidity Provider in
the amount of the total deposit required to create each Basket (&#8220;Basket Deposit&#8221;) (the calculation of which is explained
below), with the purchased ETH to be delivered by the Liquidity Provider on the settlement date for a purchase order (which shall
be the Business Day immediately following the trade date unless the Trust, Sponsor, Authorized Participant agree to a different
date) (the &#8220;Creation Settlement Date&#8221;) in exchange for a cash price to be delivered by the Trust on Creation Settlement
Date. The Liquidity Provider, not the Authorized Participant, shall be responsible for delivering ETH to the Trust. The Authorized
Participant shall be responsible for delivering cash to the Trust.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For an in-kind creation, following an Authorized Participant&#8217;s
placement of a purchase order, the Trust&#8217;s ETH Custodian account must be credited with the required ETH by the end of the
business day following the purchase order date, or in the case of cash deposits, the Trust&#8217;s Cash Custodian account must
be credited with the required cash by the end of the business day following the purchase order date, as applicable. <span style="text-decoration:underline">If the Authorized
Participant or its designee fails to consummate the foregoing, the order shall be cancelled.</span> Upon receipt of the ETH deposit
amount in the Trust&#8217;s ETH Custodian account, in the case of in-kind creations, or the cash deposit amount in the Trust&#8217;s
Cash Custodian account, in the case of cash creations, the Trust will notify the Transfer Agent to release the shares to the Authorized
Participant by directing DTC to credit the number of Shares created to the applicable DTC account.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">No Shares will be issued unless and until the ETH Custodian (in the
case of in-kind deposits) or Cash Custodian (in the case of cash deposits) has informed the Transfer Agent that the ETH or cash
(as applicable) has been received. Disruption of services at the ETH Custodian would have the potential to delay settlement of
the ETH related to Share creations. To the extent a Liquidity Provider, is not able to deliver ETH associated with a cash purchase
order as of a specified time on the settlement date, the Authorized Participant will have the option to cancel the order, or the
Sponsor may select an alternative execution method for the ETH purchase. To the extent that ETH transfers in connection with a
creation order are delayed due to congestion or other issues with the Ethereum network, such ETH will not be held in cold storage
in until such transfers can occur.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ethereum held in the Trust&#8217;s ETH Custodian account is the property
of the Trust and is not leased, or loaned under any circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Determination of Required Deposits</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The &#8220;Basket Cash Component&#8221; changes from day to day.
To determine the Basket Cash Component, the Administrator starts by determining the number of ETH held by the Trust as of the opening
of business on that trade date, and subtracts the amount of ETH constituting estimated accrued but unpaid fees and expenses of
the Trust as of the opening of business on that trade date. For the purposes of the computation of the Basket Deposit, the ETH
quantity is displayed to the hundred millionth. Second, this figure, in ETH, is divided by the quotient of the number of Shares
outstanding at the opening of business on the trade date divided by 25,000. This produces the Basket Deposit, which is the number
of ETH attributable to each Basket as of the opening of business on the trade date. Third, the resulting ETH amount is then valued,
in cash, at the Index calculated on trade date, or in accordance with the other valuation policies described in the Registration
Statement if the Index is not available. This produces the Basket Cash Component. The Basket Deposit, and the Basket Cash Component,
so determined is communicated via electronic mail message to all Authorized Participants, and made available on the Sponsor&#8217;s
website for the Shares. The Exchange also publishes the Basket Deposit determined by the Administrator as indicated above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the case of cash creation only, by the end of day ET (or such
other time as the parties may agree) on the trade date for a purchase order, the Administrator will calculate and transmit the
(1) the Basket Cash Component, (2) an amount of cash sufficient to pay any applicable transaction fee, redemption fee and any additional
fixed and/or variable charges, costs, taxes, or expenses, applicable to creation orders or redemption orders effected fully in
cash (the &#8220;Cash Amount&#8221;), and (3) any amount by which the actual cash purchase price of the ETH from the Liquidity
Provider exceeds the adjusted Basket Cash Component (&#8220;Purchase Slippage&#8221;), to the Authorized Participant (collectively,
the Basket Cash Component, the Cash Amount, and the Purchase Slippage, the &#8220;Required Cash Creation Total&#8221;), which the
Authorized Participant shall be responsible for delivering in cash on the Creation Settlement Date to the Trust&#8217;s account
at the Cash Custodian ETH in cleared, immediately available funds by 1:00 p.m. ET. The Trust acknowledges that, if the actual cash
purchase price of ETH from the Liquidity Provider is below the Basket Cash Component, the Authorized Participant shall be entitled
to retain the difference and the Required Cash Creation Total shall be reduced accordingly.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="text-decoration:underline">In the case of an in-kind creation only, by the end of day Eastern
Standard Time (or such other time as the parties may agree) on Creation Trade Date, the Administrator will calculate and transmit
the Creation Basket Deposit, to the Authorized Participant, which the Authorized Participant shall be responsible for delivering
in ETH on Creation Settlement Date to the Trust&#8217;s Custodian Account.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Delivery of Required Deposits</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For a cash creation, on the Creation Settlement Date, the Authorized
Participant who places a purchase order must follow the procedures outlined in the &#8220;Creation Procedures&#8221; section of
this Report. In the case of a cash creation only, the Trust shall instruct the Cash Custodian to transfer the cash proceeds to
the Trust&#8217;s Fiat Account. The Liquidity Provider delivers ETH to the Trust&#8217;s Clearing Account in exchange for the cash
purchase price, a delivery facilitated by the ETH Custodian under the Clearing Agreement. Upon settlement by the ETH Custodian,
in its capacity as the provider of Clearing Services pursuant to the Clearing Agreement, of the ETH purchase from the Liquidity
Provider and the deposit of ETH in the Trust&#8217;s</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Clearing Account, the Trust shall instruct the Transfer Agent to release the
Shares to the Authorized Participant, and the Transfer Agent shall direct DTC to credit the number of Shares ordered to the applicable
DTC account, by 1:00 p.m. Eastern time on the Creation Settlement Date and the Creation Order is settled. If the ETH purchase transaction
between the Trust and the Liquidity Provider fails to settle, the Authorized Participant shall have the option to cancel the Creation
Order, in which case the Trust will return the Required Cash Creation Total less the Cash Amount to the Authorized Participant
and the Shares will not be issued, or the Sponsor may use an alternative execution method for the Trust to purchase ETH, in which
case the Authorized Participant agrees and acknowledges it is responsible for any Purchase Slippage and Cash Amount relating to
such alternative execution method. The expense and risk of delivery and ownership of cash until such cash has been received in
immediately available, cleared federal funds by the Cash Custodian on behalf of the Trust will be borne solely by the Authorized
Participant.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For an in-kind creation, on the Creation Settlement Date, the Authorized
Participant or its designee shall deposit the amount of ETH specified in the Creation Basket Deposit in the Trust&#8217;s account
at the ETH Custodian by 1:00 p.m. Eastern time. Upon settlement by the ETH Custodian, the Trust shall instruct the Transfer Agent
to release the Shares to the Authorized Participant, and the Transfer Agent shall direct DTC to credit the number of Shares ordered
to the applicable DTC account, by close of business on the Creation Settlement Date and the Creation Order shall be settled. If
the ETH deposit transaction between the Trust and the Authorized Participant or its designee fails to settle, the Authorized Participant
shall have the option to cancel the Creation Order, in which case the Trust will return the Creation Basket Deposit to the Authorized
Participant and the Shares will not be issued, or the Sponsor may use an alternative execution method for the Trust to purchase
ETH, in which case the Authorized Participant agrees and acknowledges it is responsible for providing any Basket Cash Component,
plus any Purchase Slippage and Cash Amount, relating to such alternative execution method. The expense and risk of delivery and
ownership of ETH until such ETH has been credited to the Trust&#8217;s Custody Account by the ETH Custodian on behalf of the Trust
will be borne solely by the Authorized Participant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Rejection of Purchase Orders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor or its designee has the absolute right, but does not
have any obligation, to reject any purchase order or Basket Deposit if the Sponsor determines that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the purchase order or Basket Deposit is not in proper form;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>it would not be in the best interest of the Shareholders of the Trust;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the acceptance of the purchase order or the Basket Deposit would have adverse tax consequences to the Trust or its Shareholders;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the acceptance or receipt of the purchase order or the Basket Deposit would, in the opinion of counsel to the Sponsor, be unlawful;
or</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>circumstances outside the control of the Trust, the Sponsor, the Marketing Agent or the ETH Custodian or Cash Custodian make
it, for all practical purposes impracticable or not feasible to process Baskets (including if the Sponsor determines that the investments
available to the Trust at that time will not enable it to meet its investment objective).</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">None of the Sponsor, the Transfer Agent, the ETH Custodian or the
Cash Custodian will be liable for the rejection of any purchase order or Basket Deposit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Redemption Procedures</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The procedures by which an Authorized Participant can redeem one
or more Baskets mirror the procedures for the creation of Baskets with an additional safeguard on ETH or cash being removed from
the Trust&#8217;s ETH Custodian or Cash Custodian account. Currently, redemption orders are processed in cash or ETH. On any business
day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Baskets. Redemption orders must
be placed by the order cut-off time for an order on a Business Day (the &#8220;Redemption Order Cut-Off Time&#8221;). The Redemption
Order Cut-Off Time is 3:59:59 p.m. ET on a trade date or as otherwise communicated by the Sponsor. A redemption order will be effective
on the date it is received by the Transfer Agent (&#8220;Redemption Order Date&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For a cash redemption, on the trade date for a Redemption Order (the
&#8220;Redemption Trade Date&#8221;), following receipt of the Redemption Order from the Authorized Participant, the Trust shall
instruct the ETH Custodian to move the ETH in the amount of the Basket Deposit out of the Trust&#8217;s account at the ETH Custodian
into the Trust&#8217;s Clearing Account. On the</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Redemption Trade Date, the Trust in its sole discretion, shall select a Liquidity
Provider and execute a trade to sell the ETH in exchange for cash to be delivered on the settlement date for a Redemption Order
(which shall be the Business Day immediately following the Redemption Trade Date unless the Trust, Sponsor, and Authorized Participant
agree to a different date) (the &#8220;Redemption Settlement Date&#8221;). The Liquidity Providers as of the date of this Prospectus,
that have agreed to serve as a Liquidity Provider and have consented to be named in the Trust&#8217;s registration statement are
Nonco LLC, Virtu Financial Singapore Pte., JSCT, LLC and Cumberland DRW LLC. Additional Liquidity Providers may be added at any
time, subject to the Sponsor&#8217;s sole discretion. The Redemption Settlement Date shall be the immediately following Business
Day after the Redemption Trade Date, unless the parties otherwise agree in writing. The Liquidity Provider, not the Authorized
Participant, shall be responsible for purchasing ETH from the Trust. By placing a Redemption Order, an Authorized Participant agrees
to facilitate the delivery of the Basket of Shares.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For an in-kind redemption transaction with the Trust, on the Redemption
Trade Date, the Trust shall instruct the ETH Custodian to deliver ETH to the Authorized Participant or its designee on the Redemption
Settlement Date. The Redemption Settlement Date, in the case of an in-kind redemption order, shall be the immediately following
Business Day after the Redemption Trade Date, unless the parties otherwise agree in writing. The Authorized Participant, or its
designee, shall be responsible for receiving ETH from the Trust in the case of an in-kind redemption order.&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Once the Transfer Agent notifies the ETH Custodian or Cash Custodian
(as applicable), the Sponsor and the Administrator that the Shares have been received in the Trust&#8217;s DTC account, the Administrator
shall instruct the ETH Custodian or Cash Custodian (as applicable) to transfer the redemption ETH or cash amount from the Trust&#8217;s
ETH Custodian or Cash Custodian account to the Authorized Participant.</p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ETH held in the Trust&#8217;s ETH Account is the property of the
Trust and is not leased, or loaned under any circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Determination of Redemption Distribution</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">By 8:00 p.m. ET (or such other time as the parties may agree) on
the Redemption Trade Date, in the case of a cash Redemption Order, the Administrator will calculate the Required Cash Redemption
Total that the Trust is responsible for delivering in cash on Redemption Settlement Date to the Authorized Participant&#8217;s
designated bank account. The Required Cash Redemption Total consists of (1) Basket Cash Component, minus (2) the Cash Amount, and
minus (3) any Redemption Slippage The Trust acknowledges that, if the actual cash sale price realized from selling ETH to the Liquidity
Provider is above the Basket Cash Component, the Authorized Participant shall be entitled to retain the difference and the Required
Cash Redemption Total shall be increased accordingly.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">By 8:00 p.m. Eastern Standard Time (or such other time as the parties
may agree) on Redemption Trade Date, in the case of an in-kind Redemption Order, the Administrator will calculate the Creation
Basket Deposit that the Trust is responsible for delivering in ETH on Redemption Settlement Date to the Authorized Participant&#8217;s
or its designee&#8217;s account at the ETH Custodian.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Delivery of Redemption Distribution</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On the Redemption Settlement Date, in the case of a cash Redemption
Order, the Liquidity Provider shall deliver cash to the Trust&#8217;s Fiat Account in exchange for ETH, as facilitated by the ETH
Custodian under the Clearing Agreement. Upon settlement of the ETH sale by the Trust to the Liquidity Provider and the receipt
of the Liquidity Provider&#8217;s cash in the Trust&#8217;s Fiat Account, the Trust shall instruct the Ethereum Custodian to transfer
the cash to the Trust&#8217;s Cash Custodian account. The Trust then instructs the Transfer Agent to deliver the Authorized Participant&#8217;s
Shares in the Basket Deposit back to the Trust, in exchange for which the Trust shall instruct the Cash Custodian to transfer the
Required Cash Redemption Total to the Authorized Participant&#8217;s designated bank account and the Redemption Order shall be
settled. If the ETH sale transaction between the Trust and the Liquidity Provider fails to settle, the Authorized Participant shall
have the option to cancel the Redemption Order, in which case the Trust will retain its ETH and the Authorized Participant will
retain the associated Shares and will not receive any cash, or the Sponsor may use an alternative execution method for the Trust
to sell ETH, in which case the Authorized Participant agrees and acknowledges it is responsible for any Redemption Slippage and
Cash Amount relating to such alternative execution method. If the Trust&#8217;s DTC account has not been credited with all of the
Baskets to be redeemed by such time, the redemption distribution will also be delayed.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On the Redemption Settlement Date, in the case of an in-kind Redemption
Order, the Trust shall instruct the Transfer Agent to deliver the Authorized Participant&#8217;s Shares in the Creation Basket
Deposit back to the Trust, in exchange for which the Trust shall instruct the ETH Custodian to transfer the ETH in the Creation
Basket Deposit to the Authorized Participant&#8217;s or its designee&#8217;s account at the SOL Custodian and the Redemption Order
shall be settled. The Trust shall have no obligation to instruct the ETH Custodian to transfer ETH to the Authorized Participant
or its designee unless and until the Trust&#8217;s DTC account has been credited with all of the Shares relating to the Creation
Baskets to be redeemed. If</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">the ETH transfer between the Trust&#8217;s ETH Custodian Account and the Authorized Participant&#8217;s
or its designee&#8217;s ETH Custodian account fails to settle, the Authorized Participant shall have the option to cancel the Redemption
Order, in which case the Trust will retain its ETH and the Authorized Participant will retain the associated Shares and will not
receive any ETH, or the Sponsor may use an alternative execution method for the Trust to sell ETH, in which case the Authorized
Participant will receive cash, and the Authorized Participant agrees and acknowledges it is responsible for any Redemption Slippage
and Cash Amount relating to such alternative execution method.&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Suspension or Rejection of Redemption Orders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor may, in its discretion, suspend the right of redemption,
or postpone the redemption settlement date, (1) for any period during which the Exchange is closed other than customary weekend
or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists
as a result of which delivery, disposal or evaluation of ethereum is not reasonably practicable, or (3) for such other period as
the Sponsor determines to be necessary for the protection of the Shareholders. For example, the Sponsor may determine that it is
necessary to suspend redemptions to allow for the orderly liquidation of the Trust&#8217;s assets. If the Sponsor has difficulty
liquidating the Trust&#8217;s positions, e.g., because of a market disruption event or an unanticipated delay in the liquidation
of a position in an over the counter contract, it may be appropriate to suspend redemptions until such time as such circumstances
are rectified. If any of these events occurs at a time when an Authorized Participant intends to redeem Shares, and the price of
ethereum decreases before such Authorized Participant is able to complete such redemption order, such Authorized Participant may
sustain a loss with respect to the amount that it would have been able to obtain in exchange for the ethereum received from the
Trust upon the redemption of its Shares, had the redemption taken place when such Authorized Participant originally intended it
to occur. As a consequence, Authorized Participants may reduce their trading in Shares during periods of suspension, decreasing
the number of potential buyers of Shares in the secondary market and, therefore, decreasing the price a Shareholder may receive
upon sale. None of the Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant
Agreement, the provider of Clearing Services, the Cash Custodian or the ETH Custodian will be liable to any person or in any way
for any loss or damages that may result from any such suspension or postponement. To the extent that the Sponsor suspends the right
of redemption, the Trust will notify Shareholders in a prospectus supplement and a current report on Form 8-K or in its annual
or quarterly reports.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Redemption orders must be made in whole Baskets. The Sponsor acting
by itself or through the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement
may, in its sole discretion, reject any redemption order (1) the Sponsor determines not to be in proper form, (2) the fulfillment
of which its counsel advises may be illegal under applicable laws and regulations, or (3) if circumstances outside the control
of the Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement
or the ETH Custodian make it for all practical purposes not feasible for the Shares to be delivered under the redemption order.
The Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining outstanding Shares
to 25,000 Shares (i.e., 1 Basket) or less.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Marketing Agent shall notify the Authorized Participant of a
rejection or suspension of any redemption order. The Marketing Agent is under no duty, however, to give notification of any specific
defects or irregularities nor shall the Marketing Agent or the Trust incur any liability for the failure to give any such notification.
The Trust and the Marketing Agent may not revoke a previously accepted redemption order.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Creation and Redemption Transaction Fee</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To compensate the Transfer Agent for expenses incurred in connection
with the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Transfer Agent
to create or redeem Baskets, which does not vary in accordance with number of Baskets in such order. The transaction fee may be
reduced, increased or otherwise changed by the Sponsor. The Sponsor will notify DTC of any change in the transaction fee and will
not implement any increase in the fee for the redemption of baskets until thirty (30) days after the date of notice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Tax Responsibility</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Authorized Participants are responsible for
any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized
Participant, and agree to indemnify the Sponsor and the Trust if they are required by law to pay any such tax, together with any
applicable penalties, additions to tax and interest thereon.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>United States Federal Income Tax Consequences</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following discussion of the material U.S. federal income tax
consequences that generally will apply to the purchase, ownership and disposition of Shares by a U.S. Shareholder (as defined below)
represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications
described therein, the opinion of Clifford Chance US LLP, special U.S. federal income tax counsel to the Sponsor. The discussion
below is based on the Internal Revenue Code of 1986, as amended (&#8220;Code&#8221;), Treasury Regulations promulgated thereunder
and judicial and administrative interpretations of the Code, all as in effect on the date of this Report and all of which are subject
to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular
circumstances. Certain Shareholders (including but not limited to banks, financial institutions, insurance companies, regulated
investment companies, real estate investment trusts, tax-exempt organizations, tax-exempt or tax-advantaged retirement plans or
accounts, brokers or dealers, traders, partnerships for U.S. federal income tax purposes, persons holding Shares as a position
in a &#8220;hedging,&#8221; &#8220;straddle,&#8221; &#8220;conversion,&#8221; &#8220;constructive sale&#8221; or other integrated
transaction for U.S. federal income tax purposes, persons whose &#8220;functional currency&#8221; is not the U.S. dollar, persons
required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to the Shares
as a result of such income being recognized on an applicable financial statement, or other investors with special circumstances)
may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who will hold
Shares as &#8220;capital assets&#8221; (generally, property held for investment). Moreover, the discussion below does not address
the effect of any state, local or foreign tax law consequences (or any consequences under any U.S. federal tax law other than U.S.
federal income tax law) that may apply to an investment in Shares. Purchasers of Shares are urged to consult their own tax advisers
with respect to all U.S. federal, state, local and foreign tax law considerations potentially applicable to their investment in
Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For purposes of this discussion, a &#8220;U.S. Shareholder&#8221;
is a Shareholder that is for U.S. federal income tax purposes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 18pt">&#9679;</td><td>an individual who is a citizen or resident of the United States;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 18pt">&#9679;</td><td>a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the
laws of the United States, any state thereof or the District of Columbia;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 18pt">&#9679;</td><td>an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source;
or</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 18pt">&#9679;</td><td>a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and
one or more United States persons have the authority to control all substantial decisions of the trust.</td></tr></table><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If a partnership or other entity or arrangement treated as a partnership
for U.S. federal income tax purposes holds Shares, the tax treatment of a partner generally depends upon the status of the partner
and the activities of the partnership. If you are a partner of a partnership holding Shares, the discussion below may not be applicable
and we urge you to consult your own tax adviser for the U.S. federal income tax implications of the purchase, ownership and disposition
of such Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Taxation of the Trust</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor and the Trustee will treat the Trust as a &#8220;grantor
trust&#8221; for U.S. federal income tax purposes. In the opinion of Clifford Chance US LLP, although not free from doubt due to
the lack of directly governing authority, the Trust should be classified as a &#8220;grantor trust&#8221; for U.S. federal income
tax purposes If the Trust is properly treated as a grantor trust for U.S. federal income tax purposes, the Trust itself should
not be subject to U.S. federal income tax. Instead, the Trust&#8217;s income and expenses should &#8220;flow through&#8221; to
the Shareholders, and the Trustee will report the Trust&#8217;s income, gains, losses and deductions to the Internal Revenue Service
(&#8220;IRS&#8221;) on that basis. The opinion of Clifford Chance US LLP is not binding on the IRS or any court. Accordingly, there
can be no assurance that the IRS will agree with the conclusions of counsel&#8217;s opinion and it is possible that the IRS or
another tax authority could assert a position contrary to one or all of those conclusions and that a court could sustain that contrary
position. Neither the Sponsor nor the Trustee will request a ruling from the IRS with respect to the classification of the Trust
for U.S. federal income tax purposes or with respect to any other matter.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If the IRS were to assert successfully that the Trust is not classified
as a &#8220;grantor trust,&#8221; the Trust might be classified as a partnership for U.S. federal income tax purposes. If the Trust
were classified as a partnership for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not
be materially different from the tax consequences described herein, although there might be certain differences, including with
respect to timing of the recognition of taxable income or loss. In addition, tax information reports provided to beneficial owners
of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S.
federal income tax purposes, it generally would be classified as a corporation for such purposes. If it were treated as a corporation,
the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21%), plus possible state and/or local
taxes on its net taxable income, and certain distributions made by the Trust to Shareholders would be treated as taxable dividends
to the extent of the Trust&#8217;s current and accumulated earnings and profits. Except as otherwise indicated, the remainder of
this discussion assumes the correctness of the opinion of Clifford Chance US LLP, and that the Trust is classified as a grantor
trust for U.S. federal income tax purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Taxation of U.S. Shareholders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Shareholders will be treated, for U.S. federal income tax purposes,
as if they directly owned a pro rata share of the underlying assets held in the Trust. Shareholders also will be treated as if
they directly received their respective pro rata shares of the Trust&#8217;s income, if any, and as if they directly incurred their
respective pro rata shares of the Trust&#8217;s expenses. In the case of a Shareholder that acquires its Shares as part of the
creation of a Basket, the delivery of ETH to the Trust in exchange for a pro rata share of the underlying ETH represented by the
Shares will not be a taxable event to the Shareholder, and the Shareholder&#8217;s tax basis and holding period for the Shareholder&#8217;s
pro rata share of the ETH held in the Trust will be the same as its tax basis and holding period for the ETH delivered in exchange
therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder&#8217;s Shares
are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating
acquiring multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period
for the underlying ETH related to such Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Current IRS guidance on the treatment of convertible virtual currencies
classifies ETH as &#8220;property&#8221; that is not currency for U.S. federal income tax purposes and clarifies that ETH could
be held as a capital asset, but it does not address several other aspects of the U.S. federal income tax treatment of ETH. Because
ETH is a new technological innovation, the U.S. federal income tax treatment of ETH or transactions relating to investments in
ETH may evolve and change from those discussed below, possibly with retroactive effect. In this regard, the IRS indicated that
it has made it a priority to issue additional guidance related to the taxation of virtual asset transactions, such as transactions
involving ETH. While it has started to issue such additional guidance, whether any future guidance will adversely affect the U.S.
federal income tax treatment of an investment in ETH or in transactions relating to investments in ETH is unknown. Moreover, future
developments that may arise with respect to digital currencies may increase the uncertainty with respect to the treatment of digital
currencies for U.S. federal income tax purposes. This discussion assumes that any ETH the Trust may hold is properly treated for
U.S. federal income tax purposes as property that may be held as a capital asset and is not currency for purposes of the provisions
of the Code relating to foreign currency gain and loss.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Although the Trust generally does not intend to sell ETH, it may
use ETH to pay certain expenses of the Trust, which under current IRS guidance will be treated as a sale of such ETH, and/or it
may</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">periodically sell ETH in an amount sufficient to pay those expenses
using fiat currency. If the Trust sells ETH (for example to generate cash to pay fees or expenses) or is treated as selling ETH
(for example by using ETH to pay fees or expenses), a Shareholder will recognize gain or loss in an amount equal to the difference
between (a) the Shareholder&#8217;s pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder&#8217;s
tax basis for its pro rata share of the ETH that was sold. A Shareholder&#8217;s tax basis for its share of any ETH sold by the
Trust should generally be determined by multiplying the Shareholder&#8217;s total basis for its share of all of the ETH held in
the Trust immediately prior to the sale, by a fraction the numerator of which is the amount of ETH sold, and the denominator of
which is the total amount of the ETH held in the Trust immediately prior to the sale. After any such sale, a Shareholder&#8217;s
tax basis for its pro rata share of the ETH remaining in the Trust should be equal to its tax basis for its share of the total
amount of the ETH held in the Trust immediately prior to the sale, less the portion of such basis allocable to its share of the
ETH that was sold.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Upon a Shareholder&#8217;s sale of some or all of its Shares (other
than a redemption), the Shareholder will be treated as having sold the portion or all, respectively, of its pro rata share of the
ETH held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly, the Shareholder generally will
recognize gain or loss on the sale in an amount equal to the difference between (a) the amount realized pursuant to the sale of
the Shares, and (b) the Shareholder&#8217;s tax basis for the portion of its pro rata share of the ETH held in the Trust at the
time of sale that is attributable to the Shares sold, as determined in the manner described in the preceding paragraph. Based on
current IRS guidance, such gain or loss (as well as any gain or loss realized by a Shareholder on account of the Trust selling
ETH) will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period
of greater than one year in its pro rata share of the ETH that was sold. The Trust plans to treat a redemption of a some or all
of a Shareholder&#8217;s Shares, in exchange for cash, in the same manner as a sale of some or all of a Shareholder&#8217;s Shares
(as described above) for that amount of cash, though no assurance can be provided that the IRS will not take a different position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gains or losses from the sale of ETH to fund cash redemptions are
expected to be treated as incurred by the Shareholder that is being redeemed, and the amount of such gain or loss generally will
equal the difference between (a) the amount realized pursuant to the sale of the ETH, and (b) the Shareholder&#8217;s tax basis
for the portion of its pro rata share of the ETH held in the Trust that is sold to fund the redemption, as determined in the manner
described in the paragraph that is two paragraphs above this one. A redemption of some or all of a Shareholder&#8217;s Shares in
exchange for the cash received from such sale is not expected to be treated as a separate taxable event to the Shareholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">An in-kind redemption of some or all of a Shareholder&#8217;s Shares
in exchange for the underlying ETH represented by the Shares redeemed generally will not be a taxable event to the Shareholder.
The Shareholder&#8217;s tax basis for the ETH received in the in-kind redemption generally will be the same as the Shareholder&#8217;s
tax basis for the portion of its pro rata share of the ETH held in the Trust immediately prior to the in-kind redemption that is
attributable to the Shares redeemed. The Shareholder&#8217;s holding period with respect to the ETH received should include the
period during which the Shareholder held the Shares redeemed in kind. A subsequent sale of the ETH received by the Shareholder
will be a taxable event, unless a nonrecognition provision of the Code applies to such sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">After any sale or redemption of less than all of a Shareholder&#8217;s
Shares, the Shareholder&#8217;s tax basis for its pro rata share of the ETH held in the Trust immediately after such sale or redemption
generally will be equal to its tax basis for its share of the total amount of the ETH held in the Trust immediately prior to the
sale or redemption, less the portion of such basis which is taken into account in determining the amount of gain or loss recognized
by the Shareholder upon such sale or, in the case of a redemption, that is treated as the basis of the ETH received by the Shareholder
in the redemption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If a hard fork occurs in the Ethereum Blockchain, the Trust could
hold both the original ETH and the alternative new asset. The IRS has held that a hard fork resulting in the creation of new units
of cryptocurrency is a taxable event giving rise to ordinary income. Moreover, the Trust Agreement requires that, if such a transaction
occurs, the Trust will as soon as possible, and subject to the Custody Agreement, direct the ETH Custodian to distribute the alternative
new asset in-kind to the Sponsor, as agent for the Shareholders, and the Sponsor will arrange to sell the new alternative asset
and for the proceeds to be distributed to the Shareholders. The receipt, distribution and/or sale of the new alternative asset
may cause Shareholders to incur a U.S. federal income tax liability. While the IRS has not addressed all situations in which airdrops
occur, it is clear from the reasoning of the IRS&#8217;s current guidance that it generally would treat an airdrop as a taxable
event giving rise to ordinary income and it is anticipated that any gain or loss from disposition of any assets received in the
airdrop would generally be treated as giving rise to capital gain or loss that generally would be short-term capital gain or loss,
unless the holding period of those assets were treated as being greater than one year as of the time they are sold. However, the
Sponsor has committed to cause the Trust to irrevocably abandon any rights to acquire, or otherwise establish dominion and control
over, any virtual currency or other asset or right, other than ETH, which rights are incident to the Trust&#8217;s ownership of
ETH and arise without any action of the Trust, or of the Sponsor or Trustee on behalf of the Trust (&#8220;Incidental Rights&#8221;)
and any such virtual currency acquired through an Incidental Right as &#8220;IR Virtual Currency&#8221; to which the Trust may
become entitled in the future. There can be no assurance that these abandonments would be treated as effective for U.S. federal
income tax purposes, or that the Sponsor will continue to cause the Trust to</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">irrevocably abandon any Incidental Rights and IR Virtual
Currency if there are future regulatory developments that would make it feasible for the Trust to retain those assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>3.8% Tax on Net Investment Income</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Certain U.S. Shareholders who are individuals are required to pay
a 3.8% tax on the lesser of the excess of their modified adjusted gross income over a threshold amount ($250,000 for married persons
filing jointly and $200,000 for single taxpayers) or their &#8220;net investment income,&#8221; which generally includes capital
gains from the disposition of property. This tax is in addition to any capital gains taxes due on such investment income. A similar
tax applies to estates and trusts. U.S. Shareholders should consult their own tax advisers regarding the effect, if any, this tax
may have on their investment in the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Brokerage Fees and Trust Expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Any brokerage or other transaction fee incurred by a Shareholder
in purchasing Shares will be treated as part of the Shareholder&#8217;s tax basis in the underlying assets of the Trust. Similarly,
any brokerage fee incurred by a Shareholder in selling Shares will reduce the amount realized by the Shareholder with respect to
the sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Shareholders will be required to recognize the full amount of gain
or loss upon a sale or deemed sale of ETH by the Trust (as discussed above), even though some or all of the proceeds of such sale
are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata shares of each expense incurred
by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts,
however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions, which are nondeductible.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Similar rules apply to certain miscellaneous itemized deductions
of estates and trusts. In addition, deductions may be subject to phase outs and other limitations under applicable provisions of
the Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Investment by Certain Retirement Plans</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Individual retirement accounts (&#8220;IRAs&#8221;) and participant-directed
accounts under tax-qualified retirement plans are limited in the types of investments they may make under the Code. Potential purchasers
of Shares that are IRAs or participant-directed accounts under a Code section 401(a) plan should consult with their own tax advisors
as to the tax consequences of a purchase of Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>United States Information Reporting and Backup Withholding</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trustee will file certain information returns with the IRS, and
provide certain tax-related information to Shareholders, in connection with the Trust. To the extent required by applicable regulations,
each Shareholder will be provided with information regarding its allocable portion of the Trust&#8217;s annual income,</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">expenses, gains and losses (if any). A U.S. Shareholder may be subject
to United States backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies
with certain certification procedures. Shareholders may be required to meet certain information reporting or certification requirements
imposed by the Foreign Account Tax Compliance Act, in order to avoid certain information reporting and withholding tax requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The amount of any backup withholding will be allowed as a credit
against a Shareholder&#8217;s U.S. federal income tax liability and may entitle the Shareholder to a refund, provided that the
required information is furnished to the IRS in a timely manner.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Individual U.S. Shareholders will generally be required to report
on their federal income tax return the receipt, acquisition, sale, or exchange of any financial interest in virtual currency, which
includes a Shareholder&#8217;s interest in ethereum held by the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Taxation in Jurisdictions Other Than the United States</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Purchasers of Shares that are based in or acting out of a jurisdiction
other than the United States are advised to consult their own tax advisers as to the tax consequences under the laws of such jurisdiction
(or any other jurisdiction other than the United States to which they are subject) of their purchase, holding, sale and redemption
of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax
is payable in relation to such purchase, holding, sale, redemption or other dealing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">SHAREHOLDERS ARE URGED TO CONSULT THEIR TAX ADVISERS BEFORE DECIDING
WHETHER TO INVEST IN THE SHARES OF THE TRUST.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>ERISA and Related Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;)
and/or Section 4975 of the Code impose certain requirements on: (i) employee benefit plans and certain other plans and arrangements,
including individual retirement accounts and annuities, Keogh plans and certain collective investment funds or insurance company
general or separate accounts in which such plans or arrangements are invested, that are subject to Title I of ERISA and/or Section
4975 of the Code (collectively, &#8220;Plans&#8221;); and (ii) persons who are fiduciaries with respect to the investment of assets
treated as &#8220;plan assets&#8221; within the meaning of U.S. Department of Labor (the &#8220;DOL&#8221;) regulation 29 C.F.R.
&#167; 2510.3-101, as modified by Section 3(42) of ERISA (the &#8220;Plan Assets Regulation&#8221;), of a Plan. Investments by
Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the
Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8220;Governmental plans&#8221; within the meaning of Section 3(32)
of ERISA, certain &#8220;church plans&#8221; within the meaning of Section 3(33) of ERISA and &#8220;non-U.S. plans&#8221; described
in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction provisions of Title I
of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or other law or regulation that is
substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised to consult with
their counsel prior to an investment in the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In contemplating an investment of a portion of Plan assets in the
Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and
circumstances of the Plan, the &#8220;Risk Factors&#8221; discussed above and whether such investment is consistent with its fiduciary
responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary has the authority to make
the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt
prohibited transaction with a &#8220;party in interest&#8221; or &#8220;disqualified person&#8221; within the meaning of ERISA
and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan&#8217;s funding objectives; and (4)
such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking
into account the overall investment policy of the Plan, the composition of the Plan&#8217;s investment portfolio and the Plan&#8217;s
need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary
should consider the DOL&#8217;s regulation on investment duties, which can be found at 29 C.F.R. &#167; 2550.404a-1.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">It is intended that: (a) none of the Sponsor, the Trustee, the Ethereum
Custodian, the Additional Ethereum Custodian, the Cash Custodian or any of their respective affiliates (the &#8220;Transaction
Parties&#8221;) has through this Report and related materials provided any investment advice within the meaning of Section 3(21)
of ERISA to the Plan in connection with the decision to purchase or acquire such Shares; and (b) the information provided in this
Report and related materials will not make a Transaction Party a fiduciary to the Plan.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a003"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 1A. Risk Factors.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Risks Associated with ETH and the Ethereum
Network</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The trading prices of many digital assets, including ETH, have
experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further
declines in the trading prices of ETH, could have a material adverse effect on the value of the Shares and the Shares could lose
all or substantially all of their value.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The trading prices of many digital assets, including ETH, have experienced
extreme volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain
digital assets, including ETH, over the course of 2021, and multiple market observers asserted that digital assets were experiencing
a &#8220;bubble.&#8221; These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including
for ETH. These episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times throughout ETH&#8217;s
history, including in 2017-2018 and in 2021-2022. Over the course of 2023, 2024, and the first quarter of 2025, ETH prices continued
to exhibit extreme volatility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Extreme volatility may persist and the value of the Shares may significantly
decline in the future without recovery. The digital asset markets may be experiencing a bubble or may experience a bubble again
in the future. For example, in the first half of 2022, each of Celsius Network, Voyager Digital Ltd., and Three Arrows Capital
declared bankruptcy, resulting in a loss of confidence in participants of the digital asset ecosystem and negative publicity surrounding
digital assets more broadly. In November 2022, FTX Trading Ltd. (&#8220;FTX&#8221;), one of the largest digital asset exchanges
by volume at the time, halted customer withdrawals amid rumors of the company&#8217;s liquidity issues and likely insolvency, which
were subsequently corroborated by its CEO. Shortly thereafter, FTX&#8217;s CEO resigned and FTX and many of its affiliates filed
for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around
the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought
civil securities and commodities fraud charges, against certain of FTX&#8217;s and its affiliates&#8217; senior executives, including
its former CEO. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX&#8217;s bankruptcy
filing, such as BlockFi Inc. and Genesis Global Capital, LLC (&#8220;Genesis&#8221;). In response to these events (collectively,
the &#8220;2022 Events&#8221;), the digital asset markets have experienced extreme price volatility and other entities in the digital
asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital asset markets.
These events have also negatively impacted the liquidity of the digital asset markets as certain entities affiliated with FTX engaged
in significant trading activity. If the liquidity of the digital asset markets continues to be negatively impacted by these events,
digital asset prices, including ethereum, may continue to experience significant volatility or price declines and confidence in
the digital asset markets may be further undermined. In addition, regulatory and enforcement scrutiny has increased, including
from, among others, the Department of Justice, the SEC, the CFTC, the White House and Congress, as well as state regulators and
authorities. These events are continuing to develop and the full facts are continuing to emerge. It is not possible to predict
at this time all of the risks that they may pose to the Trust, its service providers or to the digital asset industry as a whole.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The prices for some digital assets including ETH have risen following
the election of Donald Trump as president of the United States. Some expect the new administration to adopt a more constructive
attitude toward the digital assets industry than prior administrations were perceived to have done and work toward providing greater
regulatory clarity and certainty for emerging technologies including blockchain technology and digital assets, thereby fostering
their development. Certain members of Congress have also expressed similar sentiments. To the extent market expectations about
future activity by the administration or Congress lead digital assets prices and valuations to increase, there can be no assurance
such expectations will be fulfilled, or that digital asset prices will rise or maintain their current levels. Some commentators
have referred to this as a bubble. There can be no assurance that such a bubble does not currently exist. The failure of the administration
and Congress to provide greater regulatory clarity and certainty for blockchain technology and digital assets, such as through
promulgating a regulatory framework governing the issuance and operation of digital assets that lives up to industry expectations,
could lead to a decline in prices for digital assets including ETH, which could cause declines in the value of the Shares and cause
Shareholders to suffer losses. Moreover, there can be no assurance that political winds or market perceptions of them will not
shift over time.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Extreme volatility in the future, including further declines in the
trading prices of ETH, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially
all of their value. Furthermore, negative perception, a lack of stability and standardized regulation in the digital asset economy
may reduce confidence in the digital asset economy and may result in greater volatility in the price of ETH and other digital assets,
including a depreciation in value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate
the impacts, of volatility in the price of ETH.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The value of the Shares is subject to a number of factors relating
to the fundamental investment characteristics of ETH as a digital asset, including the fact that digital assets are bearer instruments
and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the
capabilities and development of blockchain technologies such as the ethereum blockchain.</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Digital assets such as ETH were only introduced within the past 15
years, and the value of the Shares is subject to a number of factors over time relating to the capabilities and development of
blockchain technologies, such as the recentness of their development, their dependence on the internet and other technologies,
their dependence on the role played by users, developers and validators and the potential for malicious activity. For example,
the realization of one or more of the following risks could materially adversely affect the value of the Shares: digital asset
networks, including the Ethereum peer-to-peer network and associated blockchain ledger (such blockchain, the &#8220;Ethereum Blockchain&#8221;
and together with the peer-to-peer network, the &#8220;Ethereum network&#8221; or &#8220;Layer 1 Ethereum network&#8221;), and
the software used to operate them are in the early stages of development. Given the recentness of the development of digital asset
networks, digital assets may not function as intended and parties may be unwilling to use digital assets, which would dampen the
growth, if any, of digital asset networks. Because ETH is a digital asset, the value of the Shares is subject to a number of factors
relating to the fundamental investment characteristics of digital assets, including the fact that digital assets are bearer instruments
and loss, theft, compromise, or destruction of the associated private keys could result in permanent loss of the asset.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Ethereum network, including the cryptographic and algorithmic
protocols associated with the operation of the Ethereum Blockchain, has only been in existence since 2015, and ETH markets have
a limited performance record, making them part of a new and rapidly evolving industry that is subject to a variety of factors that
are difficult to evaluate. For example, the following are some of the risks could materially adversely affect the value of the
Shares:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Digital assets, including ETH, are controllable only by the possessor of both the unique public key and private key or keys
relating to the Ethereum network address, or &#8220;wallet,&#8221; at which the digital asset is held. Private keys must be safeguarded
and kept private in order to prevent a third party from accessing the digital asset held in such wallet. The loss, theft, compromise
or destruction of a private key required to access a digital asset may be irreversible. If a private key is lost, stolen, destroyed
or otherwise compromised and no backup of the private key is accessible, the owner would be unable to access the digital asset
corresponding to that private key and the private key will not be capable of being restored by the digital asset network resulting
in the total loss of the value of the digital asset linked to the private key.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Digital asset networks are dependent upon the internet. A disruption of the internet or a digital asset network, such as the
Ethereum network, would affect the ability to transfer digital assets, including ETH, and, consequently, their value.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Governance of the Ethereum network is by voluntary consensus and open competition. As a result, there may be a lack of consensus
or clarity on the governance of the Ethereum network, which may stymie the Ethereum network&#8217;s utility and ability to grow
and face challenges. In particular, it may be difficult to find solutions or martial sufficient effort to overcome any future problems
on the Ethereum network, especially long-term problems.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The foregoing notwithstanding, the Ethereum network&#8217;s protocol is informally overseen by a collective of core developers
who, along with members of the Ethereum community, can introduce proposals, known as Ethereum Improvement Proposals (&#8220;EIPs&#8221;),
for updating the Ethereum network. The core developers evolve over time, largely based on self-determined participation. The core
developers may not agree among themselves about the direction of the network. If disagreement among the core developers causes
some of them to abandon or cease participation in the development of the Ethereum Blockchain, whether for other blockchain or digital
asset networks or protocols or to pursue other activities, the value of ethereum could be negatively affected.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>An &#8220;Ethereum Client&#8221; is a software application that implements the Ethereum network specification and communicates
with the Ethereum network. Following the Merge, an Ethereum Client consists of two software programs, an Execution Client and a
Consensus Client. Becoming a validator requires downloading additional software in addition to the Execution Client and Consensus
Client. Each node must download the Ethereum Client and then connects to other computers also running the Ethereum Client software,
together forming the Ethereum network. To the extent that node operators update their individual Ethereum Client to new specifications,
the Ethereum network could be subject to new changes that may adversely affect the value of ethereum. In addition, if a digital
asset network has high-profile contributors, a perception that such contributors will no longer contribute to the network could
have an adverse effect on the market price of the related digital asset.</td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>To the extent that any validators cease to record transactions that do not include the payment of a transaction fee in solved
blocks or do not record a transaction because the transaction fee is too low, such transactions will not be recorded on the Ethereum
Blockchain until a block is validated by a validator who does not require the payment of transaction fees or is willing to accept
a lower fee. Any widespread delays in the recording of transactions could result in a loss of confidence in a digital asset network.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>As the Ethereum network continues to develop and grow, certain technical issues might be uncovered and the trouble shooting
and resolution of such issues requires the attention and efforts of ethereum&#8217;s global development community. Like all software,
the Ethereum network is at risk of vulnerabilities and bugs that can potentially be exploited by malicious actors. For example,
in July 2016, the Ethereum network underwent a hard fork to reverse the effects of a hack in which an unknown attacker drained
funds from one account into an account controlled by the hacker. This hard fork resulted in the creation of a new digital asset
network called Ethereum Classic. This hard fork was contentious, and as a result some users of the Ethereum Classic network may
harbor ill will toward the Ethereum network. These users may attempt to negatively impact the use or adoption of the Ethereum network,
as could constituencies adversely impacted by any contentious hard forks that take place in the future.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Many digital asset networks, including the Ethereum network, face significant scaling challenges and are being upgraded with
various features designed to increase the speed of digital asset transactions and the number of transactions that can processed
in a given period (known as &#8220;throughput&#8221;). These attempts to increase the volume of transactions may not be effective,
and such upgrades may fail, resulting in potentially irreparable damage to the Ethereum network and the value of ethereum.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Moreover, in the past, bugs, defects and flaws in the source code for digital assets have been exposed and exploited, including
flaws that disrupted normal Ethereum network, Ethereum Client, or DApp and smart contract operations or disabled related functionality
for users, exposed users&#8217; personal information and/or resulted in the theft of users&#8217; digital assets. For example,
in May 2023, the main Ethereum network itself reportedly suffered outages or bugs that for a short time prevented transactions
from finalizing and being recorded in blocks twice in two days. Major Ethereum Clients which nodes use to access the Ethereum network,
such as Geth, Besu and Nethermind, have in the past suffered outages or disruptions due to bugs. For more on an unplanned fork
involving Geth clients, see &#8220;&#8212;A temporary or permanent &#8220;fork&#8221; could adversely affect the value of the Shares.&#8221;
The cryptography underlying the Ethereum network or ethereum as an asset could prove to be flawed or ineffective, or developments
in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result
in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security
of the Ethereum network or take the Trust&#8217;s ETH, which would adversely affect the value of the Shares. Moreover, normal operations
and functionality of the Ethereum network may be negatively affected Such losses of functionality could lead to the Ethereum network
losing attractiveness to users, nodes, validators, or other stakeholders, thereby dampening demand for ethereum. Even if another
digital asset other than ethereum were affected by similar circumstances, any reduction in confidence in the source code or cryptography
underlying digital assets generally could negatively affect the demand for digital assets and therefore adversely affect the value
of the Shares.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>In December 2020, the Ethereum network launched a validator registry, referred to as the Beacon Chain, to commence an upgrade
called Ethereum 2.0. Ethereum 2.0 was intended to be a new iteration of the Ethereum network that would change the Ethereum network&#8217;s
consensus mechanism from proof-of-work to proof-of-stake and incorporate the use of sharding. The launch of Beacon Chain was intended
to allow nodes to conduct staking transactions to test the new consensus mechanism. Upon its launch, Beacon Chain co-existed in
parallel, but separately from, the main Ethereum network at the time (or &#8220;mainnet&#8221;), which was based on proof-of-work.
On September 15, 2022, the proof-of-work-based Ethereum mainnet merged into the Beacon Chain and its proof-of-stake-based consensus
system, integrating and unifying both networks into a single proof-of-stake-based Ethereum network (known also as the &#8220;Merge&#8221;).
This upgraded network is referred to as Ethereum rather than Ethereum 2.0. A blockchain protocol&#8217;s consensus mechanism is
a critical feature of its source code, and any failure to achieve the expected benefits or widespread adoption of the major structural
changes to the core consensus mechanism of the Ethereum network contemplated as part of Ethereum 2.0 could have a material adverse
effect on the value of ethereum and the value of the Shares.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</span></td><td><span style="font: 10pt Arial, Helvetica, Sans-Serif">The
Ethereum network is still in the process of developing and making significant decisions that will affect policies that govern
the supply and issuance of ethereum as well as other Ethereum network protocols. For example, the Ethereum network has on several
occasions reduced the quantity of new ETH rewarded per block or altered the outstanding supply of ethereum (such as by introducing
burning of base fees paid to the protocol) and may make additional changes in the future. The open-source nature of many digital
asset network protocols, such as the protocol for the Ethereum network, means that developers and other contributors are generally
not directly</span></td></tr></table><div>

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</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%">                                                                                                                                                                                                                                                                                                                                                                                                               <tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td><span style="font: 10pt Arial, Helvetica, Sans-Serif">compensated
for their contributions in maintaining and developing such protocols. As a result, the developers and other contributors of a particular
digital asset may lack a financial incentive to maintain or develop the network, or may lack the resources to adequately address
emerging issues. Alternatively, some developers may be funded by companies whose interests are at odds with other participants
in a particular digital asset network. If the Ethereum network does not successfully develop its policies on supply and issuance,
and other major design decisions or does so in a manner that is not attractive to network participants it could lead to a decline
in adoption of the Ethereum network and price of ETH.</span></td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Software applications running on top of the Ethereum network (often referred to as &#8220;decentralized applications&#8221;
or &#8220;DApps&#8221;, whether or not decentralized in fact) and smart contract developers depend on being able to obtain ethereum
to be able to run their programs and operate their businesses. In particular, decentralized applications and smart contracts require
ETH in order to pay the gas fees needed to power such applications and smart contracts and execute transactions. As such, they
represent a significant source of demand for ETH. ETH&#8217;s price volatility (particularly where ETH prices increase), or the
Ethereum network&#8217;s wider inability to meet the demands of decentralized applications and smart contracts in terms of inexpensive,
reliable, and prompt transaction execution (including during congested periods), or to solve its scaling challenges or increase
its throughput, may discourage such decentralized application and smart contract developers from using the Ethereum network as
the foundational infrastructure layer for building their applications and smart contracts. If decentralized application and smart
contract developers abandon the Ethereum Blockchain for other blockchain or digital asset networks or protocols for whatever reason,
the value of ethereum could be negatively affected.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>As of the date of this Report, the largest 100 ETH wallets held a substantial amount of the outstanding supply of ETH and it
is possible that some of these wallets are controlled by the same person or entity. Moreover, it is possible that other persons
or entities control multiple wallets that collectively hold a significant number of ETH, even if each wallet individually only
holds a small amount. As a result of this concentration of ownership, large sales by such holders could have an adverse effect
on the market price of ETH.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Moreover, because digital assets, including ETH, have been in existence
for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict
as of the date of this Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Due to the nature of private keys, ethereum transactions are irrevocable
and stolen or incorrectly transferred Ethereum may be irretrievable. As a result, any incorrectly executed ethereum transactions
could adversely affect an investment in the Trust.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ethereum transactions are not reversible. Once a transaction has
been signed with private keys, verified and recorded in a block that is added to the Ethereum Blockchain, an incorrect transfer
of cryptocurrency, such as ethereum, or a theft of ethereum generally will not be reversible and the Trust may not be capable of
seeking compensation for any such transfer or theft. To the extent that the Trust is unable to successfully seek redress for such
error or theft, such loss could adversely affect an investment in the Trust. The custody of the Trust&#8217;s ethereum is handled
by the Ethereum Custodian and the Additional Ethereum Custodian, and the transfer of ethereum to and from Liquidity Providers normally
takes place through the Ethereum Custodian&#8217;s Clearing Services and is directed by the Administrator and the Transfer Agent.
The Sponsor has evaluated the procedures and internal controls of the Trust&#8217;s Ethereum Custodian and Additional Ethereum
Custodian to safeguard the Trust&#8217;s ethereum holdings, as well as the procedures and internal controls of the Trust&#8217;s
Administrator. However, it is possible that, through computer or human error, or through theft or criminal action, the Trust&#8217;s
ethereum could be transferred from the Trust&#8217;s Ethereum Account or Clearing Account at the Ethereum Custodian or the Additional
Ethereum Account at the Additional Ethereum Custodian in incorrect amounts or to unauthorized third parties, or to incorrect destination
addresses on the Ethereum Blockchain. Alternatively, if the Ethereum Custodian&#8217;s and the Additional Ethereum Custodian&#8217;s
internal procedures and controls are inadequate to safeguard the Trust&#8217;s ethereum holdings, and the Trust&#8217;s private
key(s) is (are) lost, destroyed or otherwise compromised and no backup of the private key(s) is (are) accessible, the Trust will
be unable to access its ethereum, which could adversely affect an investment in the Shares of the Trust. In addition, if the Trust&#8217;s
private key(s) is (are) misappropriated and the Trust&#8217;s ethereum holdings are stolen, including from or by the Ethereum Custodian
or the Additional Ethereum Custodian, the Trust could lose some or all of its ethereum holdings, which could adversely impact an
investment in the Shares of the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Such events have occurred in connection with digital assets in the
past. For example, in September 2014, the Chinese digital asset exchange Huobi announced that it had sent approximately 900 ether
and 8,000 Litecoins (worth approximately $400,000 at the prevailing market prices at the time) to the wrong customers. The Federal
Bureau of Investigation published an announcement that the Democratic People&#8217;s Republic of Korea (North Korea) was responsible
for the theft of approximately $1.5 billion USD in virtual assets from cryptocurrency exchange, Bybit, on or about February 21,
2025.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>A disruption of the internet may affect ethereum operations, which
may adversely affect the ethereum industry and an investment in the Trust.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Ethereum network relies on the Internet. A significant disruption
of Internet connectivity (i.e., one that affects large numbers of users or geographic regions) could disrupt the Ethereum network&#8217;s
functionality and operations until the disruption in the Internet is resolved. A disruption in the Internet could adversely affect
an investment in the Trust or the ability of the Trust to operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The Ethereum network&#8217;s decentralized governance structure
may negatively affect its ability to grow and respond to challenges.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The governance of decentralized networks, such as the Ethereum network,
is by voluntary consensus and open competition. In other words, the Ethereum network has no central decision-making body or clear
manner in which participants can come to an agreement other than through voluntary, widespread consensus. As a result, a lack of
widespread consensus in the governance of the Ethereum network may adversely affect the network&#8217;s utility and ability to
adapt and face challenges, including technical and scaling challenges. Historically the development of the source code of the Ethereum
network has been overseen by the core developers. However, the Ethereum network would cease to operate successfully without both
validators and users, and the core developers cannot formally compel them to adopt the changes to the source code desired by core
developers, or to continue to render services or participate in the Ethereum network. As a general matter, the governance of the
Ethereum network generally depends on most of members of the Ethereum community ultimately reaching some form of voluntary agreement
on significant changes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The decentralized governance of the Ethereum network may make it
difficult to find or implement solutions or marshal sufficient effort to overcome existing or future problems, especially protracted
ones requiring substantial directed effort and resource commitment over a long period of time, such as scaling challenges. Deeply-held
differences of opinion have led to forks in the past, such as between Ethereum and Ethereum Classic, and could lead to additional
forks in the future, with potentially divisive effects. The Ethereum network&#8217;s failure to overcome governance challenges
could exacerbate problems experienced by the network or cause the network to fail to meet the needs of its users, and could cause
users,</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">miners, and developer talent to abandon the Ethereum network or to
choose competing blockchain protocols, or lead to a drop in speculative interest, which could cause the value of ethereum to decline.
If the Ethereum community is unable to reach consensus in the future, it could have adverse consequences for the network or lead
to a fork, which could affect the value of ethereum.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The scheduled creation of newly minted ETH and their subsequent
sale may cause the price of ETH to decline, which could negatively affect an investment in the Trust.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In accordance with the Ethereum 2.0 upgrades, newly created or minted
ETH are generated through a process referred to as &#8220;staking&#8221; which involves the collection of a staking reward of new
ETH. To operate a node, a validator must acquire and lock 32 ETH by sending a special transaction to the staking contract, which
transaction associates the staked ETH with a withdrawal address (to unlock the ETH and receive any staking rewards) and a validator
address (to designate the validator node performing transaction verification). When the recipient makes newly minted ETH available
for sale, there can be downward pressure on the price of ethereum as the new supply is introduced into the Ethereum market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>There is no cap on ETH supply.&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The rate at which new ETH are issued and put into circulation is
expected to vary. The Ethereum network has no formal cap on the total supply of ETH and the supply could theoretically be unlimited,
which could put downward pressure on the price of ETH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The open-source structure of the ethereum network protocol means
that the core developers and other contributors are generally not directly compensated for their contributions in maintaining and
developing the ethereum network protocol. A failure to properly monitor and upgrade the ethereum network protocol could damage
the ethereum network and an investment in the trust.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Ethereum network operates based on an open-source protocol maintained
by the core developers and other contributors, largely on the GitHub resource section dedicated to ethereum development. As new
ethereum are rewarded solely for validator activity (other than the 2014 pre-mine) and are not sold on an ongoing basis to generate
revenue to support development activity, and the Ethereum network protocol itself is made available for free rather than sold or
made available subject to licensing or subscription fees and its use does not generate revenues for its development team, the core
developers are generally not compensated for maintaining and updating the source code for the Ethereum network protocol. Consequently,
there is a lack of financial incentive for developers to maintain or develop the Ethereum network and the core developers may lack
the resources to adequately address emerging issues with the Ethereum network protocol. Although the Ethereum network is currently
supported by the core developers, there can be no guarantee that such support will continue or be sufficient in the future. The
perception that high-profile contributors may no longer contribute to the network may have an adverse effect on the market price
of any related digital assets. For example, in June 2017, an unfounded rumor circulated that Ethereum core developer Vitalik Buterin
had died. Following the rumor, the price of ETH decreased approximately 20% before recovering after Buterin himself dispelled the
rumor. Some have speculated that the rumor led to the decrease in the price of ethereum. In the event a high-profile contributor
to the Ethereum network, such as Vitalik Buterin, is perceived as no longer able to contribute to the Ethereum network due to death,
retirement, withdrawal, incapacity, or otherwise, whether or not such perception is valid, it could negatively affect the price
of ETH, which could adversely impact the value of the Shares. Alternatively, some developers may be funded by entities whose interests
are at odds with other participants in the Ethereum network. In addition, a bad actor could also attempt to interfere with the
operation of the Ethereum network by attempting to exercise a malign influence over a core developer. To the extent that material
issues arise with the Ethereum network protocol and the core developers and open-source contributors are unable to address the
issues adequately or in a timely manner, the Ethereum network and an investment in the Trust may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>A temporary or permanent &#8220;fork&#8221; of the ethereum blockchain
could adversely affect an investment in the Trust. Shareholders will not receive the benefits of any forks or airdrops.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ethereum software is open source. Any user can download the software
and participate in the Ethereum network, and no permission of a central authority or body is needed to do so. In addition, anyone
can propose a modification to the Ethereum network&#8217;s source code and then propose that the Ethereum network community adopt
the modification. These proposed modifications to the Ethereum network&#8217;s source code, if adopted, can lead to forks (referred
to as &#8220;volitional forks&#750; because they take place through a formal process).</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the case of volitional forks, the core developers, including those
associated with or funded by the Ethereum Foundation, are able to access and alter the Ethereum network source code and, as a result,
they are typically responsible for proposing quasi-official or widely publicized releases of updates and other changes to the Ethereum
network&#8217;s source code called EIPs. Any user can propose an idea for modifying the Ethereum network&#8217;s source code, and
the core developers are responsible for merging the proposed idea into the EIP repository on GitHub, where it formally becomes
an EIP. However, core developers are not monolithic. At the protocol level, certain core developers may support a given change
while others oppose it. Developers of certain Ethereum Clients may support the change and incorporate the change into an update
to their particular Ethereum Consensus Client or Execution Client, while developers of other Ethereum Clients may not do so. In
addition, the release of proposed updates to the Ethereum network&#8217;s source code by core developers does not guarantee that
the updates will be automatically adopted. The developers of each Ethereum Client must agree to implement the EIP&#8217;s changes
to the Ethereum network in the source individual for their respective client software, nodes must accept the changes made available
by the developers of the Ethereum Client software they use by choosing to individually download the modified Ethereum Client software,
which they will likely not do unless a critical mass of validators and users &#8211; such as DApp and smart contract developers,
as well as end users of DApps and smart contracts, and anyone else who transacts on the Ethereum Blockchain or Ethereum network
&#8211; support the shift as well. If no such critical mass emerges, node operators will not download the change, and the upgrades
will lack adoption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Modifications are typically introduced by core developers in the
form of EIPs, and are often followed by a robust debate within the Ethereum community as to the advisability of the proposed change.
Assuming the core developers at the protocol level and the developers of individual Ethereum Clients reach a broad consensus among
themselves in favor of introducing the change into the respective source code they are responsible for developing and maintaining,
the source code modification will be introduced and made available to download. Typically, after a modification is introduced and
a substantial majority of users and validators express support, leading to node operators consenting to the modification by choosing
to download it, the change is implemented at a specific block number on the Ethereum network and the network continues to operate
uninterrupted on a single blockchain. However, if less than a substantial majority of core developers (whether at the protocol
level or the individual Ethereum Client level), users, validators and node operators consent to the proposed modification, but
the modification is nonetheless implemented by some core developers, Ethereum Clients, node operators, users and validators, and
the modification is not compatible with the software prior to its modification, the consequence would be what is known as a &#8220;fork&#8221;
(i.e., split) of the Ethereum network (and the Ethereum Blockchain), with one version (employed by those core developers, Ethereum
Clients, node operators, validators and users who rejected the change) running the pre-modified software and the other (employed
by core developers, Ethereum Clients, node operators, validators and users who chose to adopt the change) running the modified
software. The effect of such a fork would be the existence of two (or more) versions of the Ethereum network running in parallel,
but with each version&#8217;s ethereum lacking interchangeability, and with different blockchains, transaction histories, and ownership
ledgers associated with each. For example, in July 2016, Ethereum &#8220;forked&#8221; into Ethereum and a new digital asset, Ethereum
Classic, as a result of the Ethereum network community&#8217;s response to a significant security breach in which an anonymous
hacker exploited a smart contract running on the Ethereum network to syphon approximately $60 million of ethereum held by The DAO,
a distributed autonomous organization, into a segregated account. In response to the hack, most participants in the Ethereum community
elected to adopt a &#8220;fork&#8221; that effectively reversed the hack. However, a minority of users, developers, and validators
continued to develop and use the original blockchain, now referred to as &#8220;Ethereum Classic&#8221; with the digital asset
on that blockchain now referred to as Ether Classic, or ETC. In practice, the two networks would compete with each other for users,
developers, validators, and adoption, potentially to their mutual detriment (for example, if the number of validators on each network
is too small leading to security concerns, as discussed below, or if the number of users on each is reduced compared to the number
of users of the single pre-fork blockchain network). Debates relating to hard forks can be contentious and hard fought among network
participants, and can lead to ill will. Another possible result of a hard fork is an inherent decrease in the level of security
due to significant amounts of validating power remaining on one network or migrating instead to the new forked network. After a
hard fork, it may become easier for an individual validator or validating pool&#8217;s validating power to exceed relevant thresholds
of the total on either network, thereby making them both more susceptible to attack. If such a contentious hard fork were to occur
on the Ethereum Blockchain in the future, it could cause the Ethereum network to lose users, validators and developers, and could
cause ethereum to lose value, adversely affecting the price of the Shares. The pre-fork and post-fork blockchains could compete
against each other for users, validators and developer talent, to their mutual detriment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Such a fork in the Ethereum Blockchain typically would be addressed
by community-led efforts to merge the forked Ethereum Blockchains, and several prior forks have been so merged. Since the Ethereum
network&#8217;s inception, modifications to the Ethereum network have generally been accepted by the majority of users, developers,
and validators ensuring that the Ethereum network remains a coherent economic system and the focal point of the majority of developer
activity. There is no assurance, however, that this will continue to be the case, and if it is not, then the price of ethereum
could be negatively affected. The original blockchain and the forked blockchain could potentially compete with each other for users,
developers, and validators leading to a loss of these for the original blockchain. A fork of any kind could</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">adversely affect an
investment in the Trust or the ability of the Trust to operate and the Trust&#8217;s procedures may be inadequate to address the
effects of a fork.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A future fork in the Ethereum network could adversely affect the
value of the Shares or the ability of the Trust to operate. As with any change to software code, software upgrades and other changes
to the source code or protocols of the Ethereum network in connection with a hard fork could fail to work as intended or could
introduce bugs, coding defects, unanticipated or undiscovered problems, flaws, or security risks, create problematic economic incentives
which incentivize behavior which has a negative effect on the Ethereum network&#8217;s users, validators, or the Ethereum network
as a whole, or otherwise adversely affect, the speed, security, usability, or value of the Ethereum network or ethereum. A hard
fork could also adversely affect the price of ethereum at the time of announcement or adoption or subsequently. After the hard
fork, it is possible the aggregate price of the two versions of the digital asset running in parallel would be less than the price
of the digital asset immediately prior to the fork. If a hard fork caused operational problems for either post-fork network or
blockchain, the digital assets associated with the affected network could lose some or all of their value, or cause users and validators
to abandon the Ethereum network in favor of other competing digital asset networks and blockchains. Furthermore, while the Sponsor
will, as permitted by the terms of the Trust Agreement, determine which network is generally accepted as the Ethereum network and
should therefore be considered the appropriate network for the Trust&#8217;s purposes, and there is no guarantee that the Sponsor
will choose the network and the associated digital asset that is ultimately the most valuable fork. Any of these events could therefore
adversely impact the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On March 13, 2024, the Ethereum network underwent a volitional fork
called &#8220;Dencun&#750; implementing a series of EIPs. For example, EIP 4844 is intended to improve the economics of Layer 2s
by reducing transaction fees for Layer 2s who batch transactions executed on the Layer 2s and upload them as a batch (or as a single
proof) onto the main Layer 1 Ethereum network. Proponents hope it will achieve this objective by, among other things, providing
Layer 2 scaling solutions a designated storage space on the Layer 1 Ethereum network, called Binary Large Objects (&#8220;blobs&#750;),
which attach large data chunks to transactions on the Layer 1 Ethereum network and are recorded on the Layer 1 Ethereum network&#8217;s
blockchain. The data in blobs become inaccessible on the Layer 1 Ethereum network after a temporary period of time, thereby reducing
demands for storage space on the Layer 1 Ethereum network, unlike the previous method of storing batched data from Layer 2s, which
caused the data to remain permanently on the Layer 1 Ethereum network. This is expected by proponents of Dencun to reduce the cost
of storing the data on the Ethereum Layer 1 network permanently, making Layer 2s more cost-efficient to operate and potentially
more effective as a scaling solution. Immediately following the upgrade, some Layer 2s reportedly experienced reduced transaction
fees when batching transactions to the main Layer 1 Ethereum network, which in turn lowered the transaction costs for executing
transactions on such Layer 2s, but this also is believed to have resulted in ethereum prices (as the native asset of the Layer
1 Ethereum network) dropping as well due, in part, to the reduced demand for ethereum to pay the transaction costs of recording
data on the Layer 1 Ethereum network. Decreased ethereum prices could have an adverse effect on the value of the Shares. Additionally,
some Layer 2s, such as Blast, reportedly experienced outages and other disruptions in the aftermath of the Dencun upgrade, which
in the case of Blast halted block production on the Blast Layer 2 blockchain for a period of time, though it was reportedly restored
shortly thereafter. As with any change to software code, volitional forks such as Dencun or other such forks could introduce bugs,
coding defects, unanticipated or undiscovered problems, flaws, security risks, problematic incentive structures, or otherwise fail
to work as intended or achieve the expected benefits that proponents hope for in the short term or the long term, which could also
have an adverse effect on adoption of the Ethereum network and the value of ETH, and therefore the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In September 2022, the Ethereum network transitioned to a proof-of-stake
consensus model, in an upgrade referred to as the &#8220;Merge.&#8221; Following the Merge, a hard fork of the Ethereum network
occurred, as a small number of Ethereum validators and network participants planned to maintain the proof-of-work consensus mechanism
that was removed as part of the Merge. This version of the network, which is not backwards-compatible with the Ethereum Layer 1
blockchain, is considered a forked branch and was rebranded as &#8220;Ethereum Proof-of-Work.&#8221; Unlike proof-of-work, in which
validators expend computational resources to compete to validate transactions and are rewarded ethereum in proportion to the amount
of computational resources expended, in proof-of-stake, miners (also called validators) risk or &#8220;stake&#8221; ethereum to
compete to be randomly selected to validate transactions and are rewarded ETH in accordance with an algorithm calibrated according
to the number of validators who have staked ETH. Any malicious activity by a miner, such as mining multiple blocks, disagreeing
with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or slashing (as defined below) of
a portion of the staked ETH. Proof-of-stake is viewed as more energy efficient and scalable than proof-of-work. There can be no
assurance that these or other benefits will be realized, and failure to achieve these intended benefits could cause ethereum to
lose some or all of its value, and could adversely affect the price of the Shares or the ability of the Trust to operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Furthermore, a hard fork can lead to new security concerns. For example,
when the Ethereum and Ethereum Classic networks split in July 2016, replay attacks, in which transactions from one network were
rebroadcast to nefarious effect on the other network, plagued digital assets exchanges through at least October 2016. A digital
assets exchange announced</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">in July 2016 that it had lost 40,000 Ether Classic, worth about $100,000 at that time, as a result of
replay attacks. Similar replay attack concerns occurred in connection with the Bitcoin Cash and Bitcoin Satoshi&#8217;s Vision
networks split in November 2018. In November 2016, the Ethereum network underwent a hard fork, Spurious Dragon, that was intended
to provide some protection against replay attacks. Another possible result of a hard fork is an inherent decrease in the level
of security due to significant amounts of mining power remaining on one network or migrating instead to the new forked network.
After a hard fork, it may become easier for an individual validator or validator pool&#8217;s hashing power to exceed the relevant
threshold of the processing power of the network that retained or attracted less mining power, thereby making digital assets that
rely on that network, which could include ethereum, more susceptible to attack. Any of these events could cause the Ethereum network
to be less attractive to potential users, including smart contract and decentralized application developers, or cause a decline
in speculative interest, and thereby cause ethereum to decline in value, causing a corresponding decrease in the price of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to a volitional hard fork, a fork may also occur as a
result of an unintentional or unanticipated software flaw in the various versions of otherwise compatible software that users run.
Recently, such an accidental fork reportedly occurred in the Go-Ethereum (&#8220;Geth&#8221;) client, which is a popular Ethereum
Client that many nodes use to access the Ethereum network. In November 2020, a bug was discovered in Geth (but not the other Ethereum
Clients at the time), and a patch was released that all users of the Geth Client were supposed to download and apply simultaneously.
However, not all users of Geth did so, resulting with the non-patched Geth users temporarily running a different version of the
Ethereum Blockchain than the patched Geth users and users of other Ethereum Clients. This temporarily created two conflicting versions
of the Ethereum Blockchain, causing the non-patched Geth users to be unable to reach consensus with the rest of the users of the
Ethereum Blockchain, interrupting their access to the Ethereum network. Ultimately, the problem was reportedly fixed by releasing
a new upgraded version of Geth that all users of the Geth client were to promptly download. This reportedly harmonized the conflicting
versions and restored synchronization among Geth users, fixing the problem and restoring access to the Ethereum network. In the
future, if an accidental or unintentional fork similar to what happened within the Geth client in November 2020 were to reoccur
within Geth (or any other major Ethereum Client), or were to happen to the Ethereum network as a whole (instead of being limited
to a single Ethereum Client, in this case Geth), such a fork could lead to users and validators losing confidence in the Ethereum
network and abandoning it in favor of other blockchain protocols. Furthermore, it is possible that, in a future accidental or unintentional
fork, a substantial number of users and validators could adopt an incompatible version of the digital asset while resisting community-led
efforts to merge the two chains, resulting in a permanent fork. Moreover, unlike Bitcoin, which has a single widely-accepted reference
implementation in Bitcoin Core, after the Merge, nodes on the Ethereum network must run both an Execution Client and a Consensus
Client paired together, with the implementations selected at the discretion of the node operator. There are multiple groups independently
developing and implementing their respective Execution Clients and Consensus Clients; while some individual Execution Clients or
Consensus Clients are more popular or widely adopted than others, there remains heterogeneity among Ethereum Clients. Each Execution
Client and Consensus Client needs to interoperate seamlessly with each other Execution Client and Consensus Client. Although this
diversity of Ethereum Clients is perceived by some to promote decentralization of the Ethereum network, it comes at a potential
cost: if there are any unanticipated or undiscovered flaws, bugs, software defects, or interoperability failures causing any individual
Execution Client to fail to interoperate seamlessly with any other individual Execution Client or any Consensus Client, the Ethereum
network as a whole could suffer an unexpected hard fork, major disruption, catastrophic outage, system failure, loss of confidence
or adoption among users or validators, or a variety of other problems. Any of these events could cause ethereum to decline in value,
adversely affecting the price of Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Ethereum network regularly implements volitional hard forks in
order to achieve its development roadmap, advance the scalability process, and to improve the network generally. For example, in
connection with the Ethereum development roadmap, the Ethereum network executed volitional hard forks to transition from the initial
Frontier development stage into the Homestead development stage in 2016; to transition from the Homestead development stage to
the first sub-stage, Byzantium, of the Metropolis development stage in 2017; to transition from the Byzantium sub-stage to the
St. Petersburg sub-stage in early 2019; and to transition from the St. Petersburg sub-stage to the Istanbul sub-phase, in late
2019. In April 2021, Ethereum underwent the Berlin and Altair hard forks, among others. In 2022, Ethereum underwent the Bellatrix
and Paris hard forks (collectively constituting the Merge). In 2023, Ethereum underwent the Capella and Shanghai hard forks (collectively,
&#8220;Shapella&#8221;), which enabled withdrawals of staked assets to the Layer 1 Ethereum network&#8217;s blockchain for the
first time (they had previously been locked on the Beacon Chain following the Merge). The next Ethereum hard fork is the expected
to be the Prague and Electra (collectively, &#8220;Pectra&#8221;), hard forks, which may or may not be completed in 2024 (or ever).
Any of these or future hard forks could fail to work as intended or could introduce bugs, coding defects, unanticipated or undiscovered
problems, flaws, or security risks, create problematic economic incentives which incentivize behavior which has a negative effect
on the Ethereum network&#8217;s users, validators, or the Ethereum network as a whole, or otherwise adversely affect, the speed,
security, usability, or value of the Ethereum network or ETH. Alternatively,</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">such hard forks could be contentious, leading to a split and fracture
in the Ethereum community to its collective detriment, as discussed above. Any such outcomes could adversely affect the value of
the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders may not receive the benefits of any forks or &#8220;airdrops.&#8221;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We refer to the right to receive any benefits arising from a fork,
airdrop (defined below), or similar event as an &#8220;Incidental Right&#8221; and any such virtual currency acquired through an
Incidental Right as &#8220;IR Virtual Currency.&#8221; The only crypto asset to be held by the Trust will be ETH. The Trust has
adopted the following procedures to address situations involving any fork, airdrop or similar event that results in the issuance
of Incidental Rights or IR Virtual Currency that the Trust may receive. The Trust Agreement stipulates that if a fork occurs, the
Sponsor shall determine which asset constitutes ETH and which network constitutes the Ethereum network, and the Sponsor will as
soon as possible cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. Because the Trust will abandon
any Incidental Rights and IR Virtual Currency, the Trust would not receive any direct or indirect consideration for the Incidental
Rights or IR Virtual Currency and thus the value of the Shares will not reflect the value of the Incidental Rights or IR Virtual
Currency. Such Incidental Rights or IR Virtual Currency will not be taken into account for purposes of determining NAV. In the
event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval
to amend its listing rules to permit the Trust to distribute the Incidental Rights or IR Virtual Currency that is not ETH in-kind
to the Sponsor, as agent for the Shareholders, and the Sponsor would arrange to sell or otherwise dispose of the Incidental Rights
or IR Virtual Currency and for the proceeds (if any) to be distributed to the Shareholders. There can be no assurance as to whether
or when the Sponsor would make such a decision, or when the Exchange will seek or obtain this approval, if at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to forks, a digital asset may become subject to a similar
occurrence known as an &#8220;airdrop.&#8221; In an airdrop, the promotors of a new digital asset announce to holders of another
digital asset that such holders will be entitled to claim a certain amount of the new digital asset for free, based on the fact
that they hold such other digital asset. Neither the Trust nor the Sponsor shall be under any obligation to claim or attempt to
secure or realize any economic benefit from &#8220;airdropped&#8221; assets, and the Sponsor will cause the Trust to irrevocably
and permanently abandon, for no consideration, such Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change
this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules to
permit the Trust to distribute the Incidental Rights or IR Virtual Currency associated with the airdropped assets in-kind to the
Sponsor, as agent for the Shareholders, and the Sponsor would arrange to sell or otherwise dispose of the Incidental Rights or
IR Virtual Currency and for the proceeds (if any) to be distributed to the Shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">With respect to any fork, airdrop or similar event, the Sponsor will
cause the Trust to irrevocably abandon the Incidental Rights and any IR Virtual Currency associated with such event. As such, Shareholders
will not receive the benefits of any forks, and the Trust is not able to participate in any airdrop. In the event the Trust seeks
to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing
rules to permit the Trust to change this policy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Even if required regulatory approval is sought and obtained, Shareholders
may not receive the benefits of any forks, airdrops, or similar events, the Trust may not choose, or be able, to participate in
an airdrop, and the timing of receiving any benefits from a fork, airdrop or similar event is uncertain. Any inability to recognize
the economic benefit of a hard fork or airdrop could adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>In the event of a hard fork of the Ethereum
network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should
be considered the appropriate network for the Trust&#8217;s purposes, and in doing so may adversely affect the value of the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the event of a hard fork of the Ethereum network, the Sponsor
will, if permitted by the terms of the Trust Agreement, use its discretion to determine, in good faith, which peer-to-peer network,
among a group of incompatible forks of the Ethereum network, is generally accepted as the Ethereum network and should therefore
be considered the appropriate network for the Trust&#8217;s purposes. The Sponsor will base its determination on a variety of then
relevant factors, including, but not limited to, the Sponsor&#8217;s beliefs regarding expectations of the core developers of ethereum,
users, service providers, businesses, miners and other constituencies, as well as the actual continued acceptance of, mining power
on, and community engagement with, the Ethereum network. There is no guarantee that the Sponsor will choose the digital asset that
is ultimately the most valuable fork, and the Sponsor&#8217;s decision may adversely affect the value of the Shares as a result.
The Sponsor may also disagree with Shareholders, security vendors and MarketVector on what is generally accepted as ethereum and
should therefore be considered &#8220;ethereum&#8221; for the Trust&#8217;s purposes, which may also adversely affect the value
of the Shares as a result.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>The Ethereum Blockchain could be vulnerable
to a &#8220;51% attack,&#8221; which could adversely affect an investment in the Trust or the ability of the Trust to operate.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Following the Merge and the switch to proof-of-stake validation,
the Ethereum network is currently vulnerable to several types of attacks, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 18pt">&#9679;</td><td>&#8220;&gt;33% attack&#8221; where, if a validator or group of validators were to gain control of more than 33% of the total
staked ethereum on the Ethereum network, a malicious actor could temporarily impede or delay block confirmation or even cause a
temporary fork in the blockchain.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 18pt">&#9679;</td><td>&#8220;&gt;50% attack&#8221; where, if a validator or group of validators acting in concert were to gain control of more than
50% of the total staked ethereum on the Ethereum network, a malicious actor would be able to gain full control of the Ethereum
network and the ability to manipulate the blockchain on a forward-looking basis, including censoring transactions following the
achievement of threshold, double-spending and fraudulent block propagation, while the attacker maintains the threshold. In theory,
the minority non-attackers might reach social consensus to reject blocks proposed by the malicious majority attacker, reducing
the attacker&#8217;s ability to engage in malicious activity, but there can be no assurance this would happen or that non-attackers
would be able to coordinate effectively.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 18pt">&#9679;</td><td>&#8220;&gt;66% attack&#8221; where, if a validator or group of validators acting in concert were to gain control of more than
66% of the total staked ethereum on the Ethereum network, a malicious actor could permanently and irreversibly manipulate the blockchain,
including censorship, double-spending and fraudulent block propagation, both on a forward- and backward-looking basis. The attacker
could unilaterally finalize their preferred chain without the votes of any other stakers, and could also reverse past finalized
blocks.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If a malicious actor, group or botnet (a volunteer or hacked collection
of computers controlled by networked software coordinating the actions of the computers) obtains certain percentages of the validating
power dedicated to validation on the Ethereum network is controlled by a bad actor (often referred to as a &#8220;51% attack&#8221;,
though the numerical thresholds vary in the post-Merge proof-of-stake consensus mechanism of the Ethereum network), it may be able
to alter the Ethereum Blockchain on which the Ethereum network and ethereum transactions rely. The Ethereum network&#8217;s proof-of-stake
consensus mechanism requires a 2/3 supermajority of validators who have staked ethereum to vote in favor in order to finalize transactions
and add blocks to the Ethereum Blockchain. If the bad actor were to obtain 2/3 of the total ethereum staked in validation processes,
it is widely believed that the bad actor could construct fraudulent blocks, &#8220;double-spend&#8221; its own ethereum (i.e.,
spend the same ethereum in more than one transaction), or censor other users&#8217; transactions by preventing them from being
confirmed while continuing to validate and confirm its own transactions and earn the associated block reward, thereby enriching
itself while also entrenching its own control of the Ethereum Blockchain. If the bad actor were to obtain 1/3 of the total ETH
staked in validation processes, the bad actor could prevent certain transactions from completing in a timely manner, or at all,
and prevent the confirmation of other users&#8217; transactions, though this would likely be temporary (since it would likely be
penalized for inactivity leakage, resulting in the bad actor&#8217;s staked ETH being slashed, as defined below) and it likely
could not double spend or propagate fraudulent blocks without the 66% supermajority of staked assets. With control of the respective
threshold of total staked assets on the Ethereum network, it could be possible for the malicious actor to control, exclude or modify
the ordering of transactions on the Ethereum Blockchain and prevent the confirmation of other users&#8217; transactions, while
continuing to mine new ethereum and confirm its own blocks, for so long as it maintained control. To the extent that such malicious
actor or botnet did not yield its control of the validating power on the Ethereum network or the Ethereum community did not reject
the fraudulent blocks as malicious or to the extent that such bad actor did not yield its control of processing power, reversing
any changes made to the Ethereum Blockchain may be difficult or impossible. Further, a malicious actor or botnet could create a
flood of transactions in order to slow down the Ethereum network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For example, in August 2020, the Ethereum Classic network was the
target of two double-spend attacks by an unknown actor or actors that gained more than 50% of the processing power of the Ethereum
Classic network. The attacks resulted in reorganizations of the Ethereum Classic blockchain that allowed the attacker or attackers
to reverse previously recorded transactions in excess of $5.0 million and $1.0 million. Any similar attacks on the Ethereum network
could negatively impact the value of ethereum and the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, in May 2019, the Bitcoin Cash network experienced a
51% attack when two large mining pools reversed a series of transactions in order to stop an unknown miner from taking advantage
of a flaw in a recent Bitcoin Cash protocol upgrade. Although this particular attack was arguably benevolent, the fact that such
coordinated activity was able to occur may negatively impact perceptions of the Bitcoin Cash network. Although the two attacks
described above took place on</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">proof-of-work-based networks, it is possible that a similar attack
may occur on the Ethereum network, which could negatively impact the value of ethereum and the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Although the Sponsor is unaware of any reports of malicious control
of mining or validation processes of the Ethereum network at the protocol level leading to double-spending or similar malicious
attacks since its early days, it is believed that certain validation pools already currently exceed the 33% threshold on the Ethereum
network. See &#8220;Risk Factors&#8212;Liquid Staking Applications pose centralization concerns.&#8221; In the future, it is theoretically
possible that certain validation pools could potentially exceed the 33% needed to interfere with transaction confirmation and potentially
control even larger amounts of the Ethereum network&#8217;s total staked assets, such as the 51% majority to propagate fraudulent
future blocks or 2/3 supermajority needed for total unilateral control and the ability to revert past finalized blocks. The possible
crossing or near-crossing of the 33% threshold indicates a greater risk that a single validation or staking pool could exert authority
over the validation of Ethereum network transactions, and there can be no assurance other thresholds would not be crossed. Also,
if validators experience financial or other difficulties on a large scale and are unable to participate in validation activities,
whether due to a downturn in the ETH market or other factors, the risks of the Ethereum network becoming more centralized could
increase. Any such events could cause the price of ethereum, and thus the value of the Shares, to decrease. See also &#8220;&#8212;Liquid
staking applications pose centralization concerns&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A malicious actor may also obtain control over the Ethereum network
through its influence over core developers by gaining direct control over a core developer or an otherwise influential programmer.
To the extent that users and miners accept amendments to the source code proposed by the controlled core developer, other core
developers do not counter such amendments, and such amendments enable the malicious exploitation of the Ethereum network, the risk
that a malicious actor may be able to obtain control of the Ethereum network in this manner exists. Moreover, it is possible that
a group of ethereum holders that together control more than 50% of outstanding ethereum are in fact part of the initial or core
developer group, or are otherwise influential members of the Ethereum community. To the extent that the initial or existing core
developer groups also control more than the relevant thresholds of outstanding ethereum, as some believe, the risk of and arising
from this particular group of users obtaining control of the validating power on the Ethereum network will be even greater, and
should this materialize, it may adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Liquid staking applications pose centralization concerns.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Validators must deposit 32 ETH to activate a unique validator key
pair that is used to sign block proposals and attestations on behalf of its stake (i.e., vote on its view of the chain). For every
32 ETH deposit that is staked, a unique validator key pair is generated. This validator key pair is only used in validation processes
(block proposal and attestation, and the staking associated therewith), and is separate from the public-private key pair generated
in respect of the blockchain address on the Ethereum network which is used to hold the ethereum. An application built on the Ethereum
network, or a single node operator, can manage many validator key pairs. For example, Lido, an application that provides a so-called
&#8220;liquid staking&#8221; solution which permits holders of ethereum to deposit them with Lido, which stakes the ethereum while
issuing the holder a transferrable token, is reported by some sources to have or have had up to 275,000 validator key pairs (each
representing 32 staked ETH) divided across over 30 node operators. At times, Lido has reportedly controlled around or in excess
of 33% of the total staked ethereum on the Ethereum network. While it is widely believed that Lido has little incentive to attempt
to interfere with transaction finality or block confirmations using its reported 33% stake, since doing so would likely cause its
entire stake to be slashed (as defined below) and thus lost (assuming good actors unaffiliated with Lido controlled the remainder),
and also because Lido is believed to not control most of the third party node operators where its ethereum is staked, and finally
since the occurrence of such manipulation of the Ethereum network&#8217;s consensus process by Lido or any other actor would likely
cause ethereum to lose substantial value (which would obviously hurt Lido economically), it nevertheless poses centralization concerns.
If Lido, or a bad actor with a similar sized stake, were to attempt to interfere with transaction finality or block confirmations,
it could negatively affect the use and adoption of the Ethereum network, the value of ethereum, and thus the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>If validators exit the ethereum network, it could increase the
likelihood of a malicious actor obtaining control.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Validators exiting the network could make the Ethereum network more
vulnerable to a malicious actor obtaining control of a large percentage of staked ethereum, which might enable them to manipulate
the Ethereum Blockchain by censoring or manipulating specific transactions, as discussed previously. If the Ethereum Blockchain
suffers such an attack, the price of ethereum could be negatively affected, and a loss of confidence in the Ethereum network could
result. Any reduction in confidence in the transaction confirmation process or staking power of the Ethereum network may adversely
affect an investment in the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Blockchain technologies are based on theoretical conjectures as
to the impossibility of solving certain cryptographical puzzles quickly. These premises may be incorrect or may become incorrect
due to technological advances.</i></p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Blockchain technologies are premised on theoretical conjectures as
to the impossibility, in practice, of solving certain mathematical problems quickly. Those conjectures remain unproven, however,
and mathematical or technological advances could conceivably prove them to be incorrect. Blockchain technology companies may also
be negatively affected by cryptography or other technological or mathematical advances, such as the development of quantum computers
with significantly more power than computers presently available, that undermine or vitiate the cryptographic consensus mechanism
underpinning the Ethereum Blockchain and other distributed ledger protocols. If either of these events were to happen, markets
that rely on blockchain technologies, such as the Ethereum network, could quickly collapse, and an investment in the Trust may
be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The price of ETH on the ETH market has exhibited periods of extreme
volatility, which could have a negative impact on the performance of the Trust.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The price of ETH as determined by the ETH market has experienced
periods of extreme volatility and may be influenced by a wide variety of factors. Speculators and investors who seek to profit
from trading and holding ETH generate a significant portion of ETH demand. Such speculation regarding the potential future appreciation
in the value of ETH may cause the price of ETH to increase. Conversely, a decrease in demand for or speculative interest regarding
ETH may cause the price to decline. The volatility of the price of ETH, particularly arising from speculative activity, may have
a negative impact on the performance of the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>MarketVector has analyzed ETH trading platform data and developed
insights that have informed MarketVector&#8217;s understanding of the ETH market and the design of the Trust. If such data or insights
are inaccurate or incorrect, the value of an investment in the Trust may be adversely affected.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">MarketVector has relied upon ETH market data in developing its analysis
of the ETH market. This analysis has informed MarketVector&#8217;s understanding of the ETH market, the design of the Trust and
the design of the MarketVector Ethereum Benchmark Rate. The continued viability of the Trust relies upon access to
accurate data, and MarketVector&#8217;s continued ability to effectively analyze such data. If data is inaccurate or becomes unavailable,
or if MarketVector&#8217;s analysis of such data is incorrect, the value of an investment in the Trust may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Smart contracts, including those relating to DeFi applications,
are a new technology and their ongoing development and operation may result in problems, which could reduce the demand for ETH
or cause a wider loss of confidence in the Ethereum network, either of which could have an adverse impact on the value of ETH.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Smart contracts are programs that run on the Ethereum Blockchain
that execute automatically when certain conditions are met. Since smart contracts typically cannot be stopped or reversed, vulnerabilities
in their programming can have damaging effects. For example, in June 2016, a vulnerability in the smart contracts underlying The
DAO, a distributed autonomous organization for venture capital funding, allowed an attack by a hacker to syphon approximately $60
million worth of ETH from The DAO&#8217;s accounts into a segregated account. In the aftermath of the theft, certain core developers
and contributors pursued a &#8220;hard fork&#8221; of the Ethereum Network in order to erase any record of the theft. Despite these
efforts, the price of ETH reportedly dropped approximately 35% in the aftermath of the attack and subsequent hard fork. In addition,
in July 2017, a vulnerability in a smart contract for a multi-signature wallet software developed by Parity led to a reportedly
$30 million theft of ETH, and in November 2017, a new vulnerability in Parity&#8217;s wallet software reportedly led to roughly
$160 million worth of ETH being indefinitely frozen in an account. Furthermore, in April 2018, a batch overflow bug was found in
many Ethereum-based ERC20-compatible smart contract tokens that allows hackers to create a large number of smart contract tokens,
causing multiple crypto asset platforms worldwide to shut down ERC20-compatible token trading. Similarly, in March 2020, a design
flaw in the MakerDAO smart contract caused forced liquidations of crypto assets at significantly discounted prices, resulting in
millions of dollars of losses to users who had deposited crypto assets into the smart contract. Other smart contracts, such as
bridges between blockchain networks and decentralized finance (&#8220;DeFi&#8221;) protocols have also been manipulated, exploited
or used in ways that were not intended or envisioned by their creators such that attackers syphoned over $3.8 billion worth of
digital assets from smart contracts in 2022. Problems with the development, deployment, and operation of smart contracts may have
an adverse effect on the value of ETH.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In some cases, smart contracts can be controlled by one or more &#8220;admin
keys&#8221; or users with special privileges, or &#8220;super users&#8221;. These users may have the ability to unilaterally make
changes to the smart contract, enable or disable features on the smart contract, change how the smart contract receives external
inputs and data, and make other changes to the smart contract. Furthermore, in some cases inadequate public information may be
available about certain smart contracts or applications, and information asymmetries may exist, even with respect to open-source
smart contracts or applications; certain participants may have hidden informational or technological advantages, making for an
uneven playing field. There may be opportunities for bad actors to perpetrate fraudulent schemes and engage in illicit activities
and other misconduct, such as exit scams and rug pulls (orchestrated by developers and/or influencers who promote a smart contract
or application and, ultimately, escape with the money at an agreed time), or Ponzi or similar fraud schemes.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Many DeFi applications are currently deployed on the Ethereum network,
and smart contracts relating to DeFi applications currently represent a significant source of demand for ETH. DeFi applications
may achieve their investment purposes through self-executing smart contracts that may allow users to invest digital assets in a
pool from which other users can borrow without requiring an intermediate party to facilitate these transactions. These investments
may earn interest to the investor based on the rates at which borrowers repay the loan, and can generally be withdrawn by the investor.
For smart contracts that hold a pool of digital asset reserves, smart contract super users or admin key holders may be able to
extract funds from the pool, liquidate assets held in the pool, or take other actions that decrease the value of the digital assets
held by the smart contract in reserves. Even for digital assets that have adopted a decentralized governance mechanism, such as
smart contracts that are governed by the holders of a governance token, such governance tokens can be concentrated in the hands
of a small group of core community members, who would be able to make similar changes unilaterally to the smart contract. If any
such super user or group of core members unilaterally make adverse changes to a smart contract, the design, functionality, features
and value of the smart contract, its related digital assets may be harmed. In addition, assets held by the smart contract in reserves
may be stolen, misused, burnt, locked up or otherwise become unusable and irrecoverable. Super users can also become targets of
hackers and malicious attackers. If an attacker is able to access or obtain the super user privileges of a smart contract, or if
a smart contract&#8217;s super users or core community members take actions that adversely affect the smart contract, users who
transact with the smart contract may experience decreased functionality of the smart contract or may suffer a partial or total
loss of any digital assets they have used to transact with the smart contract. Furthermore, the underlying smart contracts may
be insecure, contain bugs or other vulnerabilities, or otherwise may not work as intended. Any of the foregoing could cause users
of the DeFi application to be negatively affected, or could cause the DeFi application to be the subject of negative publicity.
Because DeFi applications may be built on the Ethereum network and represent a significant source of demand for ethereum, public
confidence in the Ethereum network itself could be negatively affected, such sources of demand could diminish and the value of
ethereum could decrease. Similar risks apply to any smart contract or decentralized application, not just DeFi applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Validators may suffer losses due to staking, or staking may prove
unattractive to validators, which could make the Ethereum network less attractive.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Validation on the Ethereum network requires ethereum to be transferred
into smart contracts on the underlying blockchain networks not under the Trust&#8217;s or anyone else&#8217;s control. If the Ethereum
network source code or protocol fail to behave as expected, suffer cybersecurity attacks or hacks, experience security issues,
or encounter other problems, such assets may be irretrievably lost. In addition, the Ethereum networks dictate requirements for
participation in validation activity, and may impose penalties, if the relevant activities are not performed correctly. The Ethereum
network imposes three types of sanctions for validator misbehavior or inactivity, which would result in a portion of their staked
ETH being destroyed or &#8220;burned&#8221;: penalties, slashing and inactivity leaks. A validator may face penalties if it fails
to take certain actions, such as providing a timely attestation to a block proposed by another validator. Under this scenario,
a validator&#8217;s staked ETH could be burned in an amount equal to the reward to which it would have been entitled for performing
the actions. A more severe sanction (i.e., &#8220;slashing&#8221;) is imposed if a validator commits malicious acts related to
the proposal or attestation of blocks with invalid transactions. Slashing can result in the validator having a portion of its staked
ETH immediately burned. After this initial slashing, the validator is queued for forceful removal from the Ethereum network&#8217;s
validator &#8220;pool,&#8221; and more of the validator&#8217;s stake is burned over a period of approximately 36 days (with the
exact amount of ethereum burned and time period determined by the protocol) regardless of whether the validator makes any further
slashable errors, at which point the validator is automatically removed from the validator pool. Staked ETH may also be burned
through a process known as an &#8220;inactivity leak,&#8221; which is triggered if the Ethereum network has gone too long without
finalizing a new block. For a new block to be successfully added to the blockchain, validators that account for at least two-thirds
of all staked ETH must agree on the validity of a proposed block. This means that if validators representing more than one-third
of the total staked ETH are offline, no new blocks can be finalized. To prevent this, an inactivity leak causes the ethereum staked
by the inactive validators to gradually &#8220;bleed away&#8221; until these inactive validators represent less than one-third
of the total stake, thereby allowing the remaining active validators to finalize proposed blocks. This provides a further incentive
for validators to remain online and continue performing validation activities. Within the post-Merge Ethereum network, as part
of the &#8220;activating&#8221; and &#8220;exiting&#8221; processes of staking, staked ETH will be inaccessible for a variable
period of time determined by a range of factors, including network congestion, resulting in potential inaccessibility during those
periods. &#8220;Activation&#8221; is the funding of a validator to be included in the active set, thereby allowing the validator
to participate in the Ethereum network&#8217;s proof-of-stake consensus protocol. &#8220;Exit&#8221; is the request to exit from
the active set and no longer participate in the Ethereum network&#8217;s proof-of-stake consensus protocol. As part of these &#8220;activating&#8221;
and &#8220;exiting&#8221; processes of staking on the Ethereum network, any staked ethereum will be inaccessible for a period of
time. The duration of activating and exiting periods are dependent on a range of factors, including network conditions. However,
depending on demand, un-staking can take between hours, days or weeks to complete.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If validators&#8217; staked ETH are slashed or otherwise subject
to sanctions by the Ethereum network, their assets may be confiscated, withdrawn, or burnt by the network, resulting in losses
to them. Furthermore, the Ethereum network requires the payment of base fees and the practice of paying tips is common, and such
fees can become significant as the amount and complexity of the transaction grows, depending on the degree of network congestion
and the price of ETH. Any cybersecurity attacks, security issues, hacks, penalties, slashing events, or other problems could damage
validators&#8217; willingness to participate in validation, discourage existing and future validators from serving as such, and
adversely impact the Ethereum network&#8217;s adoption or the price of ethereum. Any disruption of validation on the Ethereum network
could interfere with network operations and cause the Ethereum network to be less attractive to users and application developers
than competing blockchain networks, which could cause the price of ETH to decrease. The limited liquidity during the &#8220;activation&#8221;
or &#8220;exiting&#8221; processes could dissuade potential validators from participating, which could interfere with network operations
or security and cause the Ethereum network to be less attractive to users and application developers than competing blockchain
networks, which could cause the price of ETH to decrease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Proof-of-stake blockchains are a relatively recent innovation,
and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchains.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Certain digital assets, such as bitcoin, use a &#8220;proof-of-work&#8221;
consensus algorithm. The genesis block on the Bitcoin blockchain was mined in 2009, and Bitcoin&#8217;s blockchain has been in
operation since then. Many newer blockchains enabling smart contract functionality, including the current Ethereum network following
the completion of the Merge in 2022, use a newer consensus algorithm known as &#8220;proof-of-stake.&#8221; While their proponents
believe that they may have certain advantages, the &#8220;proof-of-stake&#8221; consensus mechanisms and governance systems underlying
many newer blockchain protocols, including the Ethereum network following the Merge, and their associated digital assets &#8211;
including the ETH held by the Trust &#8211; have not been tested at scale over as long of a period of time or subject to as widespread
use or adoption as, for example, Bitcoin&#8217;s proof-of-work consensus mechanism has. This could lead to these blockchains, and
their associated digital assets, having undetected vulnerabilities, structural design flaws, suboptimal incentive structures for
network participants (e.g., validators), technical disruptions, or a wide variety of other problems, any of which could cause these
blockchains not to function as intended, lead to outright failure to function entirely causing a total outage or disruption of
network activity, or to suffer other operational problems or reputational damage, leading to a loss of users or adoption or a loss
in value of the associated digital assets, including the Trust&#8217;s assets. Over the long term, there can be no assurance that
the proof-of-stake blockchain on which the Trust&#8217;s assets rely will achieve widespread scale or adoption or perform successfully;
any failure to do so could negatively impact the value of the Trust&#8217;s assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Operational cost may exceed the award for validating transaction,
and increased transaction fees may adversely affect the usage of the Ethereum network.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If transaction confirmation fees become too high, the marketplace
may be reluctant to use the Ethereum network. This may result in decreased usage and limit expansion of the Ethereum network in
the retail, commercial and payments space, adversely impacting investment in the Trust. Conversely, if the reward for validators
or the value of the transaction fees is insufficient to motivate validators, they may cease to validate transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ultimately, if the awards of new ETH costs of validating transactions
grow disproportionately, miners may operate at a loss, transition to other networks, or cease operations altogether. Each of these
outcomes could, in turn, slow transaction validation and usage, which could have a negative impact on the Ethereum network and
could adversely affect the value of the ETH held by the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As a result of ETH&#8217;s fee burning mechanism, the incentives
for validators to validate transactions with higher gas fees are reduced, since those validators would not receive those gas fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">An acute cessation of validator operations would reduce the collective
processing power on the Ethereum network, which would adversely affect the transaction verification process by temporarily decreasing
the speed at which blocks are added to the blockchain and make the blockchain more vulnerable to a malicious actor obtaining control
in excess of the relevant threshold of the processing power on the blockchain. Reductions in processing power could result in material,
though temporary, delays in transaction confirmation time. Any reduction in confidence in the transaction verification process
or may adversely impact the value of Shares of the Trust or the ability of the Sponsor to operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Risks Associated with the Digital Asset Markets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>The value of the Shares relates directly
to the value of ETH, the value of which may be highly volatile and subject to fluctuations due to a number of factors.</i>&#160;</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The value of the Shares relates directly to
the value of the ETH held by the Trust and fluctuations in the price of ETH could adversely affect the value of the Shares. The
market price of ETH may be highly volatile, and subject to a number of factors, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>an increase in the global ETH supply or a decrease in global ETH demand;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>market conditions of, and overall sentiment towards, the digital assets and blockchain technology industry;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>trading activity on digital asset trading platforms, which, in many cases, may be unregulated, may be subject to regulation
in a relevant jurisdiction, but may not be complying, or may be subject to manipulation;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the adoption of ETH as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development
of the open-source software protocol of the Ethereum network, and their ability to meet user demands;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the needs of decentralized applications, smart contracts, their users, and users of the Ethereum network generally for ETH
to pay gas fees to execute transactions;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>forks in the Ethereum network, particularly where changes to the Ethereum network source code are either not well-received
by key constituencies within the Ethereum community or are not successfully executed or implemented and fail to achieve the functionality
such changes were intended to bring about;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>governmental or regulatory actions by, or investigations or litigation in, countries around the world targeting well-known
decentralized applications or smart contracts that are built on the Ethereum network, or other developments or problems, and associated
publicity, involving or affecting such decentralized applications or smart contracts;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Increased competition from other forms of digital assets or payment services, including digital currencies constituting legal
tender that may be issued in the future by central banks, or digital assets meant to serve as a medium of exchange by major private
companies or other institutions;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>increased competition from other blockchain networks combining smart contracts, programmable scripting languages, and an associated
runtime environment, with blockchain-based recordkeeping, particularly where such other blockchain networks are able to offer users
access to a larger consumer user base, greater efficiency, reliability, or processing speed, or more economical transaction processing
fees than the Ethereum network;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>investors&#8217; expectations with respect to interest rates, the rates of inflation of fiat currencies or ethereum, and digital
asset exchange rates;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>consumer and user preferences and perceptions of ETH specifically and digital assets generally, the Ethereum network relative
to competing blockchain protocols, and ETH relative to competing digital assets;</td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>negative events, publicity, and social media coverage relating to the digital assets and blockchain technology industry;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>fiat currency withdrawal and deposit policies on digital asset trading platforms;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the liquidity of digital asset markets and any increase or decrease in trading volume or market making on digital asset markets;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>business failures, bankruptcies, hacking, fraud, crime, government investigations, or other negative developments affecting
digital asset businesses, including digital asset trading platforms, or banks or other financial institutions and service providers
which provide services to the digital assets industry;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the use of leverage in digital asset markets, including the unwinding of positions, &#8220;margin calls,&#8221; collateral
liquidations and similar events;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>investment and trading activities of large or active consumer and institutional users, speculators, miners, and investors in
ETH;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>a &#8220;short squeeze&#8221; resulting from speculation on the price of ETH, if aggregate short exposure exceeds the number
of shares available for purchase;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>an active derivatives market for ETH or for digital assets generally;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>monetary policies of governments, legislation or regulation, trade restrictions, currency devaluations and revaluations and
regulatory measures or enforcement actions, if any, that restrict the use of ETH as a form of payment or the purchase of ETH on
the digital asset markets;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>global or regional political, economic or financial conditions, events and situations, such as the novel coronavirus outbreak;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>fees associated with processing an ETH transaction and the speed at which ETH transactions are settled;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the maintenance, troubleshooting, and development of (or lack thereof) the Ethereum network including by miners and developers
worldwide;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the ability for the Ethereum network to attract and retain validators to secure and confirm transactions accurately and efficiently;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the ability of the Ethereum network to attract and retain core developers to maintain and propose amendments to the source
code of the Ethereum network;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the ability of the Ethereum network to attract and retain users (including application developers and end users of those applications)
and increase adoption;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>ongoing technological viability and security of the Ethereum network and ETH transactions, including vulnerabilities against
hacks and scalability;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>financial strength of market participants;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the availability and cost of funding and capital;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the liquidity and credit risk of digital asset trading platforms;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>interruptions in service from or closures or failures of major digital asset trading platforms or their banking partners, or
outages or system failures affecting the Ethereum network;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>decreased confidence in digital assets and digital assets trading platforms;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>poor risk management or fraud by entities in the digital assets ecosystem;</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>increased competition from other forms of digital assets or payment services; and</td></tr></table><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>the Trust&#8217;s own acquisitions or dispositions of ETH, since there
is no limit on the number of ETH that the Trust may acquire.</td></tr></table><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Although returns from investing in ETH have at times diverged from
those associated with other asset classes to a greater or lesser extent, there can be no assurance that there will be any such
divergence in the future, either generally or with respect to any particular asset class, or that price movements will not be correlated.
In addition, there is no assurance that ETH will maintain its value in the long, intermediate, short, or any other term. In the
event that the price of ETH declines, the Sponsor expects the value of the Shares to decline proportionately.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The value of the Shares of the Trust are represented by the MarketVector Ethereum Benchmark Rate that may also be subject to momentum pricing due to speculation regarding future appreciation in value
of ETH, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing typically is associated
with growth stocks and other assets whose valuation, as determined by the investing public, accounts for future appreciation in
value, if any. The Sponsor believes that momentum pricing of ETH has resulted, and may continue to result, in speculation regarding
future appreciation in the value of ETH, inflating and making the MarketVector Ethereum Benchmark Rate more volatile.
As a result, ETH may be more likely to fluctuate in value due to changing investor confidence, which could impact future appreciation
or depreciation in the MarketVector Ethereum Benchmark Rate and could adversely affect the value of the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust is not actively managed and does not and will not have
any strategy relating to the development of the Ethereum network, nor will the Trust seek to avoid or mitigate losses from declines
in the ETH price. Furthermore, the impact of the expansion of the Trust&#8217;s ETH holdings on the digital asset industry and
the Ethereum network is uncertain. A decline in the popularity or acceptance of the Ethereum network, or the value of ETH, would
harm the value of the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Digital asset networks face significant scaling challenges and
efforts to increase the volume of transactions may not be successful.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Many digital asset networks, including the Ethereum network, face
significant scaling challenges due to the fact that public blockchains generally face a tradeoff between security and scalability.
One means through which public blockchains achieve security is decentralization, meaning that no intermediary is responsible for
securing and maintaining these systems. For example, a greater degree of decentralization generally means a given digital asset
network is less susceptible to manipulation or capture. Achieving decentralization may mean that every single node on a given digital
asset network is responsible for securing the system by processing every transaction and every single full node is responsible
for maintaining a copy of the entire state of the network. However, this may involve tradeoffs from an efficiency perspective,
and impose constraints on transaction processing speed (&#8220;throughput&#8221;). A digital asset network may be limited in the
number of transactions it can process by the fact that all validators participate in validating in each block and the capabilities
of each single fully participating node.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As of June 30, 2024, the Ethereum network could handle approximately
13 transactions per second. In an effort to increase the volume of transactions that can be processed on a given digital asset
network, many digital assets are being upgraded with various features to increase the speed and throughput of digital asset transactions.
In December 2020, the Ethereum network began the first of several stages of the upgrade called Ethereum 2.0, which was intended
to transition Ethereum&#8217;s core consensus mechanism to proof-of-stake and to encompass additional new features over time, such
as sharding. On September 15, 2022, the Ethereum 2.0 upgrade was completed and the network became a single proof-of-stake-based
Ethereum network. However, this upgrade may fail to achieve the expected benefits or widespread adoption. An increasing number
of wallets and digital asset intermediaries, such as exchanges, have begun supporting the proof-of-stake-based Ethereum network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If increases in throughput on the Ethereum network lag behind growth
in usage of ETH, average fees and settlement times may increase considerably. The Ethereum network has been, at times, at capacity,
which has led to increased transaction fees and decreased settlement speeds. In December 2017, the popularity of the blockchain-based
game Cryptokitties led to significant network congestion on the Ethereum network. The game, which allows players to trade and create
virtual kitties, represented by non-fungible tokens (&#8220;NFTs&#8221;), was reported by some sources to have accounted for more
than 10% of the entire Ethereum network traffic at the time causing increases in transaction fees and delays in transaction processing
times, and driving Ethereum network traffic to a reported then-all time high. Since April 30, 2023, ETH transaction fees have decreased
from $9.52 per ETH transaction, on average, to a high of $3.83 per transaction, on average, on April 20, 2024. As of May 20, 2024,
ETH transaction fees were $2.82 per transaction, on average. Increased fees and decreased settlement speeds could preclude certain
uses for ETH (e.g., micropayments), and could reduce demand for, and the price of, ETH, which could adversely impact the value
of the Shares. As of January 31, 2026, ETH transaction fees were averaging $0.84476 per transaction.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the second half of 2020, the Ethereum network began the first
of several stages of an upgrade culminating in the Merge. The Merge amended the Ethereum network&#8217;s consensus mechanism to
a process known as proof-of-stake, and was intended to address the perceived shortcomings of the proof-of-work consensus mechanism
in terms of labor intensity and duplicative computational effort expended by validators (known under proof-of-work as &#8220;miners&#8221;)
who did not win the race, under proof of work, to be the first in time to solve the cryptographic puzzle that would allow them
to be the only validator permitted to validate the block and receive the resulting block reward (which was only given to the first
validator to successfully solve the puzzle and hash a given block, and not to others). Instead, under proof-of-stake, a single
validator is randomly selected to solve the cryptographic puzzle needed to validate a block, which it proposes to a committee of
other validators, who vote for whether to include the block (or not), which reduces the computational work performed &#8211; and
energy expended &#8211; to validate each block compared to proof-of-work.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Following the Merge, core development of the Ethereum source code
has increasingly focused on modifications of the Ethereum protocol to increase speed, throughput and scalability and also improve
existing or next generation uses. Future upgrades to the Ethereum protocol and Ethereum Blockchain to address scaling issues &#8211;
such as network congestion, slow throughput and periods of high transaction fees owing to spikes in network demand &#8211; have
been discussed by network participants, such as sharding. The purpose of sharding is to increase scalability of the Ethereum Blockchain
by splitting the blockchain into subsections, called shards, and dividing validation responsibility so that a defined subset of
validators would be responsible for each shard, rather than all validators being responsible for the entire blockchain, allowing
for parallel processing and validation of transactions. However, there appears to be uncertainty and a lack of existing widespread
consensus among network participants about how to solve the scaling challenges faced by the Ethereum network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The rapid development of other competing scalability solutions, such
as those which would rely on handling the bulk of computational work relating to transactions or smart contracts and DApps outside
of the main Ethereum network and Ethereum Blockchain, has caused alternatives to sharding to emerge. &#8220;Layer 2&#8221; is a
collective term for solutions which are designed to help increase throughput and reduce transaction fees by handling or validating
transactions off the main Ethereum network (known as &#8220;Layer 1&#8221;) and then attempting to take advantage of the perceived
security and integrity advantages of the Layer 1 Ethereum network by uploading the transactions validated on the Layer 2 protocol
back to the Layer 1 Ethereum network. The details of how this is done vary significantly between different Layer 2 technologies
and implementations. For example, &#8220;rollups&#8221; perform transaction execution outside the Layer 1 Ethereum network and
then post the data, typically in batches, back to the Layer 1 Ethereum network where consensus is reached. &#8220;Zero knowledge
rollups&#8221; are generally designed to run the computation needed to validate the transactions off-chain, on the Layer 2 protocol,
and submit a proof of validity of a batch of transactions (not the entire transactions themselves) that is recorded on the Layer
1 Ethereum network. By contrast, &#8220;optimistic rollups&#8221; assume transactions are valid by default and only run computation,
via a fraud proof, in the event of a challenge. Other proposed Layer 2 scaling solutions include, among others, &#8220;state channels&#8221;,
which are designed to allow participants to run a large number of transactions on the Layer 2 side channel protocol and only submit
two transactions to the main Layer 1 Ethereum network (the transaction opening the state channel, and the transaction closing the
channel), &#8220;side chains&#8221;, in which an entire Layer 2 blockchain network with similar capabilities to the existing Layer
1 Ethereum network runs in parallel with the existing Layer 1 Ethereum network and allows smart contracts and DApps to run on the
Layer 2 side chain without burdening the main Layer 1 network, and others. To date, the Ethereum network community has not coalesced
overwhelmingly around any particular Layer 2 solution, though this could change.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Many developers
are actively researching and testing scalability solutions for public blockchains. However, there is no guarantee that any of the
mechanisms in place or being explored for increasing speed and throughput of settlement of the Ethereum network transactions will
be effective, which could cause the Ethereum network to not adequately resolve scaling challenges and adversely impact the adoption
of ethereum and the Ethereum network and the value of the Shares. Core developers could fail to agree among themselves which of
the different scaling paths is preferable. There is no guarantee that any potential scaling solution, whether a change to the Layer
1 Ethereum network like sharding or the introduction of a Layer 2 solution like rollups, state channels or side chains, will achieve
widespread adoption. It is possible that proposed changes to the Layer 1 Ethereum network could divide the community, potentially
even causing a hard fork, or that the decentralized governance of the Ethereum network causes network participants to fail to coalesce
overwhelmingly around any particular solution, causing the Ethereum network to suffer reduced adoption or causing users or validators
to migrate to other blockchain networks. It is also possible that scaling solutions could fail to work as intended, could suffer
from centralization concerns, or could introduce bugs, coding defects or flaws, security risks, or other problems that could cause
them to suffer operational disruptions. For example, in April 2024, Starknet, a Layer 2 built on the Layer 1 Ethereum network,
suffered an outage reportedly caused by a rounding error bug that halted production of new blocks on Starknet&#8217;s Layer 2 blockchain
network. Similar outages, bugs, defects, or other problems could affect Layer 2s in the future. Similarly, in multiple instances
throughout 2022 and 2023, the Arbitrum Layer 2 network experienced outages due to failures in its primary node responsible for
submitting transactions to the Layer 1 Ethereum network. Although the Layer 1 Ethereum network is believed not to have been affected
by those outages,</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">problems on Layer 2s in the future could conceivably affect or cause
issues for the Layer 1 Ethereum network. Alternatively, if a widely-used Layer 2 network were to fail, it could reduce demand for
ethereum because it would eliminate a source of demand for using ethereum to record transactions from the Layer 2 onto the Layer
1 Ethereum network. Any of the foregoing could adversely affect the price of ethereum or the value of the Shares of the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>If the digital asset award or transaction fees for recording transactions
on the Ethereum network are not sufficiently high to incentivize validators, or if certain jurisdictions continue to limit or otherwise
regulate validating activities, validators may cease expanding validating power or demand high transaction fees, which could negatively
impact the value of ETH and the value of the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In 2021, the Ethereum network implemented the EIP-1559 upgrade. EIP-1559
changed the methodology used to calculate transaction fees paid to ethereum validators in such a manner that reduced the total
net issuance of ethereum fees paid to validators. If the digital asset awards for validating blocks or the transaction fees for
recording transactions on the Ethereum network are not sufficiently high to incentivize validators, or if certain jurisdictions
continue to limit or otherwise regulate validating activities, validators may cease expending validating power to validate blocks
and confirmations of transactions on the Ethereum Blockchain could be slowed. For example, the realization of one or more of the
following risks could materially adversely affect the value of the Shares:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>A reduction in the processing power expended by validators on the Ethereum network could increase the likelihood of a malicious
actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the
computers) obtaining control. See &#8220;&#8212;The Ethereum Blockchain could be vulnerable to attacks on transaction finality
and consensus processes, which could adversely affect an investment in the Trust or the ability of the Trust to operate.&#8221;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Validators have historically accepted relatively low transaction confirmation fees on most digital asset networks. If validators
demand higher transaction fees for recording transactions in the Ethereum Blockchain or a software upgrade automatically charges
fees for all transactions on the Ethereum network, the cost of using ethereum may increase and the marketplace may be reluctant
to accept ethereum as a means of payment. Alternatively, validators could collude in an anti-competitive manner to reject low transaction
fees on the Ethereum network and force users to pay higher fees, thus reducing the attractiveness of the Ethereum network. Higher
transaction confirmation fees resulting through collusion or otherwise may adversely affect the attractiveness of the Ethereum
network, the value of ETH and the value of the Shares.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>To the extent that any validators cease to record transactions that do not include the payment of a transaction fee in blocks
or do not record a transaction because the transaction fee is too low, such transactions will not be recorded on the Ethereum Blockchain
until a block is validated by a validator who does not require the payment of transaction fees or is willing to accept a lower
fee. Any widespread delays or disruptions in the recording of transactions could result in a loss of confidence in the Ethereum
network and could prevent the Trust from completing transactions associated with the day-to-day operations of the Trust, including
creations and redemptions of the Shares in exchange for ETH with Authorized Participants.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>During the course of the block validation processes, validators exercise the discretion to select which transactions to include
within a block and in what order to include these transactions. Beyond the standard block reward and transaction fees, validators
have the ability to extract what is known as Maximal Extractable Value (&#8220;MEV&#8221;) by strategically choosing, reordering,
or excluding certain transactions during block production in return for increased transaction fees or other forms of profit for
such validators. In blockchain networks that facilitate DeFi protocols in particular, such as the Ethereum network, users may attempt
to gain an advantage over other users by offering additional fees to validators for effecting the order or inclusions of transactions
within a block. Certain software solutions, such as MEV Boost by Flashbots, have been developed which facilitate validators and
other parties in the ecosystem in capturing MEV. The presence of MEV may incentivize associated practices such as sandwich attacks
or front running that can have negative repercussions on DeFi users. A &#8220;sandwich attack&#8221; is executed by placing two
transactions around a large, detected transaction to capitalize on the expected price impact. For instance, a market participant
might identify a sizable transaction within the mempool that will significantly alter an asset&#8217;s price on a decentralized
exchange. The participant could then for example orchestrate a transaction bundle: one transaction to acquire the asset prior to
the detected transaction, followed by the large transaction itself, and a final transaction to sell the asset after the market
price has increased due to the large transaction&#8217;s execution. Such transaction bundles can be submitted to validators through
mechanisms like MEV-Boost, with validators receiving a share of the profits as an incentive to include the specific transaction
bundle in the block. In the context of MEV, &#8220;front running&#8221; is said to occur when a user spots a transaction in the
publicly visible so-called memory pool (&#8220;mempool&#8221;) of pending but unexecuted transactions awaiting validation, and
then pays a high transaction fee to a validator to have their transaction executed on a priority basis in a manner designed to
profit </td></tr></table><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">from the pending but unexecuted transaction that is still in the mempool. MEV may also compromise the predictability of
transaction execution, which may deter usage of the network as a whole. Although based on widely available information given that
transactions in the mempool are publicly visible, any potential perception of MEV as unfair manipulation may also discourage users
and other stakeholders from engaging with DeFi protocols or the Ethereum network in general. In addition, it is possible regulators
or legislators could enact rules which restrict practices associated with MEV, which could diminish the popularity of the Ethereum
network among users and validators. Any of these or other outcomes related to MEV may adversely affect the value of ETH and the
value of the Shares.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Due to the unregulated nature and lack of transparency surrounding
the operations of ETH trading platforms, which may be subject to regulation in a relevant jurisdiction, but may not be complying,
they may experience fraud, manipulation, security failures or operational problems, which may adversely affect the value of ETH
and, consequently, the value of the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Digital asset trading platforms are relatively new and, in some cases,
unregulated. Many operate outside the United States. Furthermore, while many prominent digital asset trading platforms provide
the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory
compliance, many digital asset trading platforms do not provide this information. Digital asset trading platforms may not be subject
to, or may not comply with, regulation in a similar manner as other regulated trading platforms, such as national securities exchanges
or designated contract markets. As a result, the marketplace may lose confidence in digital asset trading platforms, including
prominent trading platforms that handle a significant volume of ETH trading.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Many digital asset trading platforms are unlicensed, may be unregulated,
may be subject to regulation in a relevant jurisdiction, but may not be complying, may operate without extensive supervision by
governmental authorities, and do not provide the public with significant information regarding their ownership structure, management
team, corporate practices, cybersecurity, and regulatory compliance. In particular, those located outside the United States may
be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions, and may take the
position that they are not subject to laws and regulations that would apply to a national securities exchange or designated contract
market in the United States, or may, as a practical matter, be beyond the ambit of U.S. regulators. As a result, trading activity
on or reported by these digital asset trading platforms is generally significantly less regulated than trading in regulated U.S.
securities and commodities markets, and may reflect behavior that would be prohibited in regulated U.S. trading venues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The ETH market globally and in the United States is not subject to
comparable regulatory guardrails as exist in regulated securities markets. Furthermore, many ETH trading venues lack certain safeguards
put in place by exchanges for more traditional assets to enhance the stability of trading on the exchanges and prevent &#8220;flash
crashes,&#8221; such as limit-down circuit breakers. As a result, the prices of ETH on trading venues may be subject to larger
and/or more frequent sudden declines than assets traded on more traditional exchanges. Tools to detect and deter fraudulent or
manipulative trading activities such as market manipulation, front-running of trades, and wash-trading may not be available to
or employed by digital asset trading platforms, or may not exist at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>ETH trading platforms may be exposed to fraud and manipulation.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The SEC has identified possible sources of fraud and manipulation
in the ETH market generally, including, among others (1) &#8220;wash trading&#8221;;&#8201;(2) persons with a dominant position
in ETH manipulating ETH pricing; (3) hacking of the ethereum network and trading platforms; (4) malicious control of the Ethereum
network; (5) trading based on material, non-public information (for example, plans of market participants to significantly increase
or decrease their holdings in ETH, new sources of demand for ETH) or based on the dissemination of false and misleading information;
(6) manipulative activity involving purported &#8220;stablecoins,&#8221; including Tether (for more information, &#8220;&#8212;Prices
of ETH may be affected due to stablecoins (including Tether and US Dollar Coin (&#8220;USDC&#8221;)), the activities of stablecoin
issuers and their regulatory treatment&#8221;); and (7) fraud and manipulation at ETH trading platforms. The effect of potential
market manipulation, front-running, wash-trading, and other fraudulent or manipulative trading practices may inflate the volumes
actually present in crypto market and/or cause distortions in price, which could adversely affect the Trust or cause losses to
Shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Over the past several years, some digital asset trading platforms
have been closed due to fraud and manipulative activity, business failure or security breaches. In many of these instances, the
customers of such digital asset trading platforms were not compensated or made whole for the partial or complete losses of their
account balances in such digital asset trading platforms. While, generally speaking, smaller digital asset trading platforms are
less likely to have the infrastructure and capitalization that make larger digital asset trading platforms more stable, larger
digital asset trading platforms are more likely to be appealing targets for hackers and malware and their shortcomings or ultimate
failures are more likely to have contagion effects on the digital asset ecosystem, and may be more likely to be targets of regulatory</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">enforcement action. For example, the collapse of Mt. Gox, which filed for bankruptcy protection in Japan in late February 2014,
demonstrated that even the largest digital asset trading platforms could be subject to abrupt failure with consequences for both
users of digital asset exchanges and the digital asset industry as a whole. In particular, in the two weeks that followed the February
7, 2014 halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other trading platforms from around $795 on
February 6, 2014 to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin
had been stolen from its operational or &#8220;hot&#8221; wallets. Further, in August 2016, it was reported that almost 120,000
bitcoins worth around $78 million were stolen from Bitfinex. The value of bitcoin and other digital assets immediately decreased
over 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against BTC-E, a now defunct
digital asset trading platform, for facilitating crimes such as drug sales and ransomware attacks. In addition, in December 2017,
Yapian, the operator of Seoul-based cryptocurrency trading platform Youbit, suspended digital asset trading and filed for bankruptcy
following a hack that resulted in a loss of 17% of Yapian&#8217;s assets. Following the hack, Youbit users were allowed to withdraw
approximately 75% of the digital assets in their platform accounts, with any potential further distributions to be made following
Yapian&#8217;s pending bankruptcy proceedings. In addition, in January 2018, the Japanese digital asset trading platform, Coincheck,
was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital asset trading platform,
Bitgrail, was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world&#8217;s largest digital
asset trading platform, Binance, was hacked, resulting in losses of approximately $40 million. In November 2022, FTX, one of the
largest digital asset trading platform by volume at the time, halted customer withdrawals amid rumors of the company&#8217;s liquidity
issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX&#8217;s CEO resigned and
FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation,
or similar proceedings around the globe. The U.S. Department of Justice brought criminal fraud and other charges, and the SEC and
CFTC brought civil securities and commodities fraud charges, against certain of FTX&#8217;s and its affiliates&#8217; senior executives,
including its former CEO. Around the same time, there were reports that approximately $300-600 million of digital assets were removed
from FTX and the full facts remain unknown, including whether such removal was the result of a hack, theft, insider activity, or
other improper behavior.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span>The potential consequences
of a digital asset </span>trading platform <span>failure or failure to prevent market manipulation
could adversely affect the value of the Shares. Manipulative trading or market abuse could create artificial or distorted prices,
cause a loss of investor confidence in ethereum, adversely impact pricing trends in ETH markets broadly, and cause losses from
an investment in Shares of the Trust.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, negative perception, a lack of stability and standardized
regulation in the digital asset markets and the closure or temporary shutdown of digital asset trading platforms due to fraud,
business failure, security breaches or government mandated regulation, and associated losses by customers, may reduce confidence
in the Ethereum network and result in greater volatility or decreases in the prices of ETH. Furthermore, the closure or temporary
shutdown of a digital asset exchange used in calculating the Index may result in a loss of confidence in the Trust&#8217;s ability
to determine its NAV on a daily basis. The potential consequences of a digital asset exchange&#8217;s failure could adversely affect
the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>ETH trading platforms may be exposed to front-running.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span>ETH trading platforms on which
ETH trades may be susceptible to &#8220;front-running,&#8221; which refers to the process when someone uses access to confidential
information, or technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity
on centralized as well as decentralized exchanges. By using bots functioning on a millisecond-scale timeframe, bad actors are able
to take advantage of the forthcoming price movement and make economic gains at the cost of those who had introduced these transactions.
The objective of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher price while simultaneously
exiting the position. Front-running can occur via manipulation of transaction validation and mining processes, or the theft or
misappropriation of confidential information by insiders. To extent that front-running occurs in ETH markets, it may result in
concerns as to the price integrity of digital asset exchanges and digital assets more generally.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>ETH trading platforms may be exposed to wash trading.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; ">ETH trading platforms on which ethereum
trades may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide
reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by non-economic reasons, such as
a desire for increased visibility on popular websites that monitor markets for digital assets so as to improve their attractiveness
to investors who look for maximum liquidity, or</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; ">it may be motivated by the ability to attract
listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash
trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0;  text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; ">Even in the United States, there have been
allegations of wash trading even on regulated venues. Any actual or perceived false trading in the global digital asset trading
market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of ETH and/or negatively
affect the market perception of ETH. If they were to affect trading at a trading platform which is used to calculate the MarketVector Ethereum Benchmark Rate, they could cause the Trust&#8217;s NAV to be calculated incorrectly and cause Shareholders to suffer losses.
See &#8220;&#8212;The MarketVector Ethereum Benchmark Rate may be affected by manipulative or fraudulent practices
in the global ETH market or at constituent trading platforms.&#8221;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0;  text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To the extent that wash trading either occurs or appears to occur
in ETH trading platforms on which ETH trades, investors may develop negative perceptions about ethereum and the digital assets
industry more broadly, which could adversely impact the price of ethereum and, therefore, the price of Shares. Wash trading also
may place more legitimate digital asset trading platforms at a relative competitive disadvantage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Competition from central bank digital currencies and emerging
payments initiatives involving financial institutions could adversely affect the value of ETH and other digital assets.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Central banks in various countries have introduced digital forms
of legal tender (&#8220;CBDCs&#8221;). Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender
in the issuing jurisdiction, could have an advantage in competing with, or replace, ETH and other cryptocurrencies as a medium
of exchange or store of value. Central banks and other governmental entities have also announced cooperative initiatives and consortia
with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in cross-border and
interbank payments and settlement, and commercial banks and other financial institutions have also recently announced a number
of initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their payments
and settlement activities, which could compete with, or reduce the demand for, ETH. As a result of any of the foregoing factors,
the value of ETH could decrease, which could adversely affect an investment in the Trust.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Prices of ETH may be affected due to stablecoins (including Tether
and US Dollar Coin (&#8220;USDC&#8221;)), the activities of stablecoin issuers and their regulatory treatment.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">While the Trust does not invest in and will not hold stablecoins,
it may nonetheless be exposed to risks that stablecoins pose for the ETH market and other digital asset markets. Stablecoins are
digital assets designed to have a stable value over time as compared to typically volatile digital assets, and are typically marketed
as being pegged to a fiat currency, such as the U.S. dollar, at a certain value. Although the prices of stablecoins are intended
to be stable, their market value may fluctuate. This volatility has in the past apparently impacted the price of ETH. Stablecoins
are a relatively new phenomenon, and it is impossible to know all of the risks that they could pose to participants in the ETH
market. In addition, some have argued that some stablecoins, particularly Tether, are improperly issued without sufficient backing
in a way that, when the stablecoin is used to pay for ETH, could cause artificial rather than genuine demand for ETH, artificially
inflating the price of ETH, and also argue that those associated with certain stablecoins may be involved in laundering money.
On February 17, 2021 the New York Attorney General entered into an agreement with Tether&#8217;s operators, including Bitfinex,
requiring them to cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading
statements made regarding the assets backing Tether (the &#8220;NYAG Settlement Order&#8221;). The NYAG Settlement Order states
that Bitfinex and Tether are under common ownership and management. Among other things, the NYAG Settlement Order asserts that
Tether&#8217;s operators made a series of loans of some of the fiat currency reserves backing Tether stablecoins to Bitfinex, which
Bitfinex used in its business, including to bridge liquidity difficulties it faced after Bitfinex lost a substantial amount of
customer cash due to the actions of a payment processor it employed. In return, Bitfinex gave Tether a receivable promising to
pay the funds back. The NYAG Settlement Order finds, among other things, that representations Tether&#8217;s operators made that
each Tether stablecoin was backed 1:1 by fiat currency reserves were fraudulent under New York&#8217;s Martin Act, because some
of the fiat currency reserves were replaced by a receivable issued by an affiliate (Bitfinex) without disclosure to the market.
On October 15, 2021, the CFTC announced a settlement with Tether&#8217;s operators, Tether Holdings Limited, Tether Operations
Limited, Tether Limited, and Tether International Limited, in which they agreed to pay $42.5 million in fines to settle charges
that, among others, Tether&#8217;s claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in
circulation with the &#8220;equivalent amount of corresponding fiat currency&#8221; held by Tether were untrue. Bitfinex also agreed
to pay the CFTC a $1.5 million fine to settle charges that Bitfinex offered off-exchange leveraged, margined, or financed transactions
involving cryptocurrencies, including ethereum, with U.S. customers who were not eligible contract participants and accepted funds
(including in the form of Tether stablecoins) and orders in connection with such illegal off-exchange transactions, triggering
an obligation to register with the CFTC, which the CFTC order asserts it violated. The</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CFTC previously fined Bitfinex in 2016 on
similar charges. In addition, a large amount of Tether is issued as ERC-20 tokens on the Ethereum network. If Tether were to no
longer be issued or operating on the Ethereum network, there would be no need to use ethereum to pay the gas fees needed to record
ERC-20 Tether transactions on the Ethereum Blockchain, and a substantial source of demand for ETH could be eliminated, which could
cause the price of ETH to decrease, affecting the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">USDC is a reserve-backed stablecoin issued by Circle Internet Financial
that is commonly used as a method of payment in digital asset markets, including the ETH market. While USDC is designed to maintain
a stable value at 1 U.S. dollar at all times, on March 10, 2023, the value of USDC fell below $1.00 for multiple days after Circle
Internet Financial disclosed that US$3.3 billion of the USDC reserves were held at Silicon Valley Bank, which had entered Federal
Deposit Insurance Corporation (&#8220;FDIC&#8221;) receivership earlier that day. Stablecoins are reliant on the U.S. banking system
and U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins, and therefore could
adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Given the foundational role that stablecoins play in global digital
asset markets, their fundamental liquidity can have a dramatic impact on the broader digital asset market, including the market
for ETH. Because a large portion of the digital asset market still depends on stablecoins such as Tether and USDC, there is a risk
that a disorderly de-pegging or a run on Tether or USDC could lead to dramatic market volatility in digital assets more broadly.
Volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns
about the sufficiency of any reserves that support stablecoins or potential manipulative activity when unbacked stablecoins are
used to pay for other digital assets (including ETH), or regulatory concerns about stablecoin issuers or intermediaries, such as
exchanges, that support stablecoins, or the removal or migration of prominent stablecoins away from the Ethereum network, could
impact individuals&#8217; willingness to trade on trading venues that rely on stablecoins, reduce liquidity in the ETH market,
and affect the value of ETH, and in turn impact an investment in the Shares. Given Bitfinex is currently a component of the MarketVector Ethereum Benchmark Rate and Bitfinex and Tether are understood to be under common ownership and management, problems with Tether
specifically could potentially affect pricing of transactions on Bitfinex or otherwise disrupt Bitfinex&#8217;s operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Competition from the emergence or growth of other digital assets
or methods of investing in ETH could have a negative impact on the price of ETH and adversely affect the value of the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As of June 30, 2024, ETH was believed to be the second largest digital
asset by market capitalization of the more than approximately 8,000 digital assets (source: CoinGecko). In addition, many consortiums
and financial institutions are also researching and investing resources into private or permissioned smart contracts platforms
rather than open platforms like the Ethereum network. Competition from the emergence or growth of alternative digital assets and
smart contracts platforms, such as Solana, EOS, Tezos, Tron, and numerous others, could have a negative impact on the demand for,
and price of, ethereum and thereby adversely affect the value of the Shares. If other blockchain networks with smart contracts
or similar capabilities better meet the needs of users, application developers, and/or validators, whether due to higher performance
or otherwise, or prove to be more popular than ETH for any reason, it could lead to less activity on the Ethereum blockchain and
lower demand for ETH, causing the price of ETH and the value of the Shares to decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, some digital asset networks, including the Ethereum
network, may be the target of ill will from users of other digital asset networks. For example, in July 2016, the Ethereum network
underwent a contentious hard fork that resulted in the creation of a new digital asset network called Ethereum Classic. As a result,
some users of the Ethereum Classic network may harbor ill will toward the Ethereum network. These users may attempt to negatively
impact the use or adoption of the Ethereum network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investors may invest in ETH through means other than the Shares,
including through direct investments in ETH and other potential financial vehicles, possibly including securities backed by or
linked to ETH and digital asset financial vehicles similar to the Trust, or other futures-based products. Market and financial
conditions, and other conditions beyond the Sponsor&#8217;s control, may make it more attractive to invest in other financial vehicles
or to invest in ETH directly, which could limit the market for, and reduce the liquidity of, the Shares. In addition, to the extent
digital asset financial vehicles other than the Trust tracking the price of ETH are formed and represent a significant proportion
of the demand for ETH, large purchases or redemptions of the securities of these digital asset financial vehicles, or private funds
holding ETH, could negatively affect the Index, the Trust&#8217;s ETH holdings, the price of the Shares, the net asset value of
the Trust and the NAV.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Failure of funds that hold digital assets to receive SEC approval
to list their shares on exchanges could adversely affect the value of the Shares.</i></p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">There have been a growing a number of attempts to list on national
securities exchanges the shares of funds that hold digital assets. These investment vehicles attempt to provide institutional and
retail investors exposure to markets for digital assets and related products. The exchange listing of shares of digital asset funds
would create more opportunities for institutional and retail investors to invest in the digital asset market. However, the SEC
has repeatedly denied such requests. If exchange-listing requests continue to be denied by the SEC, increased investment interest
by institutional or retail investors could fail to materialize, which could reduce the demand for digital assets generally and
therefore adversely affect the value of the Shares.</p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Risks Associated with the MarketVector Ethereum Benchmark Rate</b></p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The MarketVector Ethereum Benchmark Rate has a limited
history.</i></p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The MarketVector Ethereum Benchmark Rate was developed
by MarketVector and has a limited history. MarketVector has substantial discretion at any time to change the methodology used to
calculate the MarketVector Ethereum Benchmark Rate, including the constituent trading platforms that contribute prices
to the Trust&#8217;s NAV. MarketVector does not have any obligation to take the needs of the Trust, the Trust&#8217;s Shareholders,
or anyone else into consideration in connection with such changes. There is no guarantee that the methodology currently used in
calculating the MarketVector Ethereum Benchmark Rate will appropriately track the price of ETH in the future.</p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The MarketVector Ethereum Benchmark Rate is based on
various inputs which may include price data from various third-party trading platforms and markets. MarketVector does not guarantee
the validity of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting
from their initial source. The MarketVector Ethereum Benchmark Rate could be calculated now or in the future in a
way that adversely affects an investment in the Trust.</p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The MarketVector Ethereum Benchmark Rate could fail
to track the global ETH price, and a failure of the MarketVector Ethereum Benchmark Rate could adversely affect the
value of the Shares.</i></p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Although the MarketVector Ethereum Benchmark Rate is
intended to accurately capture the market price of ETH, third parties may be able to purchase and sell ETH on public or private
markets not included among the constituent trading platforms used in calculating the MarketVector Ethereum Benchmark Rate, and such transactions may take place at prices materially higher or lower than the MarketVector Ethereum Benchmark Rate. Moreover, there may be variances in the prices of ethereum on the various constituent trading platforms used in calculating
the MarketVector Ethereum Benchmark Rate, including as a result of differences in fee structures or administrative
procedures on different trading platforms. For example, the Bullish platform employs a proprietary order book combining a traditional
limit order book with automated market maker instructions. As their automated market maker relies on a mathematical formula and
does not rely on any external pricing data or third-party source, differences in the bids and asks placed by the automated market
maker compared to prices offered by other digital currency trading venues, or other external market data sources, for the same
digital assets may emerge. While the MarketVector Ethereum Benchmark Rate provides a U.S. dollar-denominated composite
index for the price of ETH based on, at any given time, the prices on each such constituent trading platforms or pricing source
may not be equal to the value of an ETH as represented by the Index. It is possible that the price of ETH on the ETH trading platforms
could be materially higher or lower than the MarketVector Ethereum Benchmark Rate price. To the extent the MarketVector Ethereum Benchmark Rate price differs materially from the actual prices available on a ETH trading platforms used to calculate
it, or the global market price of ETH, the price of the Shares may no longer track, whether temporarily or over time, the global
market price of ETH, which could adversely affect an investment in the Trust by reducing investors&#8217; confidence in the Shares&#8217;
ability to track the market price of ETH. To the extent such prices differ materially from the MarketVector Ethereum Benchmark Rate, investors may lose confidence in the Shares&#8217; ability to track the market price of ETH, which could adversely
affect the value of the Shares.</p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If the MarketVector Ethereum Benchmark Rate is not available,
the Trust&#8217;s holdings may be fair valued in accordance with the policy approved by the Sponsor. To the extent the valuation
determined in accordance with the policy approved by the Sponsor differs materially from the actual market price of ETH, the price
of the Shares may no longer track, whether temporarily or over time, the global market price of ETH, which could adversely affect
an investment in the Trust by reducing investors&#8217; confidence in the Shares&#8217; ability to track the global market price
of ETH. To the extent such prices differ materially from the market price for ETH, investors may lose confidence in the Shares&#8217;
ability to track the market price of ETH, which could adversely affect the value of the Shares.</p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Marketvector
has analyzed ETH trading platform data and developed insights that have informed Marketvector&#8217;s understanding of the ETH
market and the design of the Trust. If such data or insights are inaccurate or incorrect, the value of an investment in the Trust
may be adversely affected.</i></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">MarketVector has relied upon ETH market data in developing its analysis
of the ETH market. This analysis has informed MarketVector&#8217;s understanding of the ETH market, the design of the Trust and
the design of the MarketVector Ethereum Benchmark Rate. The continued viability of the Trust relies upon access to
accurate data, and MarketVector&#8217;s continued ability to effectively analyze such data. If data is inaccurate or becomes unavailable,
or if MarketVector&#8217;s analysis of such data is incorrect, the value of an investment in the Trust may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The MarketVector Ethereum Benchmark Rate used to
calculate the value of the Trust&#8217;s ETH may be volatile, adversely affecting the value of the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The price of ETH on public digital asset trading platforms has a
limited history, and during this history, ETH prices on the digital asset markets more generally, and on digital asset exchanges
individually, have been volatile and subject to influence by many factors, including operational interruptions. While the MarketVector Ethereum Benchmark Rate is designed to limit exposure to the interruption of individual digital asset trading platforms, the MarketVector Ethereum Benchmark Rate, and the price of ETH generally, remains subject to volatility experienced by digital asset trading platforms,
and such volatility could adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Furthermore, because the number of liquid and credible ETH trading
platforms is limited, the MarketVector Ethereum Benchmark Rate will necessarily be composed of a limited number of
ETH trading platforms. If a ETH trading platform were subjected to regulatory, volatility or other pricing issues, in the case
of the MarketVector Ethereum Benchmark Rate, the calculation agent would have limited ability to remove such ETH trading
platform from the MarketVector Ethereum Benchmark Rate, which could skew the price of ETH as represented by the MarketVector Ethereum Benchmark Rate. Trading on a limited number of ETH trading platform may result in less favorable prices and decreased
liquidity of ETH and, therefore, could have an adverse effect on the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Purchasing activity associated with acquiring ETH required for the
creation of Baskets may increase the market price of ethereum on the digital asset markets, which will result in higher prices
for the Shares. Increases in the market price of ETH may also occur as a result of the purchasing activity of other market participants.
Other market participants may attempt to benefit from an increase in the market price of ETH that may result from increased purchasing
activity of ETH connected with the issuance of Baskets. Consequently, the market price of ETH may decline immediately after Baskets
are created. Decreases in the market price of ETH may also occur as a result of sales in secondary markets by other market participants.
If the Index price declines, the value of the Shares will generally also decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The MarketVector Ethereum Benchmark Rate may be affected
by manipulative or fraudulent practices in the global ETH market or at constituent trading platforms</i>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The global ETH market may be subject to fraud and manipulation, see
&#8220;&#8212;Due to the unregulated nature and lack of transparency surrounding the operations of ETH trading platforms, which
may be subject to regulation in a relevant jurisdiction, but may not be complying, they may experience fraud, manipulation, security
failures or operational problems, which may adversely affect the value of ETH and, consequently, the value of the Shares,&#8221;
and the MarketVector Ethereum Benchmark Rate may be affected to the extent they cause global prices of ETH to be subject
to factors other than bona fide market forces.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Fraud or manipulation may also affect the constituent trading platforms
used to calculate the MarketVector Ethereum Benchmark Rate. For example, Coinbase paid $6.5 million in 2021 to settle
a CFTC enforcement action for reckless false, misleading, or inaccurate reporting as well as wash trading by a former employee
on Coinbase&#8217;s GDAX platform. According to the CFTC&#8217;s order, during the relevant period prior to the enforcement action,
Coinbase operated at least two trading programs which generated orders that, at times, matched with one another. Coinbase included
the transactional information for these transactions, such as price and volume data, on its website and provided that information
to reporting services, either directly or through access to its website, resulting in a perceived volume and level of liquidity
of digital assets, including ethereum, on GDAX that was false, misleading or inaccurate. Additionally, between August and September
2016, the CFTC order finds that a former Coinbase employee intentionally placed buy and sell orders in the Litecoin/Bitcoin trading
pair on GDAX, which he intended to match with one another and result in no loss or gain while creating the appearance of liquidity
and trading interest in Litecoin. Ultimately, the transactions resulted in wash transactions that depicted a misleading picture
of the Litecoin/Bitcoin market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In August 2017, it was reported that a trader or group of traders
nicknamed &#8220;Spoofy&#8221; was placing large orders on Bitfinex without actually executing them, presumably in order to influence
other investors into buying or selling by creating a false</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">appearance that greater demand existed in the market. In December
2017, an anonymous blogger (publishing under the pseudonym Bitfinex&#8217;d) cited publicly available trading data to support his
or her claim that a trading bot nicknamed &#8220;Picasso&#8221; was pursuing a paint-the-tape-style manipulation strategy by buying
and selling bitcoin and bitcoin cash between affiliated accounts in order to create the appearance of substantial trading activity
and thereby influence the price of such assets. To the Trust&#8217;s and Sponsor&#8217;s actual knowledge, no regulator has brought
charges against Bitfinex in connection with such reports, which remain unverified, and the sources of the reports remain anonymous.
The Trust and Sponsor have no actual knowledge of the factual truth or falsity of such reports.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Fraudulent and manipulative trading practices remain a risk at many
cryptocurrency trading platforms. To the extent they occur at constituent trading platforms used to calculate the MarketVector Ethereum Benchmark Rate, they could cause the MarketVector Ethereum Benchmark Rate to report inaccurate prices of
ETH, causing the NAV of the Trust to be calculated incorrectly and thereby causing Shareholders to suffer losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The Index Administrator could experience system failures or errors.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If the computers or other facilities of the index administrator,
data providers and/or relevant constituent ETH platforms malfunction for any reason, calculation and dissemination of the MarketVector Ethereum Benchmark Rate may be delayed. Errors in the MarketVector Ethereum Benchmark Rate data, the MarketVector Ethereum Benchmark Rate computations and/or construction may occur from time to time and may not be identified and/or corrected
for a period of time or at all, which may have an adverse impact on the Trust and the Shareholders. Any of the foregoing may lead
to the errors in the MarketVector Ethereum Benchmark Rate, which may lead to a different investment outcome for the
Trust and the Shareholders than would have been the case had such events not occurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The MarketVector Ethereum Benchmark Rate Price being
used to determine the net asset value of the trust may not be consistent with GAAP. To the extent that the Trust&#8217;s financial
statements are determined using a different pricing source that is consistent with GAAP, the net asset value reported in the Trust&#8217;s
periodic financial statements may differ, in some cases significantly, from the Trust&#8217;s net asset value determined using
the MarketVector Ethereum Benchmark Rate Pricing.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust will determine the NAV of the Trust on each Business Day
based on the value of ETH as reflected by the MarketVector Ethereum Benchmark Rate. The methodology used to calculate
the MarketVector Ethereum Benchmark Rate to value ETH in determining the net asset value of the Trust may not be deemed
consistent with GAAP. To the extent the methodology used to calculate the MarketVector Ethereum Benchmark Rate is
deemed inconsistent with GAAP, the Trust will utilize a GAAP-consistent pricing source for purposes of the Trust&#8217;s periodic
financial statements. Creation and redemption of Baskets, the Sponsor&#8217;s management fee and other expenses borne by the Trust
will be determined using the Trust&#8217;s net asset value determined daily based on the MarketVector Ethereum Benchmark Rate. Such net asset value of the Trust determined using the MarketVector Ethereum Benchmark Rate may differ, in some
cases significantly, from the net asset value reported in the Trust&#8217;s periodic financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The Sponsor can remove the MarketVector Ethereum Benchmark Rate and use a different pricing or valuation methodology instead.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the Trust Agreement, the Sponsor has the exclusive authority
to select, remove, change, or replace the pricing or valuation methodology or policies used to value the Trust&#8217;s assets and
determine NAV and NAV per Share, in its sole discretion. The Sponsor has the right to change the pricing source used to determine
NAV and NAV per Share from the MarketVector Ethereum Benchmark Rate to a different source or index. To the extent
that there are material changes to the pricing or valuation methodology or policies or the pricing source described within this
paragraph, notification will be made to Shareholders via a prospectus supplement and/or a current report filed with the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Intellectual property rights claims may adversely affect the Trust
and the value of the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor is not aware of any intellectual property rights claims
that may prevent the Trust from operating and holding ethereum. However, third parties may assert intellectual property rights
claims relating to the operation of the Trust and the mechanics instituted for the investment in, holding of and transfer of ethereum.
Regardless of the merit of an intellectual property or other legal action, any legal expenses to defend or payments to settle such
claims would be extraordinary expenses that would be borne by the Trust through the sale or transfer of its ethereum. Additionally,
a meritorious intellectual property rights claim could prevent the Trust from operating and force the Sponsor to terminate the
Trust and liquidate its ethereum. As a result, an intellectual property rights claim against the Trust could adversely affect the
value of the Shares.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Risk Associated with Investing in the Trust</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The value of the Shares may be influenced by a variety of factors
unrelated to the value of ETH.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The value of the Shares may be influenced by a variety of factors
unrelated to the price of ETH and the ETH trading platforms included in the MarketVector Ethereum Benchmark Rate that
may have an adverse effect on the price of the Shares. These factors include the following factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Unanticipated problems or issues with respect to the mechanics of the Trust&#8217;s operations and the trading of the Shares
may arise, including the Clearing Services, in particular due to the fact that the mechanisms and procedures governing the creation
and redemption of the Shares and storage of ETH have been developed specifically for this product;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The Trust could experience difficulties in operating and maintaining its technical infrastructure, including in connection
with expansions or updates to such infrastructure, which are likely to be complex and could lead to unanticipated delays, unforeseen
expenses and security vulnerabilities;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>The Trust could experience unforeseen issues relating to the performance and effectiveness of the security procedures used
to protect the Trust&#8217;s account with the ETH Custodian or the Additional ETH Custodian or the security procedures may not
protect against all errors, software flaws or other vulnerabilities in the Trust&#8217;s technical infrastructure, which could
result in theft, loss or damage of its assets;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>Service providers may default on or fail to perform their obligations or deliver services under their contractual agreements
with the Trust, or decide to terminate their relationships with the Trust, for a variety of reasons, which could affect the Trust&#8217;s
ability to operate; or</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>If the Ethereum network introduces privacy enhancing features in the future, service providers may decide to terminate their
relationships with the Trust due to concerns that the introduction of privacy enhancing features to the Ethereum network may increase
the potential for ethereum to be used to facilitate crime, exposing such service providers to potential reputational harm.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Any of these factors could affect the value of the Shares, either
directly or indirectly through their effect on the Trust&#8217;s assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust is subject to market risk.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Market risk refers to the risk that the market price of ETH held
by the Trust will rise or fall, sometimes rapidly or unpredictably. An investment in the Shares is subject to market risk, including
the possible loss of the entire principal of the investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>An investment in Shares of the Trust is different from directly
owning ETH.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The market value of Shares of the Trust may not have a direct relationship
with the prevailing price of ETH, and changes in the prevailing price of ETH similarly will not necessarily result in a comparable
change in the market value of Shares of the Trust. The performance of the Trust will not reflect the specific return an investor
would realize if the investor actually held or purchased ETH directly. The differences in performance may be due to factors such
as fees, transaction costs, operating hours of the Exchange and index tracking risk. Investors will also forgo certain rights conferred
by owning ethereum directly, such as the right to claim airdrops, or to participate in Staking Activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The NAV may not always correspond to the market price of ETH and,
as a result, Baskets may be created or redeemed at a value that is different from the market price of the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The NAV of the Trust will change as fluctuations occur in the market
price of the Trust&#8217;s ETH holdings. Shareholders should be aware that the public trading price per Share may be different
from the NAV for a number of reasons, including price volatility, trading activity, the closing of ETH trading platforms due to
fraud, failure, security breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market
for Shares are related, but not identical, to the supply and demand forces influencing the market price of ETH.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">An Authorized Participant may be able to create or redeem a Basket
at a discount or a premium to the public trading price per Share, and the Trust will therefore maintain its intended fractional
exposure to a specific amount of ETH per Share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Shareholders also should note that the size of the Trust in terms
of total ETH held may change substantially over time and as Baskets are created and redeemed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Authorized Participants&#8217; buying and selling activity associated
with the creation and redemption of Baskets may adversely affect an investment in the Shares of the Trust.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Liquidity Provider&#8217;s purchases of ETH in connection with Basket
creation orders may cause the price of ETH to increase, which will result in higher prices for the Shares. Increases in the ETH
prices may also occur as a result of ETH purchases by other market participants who attempt to benefit from an increase in the
market price of ETH when Baskets are created. The market price of ETH may therefore decline immediately after Baskets are created.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Selling activity associated with sales of ETH by Liquidity Providers
in connection with redemption orders may decrease the ETH prices, which will result in lower prices for the Shares. Decreases in
ETH prices may also occur as a result of selling activity by other market participants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to the effect that purchases and sales of ETH by Liquidity
Providers may have on the price of ETH, sales and purchases of ETH by similar investment vehicles, including competing exchange-traded
products in the United States and other global markets that do or seek to hold ETH, could impact the price of ETH. If the price
of ETH declines, the trading price of the Shares will generally also decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The inability of Liquidity Providers to hedge their ETH exposure
may adversely affect the liquidity of Shares and the value of an investment in the Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Liquidity Providers will generally want to hedge their ETH exposure
in connection with Basket creation and redemption orders, while Authorized Participants would generally want to hedge their exposure
to the Trust&#8217;s Shares to the extent possible. To the extent Authorized Participants and/or Liquidity Providers are unable
to hedge their exposure to the Trust&#8217;s Shares or ETH respectively due to market conditions (e.g., insufficient ETH liquidity
in the market, inability to locate an appropriate hedge counterparty, etc.), such conditions may make it difficult to create or
redeem Baskets or cause them to not participate in creating or redeeming Baskets. In addition, the hedging mechanisms employed
by Authorized Participants and/or Liquidity Providers to hedge their exposure to the Trust&#8217;s Shares or ETH, respectively,
may not function as intended, which may make it more difficult for them to enter into such transactions. Such events could negatively
impact the market price of the Trust and the spread at which the Trust trades on the open market. To the extent Liquidity Providers
turn to the market for exchange-traded futures contracts for ETH (&#8220;ETH Futures&#8221;) as well as the non-exchange traded
ETH derivatives markets for their hedging needs in connection with their ETH sales to and purchases from the Trust, both the exchange-traded
ETH Futures market and the non-exchange traded ETH derivatives markets have limited trading history and operational experience
and may be less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures
and derivatives markets. The liquidity of the market will depend on, among other things, the adoption of ETH and the commercial
and speculative interest in the market for the ability to hedge against the price of ETH with exchange-traded ETH Futures and non-exchange
traded ETH derivatives. There can be no assurance that such markets will be able to meet the hedging needs of Liquidity Providers,
which could cause such Liquidity Providers to refrain from participation in the Trust&#8217;s creation and redemption processes,
which could have adverse effects on Shareholders such as wider spreads, a breakdown of the arbitrage mechanism used to keep the
Trust&#8217;s Shares trading in line with NAV of the Trust&#8217;s ETH holdings, and potentially a disruption of the creation or
redemption processes altogether.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>If the process of creation and redemption of Baskets encounters
any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price
of the Shares closely linked to the price of ETH may not exist and, as a result, the price of the Shares may fall or otherwise
diverge from NAV.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The processes of creation and redemption of Shares (which depend
on timely transfers of ETH to and by the ETH Custodian and through the Clearing Services) could be disrupted or encounter challenges
due to, for example, the price volatility of ETH, the insolvency, business failure or interruption, default, failure to perform,
security breach, or other problems affecting the ETH Custodian, in its capacity as ETH Custodian under the Custody Agreement and
the provider of Clearing Services under the Clearing Agreement. Authorized Participants and Liquidity Providers, who would otherwise
be willing to purchase or redeem Baskets or ETH, as applicable, to take advantage of any arbitrage opportunity arising from discrepancies
between the price of the Shares and the price of the underlying ETH, may decide not to take the risk that, as a result of those
difficulties, they may not be able to realize the profit they expect, and reduce their transactions with or even refrain entirely
from transacting with the Trust, which could disrupt the processes of creation and redemption</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">of Shares. If such events rise to
the level of an emergency or cause creations and redemptions of Shares to be impracticable, the Sponsor may suspend the process
of creation and redemption of Baskets. Any disruptions to the process of creating and redeeming Shares could cause trading spreads,
and the resulting premium or discount, on Shares compared to NAV to widen. Alternatively, in the case of a Ethereum network outage
or other problems affecting the Ethereum network, the processing of transactions on the Ethereum network may be disrupted, which
in turn may prevent Liquidity Providers, or Authorized Participants or their designees, from depositing or withdrawing ETH from
their accounts at the ETH Custodian, which in turn could affect the creation or redemption of Baskets. If this is the case, the
liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of ETH and may fall or
otherwise diverge from NAV. Furthermore, in the event that the market for ETH should become relatively illiquid and thereby materially
restrict opportunities for arbitraging, the price of the Shares may diverge from the value of ETH.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Creation Baskets may be created or redeemed in exchange for ETH or
cash. At present, only certain Authorized Participants have the ability to support in-kind creation and redemption activity. The
use of cash creations and redemptions, as opposed to in-kind creations and redemptions, creates transaction costs of buying and
selling ETH that are not present in an in-kind model. These costs include the bid-ask spread along with the operational costs from
the labor and overhead involved in calculating, executing, monitoring, and accounting for transactions in the ETH markets and related
cash movements. Furthermore, there are timing costs involved in the risk that the ETH price moves between the time when the NAV
is established for a creation/redemption and the time when the ETH is traded (&#8220;slippage&#8221;). In addition, Liquidity Providers
must settle ETH transactions with the Trust within a contractually specified time period, subject to customary exceptions. If the
Liquidity Provider fails to perform its obligations within the contractually specified time period, the Trust would seek to use
an alternate Liquidity Provider to execute the ETH transaction. However, the pricing or terms of the ultimate ETH transaction conducted
through the alternate Liquidity Provider, if one is available, after the failure of the original Liquidity Provider to perform
its obligations could deviate, potentially significantly, from the pricing or terms of the transaction that the Trust originally
entered with the original Liquidity Provider. Transaction costs and slippage would be reduced if the Trust were able to use an
in-kind creation and redemption model. The Trust&#8217;s Authorized Participant Agreement provides that transaction costs and slippage
related to Basket creation and redemption are the responsibility of the Authorized Participant. Whether Authorized Participants
who are unable to support in-kind creation and redemption activity and Liquidity Providers as market participants will find it
economically viable or commercially attractive to participate in a cash creation and redemption model for a ETH exchange-traded
product like the Trust, including a cash creation and redemption model where the Trust selects the Liquidity Provider with whom
it executes transactions to buy or sell ETH and the Authorized Participant is not permitted to designate the Liquidity Provider
from whom ETH is purchased or sold in connection with the Authorized Participant&#8217;s Basket subscription or redemption, is
not known; however, there is a risk they will not. If the Trust is unable to attract sufficient Authorized Participants and Liquidity
Providers, it will be unable to maintain an efficient arbitrage mechanism for keeping the trading price of the Shares in line with
NAV and the value of the underlying ETH held by the Trust, which could negatively affect Shareholders and cause them to purchase
or sell Shares at a premium or discount to the value of the underlying ETH, causing losses; alternatively, it could be unable to
operate, as there would be no parties who would be able to create new Shares or redeem existing Shares, leading to the Trust being
unsuccessful commercially and the Sponsor deciding to terminate and wind up the Trust&#8217;s operations. In addition, a failure
to settle ETH transactions with Liquidity Providers could disrupt the calculation of the Trust&#8217;s NAV or potentially cause
inaccuracies in NAV calculation, which could disrupt the Trust&#8217;s operations or cause Shareholders to suffer losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The lack of ability to facilitate in-kind creations and redemptions
of Shares could have adverse consequences for the Trust.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Authorized Participants must be registered broker-dealers. Registered
broker-dealers are subject to various requirements of the federal securities laws and rules, including financial responsibility
rules such as the customer protection rule, the net capital rule and recordkeeping requirements. On May 15, 2025, the SEC&#8217;s
Division of Trading and Markets and FINRA&#8217;s Office of General Counsel stated that broker-dealers are permitted to facilitate
in-kind creations and redemptions in connection with spot crypto exchange-traded products; however, there has yet to be definitive
regulatory guidance on the specific details of how registered broker-dealers can comply with SEC rules with regard to transacting
in or holding spot ETH. Until further regulatory clarity emerges regarding whether registered broker-dealers can hold and deal
in ETH under such rules, there is a risk that registered broker-dealers participating in the in-kind creation or redemption of
Shares for ETH may be unable to demonstrate compliance with such requirements. While compliance with rules such as the customer
protection rule, the net capital rule and recordkeeping requirements would be the broker-dealer&#8217;s responsibility, a national
securities exchange is required to enforce compliance by its member broker-dealers with applicable federal securities law and rules.
Only certain Authorized Participants, at present, have the ability to also, through their affiliates, support in-kind creation
and redemption activity.</p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Even with the SEC staff&#8217;s recent statement that in-kind creations
and redemptions are not prohibited by SEC regulations, the Trust&#8217;s limited ability to facilitate in-kind creations and redemptions
could result in the exchange-traded product arbitrage mechanism failing to function as efficiently as it otherwise would, leading
to the potential for the Shares to trade at premiums or discounts to the NAV, and such premiums or discounts could be substantial.
Furthermore, if cash creations or redemptions are unavailable, either due to the Sponsor&#8217;s decision to reject or suspend
such orders, the unavailability of Liquidity Providers or otherwise, Authorized Participants will be limited in their ability to
redeem or create Shares, in which case the arbitrage mechanism may not function as efficiently. This could result in impaired liquidity
for the Shares, wider bid/ask spreads in secondary trading of the Shares and greater costs to investors and other market participants.
In addition, the Trust&#8217;s limited ability to facilitate in-kind creations and redemptions, and resulting relative reliance
on cash creations and redemptions, could cause the Sponsor to halt or suspend the creation or redemption of Shares during times
of market volatility or turmoil, among other consequences.</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Further, there can be no assurance that broker-dealers would be willing
to serve as Authorized Participants with respect to the in-kind creation and redemption of Shares. Any of these factors could adversely
affect the performance of the Trust and the value of the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The Shares may trade at a price that is at, above or below the
Trust&#8217;s NAV per Share as a result of the non-current trading hours between the Exchange and the digital asset market.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust&#8217;s NAV per Share will fluctuate with changes in the
market value of ethereum, and the Sponsor expects the trading price of the Shares to fluctuate in accordance with changes in the
Trust&#8217;s NAV per Share, as well as market supply and demand. However, the Shares may trade on the Exchange at a price that
is at, above or below the Trust&#8217;s NAV per Share for a variety of reasons. For example, the Exchange is open for trading in
the Shares for a limited period each day, but the digital asset market is a 24-hour marketplace. During periods when the Exchange
is closed but constituent trading platforms are open, significant changes in the price of ethereum on the digital asset market
could result in a difference in performance between the value of ethereum as measured by the Index and the most recent NAV per
Share or closing trading price. For example, if the price of ethereum on the digital asset market, and the value of ethereum as
measured by the Index, move significantly in a negative direction after the close of the Exchange, the trading price of the Shares
may &#8220;gap&#8221; down to the full extent of such negative price shift when the Exchange reopens. If the price of ethereum
on the digital asset market drops significantly during hours the Exchange is closed, shareholders may not be able to sell their
Shares until after the &#8220;gap&#8221; down has been fully realized, resulting in an inability to mitigate losses in a negative
market. Even during periods when the Exchange is open, large constituent trading platforms (or a substantial number of smaller
constituent trading platforms) may be lightly traded or closed for any number of reasons, which could increase trading spreads
and widen any premium or discount on the Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The liquidity of the Shares may also be affected by the withdrawal
from participation of Authorized Participants or Liquidity Providers.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the event that one or more Authorized Participants or Liquidity
Providers withdraw from or cease participation in creation and redemption activity or ETH transactions with the Trust for any reason,
the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in your
incurring a loss on your investment in Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust is subject to risks due to its concentration of investments
in a single asset class.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Unlike other funds that may invest in diversified assets, the Trust&#8217;s
investment strategy is concentrated in a single asset class: ETH. This concentration maximizes the degree of the Trust&#8217;s
exposure to a variety of market risks associated with ETH. By concentrating its investment strategy solely in ETH, any losses suffered
as a result of a decrease in the value of ETH can be expected to reduce the value of an interest in the Trust and will not be offset
by other gains if the Trust were to invest in underlying assets that were diversified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">An investment in the Trust may be deemed speculative and is not intended
as a complete investment program. An investment in Shares should be considered only by persons financially able to maintain their
investment and who can bear the risk of total loss associated with an investment in the Trust. Investors should review closely
the objective and strategy of the Trust and redemption rights, as discussed herein, and familiarize themselves with the risks associated
with an investment in the Trust.</p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The lack of active trading markets for the Shares of the Trust
may result in losses on Shareholders&#8217; investments at the time of disposition of Shares.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Although Shares of the Trust are expected to be publicly listed and
traded on an exchange, there can be no guarantee that an active trading market for the Trust will develop or be maintained. If
Shareholders need to sell their Shares at a time when no active market for them exists, the price Shareholders receive for their
Shares, assuming that Shareholders are able to sell them, likely will be lower than the price that Shareholders would receive if
an active market did exist and, accordingly, a Shareholder may suffer losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Possible illiquid markets may exacerbate losses, increase the
variability between the Trust&#8217;s NAV and its market price or affect the Trust&#8217;s ability to meet cash Creation Orders
and Redemption Orders.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ETH is a relatively new asset with a limited trading history. Therefore,
the markets for ETH may be less liquid and more volatile than other markets for more established products. It may be difficult
to execute a ETH trade at a specific price when there is a relatively small volume of buy and sell orders in the ETH market. A
market disruption can also make it more difficult to liquidate a position or find a suitable counterparty at a reasonable cost.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Market illiquidity may cause losses for the Trust. The large size
of the positions that the Trust may acquire will increase the risk of illiquidity by both making the positions more difficult to
liquidate and increasing the losses incurred while trying to do so should the Trust need to liquidate its ETH, or making it more
difficult for Authorized Participants to acquire or liquidate ETH as part of the creation and/or redemption of Shares of the Trust.
To the extent that the Trust conducts creation and redemption transactions for cash, such illiquidity may affect the Trust&#8217;s
ability to meet such cash creation and redemption orders. Any type of disruption or illiquidity will potentially be exacerbated
due to the fact that the Trust will typically invest in ETH, which is highly concentrated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust is an &#8220;emerging growth company&#8221; and it cannot
be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Shares less attractive
to investors.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust is an &#8220;emerging growth company&#8221; as defined
in the JOBS Act. For as long as the Trust continues to be an emerging growth company it may choose to take advantage of certain
exemptions from various reporting requirements applicable to other public companies but not to emerging public companies, which
include, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>exemption from the auditor attestation requirements under Section 404(b) of the Sarbanes-Oxley Act;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>reduced disclosure obligations regarding executive compensation in the Trust&#8217;s periodic reports and audited financial
statements in this Report; exemptions from the requirements of holding advisory &#8220;say-on-pay&#8221; votes on executive compensation
and shareholder advisory votes on &#8220;golden parachute&#8221; compensation; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">&#9679;</td><td>exemption from any rules requiring mandatory audit firm rotation and auditor discussion and analysis and, unless otherwise
determined by the SEC, any new audit rules adopted by the Public Company Accounting Oversight Board.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust could be an emerging growth company until the last day
of the fiscal year following the fifth anniversary after its initial public offering, or until the earliest of (1) the last day
of the fiscal year in which it has annual gross revenue of $1.235 billion or more, (2) the date on which it has, during the previous
three year period, issued more than $1 billion in non-convertible debt or (3) the date on which it is deemed to be a large accelerated
filer under the federal securities laws. The Trust will qualify as a large accelerated filer as of the first day of the first fiscal
year after it has (A) more than $700 million in outstanding equity held by nonaffiliates, (B) been public for at least 12 months
and (C) filed at least one annual report on Form 10-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the JOBS Act, emerging growth companies are also permitted
to elect to delay adoption of new or revised accounting standards until companies that are not subject to periodic reporting obligations
are required to comply, if such accounting standards apply to non-reporting companies. However, the Trust has chosen to opt out
of this extended transition period for complying with new or revised accounting standards. Section 107 of the JOBS Act provides
that the decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Trust cannot predict if investors will find an investment in
the Trust less attractive if it relies on these exemptions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><i>Several factors may affect the Trust&#8217;s ability to achieve
its investment objective on a consistent basis.</i></p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">There is no guarantee that the Trust will meet its investment
objective. Factors that may affect the Trust&#8217;s ability to meet its investment objective include, without limitation: (1)
Liquidity Providers&#8217; ability and willingness to purchase and sell ETH in an efficient manner to effectuate creation and redemption
orders; (2) transaction fees associated with the Ethereum network; (3) the ETH market becoming illiquid or disrupted; (4) the Trust&#8217;s
Share prices being rounded to the nearest cent and/or valuation methodologies; (5) the need to conform the Trust&#8217;s portfolio
holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (6) early or unanticipated closings
of the markets on which ETH trades, resulting in the inability of Liquidity Providers to execute intended portfolio transactions;
(7) accounting standards; (8) Authorized Participants refraining from participating in creation and redemption of Baskets; and
(9) the MarketVector Ethereum Benchmark Rate becoming disrupted or unavailable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The amount of ETH represented by the Shares will decline
over time.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The amount of ETH represented by the Shares will continue
to be reduced during the life of the Trust due to the transfer of the Trust&#8217;s ETH to pay for the Sponsor Fee, and to pay
for litigation expenses or other extraordinary expenses. This dynamic will occur irrespective of whether the trading price of the
Shares rises or falls in response to changes in the price of ETH.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Although the Sponsor has agreed to assume all fees and other
expenses incurred by the Trust in the ordinary course of its affairs incurred by the Trust, not all Trust expenses have been assumed
by the Sponsor. For example, any taxes and other governmental charges that may be imposed on the Trust&#8217;s property will not
be paid by the Sponsor.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Each outstanding Share represents a fractional, undivided
interest in the ETH held by the Trust. The Trust does not generate any income and transfers ETH to pay for the Sponsor Fee, and
to pay for litigation expenses or other extraordinary expenses. Therefore, the amount of ETH represented by each Share will gradually
decline over time. This is also true with respect to Shares that are issued in exchange for additional deposits of ETH over time,
as the amount of ETH required to create Shares proportionally reflects the amount of ETH represented by the Shares outstanding
at the time of such creation unit being created. Assuming a constant ETH price, the trading price of the Shares is expected to
gradually decline relative to the price of ETH as the amount of ETH represented by the Shares gradually declines.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Shareholders should be aware that the gradual decline in the
amount of ETH represented by the Shares will occur regardless of whether the trading price of the Shares rises or falls in response
to changes in the price of ETH.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust is a passive investment vehicle. The Trust is
not actively managed and will be affected by a general decline in the price of ETH.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor does not actively manage the ETH held by the Trust.
This means that the Sponsor does not sell ETH at times when its price is high, or acquire ETH at low prices in the expectation
of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional
ETH investors to attempt to reduce the risks of losses resulting from price decreases. Any losses sustained by the Trust will adversely
affect the value of your Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The development and commercialization of the Trust is subject
to competitive pressures.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust and the Sponsor face competition with respect to
the creation of competing products, including with respect to the potential creation of competing exchange-traded ETH products.
If the SEC were to approve many or all of the currently pending applications for such exchange-traded ETH products, many or all
of such products, including the Trust, could fail to acquire substantial assets, initially or at all. Such competing products may
become available for public exchange trading before the Trust and/or have a lower expense ratio than the Trust, which could have
a detrimental effect on the scale and sustainability of the Trust. The Sponsor&#8217;s charge a substantially lower fee than the
Sponsor&#8217;s Fee in order to achieve initial market acceptance and scale and competitors may have greater financial, technical
and human resources than the Sponsor. These competitors may also compete with the Sponsor in recruiting and retaining qualified
personnel. Smaller or early stage companies may also prove to be effective competitors, particularly through collaborative arrangements
with large and established companies. Accordingly, the Sponsor&#8217;s competitors may commercialize a product involving ethereum
more rapidly or effectively than the Sponsor is able to, which could adversely affect the Sponsor&#8217;s competitive position,
the likelihood that the Trust will achieve initial market acceptance and the Sponsor&#8217;s ability to generate meaningful revenues
from the Trust. If the Trust fails to achieve sufficient scale due to competition, the Sponsor may have difficulty raising sufficient
revenue to cover the costs associated with launching and maintaining the Trust and such shortfalls could impact the Sponsor&#8217;s
ability to properly invest in robust ongoing operations and controls of</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">the Trust to minimize the risk of operating events, errors,
or other forms of losses to the Shareholders. In addition, the Trust may also fail to attract adequate liquidity in the secondary
market due to such competition, resulting in a sub-standard number of Authorized Participants willing to make a market in the Shares,
which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust&#8217;s failure
to reflect the performance of the price of ETH.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Security threats to the Trust&#8217;s account with the
ETH Custodian or the Additional ETH Custodian could result in the halting of Trust operations and a loss of Trust assets or damage
to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Security breaches, computer malware and computer hacking attacks
have been a prevalent concern in relation to digital assets. The Sponsor believes that the Trust&#8217;s ETH held in the Trust&#8217;s
ETH Account and Clearing Account with the ETH Custodian and the Additional ETH Account with the Additional ETH Custodian will be
an appealing target to hackers or malware distributors seeking to destroy, damage or steal the Trust&#8217;s ETH and will only
become more appealing as the Trust&#8217;s assets grow. To the extent that the Trust, the Sponsor, the ETH Custodian or the Additional
ETH Custodian is unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the
digital asset industry, the Trust&#8217;s ETH may be subject to theft, loss, destruction or other attack.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor has evaluated the security procedures in place
for safeguarding the Trust&#8217;s ETH. Nevertheless, the security procedures cannot guarantee the prevention of any loss due to
a security breach, hack, software defect or act of God that may be borne by the Trust and the security procedures may not protect
against all errors, software flaws or other vulnerabilities in the Trust&#8217;s technical infrastructure, which could result in
theft, loss or damage of its assets. The Sponsor does not control the ETH Custodian&#8217;s or the Additional ETH Custodian&#8217;s
operations or implementation of such security procedures and there can be no assurance that such security procedures will actually
work as designed or prove to be successful in safeguarding the Trust&#8217;s assets against all possible sources of theft, loss
or damage.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The security procedures and operational infrastructure may
be breached due to the actions of outside parties, error or malfeasance of an employee of the Sponsor, the ETH Custodian, the Additional
ETH Custodian or otherwise, and, as a result, an unauthorized party may obtain access to the Trust&#8217;s account with the ETH
Custodian, the private keys (and therefore ETH) or other data of the Trust. Additionally, outside parties may attempt to fraudulently
induce employees of the Sponsor, the ETH Custodian, the Additional ETH Custodian or the Trust&#8217;s other service providers to
disclose sensitive information in order to gain access to the Trust&#8217;s infrastructure. As the techniques used to obtain unauthorized
access, disable or degrade service, or sabotage systems change frequently, or may be designed to remain dormant until a predetermined
event and often are not recognized until launched against a target, the Sponsor, the ETH Custodian and the Additional ETH Custodian
may be unable to anticipate these techniques or implement adequate preventative measures. The ETH Custodian is also dependent on
key service providers, including, without limitation, its data centers, and if these were to cease operation or be the subject
of operational problems or security threats, it could affect the Trust&#8217;s ETH Account or Clearing Account with the ETH Custodian.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">An actual or perceived breach of the Trust&#8217;s ETH Account
or Clearing Account with the ETH Custodian or Additional ETH Account with the Additional ETH Custodian could harm the Trust&#8217;s
operations, result in partial or total loss of the Trust&#8217;s assets, damage the Trust&#8217;s reputation and negatively affect
the market perception of the effectiveness of the Trust, all of which could in turn reduce demand for the Shares, resulting in
a reduction in the price of the Shares. The Trust may also cease operations, the occurrence of which could similarly result in
a reduction in the price of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Clearing Account permits hot storage which is less
secure than cold storage.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Although the Custody Agreement requires the ETH Custodian
to hold the Trust&#8217;s ETH in its ETH Account in cold storage, ETH may be temporarily stored in an omnibus hot storage wallet
associated with the Trust&#8217;s Clearing Account in connection with both creations and redemptions, as well as in connection
with transfers of ETH out of the Trust to pay the Sponsor Fee and to reimburse the Sponsor in ETH for payment of reimbursable extraordinary
expenses paid by the Sponsor. Cold storage is a safeguarding method by which the private key(s) corresponding to ETH is (are) generated
and stored in an offline manner. Private keys are generated in offline computers or devices that are not connected to the internet
so that they are more resistant to being hacked. By contrast, in hot storage, the private keys are held online, where they are
more accessible, leading to more efficient transfers, though they are potentially more vulnerable to being hacked or stolen.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>If a Liquidity Provider Agreement, the Custody Agreement,
the Additional ETH Custody Agreement, an Authorized Participant Agreement or Clearing Agreement is terminated or a Liquidity Provider,
an Authorized Participant, the ETH Custodian or the Additional ETH Custodian fails to participate in the creation or redemption
processes of the Trust or fails to provide services as required, the Sponsor may need to find and appoint a replacement Liquidity
Provider, Authorized Participant, the ETH Custodian or the Additional ETH Custodian quickly, which could pose a challenge to the
Trust&#8217;s ability to create and redeem Shares or the safekeeping of the Trust&#8217;s ETH, and the Trust&#8217;s ability to
continue to operate may be adversely affected.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust is dependent on the ETH Custodian to operate, pursuant
to the Custody Agreement and the Clearing Agreement. The ETH Custodian performs essential functions in terms of safekeeping the
Trust&#8217;s ETH and, via the Clearing Services, facilitates the transfer of ethereum to the Trust by Liquidity Providers and
from the Trust in connection with creations and redemptions and to pay the Sponsor Fee and extraordinary Trust expenses, and in
extraordinary circumstances, to liquidate the Trust. If the ETH Custodian fails to perform the functions it performs for the Trust,
the Trust may be unable to operate or create or redeem Baskets, which could force the Trust to liquidate or adversely affect the
price of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor could decide to replace the ETH Custodian as a
custodian of the Trust&#8217;s ETH, pursuant to the Custody Agreement. Similarly, the ETH Custodian under the Custody Agreement
and Clearing Agreement may terminate the Custody Agreement and Clearing Agreement respectively upon providing the applicable notice
to the Trust for any reason, or immediately, upon the occurrence of a Termination Event (as defined below) that is incapable of
being cured within ten business days or if it determines in its sole discretion it is necessary to take such action to comply with
applicable laws and regulations or in connection with Gemini&#8217;s fraud or other compliance program. Under the Custody Agreement,
a &#8220;Termination Event&#8221; occurs when (i) any representation, warranty, certification or statement made by the Trust was
or becomes incorrect in any material respect when made; (ii) the Trust materially breaches, or fails in any material respect to
perform any of its obligations under the Custody Agreement; (iii) the Trust requests a postponement of maturity or a moratorium
with respect to any indebtedness or is adjudged bankrupt or insolvent, or there is commenced against the Trust a case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the Trust files a petition for bankruptcy
or an application for an arrangement with its creditors, seeks or consents to the appointment of a receiver, administrator or other
similar official for all or any substantial part of its property, admits in writing its inability to pay its debts as they mature,
or takes any corporate action in furtherance of any of the foregoing, or fails to meet applicable legal minimum capital requirements;
or (iv) a change of control of the Trust, or an event, change or development that causes or is likely to cause a material adverse
effect on the Trust, or in the ability of the Trust to fulfill its responsibilities under the Custody Agreement, occurs. Transferring
maintenance responsibilities of the Trust&#8217;s account at the ETH Custodian to another custodian may be complex and could subject
the Trust&#8217;s ETH to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares
or result in loss of the Trust&#8217;s assets. Also, if the ETH Custodian becomes insolvent, suffers business failure, ceases business
operations, defaults on or fails to perform its obligations under the Custody Agreement or Clearing Agreement with the Trust, or
abruptly discontinues the services it provides to the Trust for any reason, the Trust&#8217;s operations would be adversely affected.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">On October 19, 2023, Gemini, the ETH Custodian for the Trust,
was named in a complaint filed by the New York Attorney General (&#8220;NYAG Lawsuit&#8221;) against Gemini and other entities,
including Genesis and its affiliates (collectively, the &#8220;Genesis Entities&#8221;) in a New York state court, alleging, inter
alia, that Gemini had violated New York&#8217;s Martin Act by soliciting money from the public, including persons in New York,
with false assurances that an investment program called Gemini Earn, pursuant to which customers of Gemini could deposit money
in Earn accounts at Gemini that would then be loaned to the Genesis Entities and repaid with interest by them, was a highly liquid
investment and that Genesis was a creditworthy borrower based on the ETH Custodian&#8217;s ongoing risk monitoring. On February
9, 2024, NYAG amended its lawsuit to add additional allegations against defendants other than Gemini. No new allegations were made
against Gemini as part of the February 9 amendments.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">On April 19, 2024, the United States Bankruptcy Court, Southern
District of New York in the Genesis bankruptcy proceedings, approved a settlement that allowed for certain payments, on an in-kind
&#8220;coin-for-coin&#8221; basis, to be made. Gemini made certain payments, on an in-kind &#8220;coin-for-coin&#8221; basis to
Gemini Earn investors on May 29, 2024, however these investors were not made completely whole and were still owed approximately
$50 million in cryptocurrency. On June 14, 2024, Gemini and NYAG entered into a Stipulation and Consent to Judgement which resolves
claims against Gemini set out in the NYAG Lawsuit as described above (the &#8220;NYAG Settlement&#8221;). As part of the NYAG Settlement,
Gemini will return approximately $50 million worth of digital assets to investors of the Gemini Earn program who were entitled
to receive, and did receive, distributions from Gemini on May 29, 2024. Gemini will be required to make such full and complete
restitution on an in-kind &#8220;coin-for-coin&#8221; basis. Additionally, Gemini will be banned from operating any cryptocurrency
lending program in New York, unless a future state or federal legislation specifically permits cryptocurrency lending programs
in or from the State of New York at which point NYAG&#8217;s consent shall be required.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">On February 28, 2024, Gemini and the New York State Department
of Financial Services (&#8220;NYDFS&#8221;) announced that they had entered into an administrative consent settlement agreement
(the &#8220;NYDFS Settlement&#8221;) that included findings, primarily with respect to the Gemini Earn program, that Gemini had
conducted some of its business in an unsafe and unsound manner, made false or misleading advertising statements, and failed to
maintain an effective customer due diligence program, and committed other violations of New York Banking Law and NYDFS regulations.
Pursuant to this settlement, Gemini has agreed to ensure that at least $1.1 billion is returned to Gemini Earn users through the
Genesis bankruptcy proceedings that are also creditors in the Genesis bankruptcy. In addition, Gemini has agreed to contribute
at least $40 million for the benefit of impacted Gemini Earn users and pay a $37 million fine to NYDFS. In determining the appropriate
amount of the penalty, the NYDFS acknowledged and commended Gemini&#8217;s cooperation and recognized Gemini&#8217;s engagement
with the NYDFS on the matters identified in the NYDFS Settlement and its ongoing efforts to remediate the shortcomings identified
in the NYDFS Settlement and during the NYDFS&#8217; most recent examination of Gemini.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Additionally, pursuant to the NYDFS Settlement, Gemini agreed
to provide an action plan to NYDFS including implementing the recommendations of an outside consultant in connection with a governance
and management assessment, continuing to strengthen its controls, policies and procedures to ensure robust compliance programs
in connection with its virtual currency business activity, and continuing its cooperation with the NYDFS to remediate the violations
identified in the NYDFS Settlement and previous examinations. The NYDFS Settlement also reserves the NYDFS&#8217;s right to bring
an action against Gemini if Gemini fails to fulfill its obligations under NYDFS Settlement. The NYDFS Settlement does not resolve
any other regulatory proceedings or litigation involving Gemini. As a regulated entity with financial services licenses in multiple
jurisdictions, it is possible that other regulators may decide to initiate their own action with respect to Gemini based on the
findings contained in the NYDFS Settlement.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Gemini, as the ETH Custodian, could be required, as a result
of judicial or regulatory determinations, or could choose, to restrict or curtail the services it offers (whether in or from New
York State or generally), its licenses could be impacted, or its financial condition and ability to provide services to the Trust
could be affected as a result of the NYDFS Settlement, NYAG Settlement, or other litigation. If the ETH Custodian were to be required
or choose, as a result of the NYDFS Settlement, NYAG Settlement, or other litigation or regulatory action, to restrict, curtail,
or terminate the services it offers, it could negatively affect the Trust&#8217;s ability to operate, hold ethereum, or process
creations or redemptions of Baskets, which could force the Trust to engage an alternate ETH custodian or to liquidate and could
adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Similarly, the Additional ETH Custodian performs essential
functions in terms of safekeeping the Trust&#8217;s ETH in the Additional ETH Vault Balance. If the Additional ETH Custodian fails
to perform the functions they perform for the Trust, the Trust may be unable to operate or create or redeem Baskets, which could
force the Trust to liquidate or adversely affect the price of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">On March 22, 2023, Coinbase, Inc., which is an affiliate of
the Additional ETH Custodian, and its parent (such parent, &#8220;Coinbase Global&#8221; and together with Coinbase Inc., the &#8220;Relevant
Coinbase Entities&#8221;) received a &#8220;Wells Notice&#8221; from the SEC staff stating that the SEC staff made a &#8220;preliminary
determination&#8221; to recommend that the SEC file an enforcement action against the Relevant Coinbase Entities alleging violations
of the federal securities laws, including the Exchange Act and the Securities Act. According to Coinbase Global&#8217;s public
reporting company disclosure, based on discussions with the SEC staff, the Relevant Coinbase Entities believe these potential enforcement
actions would relate to aspects of the Relevant Coinbase Entities&#8217; Coinbase Prime service, spot market, staking service Coinbase
Earn, and Coinbase Wallet, and the potential civil action may seek injunctive relief, disgorgement, and civil penalties. On June
6, 2023, the SEC filed a complaint against the Relevant Coinbase Entities in federal district court in the Southern District of
New York, alleging, inter alia: (i) that Coinbase Inc. has violated the Exchange Act by failing to register with the SEC as a national
securities exchange, broker-dealer, and clearing agency, in connection with activities involving certain identified digital assets
that the SEC&#8217;s complaint alleges are securities, (ii) that Coinbase Inc. has violated the Securities Act by failing to register
with the SEC the offer and sale of its staking program, and (iii) that Coinbase Global is jointly and severally liable as a control
person under the Exchange Act for Coinbase Inc.&#8217;s violations of the Exchange Act to the same extent as Coinbase Inc. The
SEC&#8217;s complaint against the Relevant Coinbase Entities does not allege that ethereum is a security nor does it allege that
Coinbase Inc&#8217;s activities involving ethereum caused the alleged registration violations, and the Additional Ethereum Custodian
was not named as a defendant. The SEC&#8217;s complaint seeks a permanent injunction against the Relevant Coinbase Entities to
prevent them from violations of the Exchange Act or Securities Act, disgorgement, civil monetary penalties, and such other relief
as the court deems appropriate or necessary. While the Additional Ethereum Custodian is not named in the complaint, if Coinbase
Global, as the parent of the Additional ETH Custodian, is required, as a result of a judicial determination, or could choose, to
restrict or curtail the services its subsidiaries provide to the Trust, or its financial condition is negatively affected, it could
negatively affect the Trust&#8217;s ability to operate.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Alternatively, the Sponsor could decide to replace the Additional
ETH Custodian as a custodian of the Trust&#8217;s ETH, pursuant to the Additional Custodial Services Agreement (the &#8220;Additional
ETH Custody Agreement&#8221;). Similarly, the Additional ETH Custodian could terminate services under the Additional ETH Custody
Agreement for any reason and without Cause upon providing the applicable notice to the Trust for any reason, or immediately for
Cause (&#8220;Cause&#8221; is defined in the Additional ETH Custody Agreement as (i) the Trust breaches any provision of the Additional
ETH Custody Agreement and such breach is not cured within three (3) business days after notice of such breach is given to the Trust
in the case of a payment-related breach or is not cured within ten (10) business days after notice of such breach is given to the
Trust; (ii) the Trust takes any action to dissolve or liquidate (iii) the Trust becomes insolvent, makes an assignment for the
benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; (iv) the Trust becomes subject
to any bankruptcy or insolvency proceeding; (v) the Additional ETH Custodian becomes aware of any facts or circumstances with respect
to the Trust&#8217;s financial, legal, regulatory or reputational position which reasonably would materially adversely affect The
Trust&#8217;s ability to comply with its obligations under the Additional ETH Custody Agreement, and such facts and circumstances
cannot be cured within five (5) business days; (vi) termination is required pursuant to a facially valid subpoena, court order
or binding order of a government authority; (vii) the Trust&#8217;s Additional ETH Account is subject to any pending litigation,
investigation or government proceeding; or (viii) the Additional ETH Custodian reasonably suspects the Trust of attempting to circumvent
the Additional ETH Custodian&#8217;s controls in a manner the Additional ETH Custodian otherwise deems inappropriate or potentially
harmful to itself or third parties.) Transferring maintenance responsibilities of the Trust&#8217;s account at the Additional ETH
Custodian to another custodian may be complex and could subject the Trust&#8217;s ETH to the risk of loss during the transfer,
which could have a negative impact on the performance of the Shares or result in loss of the Trust&#8217;s assets. Also, if the
Additional ETH Custodian becomes insolvent, suffers business failure, ceases business operations, default on or fail to perform
their obligations under its contractual agreement with the Trust, or abruptly discontinue the services it provides to the Trust
for any reason, the Trust&#8217;s operations including its creation and redemption processes would be adversely affected.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor may not be able to find a party willing to serve
as the custodian or perform clearing services under the same terms as the current Custody Agreement, Additional ETH Custody Agreement
and Clearing Agreement. To the extent that Sponsor is not able to find a suitable party willing to serve as the custodian or to
perform clearing services, the Sponsor may be required to terminate the Trust and liquidate the Trust&#8217;s ETH. In addition,
to the extent that the Sponsor finds a suitable party but must enter into a modified Custody Agreement, Additional ETH Custody
Agreement or Clearing Agreement that is less favorable for the Trust or Sponsor, the value of the Shares could be adversely affected.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If an Authorized Participant or a Liquidity Provider suffers
insolvency, business failure or interruption, default, failure to perform, security breach, or if an Authorized Participant or
a Liquidity Provider chooses not to participate in the creation and redemption processes of the Trust due to the risks described
in &#8220;&#8212;The Inability Of Liquidity Providers To Hedge Their ETH Exposure May Adversely Affect The Liquidity Of Shares
And The Value Of An Investment In The Shares&#8221; and &#8220;&#8212;If The Process Of Creation And Redemption Of Baskets Encounters
Any Unanticipated Difficulties, The Possibility For Arbitrage Transactions By Authorized Participants Intended To Keep The Price
Of The Shares Closely Linked To The Price Of ETH May Not Exist And, As A Result, The Price Of The shares May Fall Or Otherwise
Diverge From NAV,&#8221; and the Trust is unable to engage replacement Authorized Participants or Liquidity Providers on commercially
acceptable terms or at all, then the creation and redemption processes of the Trust or the arbitrage mechanism used to keep the
Trust&#8217;s Shares trading in line with NAV could be negatively affected.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The lack of full insurance and Shareholders&#8217; limited
rights of legal recourse against the Trust, Trustee, Sponsor, Administrator, Cash Custodian, ETH Custodian and Additional ETH Custodian
expose the Trust and its Shareholders to the risk of loss of the Trust&#8217;s ethereum for which no person or entity is liable.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Neither the Trust not the Sponsor insure the Trust&#8217;s
ETH. The Trust is not a banking institution or otherwise a member of the FDIC or Securities Investor Protection Corporation (&#8220;SIPC&#8221;)
and, therefore, deposits held with or assets held by the Trust are not subject to the protections enjoyed by depositors with FDIC
or SIPC member institutions. The ETH Custodian currently maintains digital asset insurance consisting of a $100 million specie
policy and a $25 million crime policy. Such insurance is shared with all other customers and clients of the ETH Custodian and is
not specific to the Trust. Shareholders cannot be assured that either the ETH Custodian or the Additional ETH Custodian will maintain
adequate insurance in respect of the ETH they hold for the Trust, that such coverage will cover losses with respect to the Trust&#8217;s
ETH, or that sufficient insurance proceeds will be available to cover the Trust&#8217;s losses in full. The ETH Custodian&#8217;s
insurance may not cover the type of losses experienced by the Trust.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Alternatively, the Trust may be forced to share such insurance
proceeds with other clients or customers of the ETH Custodian, which could reduce the amount of such proceeds that are available
to the Trust. The Trust is not a named insured under the ETH Custodian&#8217;s insurance policies, though the ETH Custodian has
represented to the Sponsor that the insurance covers customer losses, including losses suffered by the Trust, arising from specified
events, including fraud, theft, and cybersecurity breaches. In addition, the ETH insurance market is limited, and the level of
insurance maintained by the ETH Custodian may be substantially lower than the assets of the Trust, or the amount of claims against
the ETH Custodian of all of the customers whose losses are covered by the ETH Custodian&#8217;s insurance coverage. While the ETH
Custodian maintains certain capital reserve requirements depending on the assets under custody, and such capital reserves may provide
additional means to cover client asset losses, the Trust cannot be assured that the ETH Custodian will maintain capital reserves
sufficient to cover actual or potential losses with respect to the Trust&#8217;s digital assets.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Furthermore, under the Custody Agreement, the ETH Custodian&#8217;s
liability is limited in various ways, including that the ETH Custodian cannot be held responsible for any failure or delay to act
by the ETH Custodian, its service providers, or its banks that is within the time limits permitted by the Custody Agreement, or
that is caused by the Trust&#8217;s negligence or is required to comply with applicable laws and regulations. The ETH Custodian
is not liable for any System Failure or Downtime (both as defined in the Custody Agreement), which prevents the ETH Custodian from
fulfilling its obligations under the Custody Agreement, provided that ETH Custodian took reasonable care and used commercially
reasonable efforts to prevent or limit such System Failures or Downtime and otherwise complied with the Custody Agreement. The
Custody Agreement provides that &#8220;Downtime&#8221; means scheduled maintenance and a &#8220;System Failure&#8221; shall mean
a failure of any computer hardware, software, computer systems, or telecommunications lines or devices used by the ETH Custodian,
or interruption, loss, or malfunction of utility, data center, Internet or network provider services used by the ETH Custodian;
provided, however, that a cybersecurity attack, data breach, hack, or other intrusion, or unauthorized disclosure by a third party,
the ETH Custodian, a service provider to the ETH Custodian, or an agent or subcontractor of the ETH Custodian, shall not be deemed
a System Failure, to the extent such events or any losses arising therefrom are due to the ETH Custodian&#8217;s failure to comply
with its obligations under the Custody Agreement. The ETH Custodian cannot be held responsible for any circumstances beyond the
ETH Custodian&#8217;s reasonable control, provided the ETH Custodian took reasonable care and used commercially reasonable efforts
in executing its responsibilities to the Trust pursuant to the Custody Agreement, which includes exercising the degree of care,
diligence and skill that a prudent and competent professional provider of services similar to the custodial services would exercise
in the circumstances, or such higher care where required by law or the Custody Agreement (collectively, the &#8220;Standard of
Care&#8221;). The ETH Custodian makes no guarantees regarding the ETH network&#8217;s security, functionality, or availability,
and will not be liable for or in connection with any acts, decisions, or omissions made by developers of the ETH network. The ETH
Custodian is not liable for any losses or claims arising out of actions that are in the Trust&#8217;s control and related to the
Trust&#8217;s use of the ETH Custodian&#8217;s online platform, including but not limited to, the Trust&#8217;s failure to follow
security protocols, the ETH Custodian&#8217;s platform controls, improper instructions, failure to secure the Trust&#8217;s credentials
from third parties, or anything else in the Trust&#8217;s control and is also not liable for any amount greater than the value
of the assets on deposit in Trust&#8217;s account at the ETH Custodian at the time of, and directly relating to, the events giving
rise to the liability occurred, the value of which shall be determined in accordance with the Chicago Mercantile Exchange Ethereum
Reference Rate or any successor thereto. The ETH Custodian is not liable to the Trust (whether under contract, tort (including
negligence) or otherwise) for any indirect, incidental, special, punitive or consequential losses suffered or incurred by the Trust
(whether or not any such losses were foreseeable). The ETH Custodian is not liable to the Trust or anyone else for any loss or
injury resulting directly or indirectly from any damage or interruptions caused by any computer viruses, spyware, scamware, trojan
horses, worms, or other malware that may affect the Trust&#8217;s computer or other equipment, provided such malware did not originate
from the ETH Custodian or its agents. The Custody Agreement&#8217;s &#8220;Force Majeure&#8221; provision provides that the ETH
Custodian is not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent
it is directly due to a cause or condition beyond the reasonable control of the ETH Custodian including, but not limited to, any
act of God, nuclear or natural disaster, epidemic, action or inaction of civil or military authorities, act of war, terrorism,
sabotage, civil disturbance, strike or other labor dispute, accident, or state of emergency; provided, however, that for the avoidance
of doubt, the Custody Agreement&#8217;s Force Majeure provision shall not apply in respect of System Failures or Downtime, which
are subject to other respective provisions of the Custody Agreement. The occurrence of an event described in the Force Majeure
provision shall not affect the validity and enforceability of any remaining provisions of the Custody Agreement.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In the event of potential losses incurred by the Trust as
a result of the ETH Custodian losing control of the Trust&#8217;s ETH or failing to properly execute instructions on behalf of
the Trust, the ETH Custodian&#8217;s liability with respect to the Trust will be subject to certain limitations which may allow
it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses. Furthermore, the
insurance maintained by the ETH Custodian may be insufficient to cover its liabilities to the Trust. Both the Trust and the ETH
Custodian are required to indemnify each other under certain circumstances.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Subject to the Force Majeure provision and as limited by the
limitations of liability in the Custody Agreement, the ETH Custodian shall be liable to the Trust for the Loss (defined below)
of any of the Trust&#8217;s ETH or fiat currency to the extent that such Loss was caused by the negligence, fraud, willful or reckless
misconduct of the ETH Custodian or breach by the ETH Custodian of its Standard of Care. The Custody Agreement provides that &#8220;Loss&#8221;
means if, at any time the Trust&#8217;s ETH Account or Fiat Account, as applicable, does not hold the ETH or fiat currency that
had been (1) received by ETH Custodian in connection with the Trust&#8217;s ETH Account or Fiat Account pursuant to the Custody
Agreement, or (2) duly sent to the ETH Custodian by the Trust or Authorized Participants in connection with the Trust&#8217;s ETH
Account pursuant to the Custody Agreement but not received because of a failure caused by the ETH Custodian. The Custody Agreement
provides that &#8220;Loss&#8221; shall include situations where the ETH Custodian fails to execute a valid withdrawal request,
ETH are withdrawn from the Trust&#8217;s ETH Account other than pursuant to a withdrawal request, or the Trust is not able to timely
withdraw ETH from the ETH Account pursuant to a withdrawal request, in each case due to a failure caused by the ETH Custodian;
provided, however, that the ETH Custodian&#8217;s failure to permit timely withdrawals because it has determined that it cannot
do so due to the requirements of applicable laws and regulations or because of the operation of its fraud detection controls shall
not be considered a Loss, provided the ETH Custodian is acting reasonably and in good faith. The Custody Agreement provides that
should a Loss of the Trust&#8217;s ETH or fiat currency due to the negligence, fraud, willful or reckless misconduct of the ETH
Custodian or a breach by the ETH Custodian of its Standard of Care occur, the ETH Custodian will, as soon as practicable, return
to the Trust a quantity of the same digital asset that is equal to the quantity of digital assets involved in the Loss, or return
to the Trust a quantity of the same fiat currency that is equal to the quantity of fiat currency involved in the Loss (if the Loss
involved the Fiat Account). However, the Trust does not control the ETH Custodian and cannot guarantee that the ETH Custodian will
perform its obligations to the Trust under the Custody Agreement, in a timely manner or at all. The Custody Agreement provides
that (i) the ETH Custodian does not own or control the underlying software protocols of networks which govern the operation of
digital assets (including the Ethereum Blockchain), (ii) the ETH Custodian makes no guarantees regarding their security, functionality,
or availability, and (iii) in no event shall the ETH Custodian be liable for or in connection with any acts, decisions, or omissions
made by developers or promoters of digital assets, including ETH.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Similarly, under the Clearing Agreement, the ETH Custodian&#8217;s
liability in connection with the Clearing Services is limited as follows, among others: the ETH Custodian does not have any responsibility
for any sale or purchase of ETH for cash to a Liquidity Provider through the Clearing Services (such a transaction, a &#8220;Clearing
Transaction&#8221;), other than as specifically identified in the Clearing Agreement. The ETH Custodian may rely upon, without
liability on its part, any clearing request submitted through Gemini&#8217;s platform. Absent gross negligence, willful misconduct
or fraud, the ETH Custodian shall not be liable for any loss resulting from a clearing request or the use of Clearing Services.
Validation and confirmation procedures used by Gemini are designed only to verify the source of clearing requests and that each
party has met its respective obligations in respect of a clearing request and not to detect errors in the content of a clearing
request or to prevent duplicate clearing requests. The Trust is responsible for losses resulting from clearing requests provided
by it and for any errors made by or on behalf of the Trust, any errors resulting, directly or indirectly, from fraud or the duplication
of any clearing request by or on behalf of the Trust, or any losses resulting from the malfunctioning of any devices used by the
Trust or loss or compromise of credentials used by the Trust to deliver clearing requests. The ETH Custodian may reject, refuse
to settle or otherwise not complete any request to settle a ETH transaction through the Clearing Services for any reason necessary
to comply with applicable laws and regulations or in connection with its fraud or other compliance controls and systems, and the
ETH Custodian shall have no liability whatsoever to the Trust, any transaction counterparty or any other party in connection with
or arising out of the ETH Custodian rejecting, refusing or otherwise not completing the settlement of a transaction through the
Clearing Services. The ETH Custodian will not settle transactions through the Clearing Services: (i) if either party to a Clearing
Transaction has not fully funded its accounts held with the ETH Custodian and used in connection with the Clearing Services (in
the Trust&#8217;s case, the Clearing Account and Fiat Account), as applicable, with the required fiat currency amount or ETH amount,
as applicable, prior to the agreed expiration time; (ii) if either party to a Clearing Transaction has not confirmed its acceptance
of the clearing request to the ETH Custodian prior to the agreed expiration time; (iii) if either party to a transaction is not
a Gemini customer; or (iv) for any other reason as determined by the Ethereum Custodian in its sole discretion to comply with applicable
laws and regulation or in connection with the ETH Custodian&#8217;s fraud or other compliance controls and systems. Although the
ETH Custodian has represented to the Sponsor that Clearing Transactions ordinarily settle automatically within minutes once the
ETH and cash have been funded by both the Trust and the Liquidity Provider in their respective accounts at the ETH Custodian used
in connection with the Clearing Services (in the Trust&#8217;s case, the Clearing Account and Fiat Account), the ETH Custodian
is not required by the Clearing Agreement to settle the Clearing Transaction that quickly. These and the other limitations on the
ETH Custodian&#8217;s liability may allow it to avoid liability for potential losses, even if the ETH Custodian directly caused
such losses.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Clearing Agreement provides that it is subject to Gemini&#8217;s
user agreement (the &#8220;User Agreement&#8221;). Pursuant to the User Agreement, Gemini agrees to take reasonable care and use
commercially reasonable efforts in executing Gemini&#8217;s responsibilities to the Trust pursuant to the User Agreement, or such
higher care where required by law or as specified by the User Agreement. Gemini uses commercially reasonable efforts to provide
the Trust with a reliable and secure </p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">platform. From time to time, interruptions, errors or other deficiencies in service may occur
due to a variety of factors, some of which are outside of our control. These factors can contribute to delays, errors in service,
or system outages, creating difficulties in accessing the Trust&#8217;s account, withdrawing fiat currency or ethereum, depositing
fiat currency or ethereum, and/or placing and/or canceling orders.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Under the User Agreement, Gemini is not liable for any delays,
failure in performance or interruption of service which result directly or indirectly from any cause or condition, whether or not
foreseeable, beyond Gemini&#8217;s reasonable control, including, but not limited to, any act of God, nuclear or natural disaster,
epidemic, action or inaction of civil or military authorities, act of war, terrorism, sabotage, civil disturbance, strike or other
labor dispute, accident, state of emergency or interruption, loss, or malfunction of equipment or utility, communications, computer
(hardware or software), Internet or network provider services.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Except to the extent required by law, Gemini is not liable
under the User Agreement, whether in contract or tort, for any punitive, special, indirect, consequential, incidental, or similar
damages, including lost trading or other profits, diminution in asset value, or lost business opportunities (even if Gemini have
been advised of the possibility thereof) in connection with the transactions subject to the User Agreement. Gemini&#8217;s total
liability for breach of the User Agreement shall be limited by the value of any of the Trust&#8217;s allegedly lost fiat currency
and digital assets in the custody of Gemini at the time of loss. Under the User Agreement, Gemini is not liable for delays or interruptions
in service caused by automated or other compliance checks or for other reasonable delays or interruptions in service, by definition
to include any delay or interruption shorter than one week, or delays or interruptions in service beyond the control of Gemini
or its service providers. The limitation on liability under the User Agreement includes, but is not limited to any damage or interruptions
caused by any computer viruses, spyware, scamware, trojan horses, worms, or other malware that may affect the Trust&#8217;s computer
or other equipment, or any phishing, spoofing, domain typosquatting, or other attacks, failure of mechanical or electronic equipment
or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized
access, theft, operator errors, strikes or other labor problems, or any force majeure. Gemini does not guarantee continuous, uninterrupted,
or secure access to Gemini. Gemini is not responsible for any failure or delay to act by any Gemini service provider, including
Gemini&#8217;s banks, or any other participant that is within the time limits permitted by the User Agreement or prescribed by
law, or that is caused by the Trust&#8217;s negligence.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Under the User Agreement, Gemini is not responsible for any
&#8220;System Failure&#8221; (defined as a failure of any computer hardware or software used by Gemini, a Gemini service provider,
or any telecommunications lines or devices used by Gemini or a Gemini service provider), or scheduled or unscheduled maintenance
or downtime, which prevents Gemini from fulfilling its obligations under the User Agreement, provided that Gemini used commercially
reasonable efforts to prevent or limit such System Failures, or downtime. Gemini cannot be held responsible for any other circumstances
beyond Gemini&#8217;s reasonable control.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Additional ETH Custodian&#8217;s parent, Coinbase Global
maintains a commercial crime insurance policy of up to $320 million, which is intended to cover the loss of client assets held
by Coinbase Global and all of its subsidiaries, including the Additional ETH Custodian (collectively, Coinbase Global and its subsidiaries
are referred to as the &#8220;Coinbase Insureds&#8221;), including from employee collusion or fraud, physical loss including theft,
damage of key material, security breach or hack, and fraudulent transfer. The insurance maintained by Coinbase Global is shared
among all of Coinbase&#8217;s customers, is not specific to the Trust or to customers of the Additional ETH Custodian and may not
be available or sufficient to protect the Trust from all possible losses or sources of losses. Coinbase Global&#8217;s insurance
may not cover the type of losses experienced by the Trust. Alternatively, the Trust may be forced to share such insurance proceeds
with other clients or customers of the Coinbase Insureds, which could reduce the amount of such proceeds that are available to
the Trust. In addition, the ethereum insurance market is limited, and the level of insurance maintained by Coinbase Global may
be substantially lower than the assets of the Trust. While the Additional ETH Custodian maintains certain capital reserve requirements
depending on the assets under custody, and such capital reserves may provide additional means to cover Trust asset losses, the
Trust cannot be assured that the Additional ETH Custodian will maintain capital reserves sufficient to cover actual or potential
losses with respect to the Trust&#8217;s digital assets.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Additionally, under the Additional ETH Custody Agreement,
the Additional ETH Custodian&#8217;s liability is limited as follows, among others: (i) in respect of any incidental, indirect,
special, punitive, consequential or similar losses, the</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Additional ETH Custodian is not liable, even if the Additional
ETH Custodian has been advised of or knew or should have known of the possibility thereof; (ii) the Additional ETH Custodian, its
affiliates or its respective officers, directors, agents, employees and representatives shall in no event have any liability with
respect to any breach of its obligations under the Additional ETH Custody Agreement which does not result from its negligence,
fault, fraud or willful misconduct; and (iii) except for the: (i) Excluded Liabilities; (ii) fraud; or (iii) willful misconduct,
in no event shall any Coinbase entity&#8217;s aggregate liability with respect to any breach of its obligations under the Additional
ETH Custody Agreement exceed the greater of (a) the value of the ETH involved in the transaction giving rise to such liability
and (b) the aggregate amount of fees paid by the Trust to such Coinbase entity in respect of services relating to custody, trade
execution, lending or post-trade credit (if applicable) and other services in the 12-month period prior to the event giving rise
to such liability, and solely in respect of custodial services provided pursuant to the Additional ETH Custody Agreement, the liability
of the Additional ETH Custodian shall not exceed the greater of (i) the aggregate amount of fees paid by the Trust to the Additional
ETH Custodian in respect of the custodial services in the 12-month period prior to the event giving rise to such liability; or
(ii) the value of the ethereum on deposit in Trust&#8217;s Additional ETH Account(s) involved in the event giving rise to such
liability; provided, that in no event shall the Additional ETH Custodian&#8217;s aggregate liability in respect of each cold storage
address exceed one hundred million US dollars ($100,000,000.00 USD).</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#8220;Excluded Liabilities&#8221; means (x) with respect
to the Trust, (1) the Trust&#8217;s defense and indemnity obligations under the Additional ETH Custody Agreement; (2) any outstanding
commissions or fees owed by the Trust under the Additional ETH Custody Agreement and (3) the Trust&#8217;s breach of representations
and warranties under the Additional ETH Custody Agreement; and (y) with respect to the Additional ETH Custodian, its defense and
indemnity obligations under the Additional ETH Custody Agreement. With respect to the Excluded Liabilities, the Additional ETH
Custodian&#8217;s liability to the Trust for any losses arising out of or in connection with the Additional ETH Custodian&#8217;s
defense and indemnity obligations under the Additional ETH Custody Agreement will be limited, in the aggregate, to an amount equal
to five million U.S. dollars ($5,000,000.00 USD).</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In general, the Additional ETH Custodian is not liable under
the Additional ETH Custody Agreement unless in the event of its negligence, fraud, material violation of applicable law or willful
misconduct. The Additional ETH Custodian is not liable for delays, suspension of operations, failure in performance, or interruption
of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Additional ETH Custodian.
Furthermore, the insurance maintained by the Additional ETH Custodian may be insufficient to cover its liabilities to the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Additional ETH Custodian requires up to twenty-four (24)
hours between any request to withdraw ETH from the Trust&#8217;s Additional ETH Account and submission of the Trust&#8217;s withdrawal
to the ETH network. It may be necessary to retrieve certain information from offline storage in order to facilitate a withdrawal
in accordance with the Trust&#8217;s instructions, which may delay the initiation or crediting of such withdrawal from the Trust&#8217;s
Additional ETH Account. ETH shall not be deposited or withdrawn upon less than twenty-four (24) hours&#8217; notice initiated from
the Trust&#8217;s Additional ETH Account. The time of such request shall be the time such notice is transmitted from the Trust&#8217;s
Additional ETH Account. In the context of the foregoing and during such twenty-four (24) hours&#8217; notice period, the Additional
ETH Custodian makes no representations or warranties with respect to the availability and/or accessibility of (1) the ETH, (2)
a Custody Transaction (as defined in the Additional ETH Custody Agreement, which includes a deposit or withdrawal), (3) the Additional
ETH Account, or (4) the Custodial Services (as defined in the Additional ETH Custody Agreement). While the Additional ETH Custodian
will make reasonable efforts to process client initiated deposits in a timely manner, the Additional ETH Custodian makes no representations
or warranties regarding the amount of time needed to complete processing of deposits as such processing is dependent upon many
factors outside of the Additional ETH Custodian&#8217;s control.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Moreover, in the event of an insolvency or bankruptcy of the
ETH Custodian or the Additional ETH Custodian in the future, given that the contractual protections and legal rights of customers
with respect to digital assets held on their behalf by third parties are relatively untested in a bankruptcy of an entity such
as the ETH Custodian and the Additional ETH Custodian in the virtual currency industry, there is a risk that customers&#8217; assets
&#8211; including the Trust&#8217;s assets &#8211; may be considered the property of the bankruptcy estate of the ETH Custodian
or the Additional ETH Custodian, and customers &#8211; including the Trust &#8211; may be at risk of being treated as general unsecured
creditors of such entities and subject to the risk of total loss or markdowns on value of such assets.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Each of the Custody Agreement and the Additional ETH Custody
Agreement contains an agreement by the parties to treat the ethereum credited to the Trust&#8217;s Vault Balance (as defined in
the Custody Agreement) and the Trust&#8217;s Additional ETH Vault Balance (as defined in the Additional ETH Custody Agreement)
as financial assets under Article 8 of the New York Uniform Commercial Code (&#8220;Article 8&#8221;), in addition to stating that
the ETH Custodian and</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">the Additional ETH Custodian will serve as fiduciary and custodian
on the Trust&#8217;s behalf. It is possible that a court would not treat custodied digital assets as part of the ETH Custodian&#8217;s
or the Additional ETH Custodian&#8217;s general estate in the event the ETH Custodian or the Additional ETH Custodian were to experience
insolvency. However, due to the novelty of digital asset custodial arrangements courts have not yet considered this type of treatment
for custodied digital assets and it is not possible to predict with certainty how they would rule in such a scenario. In the case
of the Clearing Account, because it is an omnibus account in which the assets of multiple customers &#8211; including the Trust&#8217;s
assets &#8211; are held together, it is likely the Trust would be treated as a general unsecured creditor in respect of the Clearing
Account held with the ETH Custodian in the event of the ETH Custodian&#8217;s insolvency. The Clearing Agreement does not contain
an Article 8 opt-in. If the ETH Custodian or the Additional ETH Custodian became subject to insolvency proceedings and a court
were to rule that the custodied ethereum were part of the ETH Custodian&#8217;s or the Additional ETH Custodian&#8217;s general
estate and not the property of the Trust, then the Trust would be treated as a general unsecured creditor in the ETH Custodian&#8217;s
or the Additional ETH Custodian&#8217;s insolvency proceedings and the Trust could be subject to the loss of all or a significant
portion of its assets. Moreover, in the event of the bankruptcy of the Ethereum Custodian or the Additional ETH Custodian, an automatic
stay could go into effect and protracted litigation could be required in order to recover the assets held with the ETH Custodian
or the Additional ETH Custodian, all of which could significantly and negatively impact the Trust&#8217;s operations and the value
of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Under the Trust Agreement, the Trustee and the Sponsor will
not be liable for any liability or expense incurred, including, without limitation, as a result of any loss of ethereum by the
ETH Custodian, absent gross negligence or bad faith on the part of the Trustee or the Sponsor or breach by the Sponsor of the Trust
Agreement, as the case may be. As a result, the recourse of the Trust or the Shareholders to the Trustee or the Sponsor, including
in the event of a loss of ethereum by the ETH Custodian, is limited.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Shareholders&#8217; recourse against the Sponsor, the
Trustee, and the Trust&#8217;s other service providers for the services they provide to the Trust, including, without limitation,
those relating to the holding of ETH or the provision of instructions relating to the movement of ethereum, is limited. For the
avoidance of doubt, neither the Sponsor, the Trustee, nor any of their affiliates, nor any other party has guaranteed the assets
or liabilities, or otherwise assumed the liabilities, of the Trust, or the obligations or liabilities of any service provider to
the Trust, including, without limitation, the ETH Custodian or the Additional ETH Custodian. Consequently, a loss may be suffered
with respect to the Trust&#8217;s ETH that is not covered by the ETH Custodian&#8217;s or the Additional ETH Custodian&#8217;s
insurance and for which no person is liable in damages. As a result, the recourse of the Trust or the Shareholders, under applicable
law, is limited.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Loss of a critical banking relationship for, or the failure
of a bank used by, the Trust could adversely impact the Trust&#8217;s ability to create or redeem Baskets, or could cause losses
to the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Cash Custodian and ETH Custodian, under the Clearing Agreement,
facilitate the creation and redemption of Baskets (in exchange for cash subscriptions by Authorized Participants, or in exchange
for redemptions of Shares by Authorized Participants), and other cash movements, including in connection with the purchase of ETH
by the Trust to effectuate subscriptions for cash and the selling of ETH by the Trust to effect redemptions for cash or pay the
Sponsor Fee and, to the extent applicable, other Trust expenses, and in extraordinary circumstances, to effect the liquidation
of the Trust&#8217;s ETH. The Trust relies on the Cash Custodian and ETH Custodian, in connection with the Trust&#8217;s Fiat Account,
to hold any cash related to the purchase or sale of ETH. To the extent that the Trust faces difficulty establishing or maintaining
banking relationships, the loss of the Trust&#8217;s banking partners, including the Cash Custodian or the banks at which the ETH
Custodian, in connection with the Trust&#8217;s Fiat Account, maintains customer cash balances (including the cash balance of the
Trust held in the Fiat Account), or the imposition of operational restrictions by these banking partners and the inability for
the Trust to utilize other financial institutions may result in a disruption of creation and redemption activity of the Trust,
or cause other operational disruptions or adverse effects for the Trust. In the future, it is possible that the Trust could be
unable to establish accounts at new banking partners or establish new banking relationships, or that the banks with which the Trust
is able to establish relationships may not be as large or well-capitalized or subject to the same degree of prudential supervision
as the existing providers.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust could also suffer losses in the event that a bank
or money market fund in which the Trust holds cash, including the cash associated with the Trust&#8217;s account at the Cash Custodian
or the Trust&#8217;s Fiat Account with the ETH Custodian (which is held at the ETH Custodian&#8217;s banks or money market funds
for the benefit of its customers, including the Trust), fails, becomes insolvent, enters receivership, is taken over by regulators,
enters financial distress, or otherwise suffers adverse effects to its financial condition or operational status. Recently, some
banks have experienced financial distress. For example, on March 8,2023, the California Department of Financial Protection and
Innovation (&#8220;DFPI&#8221;) announced that Silvergate Bank had entered voluntary liquidation, and on March 10, 2023, Silicon
Valley Bank,</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">(&#8220;SVB&#8221;), was closed by the DFPI, which appointed
the FDIC, as receiver. Similarly, on March 12, 2023, the New York Department of Financial Services took possession of Signature
Bank and appointed the FDIC as receiver. A joint statement by the Department of the Treasury, the Federal Reserve and the FDIC
on March 12, 2023, stated that depositors in Signature and SVB will have access to all of their funds, including funds held in
deposit accounts, in excess of the insured amount. On May 1, 2023, First Republic Bank was closed by the California Department
of Financial Protection and Innovation, which appointed the FDIC as receiver. Following a bidding process, the FDIC entered into
a purchase and assumption agreement with JPMorgan Chase Bank, National Association, to acquire the substantial majority of the
assets and assume certain liabilities of First Republic Bank from the FDIC.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If the Cash Custodian, the ETH Custodian, or the Banks or
money market funds at which the ETH Custodian holds customer cash balances, including those associated with the Trust&#8217;s Fiat
Account, were to experience financial distress or its financial condition is otherwise affected, the Cash Custodian&#8217;s or
ETH Custodian&#8217;s ability to provide services to the Trust could be affected. Moreover, the future failure of a bank or money
market fund at which the Trust (including through the Fiat Account) maintains cash, could result in losses to the Trust, to the
extent the balances are not subject to deposit insurance, notwithstanding the regulatory requirements to which the Cash Custodian
is subject or other potential protections. In addition, the Trust may maintain cash balances with the Cash Custodian in the Fiat
Account with the that are not insured or are in excess of the FDIC&#8217;s insurance limits, or which are maintained by the Cash
Custodian or ETH Custodian at money market accounts (in the case of the Fiat Account) and subject to the attendant risks (e.g.,
&#8220;breaking the buck&#8221;). As a result, the Trust could suffer losses.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust may be required, or the Sponsor may deem it appropriate,
to terminate and liquidate at a time that is disadvantageous to shareholders.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Pursuant to the terms of the Trust Agreement, the Trust is
required to dissolve under certain circumstances. In addition, the Sponsor may, in its sole discretion, dissolve the Trust for
a number of reasons, including if the Sponsor determines, in its sole discretion, that it is desirable or advisable for any reason
to discontinue the affairs of the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If the Trust is required to terminate and liquidate, or the
Sponsor determines in accordance with the terms of the Trust Agreement that it is appropriate to terminate and liquidate the Trust,
such termination and liquidation could occur at a time that is disadvantageous to Shareholders, such as when the actual exchange
rate of ETH is lower than the Index was at the time when Shareholders purchased their Shares. In such a case, when the Trust&#8217;s
ETH is sold as part of its liquidation, the resulting proceeds distributed to Shareholders will be less than if the actual exchange
rate at such time were higher at the time of sale.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Sponsor is solely responsible for determining the value
of the ETH holdings and ethereum holdings per Share, and any errors, discontinuance or changes in such valuation calculations may
have an adverse effect on the value of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor has the exclusive authority to determine the Trust&#8217;s
NAV and the Trust&#8217;s NAV per Share, which it has delegated to the Administrator. The Administrator will determine the Trust&#8217;s
ETH holdings and ETH holdings per Share on a daily basis as soon as practicable after 4:00 p.m. ET on each business day. The Administrator&#8217;s
determination is made utilizing data from the operations of the Trust and the MarketVector Ethereum Benchmark Rate,
calculated at 4:00 p.m. ET on such day. To the extent that the ETH holdings or ETH holdings per Share are incorrectly calculated,
the Sponsor will not be liable (absent gross negligence or wilful misconduct) for any error and such misreporting of valuation
data could adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If the Sponsor determines in good faith that the MarketVector Ethereum Benchmark Rate does not reflect an accurate ETH price, then the Sponsor will instruct the Administrator to employ an alternative
method to determine the fair value of the Trust&#8217;s assets. There are no predefined criteria to make a good faith assessment
as to which of the rules the Sponsor will apply and the Sponsor may make this determination in its sole discretion. The Administrator
may calculate the NAV in a manner that ultimately inaccurately reflects the price of ETH. To the extent that the Trust&#8217;s
NAV and the Trust&#8217;s NAV per Share, the MarketVector Ethereum Benchmark Rate, or the Administrator&#8217;s or
the Sponsor&#8217;s other valuation methodology are incorrectly calculated, neither the Sponsor, the Administrator nor the Trustee
may be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares and investors
could suffer a substantial loss on their investment in the Trust. Moreover, the terms of the Trust Agreement do not prohibit the
Sponsor from changing the index used to calculate NAV or other valuation method used to calculate the net asset value of the Trust.
Any such change in the index or other valuation method could affect the value of the Shares and investors could suffer a substantial
loss on their investment in the Trust.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">To the extent the methodology used to calculate the MarketVector Ethereum Benchmark Rate is deemed not to be consistent with GAAP, the Trust&#8217;s periodic financial statements may not utilize
the Trust&#8217;s NAV or the Trust&#8217;s NAV per Share. For purposes of the Trust&#8217;s financial statements, the Trust will
utilize a pricing source that is consistent with GAAP, as of the financial statement measurement date. The Sponsor will determine
in its sole discretion the valuation sources and policies used to prepare the Trust&#8217;s financial statements. To the extent
that such valuation sources and policies used to prepare the Trust&#8217;s financial statements result in an inaccurate price,
the value of the Shares could be adversely affected and investors could suffer a substantial loss on their investment in the Trust.
Moreover, the terms of the Trust Agreement do not prohibit the Sponsor from changing the valuation method used to calculate the
net asset value to be reported in the Trust&#8217;s financial statements. Any such change in such valuation method could affect
the value of the Shares and investors could suffer a substantial loss on their investment in the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Extraordinary expenses resulting from unanticipated events
may become payable by the Trust, adversely affecting the value of the shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In partial consideration for the Sponsor&#8217;s Fee, the
Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, with the
exception of those described in the registration statement. Expenses incurred by the Trust but not assumed by the Sponsor, such
as, among others, taxes and governmental charges; expenses and costs of any extraordinary services performed by the Sponsor (or
any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders (including, for example,
in connection with any fork of the Ethereum Blockchain, any Incidental Rights and any IR Virtual Currency); or extraordinary legal
fees and expenses are not assumed by the Sponsor and are borne by the Trust. The Sponsor may sell ETH to pay certain expenses not
assumed by the Sponsor. Accordingly, the Sponsor may be required to sell or otherwise dispose of ETH at a time when the trading
prices for those assets are depressed.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The sale or other disposition of assets of the Trust in order
to pay extraordinary expenses could have a negative impact on the value of the Shares for several reasons. These include the following
factors:</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"/><td style="width: 18pt">&#9679;</td><td>The Trust is not
                                         actively managed and no attempt will be made to protect against or to take advantage
                                         of fluctuations in the price of ETC. Consequently, if the Trust incurs expenses in U.S.
                                         dollars, the Trust&#8217;s ETH may be sold at a time when the values of the disposed
                                         assets are low, resulting in a negative impact on the value of the Shares.</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>Because the Trust does not generate any income, every time that the Trust pays expenses, it will
                         deliver ETH to the Sponsor or sell ETH. Any sales of the Trust&#8217;s assets in connection with the
                         payment of expenses will decrease the amount of the Trust&#8217;s assets represented by each Share each
                         time its assets are sold by or transferred to the Sponsor.</td></tr></table><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The value of the Shares will be adversely affected if the
Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent, the ETH Custodian, the Additional ETH Custodian or
the Cash Custodian under the Trust documents.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Under the Trust documents, each of the Sponsor, the Trustee,
the Transfer Agent, the ETH Custodian, the Additional ETH Custodian and the Cash Custodian has a right to be indemnified by the
Trust for certain liabilities or expenses that it incurs without gross negligence, bad faith or wilful misconduct on its part.
Therefore, the Sponsor, Trustee, Transfer Agent, the ETH Custodian, the Additional ETH Custodian or the Cash Custodian may require
that the assets of the Trust be used for indemnification in order to cover losses or liability suffered by them. This would reduce
the ethereum holdings of the Trust and the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Gemini serves as the ETH Custodian for several competing
exchange-traded ethereum products, and the Trust&#8217;s Cash Custodian and Liquidity Providers may also transact with competing
exchange-traded ETH products or with other companies in the digital assets industry, which could heighten interconnectedness and
contagion risks and adversely affect creation and redemption processes of the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">By virtue of its prominent market position and capabilities,
and the relatively limited number of institutionally-capable providers of cryptoasset brokerage and custody services, Gemini serves
as the ETH custodian for several competing exchange-traded ETH products. Therefore, Gemini&#8217;s size and market share creates
the risk that Gemini may fail to properly resource its operations to support all such products that use its services, and the broader
risk that its concentrated focus on the industry could adversely affect its financial condition or disrupt its operations if its
customers in the digital assets industry experience problems or issues, which could harm the Trust, the Shareholders and the value
of</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">the Shares. If Gemini were to favor the interests of certain
products over others, it could result in inadequate attention or comparatively unfavorable commercial terms to less favored products,
which could adversely affect the Trust&#8217;s operations and ultimately the value of the Shares. Similarly, although the Sponsor
presently has no knowledge of the Cash Custodian&#8217;s customer base, if and to the extent the Cash Custodian serves other competing
exchange-traded cryptocurrency products or other similar investment vehicles, it could conceivably divert the Cash Custodian&#8217;s
focus and resources away from serving the Trust, leading to harm to the Trust and its Shareholders.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The ETH Custodian is, and Liquidity Providers in many cases
are, prominent companies with active operations in the digital assets industry. As illustrated by the 2022 Events, many of the
players in the digital assets markets are interconnected &#8211; for example, certain market participants may be active in both
borrowing and lending, or engage in a wide variety of trading relationships and transactions, with respect to many of the same
counterparties, or with respect to the same digital assets or blockchain networks &#8211; which can heighten the contagion risks
if one of them defaults on its obligations to others or a given digital blockchain network or digital asset were to stop functioning
properly or lose substantial value, as applicable, leading to correlated failures in a wider market downturn or a disruption or
market dislocation affecting that particular blockchain network or that particular digital asset. It is possible that, in circumstances
similar to the 2022 Events, this interconnectedness risk affecting the ETH Custodian and the Liquidity Providers to the Trust could
adversely affect the Trust or its Shareholders, for instance by disrupting creation and redemption processes.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>Coinbase serves as the ETH Custodian
for several competing exchange-traded ethereum products, which could adversely affect the trust&#8217;s operations and ultimately
the value of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Additional ETH Custodian is an affiliate of Coinbase Global.
As of the date hereof, Coinbase Global is the largest publicly traded cryptoasset company in the world by market capitalization
and is also the largest cryptoasset custodian in the world by assets under custody. By virtue of its leading market position and
capabilities, and the relatively limited number of institutionally-capable providers of cryptoasset brokerage and custody services,
Coinbase serves as the ETH Custodian for several competing exchange-traded ETH products. Therefore, Coinbase has a critical role
in supporting the U.S. spot ethereum exchange-traded product ecosystem, and its size and market share creates the risk that Coinbase
may fail to properly resource its operations to adequately support all such products that use its services that could harm the
Trust, the Shareholders and the value of the Shares. If Coinbase were to favor the interests of certain products over others, it
could result in inadequate attention or comparatively unfavorable commercial terms to less favored products, which could adversely
affect the Trust&#8217;s operations and ultimately the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust&#8217;s Authorized Participants act in similar
or identical capacities for several competing exchange-traded ETH products, which may impact the ability or willingness of one
or more Authorized Participants to participate in the creation and redemption process, adversely affect the Trust&#8217;s ability
to create or redeem Baskets and adversely affect the Trust&#8217;s operations and ultimately the value of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Many of the Trust&#8217;s Authorized Participants, now or
in the future, act or may act in the same capacity for several competing exchange-traded ETH products. Due to balance sheet capacity
or other concerns or constraints, Authorized Participants, none of which are obligated to engage in creation and/or redemption
transactions, may not be able or willing to submit creation or redemption orders with the Trust or may do so in limited capacities,
particularly during times of heightened market trading activity or market volatility or turmoil. The inability or unwillingness
of Authorized Participants to do so could lead to the potential for the Shares to trade at premiums or discounts to the NAV, and
such premiums or discounts could be substantial.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Furthermore, if creations or redemptions are unavailable due
the inability or unwillingness of one or more of the Trust&#8217;s Authorized Participants to submit creation or redemption orders
with the Trust (or do so in a limited capacity), the arbitrage mechanism may fail to function as efficiently as it otherwise would
or be unavailable. This could result in impaired liquidity for the Shares, wider bid/ask spreads in the secondary trading of the
Shares and greater costs to investors and other market participants, all of which could cause the Sponsor to halt or suspend the
creation or redemption of Shares during such times, among other consequences.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust is not permitted to engage in Staking Activities,
which could negatively affect the value of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Staking Activities refer to employing ETH in actions where
any portion of the Trust&#8217;s ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH
or generate income or other earnings. Neither the Trust, nor the Sponsor, nor the ETH Custodian, nor any other person associated
with the Trust will, directly or indirectly, employ the Trust&#8217;s ETH in Staking Activities. Accordingly, the Trust will not
earn any form of staking rewards, or income of any kind, from Staking Activities.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The inability of the Trust to participate in Staking Activities
and receive such rewards could place the Shares at a comparative disadvantage relative to an investment in ethereum directly or
through a vehicle that is not subject to such a prohibition, which could negatively affect the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Regulatory Risk</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Digital asset markets in the United States exist in a state
of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of ETH or the
Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of ethereum, mining activity,
digital wallets, the provision of services related to trading and custodying ethereum, the operation of the Ethereum network, or
the digital asset markets generally.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">There is a lack of consensus regarding the regulation of digital
assets, including ETH, and their markets. As a result of the growth in the size of the digital asset market, as well as the 2022
Events, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, Office of the Comptroller of
the Currency (the &#8220;OCC&#8221;), U.S. Commodity Futures Trading Commission (the &#8220;CFTC&#8221;), FINRA, the Consumer Financial
Protection Bureau (&#8220;CFPB&#8221;), the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation,
the IRS, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital
asset users and the digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued
consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect
to digital assets generally or ETH in particular may alter, perhaps to a materially adverse extent, the nature of an investment
in the Shares or the ability of the Trust to continue to operate.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The 2022 Events, including among others the bankruptcy filings
of FTX and its subsidiaries, Three Arrows Capital, Celsius Network, Voyager Digital, Genesis, BlockFi and others, and other developments
in the digital asset markets, have resulted in calls for heightened scrutiny and regulation of the digital asset industry, with
a specific focus on intermediaries such as digital asset exchanges, platforms, and custodians. Federal and state legislatures and
regulatory agencies may introduce and enact new laws and regulations to regulate crypto asset intermediaries, such as digital asset
exchanges and custodians. The March 2023 collapses of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which in some cases
provided services to the digital assets industry, may amplify and/or accelerate these trends. On January 3, 2023, the federal banking
agencies issued a joint statement on crypto-asset risks to banking organizations following events which exposed vulnerabilities
in the crypto-asset sector, including the risk of fraud and scams, legal uncertainties, significant volatility, and contagion risk
though on March 7, 2025, the Office of the Comptroller of the Currency withdrew its participation in the joint statement on crypto
asset risks to banking organizations. Although banking organizations are not prohibited from crypto-asset related activities, the
agencies have at times expressed significant safety and soundness concerns with business models that are concentrated in crypto-asset
related activities or have concentrated exposures to the crypto-asset sector.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">US federal and state regulators, as well as the White House,
have issued reports and releases concerning crypto assets, including ETH and crypto asset markets. Further, in 2023 the House of
Representatives formed two new subcommittees: the Digital Assets, Financial Technology and Inclusion Subcommittee and the Commodity
Markets, Digital Assets, and Rural Development Subcommittee, each of which were formed in part to analyze issues concerning crypto
assets and demonstrate a legislative intent to develop and consider the adoption of federal legislation designed to address the
perceived need for regulation of and concerns surrounding the crypto industry. However, the extent and content of any forthcoming
laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future. A divided Congress
makes any prediction difficult. We cannot predict how these and other related events will affect us or the crypto asset business.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Former President Biden&#8217;s March 9, 2022 Executive Order,
asserting that technological advances and the rapid growth of the digital asset markets &#8220;necessitate an evaluation and alignment
of the United States Government approach to digital assets,&#8221; signals an ongoing focus on digital asset policy and regulation
in the United States. A number of reports issued pursuant to the Executive Order have focused on various risks related to the digital
asset ecosystem, and have recommended additional legislation and regulatory oversight. There have also been several bills introduced
in Congress that propose to establish additional regulation and oversight of the digital asset markets.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">It is not possible to predict whether Congress will grant
additional authorities to the SEC or other regulators, what the nature of such additional authorities might be, how they might
impact the ability of digital asset markets to function or how any new regulations that may flow from such authorities might impact
the value of digital assets generally and ETH held by the Trust specifically. The consequences of increased federal regulation
of digital assets and digital asset activities could have a material adverse effect on the Trust and the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">FinCEN requires any administrator or exchanger of convertible
digital assets to register with FinCEN as a money transmitter and comply with the anti-money laundering regulations applicable
to money transmitters. Entities which fail to </p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">comply with such regulations are subject to fines, may be required to cease operations,
and could have potential criminal liability. For example, in 2015, FinCEN assessed a $700,000 fine against a sponsor of a digital
asset for violating several requirements of the U.S. Bank Secrecy Act (as amended) (&#8220;BSA&#8221;) by acting as an MSB and
selling the digital asset without registering with FinCEN, and by failing to implement and maintain an adequate anti-money laundering
program. In 2017, FinCEN assessed a $110 million fine against BTC-e, a now defunct digital asset exchange, for similar violations.
The requirement that exchangers that do business in the United States register with FinCEN and comply with anti-money laundering
regulations may increase the cost of buying and selling ethereum and therefore may adversely affect the price of ETH and an investment
in the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Office of Foreign Assets Control (&#8220;OFAC&#8221;)
of the U.S. Department of the Treasury (the &#8220;U.S. Treasury Department&#8221;) has added digital currency addresses, including
on the Ethereum Blockchain, to the list of Specially Designated Nationals whose assets are blocked, and with whom U.S. persons
are generally prohibited from dealing. Such actions by OFAC, or by similar organizations in other jurisdictions, may introduce
uncertainty in the market as to whether ETH that has been associated with such addresses in the past can be easily sold. This &#8220;tainted&#8221;
ETH may trade at a substantial discount to untainted ETH. Reduced fungibility in the ethereum markets may reduce the liquidity
of ETH and therefore adversely affect their price.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In February 2020, then-U.S. Treasury Secretary Steven Mnuchin
stated that digital assets were a &#8220;crucial area&#8221; on which the U.S. Treasury Department has spent significant time.
Secretary Mnuchin announced that the U.S. Treasury Department is preparing significant new regulations governing digital asset
activities to address concerns regarding the potential use for facilitating money laundering and other illicit activities. In December
2020, FinCEN, a bureau within the U.S. Treasury Department, proposed a rule that would require financial institutions to submit
reports, keep records, and verify the identity of customers for certain transactions to or from so-called &#8220;unhosted&#8221;
wallets, also commonly referred to as self-hosted wallets. In January 2021, U.S. Treasury Secretary nominee Janet Yellen stated
her belief that regulators should &#8220;look closely at how to encourage the use of digital assets for legitimate activities while
curtailing their use for malign and illegal activities.&#8221;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Under regulations from the NYDFS, businesses involved in digital
asset business activity for third parties in or involving New York, excluding merchants and consumers, must apply for a license,
commonly known as a BitLicense, from the NYDFS and must comply with anti-money laundering, cybersecurity, consumer protection,
and financial and reporting requirements, among others. As an alternative to a BitLicense, a firm can apply for a charter to become
a limited purpose trust company under New York law qualified to engage in certain digital asset business activities. Other states
have considered or approved digital asset business activity statutes or rules, passing, for example, regulations or guidance indicating
that certain digital asset business activities constitute money transmission requiring licensure.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The inconsistency in applying money transmitting licensure
requirements to certain businesses may make it more difficult for these businesses to provide services, which may affect consumer
adoption of ETH and its price. In an attempt to address these issues, the Uniform Law Commission passed a model law in July 2017,
the Uniform Regulation of Virtual Currency Businesses Act, which has many similarities to the BitLicense and features a multistate
reciprocity licensure feature, wherein a business licensed in one state could apply for accelerated licensure procedures in other
states. It is still unclear, however, how many states, if any, will adopt some or all of the model legislation.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Law enforcement agencies have often relied on the transparency
of blockchains to facilitate investigations. However, certain privacy-enhancing features have been, or are expected to be, introduced
to a number of digital asset networks. If the Ethereum network were to adopt any of these features, these features may provide
law enforcement agencies with less visibility into transaction-level data. For example, &#8220;privacy pools,&#8221; zero knowledge
proofs, and other technologies that could enhance privacy have been discussed by participants in the Ethereum network. Europol,
the European Union&#8217;s law enforcement agency, released a report in October 2017 noting the increased use of privacy-enhancing
digital assets like Zcash and Monero in criminal activity on the internet. In August 2022, OFAC banned all U.S. citizens from using
Tornado Cash, a digital asset protocol designed to obfuscate blockchain transactions, by adding certain Ethereum wallet addresses
associated with the protocol to its Specially Designated Nationals list. On October 19, 2023, FinCEN published a proposed rulemaking
to apply the authorities in Section 311 of the USA PATRIOT Act to impose requirements on financial institutions that engage in
convertible virtual currency (&#8220;CVC&#8221;) transactions with CVC mixers. The proposed rule, if adopted, would require covered
financial institutions to report to FinCEN any CVC transactions they process that involves CVC mixing within or involving a jurisdiction
outside the United States. The term &#8220;CVC mixing&#8221; covers more than just transactions that involve CVC mixers like Tornado
Cash, and seemingly could cover a broader range of conduct involving technologies, services, or methods that have the effect of
obfuscating the source, destination, or amount of a CVC transaction, whether or not the obfuscation was intentional. If the rule
were to be adopted as proposed and if the Ethereum network were to be deemed to or were to adopt features which come within the
rule&#8217;s ambit, it could cause covered financial institutions &#8211; such as many virtual currency exchanges, or the Trust&#8217;s
service providers, such as the </p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Cash Custodian &#8211; to reduce support for or cease offering services for ETH or to the Trust,
which could impair the utility of ETH, the value of the Shares and the Trust&#8217;s ability to operate in compliance with new
laws and regulations.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>A determination that ETH or any other digital asset is
a &#8220;security&#8221; may adversely affect the value of ETH and the value of the Shares, and result in potentially extraordinary,
nonrecurring expenses to, or termination of, the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Depending on its characteristics, a digital asset may be considered
a &#8220;security&#8221; under the federal securities laws. The test for determining whether a particular digital asset is a &#8220;security&#8221;
is complex and difficult to apply, and the outcome is difficult to predict. Public, though non-binding, statements made in the
past by senior officials at the SEC and endorsed by its previous Chairman in a letter to a member of Congress appeared to indicate
that the SEC did not consider ETH to be a security at that time. However, a recent federal court decision ruled that the SEC has
not to date issued a definitive statement of its position on whether ETH is a security for purposes of federal law. HODL Law, PLLC
v. Securities and Exchange Commission, Case No. 22-cv-1832-L-JLB, 2023 WL 4852322 (Jul. 28, 2023), at *6. The SEC has brought enforcement
actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question are
securities. The CFTC has for years considered ETH to be a commodity subject to its regulatory jurisdiction, supported by certain
federal district court decisions, and ETH Futures have been listed for years on CFTC-regulated exchanges while cleared ETH swaps
have been listed for trading on CFTC-regulated swap execution facilities not registered with the SEC without being deemed &#8220;mixed
swaps&#8221; subject to joint CFTC and SEC jurisdiction to the Sponsor&#8217;s knowledge.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Whether a digital asset is a security under the federal securities
laws depends on whether it is included in the lists of instruments making up the definition of &#8220;security&#8221; in the 1933
Act, the Exchange Act and the Investment Company Act. Digital assets as such do not appear in any of these lists, although each
list includes the terms &#8220;investment contract&#8221; and &#8220;note,&#8221; and the SEC has typically analyzed whether a
particular digital asset is a security by reference to whether it meets the tests developed by the federal courts interpreting
these terms, known as the Howey and Reves tests, respectively. For many digital assets, whether or not the Howey or Reves tests
are met is difficult to resolve definitively, and substantial legal arguments can often be made both in favor of and against a
particular digital asset qualifying as a security under one or both of the Howey and Reves tests. Adding to the complexity, the
SEC staff has indicated that the security status of a particular digital asset can change over time as the relevant facts evolve.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">As part of determining whether ETH is a security for purposes
of the federal securities laws, the Sponsor takes into account a number of factors, including the various definitions of &#8220;security&#8221;
under the federal securities laws and federal court decisions interpreting elements of these definitions, such as the U.S. Supreme
Court&#8217;s decisions in the Howey and Reves cases, as well as reports, orders, press releases, public statements and speeches
by the SEC and its staff providing guidance on when a digital asset may be a security for purposes of the federal securities laws,
and other materials relevant to the status of ETH as a security (or not). Finally, the Sponsor discusses the security status of
ETH with its external securities lawyers. Through this process the Sponsor believes that it is applying the proper legal standards
in making a good faith determination that it believes ETH is not presently a security under federal law in light of the uncertainties
inherent in the Howey and Reves tests. In light of these uncertainties and the fact-based nature of the analysis, the Sponsor acknowledges
that ETH may currently be a security, based on the facts as they exist today, or may in the future be found by the SEC or a federal
court to be a security under the federal securities laws notwithstanding the Sponsor&#8217;s prior conclusion; and the Sponsor&#8217;s
prior conclusion, even if reasonable under the circumstances and made in good faith, would not preclude legal or regulatory action
based on the presence of a security.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor may dissolve the Trust if the Sponsor determines
ETH is a security under the federal securities laws, whether that determination is initially made by the Sponsor itself, or because
the SEC or a federal court subsequently makes that determination. Because the legal tests for determining whether a digital asset
is or is not a security often leave room for interpretation, and because the SEC has not taken a definitive position, for so long
as the Sponsor believes there to be good faith grounds to conclude that the Trust&#8217;s ethereum is not a security, the Sponsor
does not intend to dissolve the Trust on the basis that ETH could at some future point be determined to be a security.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Any enforcement action by the SEC or a state securities regulator
asserting that ETH is a security, or a court decision to that effect would be expected to have an immediate material adverse impact
on the trading value of ETH, as well as the Shares. This is because the business models behind most digital assets are incompatible
with regulations applying to transactions in securities. The New York Attorney General alleged in a lawsuit filed in March 2023
that ETH was a security under New York and federal securities law and that a cryptocurrency exchange that deals in ETH, unlawfully
failed to register as a securities dealer under New York state law. However, the New York Attorney General alleged in the alternative
in the same case that ETH was a commodity under both New York state and federal law. The defendant settled the New York Attorney
General&#8217;s lawsuit without a court adjudicating whether ETH was a security, a commodity, or neither for purposes of New York
state or federal law.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If a digital asset is determined or asserted to be a security,
it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through
the same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading value
of the digital asset is likely to significantly impact its liquidity and market participants&#8217; ability to convert the digital
asset into U.S. dollars. For example, in 2020 the SEC filed a complaint against the issuer of XRP, Ripple Labs, Inc., and two of
its executives, alleging that they raised more than $1.3 billion through XRP sales that should have been registered under the federal
securities laws, but were not. In the years prior to the SEC&#8217;s action, XRP&#8217;s market capitalization at times reached
over $140 billion. However, in the weeks following the SEC&#8217;s complaint, XRP&#8217;s market capitalization fell to less than
$10 billion, which was less than half of its market capitalization in the days prior to the complaint. The SEC&#8217;s action against
XRP&#8217;s issuer underscores the continuing uncertainty around which digital assets are securities, and demonstrates that such
factors as how long a digital asset has been in existence, how widely held it is, how large its market capitalization is and that
it has actual usefulness in commercial transactions, ultimately may have no bearing on whether the SEC or a court will find it
to be a security.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In addition, if ETH is determined to be a security, the Trust
could be considered an unregistered &#8220;investment company&#8221; under SEC rules, which could necessitate the Trust&#8217;s
liquidation. In this case, the Trust and the Sponsor may be deemed to have participated in an illegal offering of securities and
there is no guarantee that the Sponsor will be able to register the Trust under the Investment Company Act at such time or take
such other actions as may be necessary to ensure the Trust&#8217;s activities comply with applicable law, which could force the
Sponsor to liquidate the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Moreover, whether or not the Sponsor or the Trust were subject
to additional regulatory requirements as a result of any SEC or federal court determination that its assets include securities,
the Sponsor may nevertheless decide to terminate the Trust, in order, if possible, to liquidate the Trust&#8217;s assets while
a liquid market still exists. For example, in response to the SEC&#8217;s action against the issuer of XRP, certain significant
market participants announced they would no longer support XRP and announced measures, including the delisting of XRP from major
digital asset trading platforms. The sponsor of the Grayscale XRP Trust subsequently dissolved this trust and liquidated its assets.
If the SEC or a federal court were to determine that ETH is a security, it is likely that the value of the Shares of the Trust
would decline significantly, and that the Trust itself may be terminated and, if practical, its assets liquidated.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Competing industries may have more influence with policymakers
than the digital asset industry, which could lead to the adoption of laws and regulations that are harmful to the digital asset
industry.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The digital asset industry is relatively new and it does not
have the same access to policymakers and lobbying organizations in many jurisdictions compared to industries with which digital
assets may be seen to compete, such as banking, payments and consumer finance. Competitors from other, more established industries
may have greater access to and influence with governmental officials and regulators and may be successful in persuading these policymakers
that digital assets require heightened levels of regulation compared to the regulation of traditional financial services. As a
result, new laws and regulations may be proposed and adopted in the United States and elsewhere, or existing laws and regulations
may be interpreted in new ways, that disfavor or impose compliance burdens on the digital asset industry or digital asset platforms,
which could adversely impact the value of ETH and therefore the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders do not have the protections associated with
ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The 1940 Act is designed to protect investors by preventing
insiders from managing investment companies to their benefit and to the detriment of public investors, such as: the issuance of
securities having inequitable or discriminatory provisions;</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">the management of investment companies by irresponsible persons;
the use of unsound or misleading methods of computing earnings and asset value; changes in the character of investment companies
without the consent of investors; and investment companies from engaging in excessive leveraging. To accomplish these ends, the
1940 Act requires the safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging,
and imposes governance requirements as a check on fund management.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust is not registered as an investment company under
the 1940 Act, and the Sponsor believes that the Trust is not required to register under such act. Consequently, Shareholders do
not have the regulatory protections provided to investors in investment companies.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust will not hold or trade in commodity interests regulated
by the CEA, as administered by the CFTC. Furthermore, the Sponsor believes that the Trust is not a commodity pool for purposes
of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a
commodity trading advisor in connection with the operation of the Trust. Consequently, Shareholders will not have the regulatory
protections provided to investors in CEA-regulated instruments or commodity pools.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Future legal or regulatory developments may negatively
affect the value of ETH or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust
to liquidate.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Current and future legislation, SEC and CFTC rulemaking, and
other regulatory developments may impact the manner in which ETH are treated for classification and clearing purposes. In particular,
although ETH is currently understood to be a commodity when transacted on a spot basis, ETH itself in the future might be classified
by the CFTC as a &#8220;commodity interest&#8221; under the CEA, subjecting all transactions in ETH to full CFTC regulatory jurisdiction.
Alternatively, in the future ETH might be classified by the SEC as a &#8220;security&#8221; under U.S. federal securities laws.
The Sponsor and the Trust cannot be certain as to how future regulatory developments will impact the treatment of ETH under the
law. In the face of such developments, the required registrations and compliance steps may result in extraordinary, nonrecurring
expenses to the Trust. If the Sponsor decides to terminate the Trust in response to the changed regulatory circumstances, the Trust
may be dissolved or liquidated at a time that is disadvantageous to Shareholders.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The SEC has stated that certain digital assets may be considered
&#8220;securities&#8221; under the federal securities laws. The test for determining whether a particular digital asset is a &#8220;security&#8221;
is complex and the outcome is difficult to predict. If ETH is in the future determined to be a &#8220;security&#8221; under federal
or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it would likely have
material adverse consequences for the value of ETH. For example, it may become more difficult or impossible for ETH to be traded,
cleared and custodied in the United States as compared to other digital assets that are not considered to be securities, which
could in turn negatively affect the liquidity and general acceptance of ETH and cause users to migrate to other digital assets.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">To the extent that ETH is determined to be a security, the
Trust and the Sponsor may also be subject to additional regulatory requirements, including under the 1940 Act, and the Sponsor
may be required to register as an investment adviser under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers
Act&#8221;). If the Sponsor determines not to comply with such additional regulatory and registration requirements, the Sponsor
will terminate the Trust. Any such termination could result in the liquidation of the Trust&#8217;s ethereum at a time that is
disadvantageous to Shareholders.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">To the extent that ETH is deemed to fall within the definition
of a &#8220;commodity interest&#8221; under the CEA, the Trust and the Sponsor may be subject to additional regulation under the
CEA and CFTC regulations. These additional requirements may result in extraordinary, recurring and/or nonrecurring expenses of
the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with
such additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result
in the liquidation of the Trust&#8217;s ETH at a time that is disadvantageous to Shareholders.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The SEC has recently proposed amendments to the custody rules
under Rule 406(4)-2 of the Advisers Act. The proposed rule changes would amend the definition of a &#8220;qualified custodian&#8221;
under Rule 206(4)-2(d)(6) and expand the current custody rule in 406(4)-2 to cover all digital assets, including ethereum, and
related advisory activities. If enacted as proposed, these rules would likely impose additional regulatory requirements with respect
to the custody and storage of digital assets, including ETH. The Sponsor is studying the impact that such amendments may have on
the Trust and its arrangements with the ETH Custodian and the Additional ETH Custodian. It is possible that such amendments, if
adopted, could prevent the ETH Custodian and the Additional ETH Custodian from serving as service providers to the Trust, or require
potentially significant modifications to existing arrangements under the Custody Agreement and the Additional ETH Custody Agreement,
which could cause the Trust to bear potentially significant increased costs. If the Sponsor is unable to make such modifications
or appoint successor service providers to fill the role that the ETH Custodian or the Additional ETH Custodian currently plays,
the Trust&#8217;s operations (including in relation to creations and redemptions of </p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Baskets and the holding of ETH) could be negatively
affected, the Trust could dissolve (including at a time that is potentially disadvantageous to Shareholders), and the value of
the Shares or an investment in the Trust could be affected.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Further, the proposed amendments could have a severe negative
impact on the price of ETH and therefore the value of the Shares if enacted, by, among other things, making it more difficult for
investors to gain access to ETH, or causing certain holders of ethereum to sell their holdings.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>If regulatory changes or interpretations of an Authorized
Participant&#8217;s, Liquidity Provider&#8217;s, the Trust&#8217;s or the Sponsor&#8217;s activities require the regulation of
an Authorized Participant, Liquidity Provider, the Trust or the Sponsor as a money service business under the regulations promulgated
by FINCEN under the authority of the U.S. Bank Secrecy Act or as a money transmitter or digital asset business under state regimes
for the licensing of such businesses, an Authorized Participant, Liquidity Provider, the Trust or the Sponsor may be required to
register and comply with such regulations, which could result in extraordinary, recurring and/or nonrecurring expenses to the Authorized
Participant, Trust or Sponsor or increased commissions for the Authorized Participant&#8217;s clients, thereby reducing the liquidity
of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">To the extent that the activities of any Authorized Participant,
Liquidity Provider, the Trust or the Sponsor cause it to be deemed a &#8220;money services business&#8221; under the regulations
promulgated by FinCEN under the authority of the BSA, such Authorized Participant, Liquidity Provider, the Trust or the Sponsor
may be required to comply with FinCEN regulations, including those that would mandate the Authorized Participant, Liquidity Provider,
Trust or the Sponsor to implement anti-money laundering programs, make certain reports to FinCEN and maintain certain records.
Similarly, the activities of an Authorized Participant, Liquidity Provider, the Trust or the Sponsor may require it to be licensed
as a money transmitter or as a digital asset business, such as under NYDFS&#8217; BitLicense regulation.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Such additional regulatory obligations may cause the Authorized
Participant, Liquidity Provider, the Trust or the Sponsor to incur extraordinary expenses. If the Authorized Participant, Liquidity
Provider, the Trust or the Sponsor decide to seek the required licenses, there is no guarantee that they will timely receive them.
The Authorized Participant or Liquidity Provider may also instead decide to terminate its role as Authorized Participant or Liquidity
Provider of the Trust, or the Sponsor may decide to terminate the Trust. Termination by the Authorized Participant may decrease
the liquidity of the Shares, which may adversely affect the value of the Shares, and any termination of the Trust in response to
the changed regulatory circumstances may be at a time that is disadvantageous to the Shareholders.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Additionally, to the extent the Authorized Participant, Liquidity
Provider, the Trust or the Sponsor is found to have operated without appropriate state or federal licenses by any regulator or
court, it may be subject to investigation, administrative or court proceedings, operating restrictions, and civil or criminal monetary
fines and penalties, all of which would harm the reputation of the Authorized Participant, Liquidity Provider, the Trust or the
Sponsor, disrupt their operations, and have a material adverse effect on the price of the Shares. Although Liquidity Providers
represent to the Trust that they have obtained all necessary governmental licenses in the Liquidity Provider agreements, if such
representations prove inaccurate, such Liquidity Providers may suffer adverse consequences and be unable to perform their obligations
or engage in ethereum transactions with the Trust, or the Trust&#8217;s operations could be adversely affected and decreased liquidity
for the Shares or losses for Shareholders could result.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Anonymity, sanctions, and illicit financing risk. </i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Although transaction details of peer-to-peer transactions
are recorded on the Ethereum Blockchain, a buyer or seller of digital assets on a peer-to-peer basis directly on the Ethereum network
may never know to whom the public key belongs or the true identity of the party with whom it is transacting. Public key addresses
are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users.
In addition, certain technologies, such as tumbling or mixing services, may obscure the origin or chain of custody of digital assets.
In August 2022, OFAC banned all U.S. citizens from using Tornado Cash, a digital asset protocol designed to obfuscate blockchain
transactions, by adding certain Ethereum wallet addresses associated with the protocol to its Specially Designated Nationals list.
On October 19, 2023, FinCEN published a proposed rulemaking under authorities in Section 311 of the USA PATRIOT Act that would
impose requirements on financial institutions that engage in CVC transactions that involve CVC mixing within or involving a jurisdiction
outside the United States. FinCEN&#8217;s rulemaking states that CVC mixing transactions can play a central role in facilitating
the laundering of CVC derived from a variety of illicit activity, and are frequently used by criminals and state actors to facilitate
a range of illicit activity, including, but not limited to, money laundering, sanctions evasion and weapons of mass destruction
proliferation. Given that the Ethereum network is global and anyone can validate transactions using or program DApps or smart contracts
that will operate and record transactions on the Ethereum Blockchain, and the fact that their operators, creators or programmers
sometimes remain anonymous, it is not inconceivable that bad actors, such as those subject to sanctions, could seek to do so.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The opaque nature of the market poses asset verification challenges
for market participants, regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential
for Ponzi schemes, bucket shops and pump and dump schemes. Digital assets have in the past been used to facilitate illicit activities.
If a digital asset was used to facilitate illicit activities, or a digital asset, or prominent DApp or smart contract or network
participant, such as validators or users, were associated with bad actors or illicit activity, businesses that facilitate transactions
in such digital assets could be at increased risk of potential criminal or civil lawsuits, or of having banking or other services
cut off, and such digital asset could be removed from digital asset exchanges. Any of the aforementioned or similar occurrences
could adversely affect the price of the relevant digital asset, the attractiveness of the respective blockchain network and an
investment in the Shares. If the Trust or the Sponsor or the Trustee were to transact with a sanctioned entity, the Trust, the
Sponsor or the Trustee would be at risk of potential criminal or civil lawsuits or liability.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust takes measures with the objective of reducing illicit
financing risks in connection with the Trust&#8217;s activities. However, illicit financing risks are present in the digital asset
markets, including markets for ethereum. There can be no assurance that the measures employed by the Trust will prove successful
in reducing illicit financing risks, and the Trust is subject to the complex illicit financing risks and vulnerabilities present
in the digital asset markets. If such risks eventuate, the Trust or the Sponsor or their affiliates could face civil or criminal
liability, fines, penalties, or other punishments, be subject to investigation, have their assets frozen, lose access to banking
services or services provided by other service providers, or suffer disruptions to their operations, any of which could negatively
affect the Trust&#8217;s ability to operate or cause losses in value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor and the Trust have adopted and implemented policies
and procedures that are designed to comply with applicable anti-money laundering and sanctions laws and regulations including any
applicable KYC laws and regulations. The Sponsor and the Trust will only interact with known third party service providers with
respect to whom it has engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Participants,
Liquidity Providers, the ETH Custodian and the Additional ETH Custodian. Authorized Participants, as broker-dealers, and the ETH
Custodian and the Additional ETH Custodian, as limited purpose trust companies subject to New York Banking Law, are subject to
the BSA and U.S. economic sanctions laws.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In addition, the Trust will only accept creations and redemption
requests from regulated Authorized Participants who themselves are subject to applicable sanctions and anti-money laundering laws
and have compliance programs that are designed to ensure compliance with those laws. In addition, the Liquidity Providers are contractually
obligated to have policies and procedures reasonably designed to comply with the money laundering and related provisions of the
BSA and implementing regulations, and applicable sanctions laws. The Trust will not hold any ethereum except those that have been
delivered by a Liquidity Provider in connection with creation requests.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Each of the ETH Custodian and the Additional ETH Custodian
have adopted and implemented an anti-money laundering and sanctions compliance program, which provides additional protections to
ensure that the Sponsor and the Trust do not transact with a sanctioned party. Notably, the ETH Custodian performs Know-Your-Transaction
(&#8220;KYT&#8221;) screening using blockchain analytics to identify, detect, and mitigate the risk of transacting with a sanctioned
or other unlawful actor. Pursuant to the ETH Custodian&#8217;s KYT program, any ethereum that is delivered to the Trust&#8217;s
ETH Account will undergo screening to ensure that the origins of that ethereum are not illicit. The Additional ETH Custodian&#8217;s
KYT program includes robust internal policies, procedures and controls that combat the attempted use of the Additional ETH Custodian
for illegal or illicit purposes, including a customer identification program, annual training of all employees and officers in
anti-money laundering obligations and requirements, filing of Suspicious Activity Reports with the U.S. Financial Crimes Enforcement
Network and annual independent audits of the Additional ETH Custodian&#8217;s anti-money laundering program.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">There is no guarantee that such procedures will always be
effective. If the Authorized Participants or Liquidity Providers have inadequate policies, procedures and controls for complying
with applicable anti-money laundering and applicable sanctions laws or the Trust&#8217;s diligence or procedures are ineffective,
violations of such laws could result, which could result in regulatory liability for the Trust, the Sponsor, the Trustee or their
affiliates under such laws, including governmental fines, penalties, and other punishments, as well as potential liability to or
cessation of services by the ETH Custodian, the Additional ETH Custodian, Liquidity Providers, or the Trust&#8217;s other service
providers and counterparties. Moreover, AML and related procedures by the ETH Custodian and Additional ETH Custodian could result
in the Trust&#8217;s ETH being blocked or frozen, and thus made unavailable to the Trust. Any of the foregoing could result in
losses to the Shareholders or negatively affect the Trust&#8217;s ability to operate.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Trading on ETH exchanges outside the United States is not
subject to U.S. regulation, and may be less reliable than U.S. exchanges.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Barring cash creations and redemptions, or a liquidation of
the Trust, the Trust does not purchase or sell ETH. To the extent any of the Trust&#8217;s trading is conducted on ETH trading
platforms outside the United States, trading on such exchanges is not regulated by any U.S. governmental agency and may involve
certain risks not applicable to trading on U.S. exchanges. Certain foreign markets may be more susceptible to disruption than U.S.
exchanges. These factors could adversely affect the performance of the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Regulatory changes or actions in foreign jurisdictions
may affect the value of the Shares or restrict the use of ETH, mining activity or the operation of their networks or the global
ETH markets in a manner that adversely affects the value of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Various foreign jurisdictions have, and may continue to adopt
laws, regulations or directives that affect digital asset networks (including the Ethereum network), the digital asset markets
(including the ETH market), and their users, particularly digital asset exchanges and service providers that fall within such jurisdictions&#8217;
regulatory scope. For example, if China or other foreign jurisdictions were to ban or otherwise restrict <span style="text-decoration:underline">validating activity,
including by regulating or limiting</span> manufacturers&#8217; ability to produce or sell semiconductors or hard drives in connection
with ethereum mining, it would have a material adverse effect on digital asset networks (including the Ethereum network), the digital
asset market, and as a result, impact the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">A number of foreign jurisdictions have recently taken regulatory
action aimed at digital asset activities. China has made transacting in cryptocurrencies illegal for Chinese citizens in mainland
China, and additional restrictions may follow. Both China and South Korea have banned initial coin offerings entirely and regulators
in other jurisdictions, including Canada, Singapore and Hong Kong, have opined that initial coin offerings may constitute securities
offerings subject to local securities regulations. In May 2021, the Chinese government announced renewed efforts to restrict cryptocurrency
trading and mining activities. Regulators in the Inner Mongolia and other regions of China have proposed regulations that would
create penalties for companies engaged in cryptocurrency mining activities and introduce heightened energy saving requirements
on industrial parks, data centers and power plants providing electricity to cryptocurrency miners. The United Kingdom&#8217;s Financial
Conduct Authority published final rules in October 2020 banning the sale of derivatives and exchange traded notes that reference
certain types of digital assets, contending that they are &#8220;ill-suited&#8221; to retail investors citing extreme volatility,
valuation challenges and association with financial crime. A new bill, the Financial Services and Markets Bill (&#8220;FSMB&#8221;),
became law in 2023. The FSMB brings digital asset activities within the scope of existing laws governing financial institutions,
markets and assets. In addition, the European Council of the European Union approved the text of Markets in Crypto-Assets (&#8220;MiCA&#8221;)
in October 2022. MiCA came into effect in 2024, establishing a regulatory framework for digital asset services across the European
Union. MiCA is intended to serve as a comprehensive regulation of digital asset markets and imposes various obligations on digital
asset issuers and service providers. The main aims of MiCA are industry regulation, consumer protection, prevention of market abuse
and upholding the integrity of digital asset markets.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Foreign laws, regulations or directives may conflict with
those of the United States and may negatively impact the acceptance of one or more digital assets by users, merchants and service
providers outside the United States and may therefore impede the growth or sustainability of the digital asset economy in the European
Union, China, Japan, Russia and the United States and globally, or otherwise negatively affect the value of ETH. Moreover, other
events, such as the interruption in telecommunications or internet services, cyber-related terrorist acts, civil disturbances,
war or other catastrophes, could also negatively affect the digital asset economy in one or more jurisdictions. For example, Russia&#8217;s
invasion of Ukraine on February 24, 2022 led to volatility in digital asset prices, with an initial steep decline followed by a
sharp rebound in prices. The effect of any future regulatory change on the Trust or ETH is impossible to predict, but such change
could be substantial and adverse to the Trust and the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Tax Risk</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The treatment of the Trust for U.S. federal income tax
purposes is uncertain.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor intends to take the position that the Trust is
properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust
will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be
treated as directly owning its pro rata share of the Trust&#8217;s assets and a pro rata portion of the Trust&#8217;s income, gain,
losses and deductions will &#8220;flow through&#8221; to each beneficial owner of Shares.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust may take certain positions with respect to the tax
consequences of Incidental Rights and IR Virtual Currency. If the IRS were to disagree with, and successfully challenge, any of
these positions, the Trust might not qualify as a grantor trust. In addition, the Sponsor has committed to cause the Trust to irrevocably
abandon any Incidental Rights and IR Virtual Currency to which the Trust may become entitled in the future. However, there can
be no assurance that these abandonments would be treated as effective for U.S. federal income tax purposes, or that the Sponsor
will continue to cause the Trust to irrevocably abandon any Incidental Rights and IR Virtual Currency if there are future regulatory
developments that would make it feasible for the Trust to retain those assets. If the Trust were treated as owning any asset other
than ETH as of any date on which it creates or redeems Shares, it may likely cease to qualify as a grantor trust for U.S. federal
income tax purposes.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Because of the evolving nature of digital currencies, it is
not possible to predict potential future developments that may arise with respect to digital currencies, including forks, airdrops
and other similar occurrences. Assuming that the Trust is currently a grantor trust for U.S. federal income tax purposes, certain
future developments could render it impossible, or impracticable, for the Trust to continue to be treated as a grantor trust for
such purposes.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If the Trust is not properly classified as a grantor trust,
the Trust might be classified as a partnership for U.S. federal income tax purposes. If the Trust were classified as a partnership
for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the
tax consequences described herein, although there might be certain differences, including with respect to timing of the recognition
of taxable income or loss and (in certain circumstances) withholding taxes. In addition, tax information reports provided to beneficial
owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership
for U.S. federal income tax purposes, it generally would be classified as a corporation for such purposes. If it were treated as
a corporation, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21%), plus possible
state and/or local taxes, on its net taxable income, and certain distributions made by the Trust to Shareholders would be treated
as taxable dividends to the extent of the Trust&#8217;s current and accumulated earnings and profits. Any such dividend distributed
to a beneficial owner of Shares that is a non-U.S. person for U.S. federal income tax purposes generally would be subject to U.S.
federal withholding tax at a rate of 30% (or such lower rate as provided in an applicable tax treaty).</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The treatment of digital assets for U.S. federal income
tax purposes is uncertain.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Assuming that the Trust is properly treated as a grantor trust
for U.S. federal income tax purposes, each beneficial owner of Shares will be treated for U.S. federal income tax purposes as the
owner of an undivided interest in the ethereum held in the Trust. Due to the new and evolving nature of digital assets and the
absence of comprehensive guidance with respect to digital assets, many significant aspects of the U.S. federal income tax treatment
of digital assets (including digital currency) are uncertain.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In 2014, the IRS released a notice (the &#8220;Notice&#8221;)
discussing certain aspects of &#8220;convertible virtual currency&#8221; (that is, digital currency that has an equivalent value
in fiat currency or that acts as a substitute for fiat currency) for U.S. federal income tax purposes and, in particular, stating
that such digital currency (i) is &#8220;property&#8221; (ii) is not &#8220;currency&#8221; for purposes of the rules relating
to foreign currency gain or loss and (iii) may be held as a capital asset. In 2019, the IRS released a revenue ruling and a set
of &#8220;Frequently Asked Questions&#8221; (the &#8220;Ruling&#160;&amp; FAQs&#8221;) that provide some additional guidance, including
guidance to the effect that, under certain circumstances, hard forks of digital currencies are taxable events giving rise to ordinary
income and guidance with respect to the determination of the tax basis of digital currency. However, the Notice and the Ruling&#160;&amp;
FAQs do not address other significant aspects of the U.S. federal income tax treatment of digital assets. Moreover, although the
Ruling&#160;&amp; FAQs address the treatment of hard forks, there continues to be uncertainty with respect to the timing and amount
of the income inclusions.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Future developments that may arise with respect to digital
assets may increase the uncertainty with respect to the treatment of digital assets for U.S. federal income tax purposes. For example,
the Notice addresses only digital currency that is &#8220;convertible virtual currency,&#8221; and it is conceivable that, as a
result of a fork, airdrop or similar occurrence, the Trust will hold certain types of digital assets that are not within the scope
of the Notice.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">There can be no assurance that the IRS will not alter its
position with respect to digital assets in the future or that a court would uphold the treatment set forth in the Notice and the
Ruling&#160;&amp; FAQs. It is also unclear what additional guidance on the treatment of digital assets for U.S. federal income
tax purposes may be issued in the future. Any future guidance on the treatment of digital assets for U.S. federal income tax purposes
could increase the expenses of the Trust and could have an adverse effect on the prices of digital assets, including on the price
of ETH in the digital asset markets. As a result, any such future guidance could have an adverse effect on the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Shareholders are urged to consult their tax advisers regarding
the tax consequences of owning and disposing of Shares and digital assets in general.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Future developments regarding the treatment of digital
assets for U.S. federal income tax purposes could adversely affect the value of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">As discussed above, many significant aspects of the U.S. federal
income tax treatment of digital assets, such as ETH, are uncertain, and it is unclear what guidance on the treatment of digital
assets for U.S. federal income tax purposes may be issued in the future. It is possible that any such guidance would have an adverse
effect on the prices of digital assets, including on the price of ethereum in digital asset exchanges, and therefore may have an
adverse effect on the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Because of the evolving nature of digital assets, it is not
possible to predict potential future developments that may arise with respect to digital assets, including forks, airdrops and
similar occurrences. Such developments may increase the uncertainty with respect to the treatment of digital assets for U.S. federal
income tax purposes. Moreover, certain future developments could render it impossible, or impracticable, for the Trust to continue
to be treated as a grantor trust for U.S. federal income tax purposes.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Future developments in the treatment of digital assets
for tax purposes other than U.S. federal income tax purposes could adversely affect the value of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The taxing authorities of certain states, including New York,
(i) have announced that they will follow the Notice with respect to the treatment of digital currencies for state income tax purposes
and/or (ii) have issued guidance exempting the purchase and/or sale of digital currencies for fiat currency from state sales tax.
Other states have not issued any guidance on these points, and could take different positions (e.g., imposing sales taxes on purchases
and sales of digital assets for fiat currency), and states that have issued guidance on their tax treatment of digital currencies
(or other digital assets) could update or change their tax treatment of digital currencies (or other digital currencies). It is
unclear what further guidance on the treatment of digital currencies for state or local tax purposes may be issued in the future.
A state or local government authority&#8217;s treatment of ethereum may have negative consequences, including the imposition of
a greater tax burden on investors in ETH or the imposition of a greater cost on the acquisition and disposition of ETH generally.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The treatment of digital assets for tax purposes by non U.S.
jurisdictions may differ from the treatment of digital assets for U.S. federal, state or local tax purposes. It is possible, for
example, that a non U.S. jurisdiction would impose sales tax or value-added tax on purchases and sales of digital assets for fiat
currency. If a foreign jurisdiction with a significant share of the market of ETH users imposes onerous tax burdens on digital
currency users, or imposes sales or value-added tax on purchases and sales of digital assets for fiat currency, such actions could
result in decreased demand for ETH in such jurisdiction.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Any future guidance on the treatment of digital assets for
state, local or non U.S. tax purposes could increase the expenses of the Trust and could have an adverse effect on the prices of
digital assets, including on the price of ETH in digital asset exchanges. As a result, any such future guidance could have an adverse
effect on the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>A U.S. Tax-Exempt Shareholder may recognize &#8220;unrelated
business taxable income&#8221; as a consequence of an investment in Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Under the guidance provided in the Ruling&#160;&amp; FAQs,
hard forks, airdrops and similar occurrences with respect to digital currencies will under certain circumstances be treated as
taxable events giving rise to ordinary income. In the absence of guidance to the contrary, it is possible that any such income
recognized by a U.S. tax-exempt shareholder would constitute &#8220;unrelated business taxable income&#8221; (&#8220;UBTI&#8221;).
Tax-exempt shareholders should consult their tax advisers regarding whether such Shareholder may recognize UBTI as a consequence
of an investment in Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders could incur a tax liability without an associated
distribution of the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In the normal course of business, it is possible that the
Trust could incur a taxable gain in connection with the sale of ETH (such as sales of ETH to obtain fiat currency with which to
pay the Sponsor Fee or Trust expenses, and including deemed sales of ETH as a result of the Trust using ETH to pay the Sponsor
Fee or its expenses) that</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">is otherwise not associated with a distribution to Shareholders.
Shareholders may be subject to tax due to the grantor trust status of the Trust even though there is not a corresponding distribution
from the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>A hard &#8220;fork&#8221; of the Ethereum Blockchain could
result in Shareholders incurring a tax liability.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If a hard fork occurs in the Ethereum Blockchain, the Trust
could hold both the original ETH and the alternative new ETH. The IRS has held that a hard fork resulting in the creation of new
units of cryptocurrency is a taxable event giving rise to ordinary income. Moreover, if such an event occurs, the Trust Agreement
provides that the Sponsor shall have the discretion to determine whether the original or the alternative asset shall constitute
ETH. The Trust shall treat whichever asset the Sponsor determines is not ETH as Incidental Rights or IR Virtual Currency, which
it has committed to irrevocably abandon.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Ruling&#160;&amp; FAQs do not address whether income recognized
by a non-U.S. person as a result of a fork, airdrop or similar occurrence could be subject to the 30% withholding tax imposed on
U.S.-source &#8220;fixed or determinable annual or periodical&#8221; income. Non-U.S. shareholders should assume that, in the absence
of guidance, a withholding agent (including the Sponsor) is likely to withhold 30% of any such income recognized by a non-U.S.
shareholder in respect of its Shares, including by deducting such withheld amounts from proceeds that such non-U.S. shareholder
would otherwise be entitled to receive in connection with a distribution of Incidental Rights or IR Virtual Currency. The Sponsor
has committed to cause the Trust to irrevocably abandon any Incidental Rights and IR Virtual Currency to which the Trust may become
entitled in the future. However, there can be no assurance that these abandonments would be treated as effective for U.S. federal
income tax purposes, or that the Sponsor will continue to cause the Trust to irrevocably abandon any Incidental Rights and IR Virtual
Currency if there are future regulatory developments that would make it feasible for the Trust to retain those assets.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The receipt, distribution and/or sale of the alternative ETH
may cause Shareholders to incur a United States federal, state, and/or local, or non-U.S. tax liability. Any tax liability could
adversely impact an investment in the Shares and may require Shareholders to prepare and file tax returns they would not otherwise
be required to prepare and file.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Other Risks</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Potential conflicts of interest may arise among the Sponsor
or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its Shareholders other
than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its
Shareholders.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor will manage the affairs of the Trust. Conflicts
of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its Shareholders, on the other hand.
As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Trust and
its Shareholders. These potential conflicts include, among others, the following:</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"/><td style="width: 18pt">&#9679;</td><td>the
                                         Sponsor has no fiduciary duties to, and is allowed to take into account the interests
                                         of parties other than, the Trust and its Shareholders in resolving conflicts of interest,
                                         provided the Sponsor does not act in bad faith;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>the
                                         Trust has agreed to indemnify the Sponsor, the Trustee and their respective affiliates
                                         pursuant to the Trust Agreement;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>the
                                         Sponsor is responsible for allocating its own limited resources among different clients
                                         and potential future business ventures, to each of which it may owe fiduciary duties;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>the
                                         Sponsor and its staff also service affiliates of the Sponsor, and may also service other
                                         digital asset investment vehicles, and their respective clients and cannot devote all
                                         of its, or their, respective time or resources to the management of the affairs of the
                                         Trust;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>MarketVector,
                                         which is the index administrator of the MarketVector Ethereum Benchmark Rate, is an affiliate of the Sponsor;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>the
                                         Sponsor, its affiliates and their officers and employees are not prohibited from engaging
                                         in other businesses or activities, including those that might be in direct competition
                                         with the Trust;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>affiliates
                                         of the Sponsor may start to have substantial direct investments in ETH, or other digital
                                         assets or companies in the digital assets ecosystem that they are permitted to manage
                                         taking into account their own</td></tr></table><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">interests without regard to the interests of the
Trust or its Shareholders, and any increases, decreases or other changes in such investments could affect the Index price and,
in turn, the value of the Shares;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"/><td style="width: 18pt">&#9679;</td><td>the
                                         Sponsor decides whether to retain separate counsel, accountants or others to perform
                                         services for the Trust;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 3.75pt">&#9679;</td><td>the
                                         Sponsor may appoint an agent to act on behalf of the Shareholders which may be the Sponsor
                                         or an affiliate of the Sponsor;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 3.75pt">&#9679;</td><td>VanEck
                                         is a minority interest holder in the parent company of Gemini Trust Company, LLC, which
                                         is the ETH Custodian, representing less than 1% of its equity. The ETH Custodian serves
                                         as a fiduciary and custodian on the Trust&#8217;s behalf, and is responsible for safeguarding
                                         the ETH, and holding the private keys that provide access to the ETH in the Trust&#8217;s
                                         ETH Account.</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 3.75pt">&#9679;</td><td>VanEck
                                         is a minority equity holder in Metatech Holdings, the parent company of Nonco LLC and
                                         holds approximately 6% of its equity. Nonco LLC is a Liquidity Provider to the Trust,
                                         and the Trust conducts its ETH purchase and sale transactions by trading directly with
                                         Liquidity Providers, including Nonco LLC.</td></tr></table><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">By purchasing the Shares, Shareholders agree and consent to
the provisions set forth in the Trust Agreement.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders cannot be assured of the Sponsor&#8217;s continued
services, the discontinuance of which may be detrimental to the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Shareholders cannot be assured that the Sponsor will be willing
or able to continue to serve as sponsor to the Trust for any length of time. If the Sponsor discontinues its activities on behalf
of the Trust and a substitute sponsor is not appointed, the Trust will terminate and liquidate its ETH.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Appointment of a substitute sponsor will not guarantee the
Trust&#8217;s continued operation, successful or otherwise. Because a substitute sponsor may have no experience managing a digital
asset financial vehicle, a substitute sponsor may not have the experience, knowledge or expertise required to ensure that the Trust
will operate successfully or continue to operate at all. Therefore, the appointment of a substitute sponsor may not necessarily
be beneficial to the Trust and the Trust may terminate.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Although the ETH Custodian and the Additional ETH Custodian
are fiduciaries with respect to the Trust&#8217;s assets, they could resign or be removed by the Sponsor, which may trigger early
dissolution of the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The ETH Custodian and the Additional ETH Custodian are fiduciaries
under &#167; 100 of the New York Banking Law and qualified custodians for purposes of Rule 206(4)-2(d)(6) under the Advisers Act
and are licensed to custody the Trust&#8217;s ETH in trust on the Trust&#8217;s behalf. However, the ETH Custodian or the Additional
ETH Custodian may terminate the Custody Agreement or the Additional ETH Custody Agreement, as the case may be, immediately or upon
providing the applicable notice provided under the Custody Agreement or the Additional ETH Custody Agreement. If either the ETH
Custodian or the Additional ETH Custodian resigns, is removed, or is prohibited by applicable law or regulation to act as custodian,
and no successor custodian has been employed, the Sponsor may dissolve the Trust in accordance with the terms of the Trust Agreement.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders may be adversely affected by the lack of independent
advisers representing investors in the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor has consulted with counsel, accountants and other
advisers regarding the formation and operation of the Trust. No counsel was appointed to represent investors in connection with the
formation of the Trust or the establishment of the terms of the Trust Agreement and the Shares. Moreover, no counsel has been
appointed to represent an investor in connection with the offering of the Shares. Accordingly, an investor should consult his, her
or its own legal, tax and financial advisers regarding the desirability of the value of the Shares. Lack of such consultation may
lead to an undesirable investment decision with respect to investment in the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders and Authorized Participants lack the right
under the Custody Agreement to assert claims directly against the ETH Custodian, which significantly limits their options for recourse.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Neither the Shareholders nor any Authorized Participant or
Liquidity Provider have a right under the Custody Agreement to assert a claim against the ETH Custodian. Claims under the Custody
Agreement may only be asserted by the Sponsor on behalf of the Trust<b><i>.</i></b></p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Exchange on which the Shares are listed may halt trading
in the Trust&#8217;s Shares, which would adversely impact a Shareholder&#8217;s ability to sell Shares.</i></p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust&#8217;s Shares are listed and traded on the Exchange
under the market symbol &#8220;ETHV.&#8221; Trading in Shares may be halted due to market conditions or, in light of the Exchange
rules and procedures, for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading is
subject to trading halts caused by extraordinary market volatility pursuant to &#8220;circuit breaker&#8221; rules that require
trading to be halted for a specified period based on a specified market decline. Additionally, there can be no assurance that the
requirements necessary to maintain the listing of the Trust&#8217;s Shares will continue to be met or will remain unchanged.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The liquidity of the Shares may also be affected by the
withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In the event that one or more Authorized Participants or market
makers that have substantial interests in the Trust&#8217;s Shares withdraw or &#8220;step away&#8221; from participation in the
purchase (creation) or sale (redemption) of the Trust&#8217;s Shares, the liquidity of the Shares will likely decrease, which could
adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The market infrastructure of the ETH spot market could
result in the absence of active Authorized Participants able to support the trading activity of the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">ETH is extremely volatile, and concerns exist about the stability,
reliability and robustness of many trading platforms where ETH trade. In a highly volatile market, or if one or more exchanges
supporting the ETH market faces an issue, it could be extremely challenging for any Authorized Participants to provide continuous
liquidity in the Shares. There can be no guarantee that the Sponsor will be able to find an Authorized Participant to actively
and continuously support the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>ETH spot exchanges are not subject to same regulatory oversight
as traditional equity exchanges, which could negatively impact the ability of Authorized Participants to implement arbitrage mechanisms<b>.</b></i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The trading for spot ETH occurs on multiple trading venues
that have various levels and types of regulation, but are not regulated in the same manner as traditional stock and bond exchanges.
If these exchanges do not operate smoothly or face technical, security or regulatory issues, that could impact the ability of Authorized
Participants to make markets in the Shares. In such an event, trading in the Shares could occur at a material premium or discount
against the NAV.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders that are not Authorized Participants may only
purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may
adversely affect Shareholders&#8217; investment in the Shares.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Only Authorized Participants may create or redeem Baskets.
All other Shareholders that desire to purchase or sell Shares must do so through the Exchange or in other markets, if any, in which
the Shares may be traded. Shares may trade at a premium or discount to the NAV per Share.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>As the Sponsor and its management have limited history
of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The past performances of the Sponsor&#8217;s management in
other investment vehicles are no indication of their ability to manage an investment vehicle such as the Trust. If the experience
of the Sponsor and its management is inadequate or unsuitable to manage an investment vehicle such as the Trust, the operations
of the Trust may be adversely affected.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Furthermore, the Sponsor is currently engaged in the management
of other investment vehicles which could divert their attention and resources. If the Sponsor were to experience difficulties in
the management of such other investment vehicles that damaged the Sponsor or its reputation, it could have an adverse impact on
the Sponsor&#8217;s ability to continue to serve as Sponsor for the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Sponsor is leanly staffed and relies heavily on key
personnel.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor is leanly staffed and relies heavily on key personnel
to manage its activities. These key personnel intend to allocate their time managing the Trust in a manner that they deem appropriate.
If such key personnel were to leave or be unable to carry out their present responsibilities, it may have an adverse effect on
the management of the Sponsor.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust is new, and if it is not profitable, the Trust
may terminate and liquidate at a time that is disadvantageous to Shareholders<b>.</b></i></p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust is new. If the Trust does not attract sufficient
assets to remain open, then the Trust could be terminated and liquidated at the direction of the Sponsor. Termination and liquidation
of the Trust could occur at a time that is disadvantageous to Shareholders. When the Trust&#8217;s assets are sold as part of the
Trust&#8217;s liquidation, the resulting proceeds distributed to Shareholders may be less than those that may be realized in a
sale outside of a liquidation context. Shareholders may be adversely affected by redemption or creation orders that are subject
to postponement, suspension or rejection under certain circumstances.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders do not have the rights enjoyed by investors
in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights<b>.</b></i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Shares have limited voting rights and limited distribution
rights. For example, Shareholders do not have the right to elect directors, the Trust may enact splits or reverse splits without
Shareholder approval and the Trust is not required to pay regular distributions, although the Trust may pay distributions at the
discretion of the Sponsor.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor and the Trustee may agree to amend the Trust Agreement,
including to increase the Sponsor Fee, without Shareholder consent. If an amendment imposes new fees and charges or increases existing
fees or charges, including the Sponsor&#8217;s Fee (except for taxes and other governmental charges, registration fees or other
such expenses), or prejudices a substantial existing right of Shareholders, it will become effective for outstanding Shares 30
days after notice of such amendment is given to registered owners. Notwithstanding the foregoing, the Sponsor shall have the right
to increase or decrease the amount of the Sponsor Fee (i) upon three (3) business days&#8217; prior notice of the increase or decrease
being posted on the website of the Trust and (ii) upon three (3) business days&#8217; prior written notice of the increase or decrease
being given to the Trustee. Shareholders that are not registered owners (which most shareholders will not be) may not receive specific
notice of a fee increase other than through an amendment to the prospectus. Moreover, at the time an amendment becomes effective,
by continuing to hold Shares, Shareholders are deemed to agree to the amendment and to be bound by the Trust Agreement as amended
without specific agreement to such increase (other than through the &#8220;negative consent&#8221; procedure described above).</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust Agreement includes provisions that limit Shareholders&#8217;
voting rights and restrict Shareholders&#8217; right to bring a derivative action.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Under the Trust Agreement, Shareholders have limited voting
rights and the Trust will not have regular Shareholder meetings. Shareholders take no part in the management or control of the
Trust. Accordingly, Shareholders do not have the right to authorize actions, appoint service providers or take other actions as
may be taken by shareholders of other trusts or companies where shares carry such rights. The Sponsor may take actions in the operation
of the Trust that may be adverse to the interests of Shareholders and may adversely affect the value of the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Moreover, pursuant to the terms of the Trust Agreement, Shareholders&#8217;
statutory right under Delaware law to bring a derivative action (i.e., to initiate a lawsuit in the name of the Trust in order
to assert a claim belonging to the Trust against a fiduciary of the Trust or against a third party when the Trust&#8217;s management
has refused to do so) is restricted. Under Delaware law, a shareholder may bring a derivative action if the shareholder is a shareholder
at the time the action is brought and either (i) was a shareholder at the time of the transaction at issue or (ii) acquired the
status of shareholder by operation of law or the Trust&#8217;s governing instrument from a person who was a shareholder at the
time of the transaction at issue. Additionally, Section 3816(e) of the DSTA specifically provides that a &#8220;beneficial owner&#8217;s
right to bring a derivative action may be subject to such additional standards and restrictions, if any, as are set forth in the
governing instrument of the statutory trust, including, without limitation, the requirement that beneficial owners owning a specified
beneficial interest in the statutory trust join in the bringing of the derivative action.&#8221; In addition to the requirements
of applicable law and in accordance with Section 3816(e), the Trust Agreement provides that no Shareholder will have the right,
power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more
Shareholders who (i) are not &#8220;Affiliates&#8221; (as defined in the Trust Agreement) of one another and (ii) collectively
hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding. This
provision applies to any derivative actions brought in the name of the Trust other than claims under the federal securities laws
and the rules and regulations thereunder.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Due to this additional requirement, a Shareholder attempting
to bring or maintain a derivative action in the name of the Trust will be required to locate other Shareholders with which it is
not affiliated and that have sufficient Shares to meet the 10% threshold based on the number of Shares outstanding on the date
the claim is brought and thereafter throughout the duration of the action, suit or proceeding. This may be difficult and may result
in increased costs to a Shareholder attempting to seek redress in the name of the Trust in court. Moreover, if Shareholders bringing
a derivative action, suit or proceeding pursuant to this provision of the Trust Agreement do not hold 10% of the outstanding Shares
on the date such</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">an action, suit or proceeding is brought, or such Shareholders
are unable to maintain Share ownership meeting the 10% threshold throughout the duration of the action, suit or proceeding, such
Shareholders&#8217; derivative action may be subject to dismissal. As a result, the Trust Agreement limits the likelihood that
a Shareholder will be able to successfully assert a derivative action in the name of the Trust, even if such Shareholder believes
that he or she has a valid derivative action, suit or other proceeding to bring on behalf of the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The non-exclusive jurisdiction for certain types of actions
and proceedings and waiver of trial by jury clauses set forth in the Trust Agreement may have the effect of limiting a Shareholder&#8217;s
rights to bring legal action against the Trust and could limit a purchaser&#8217;s ability to obtain a favorable judicial forum
for disputes with the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust Agreement provides that the courts of the state
of Delaware and any federal courts located in Wilmington, Delaware will be the non-exclusive jurisdiction for any claims, suits,
actions or proceedings, provided that suits brought to enforce a duty or liability created by the 1933 Act, the Exchange Act or
any other claim for which the federal courts have exclusive jurisdiction and the federal district courts of the United States of
America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the 1933 Act,
the Exchange Act, or the rules and regulations promulgated thereunder. By purchasing Shares in the Trust, Shareholders waive certain
claims that the courts of the state of Delaware and any federal courts located in Wilmington, Delaware is an inconvenient venue
or is otherwise inappropriate. As such, Shareholder could be required to litigate a matter relating to the Trust in a Delaware
court, even if that court may otherwise be inconvenient for the Shareholder.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust Agreement also waives the right to trial by jury
in any such claim, suit, action or proceeding, including any claim under the U.S. federal securities laws, to the fullest extent
permitted by applicable law. If a lawsuit is brought against the Trust, it may be heard only by a judge or justice of the applicable
trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial
by jury would have, including results that could be less favorable to the plaintiffs in any such action. No Shareholder can waive
compliance with respect to the U.S. federal securities laws and the rules and regulations promulgated thereunder.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If a Shareholder opposed a jury trial demand based on the
waiver, the applicable court would determine whether the waiver was enforceable based on the facts and circumstances of that case
in accordance with applicable federal laws. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver
in connection with claims arising under the U.S. federal securities laws has not been finally adjudicated by the U.S. Supreme Court.
However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws
of the State of Delaware, which govern the Trust Agreement. By purchasing Shares in the Trust, Shareholders waive a right to a
trial by jury which may limit a Shareholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>An investment in the Trust may be adversely affected by
competition from other investment vehicles focused on ETH or other cryptocurrencies.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust will compete with direct investments in ETH, other
cryptocurrencies, ETH Futures, and other potential financial vehicles, possibly including securities backed by or linked to cryptocurrency
and other investment vehicles that focus on other digital assets. Market and financial conditions, and other conditions beyond
the Trust&#8217;s control, may make it more attractive to invest in other vehicles, which could adversely affect the performance
of the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders cannot be assured of the Sponsor&#8217;s continued
services, the discontinuance of which may be detrimental to the Trust.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Shareholders cannot be assured that the Sponsor will be able
to continue to service the Trust for any length of time. If the Sponsor discontinues its activities on behalf of the Trust, the
Trust may be adversely affected, as there may be no entity servicing the Trust for a period of time. Such an event could result
in termination of the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders may be adversely affected by creation or redemption
orders that are subject to postponement, suspension or rejection under certain circumstances.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust may, in its discretion, suspend the right of creation
or redemption or may postpone the redemption or purchase settlement date, for (1) any period during which the Exchange is closed
other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) 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 (for example, as a result of a significant technical failure, power outage, or network error), or (3) such other period
as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of
the Basket Deposit would have certain adverse tax consequences to the Trust or its Shareholders). In addition, the Trust may </p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">reject
a redemption order if (1) the order is not in proper form as described in the Authorized Participant Agreement, (2) the fulfillment
of the order counsel advises may be illegal under applicable laws and regulations, or (3) if circumstances outside the control
of the Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement,
Cash Custodian or the Ethereum Custodian make it for all practical purposes not feasible for the Shares to be delivered or the
redemption distribution to be made. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized
Participant. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the secondary market,
which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying
holdings.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">If such a suspension or postponement occurs at a time when
an Authorized Participant intends to redeem Shares, and the price of ETH decreases before such Authorized Participant is able again
to surrender for redemption Baskets, such Authorized Participant will sustain a loss with respect to the amount that it would have
been able to obtain in exchange for the ethereum received from the Trust upon the redemption of its Shares, had the redemption
taken place when such Authorized Participant originally intended it to occur. As a consequence, Authorized Participants may reduce
their trading in Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market
and, therefore, decreasing the price a Shareholder may receive upon sale.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Shareholders may be adversely affected by an overstatement
or understatement of the NAV Calculation of the Trust due to the valuation method employed on the date of the NAV calculation.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In certain circumstances, the Trust&#8217;s ETH investments
may be valued using techniques other than reliance on the price established by the MarketVector Ethereum Benchmark Rate. The Sponsor will monitor for significant events related to crypto assets that may impact the value of ETH and will determine
in good faith, and in accordance with its valuation policies and procedures, whether to fair value the Trust&#8217;s ETH on a given
day based on whether certain pre-determined criteria have been met. For example, if the MarketVector Ethereum Benchmark Rate deviates by more than a pre-determined amount from an alternate benchmark available to the Sponsor, then the Sponsor
may determine to utilize the alternate benchmark.&#160;The Sponsor evaluates its fair value criteria and the factors in determining
such criteria from time to time and no less than quarterly. The Sponsor may also fair value the Trust&#8217;s ETH using observed
market transactions from one or more exchanges. The Sponsor may also fair value the Trust&#8217;s ETH using a combination of inputs
in certain situations (e.g., using observed market transactions, OTC quotations from brokers, etc.). The value of the Shares of
the Trust established by using the MarketVector Ethereum Benchmark Rate may be different from what would be produced
through the use of another methodology. ETH or other digital asset investments that are valued using techniques other than those
employed by the MarketVector Ethereum Benchmark Rate, including ETH investments that are &#8220;fair valued,&#8221;
may be subject to greater fluctuation in their value from one day to the next than would be the case if market-price valuation
techniques were used.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The liability of the Sponsor and the Trustee is limited,
and the value of the Shares will be adversely affected if the Trust is required to indemnify the Trustee or the Sponsor.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Under the Trust Agreement, the Trustee and the Sponsor are
not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or willful misconduct
on the part of the Trustee or the Sponsor or breach by the Sponsor of the Trust Agreement, as the case may be. As a result, the
Sponsor may require the assets of the Trust to be sold in order to cover losses or liability suffered by it or by the Trustee.
Any sale of that kind would reduce the NAV of the Trust and the value of its Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Due to the increased use of technologies, intentional and
unintentional cyber-attacks pose operational and information security risks.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">With the increased use of technologies such as the internet
and the dependence on computer systems to perform necessary business functions, the Trust is susceptible to operational and information
security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include,
but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information,
corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining
unauthorized access, such as causing denial-of-service attacks on websites. Cybersecurity failures or breaches of one or more of
the Trust&#8217;s service providers (including, but not limited to, MarketVector, the administrator, transfer agent, and the ETH
Custodian) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the
inability of the Shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,
reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.</p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In addition, substantial costs may be incurred in order to
prevent any cyber incidents in the future. The Trust and its Shareholders could be negatively impacted as a result. While the Trust
has established business continuity plans, there are inherent limitations in such plans.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Trust and its service providers are subject to certain
operational risks. </i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust and its service providers, including the Sponsor,
Administrator, Transfer Agent, ETH Custodian and Cash Custodian (as well as Authorized Participants and market makers) may experience
disruptions that arise from human error, processing and communications errors, counterparty or third-party errors, or technology
or systems failures, any of which may have an adverse impact on the Trust. Although the Trust and its service providers seek to
mitigate these operational risks through their internal controls and operational risk management processes, these measures may
not identify or may be inadequate to address all such risks. Additionally, the ETH Custodian and the Additional ETH Custodian,
which were established in 2015 and 2012, respectively, each have a limited operating company and experience, which could heighten
certain operational risks.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Risk Factors Related to ERISA</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Notwithstanding the commercially reasonable efforts of the
Sponsor, it is possible that the underlying assets of the Trust will be deemed to include &#8220;plan assets&#8221; for the purposes
of Title I of ERISA or Section 4975 of the Code. If the assets of the Trust were deemed to be &#8220;plan assets,&#8221; this could
result in, among other things, (i) the application of the prudence and other fiduciary standards of ERISA to investments made by
the Trust and (ii) the possibility that certain transactions in which the Trust might otherwise seek to engage in the ordinary
course of its business and operation could constitute non-exempt &#8220;prohibited transactions&#8221; under Section 406 of ERISA
and/or Section 4975 of the Code, which could restrict the Trust from entering into an otherwise desirable investment or from entering
into an otherwise favorable transaction. In addition, fiduciaries who decide to invest in the Trust could, under certain circumstances,
be liable for &#8220;prohibited transactions&#8221; or other violations as a result of their investment in the Trust or as co-fiduciaries
for actions taken by or on behalf of the Trust or the Sponsor. There may be other federal, state, local, non-U.S. law or regulation
that contains one or more provisions that are similar to the foregoing provisions of ERISA and the Code that may also apply to
an investment in the Trust.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The application of ERISA (including the corresponding provisions
of the Code and other relevant laws) may be complex and dependent upon the particular facts and circumstances of the Trust and
of each Plan, and it is the responsibility of the appropriate fiduciary of each investing Plan to ensure that any investment in
the Trust by such Plan is consistent with all applicable requirements. Each Shareholder, whether or not subject to Title I of ERISA
or Section 4975 of the Code, should consult its own legal and other advisors regarding the considerations discussed above and all
other relevant ERISA and other considerations before purchasing the Shares.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a004"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 1B. Unresolved Staff Comments.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">None.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a005"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 1C. Cybersecurity.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_1" escape="true" name="cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" id="ixv-4751"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; "><b>Risk Management, Strategy and
Governance</b></p></ix:nonNumeric><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; ">&#160;</p><div>

</div><ix:continuation continuedAt="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_2" id="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_1"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><ix:nonNumeric contextRef="c0" escape="true" name="cyd:CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" id="ixv-7887">The Trust has no employees or internal information systems
and is managed by the Sponsor. Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as
the ETH Custodian and Additional ETH Custodian and other service providers to protect the Trust&#8217;s information from cybersecurity
threats.</ix:nonNumeric> VanEck has policies, standards, and procedures on information security (the &#8220;Cybersecurity Documents&#8221;). The
Cybersecurity Documents govern the procurement, use, storage, protection and permissions of data systems, applications and devices.&#160;The
Cybersecurity Documents outline the correct usage of elements and tasks on the networks/infrastructure to ensure safe operation,
high availability, performance, and data accuracy.</p></ix:continuation><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_3" id="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_2"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; ">VanEck has adopted the National Institute
of Standards and Technology&#8217;s (&#8220;NIST&#8221;) cybersecurity framework as its security outline. The program is reviewed
annually. Using the NIST framework as a guide, VanEck&#8217;s cybersecurity program is organized around the following program domains:</p></ix:continuation><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; ">&#160;</p><div>

</div><ix:continuation continuedAt="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_4" id="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_3"><table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"/><td style="width: 18pt">&#9679;</td><td>Identify
                                         critical assets, data, systems and capabilities, cybersecurity strategy and governing
                                         elements, threats and cybersecurity risks</td></tr></table></ix:continuation><div>


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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><ix:continuation continuedAt="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_5" id="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_4"><table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"/><td style="width: 18pt">&#9679;</td><td>Protect
                                         assets (data, systems, networks, personnel, etc.) from external or internal malicious
                                         actors and failed practices</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>Detect
                                         anomalies and security events through environments monitoring, analysis, remediation,
                                         and reporting. Engage outside vendors to periodically test the network infrastructure
                                         and software applications against known vulnerabilities and to ensure the use of a best
                                         practice security program</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>Respond
                                         to incidents regardless of source or causality</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>Recover
                                         through planning, improvements and communications (external and internal)</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td/><td>&#9679;</td><td>Conduct
                                         after-action evaluation to identify what went well, what did not go well and improve
                                         VanEck systems on the back of an issue</td></tr></table></ix:continuation><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="cyd:CybersecurityRiskManagementThirdPartyEngagedFlag" id="ixv-4827"><ix:continuation continuedAt="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_6" id="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_5"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">VanEck employs third-party firms to assess
its cybersecurity posture, conduct penetration testing, and forensic analysis.</p></ix:continuation></ix:nonNumeric><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock-c0_cont_6"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="cyd:CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" id="ixv-7888">VanEck maintains a risk-based approach
to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, counterparties
and clients, as well as the systems of third parties that could significantly and adversely impact VanEck&#8217;s business in the
event of a cybersecurity incident affecting those third-party systems.</ix:nonNumeric> Third-party risks are included within VanEck&#8217;s NIST
framework, and risk identification and mitigation are supported by VanEck&#8217;s cybersecurity program. VanEck also performs diligence
on certain third parties and monitors cybersecurity threats and risks identified through such diligence.</p></ix:continuation><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CybersecurityRiskRoleOfManagementTextBlock-c0_cont_1" escape="true" name="cyd:CybersecurityRiskRoleOfManagementTextBlock" id="ixv-4838"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; "><i>Roles and Responsibilities</i></p></ix:nonNumeric><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; ">&#160;</p><div>

</div><ix:continuation continuedAt="_CybersecurityRiskRoleOfManagementTextBlock-c0_cont_2" id="_CybersecurityRiskRoleOfManagementTextBlock-c0_cont_1"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Roles and responsibilities for cybersecurity
have been established first by VanEck&#8217;s cybersecurity policy and secondly by its connection to the governance structure of
the firm and VanEck&#8217;s risk management committee (the &#8220;Risk Management Committee&#8221;), which is comprised of senior-level
employees. Cybersecurity is closely aligned with not only risk management, but also with business continuity planning and response.
In addition, the importance of cybersecurity protection and its practice at the manager and employee level is frequently communicated
to the staff globally. <ix:nonNumeric contextRef="c0" escape="true" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" id="ixv-7889">Specifically, <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" id="ixv-7890">VanEck&#8217;s Chief Information Security Officer</ix:nonNumeric>, reporting to the co-chair of the Risk Management
Committee, is responsible for conducting the firm&#8217;s cybersecurity risk assessment, as well as providing regular staff educations
with a special emphasis on proper desktop and email security and conduct. Special training is also given to recently on-boarded
staff.</ix:nonNumeric> <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" id="ixv-7891"><ix:nonNumeric contextRef="c0" escape="true" name="cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="ixv-7892">VanEck&#8217;s Chief Administrative Officer and Chief Technology Officer, together with VanEck&#8217;s Chief Information
Security Officer, are responsible for the day-to-day operations of the firm cybersecurity infrastructure including normal operations
as well as any remedial work required in response to an incident. The communication responsibility in the event of an incident
is shared by VanEck&#8217;s CEO and the General Counsel.</ix:nonNumeric></ix:nonNumeric></p></ix:continuation><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_CybersecurityRiskRoleOfManagementTextBlock-c0_cont_2"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" id="ixv-7893"><ix:nonNumeric contextRef="c0" escape="true" name="cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock" id="ixv-7894">Since our commencement of operations,
we have not experienced a material information security breach incident and we are not aware of any cybersecurity risks that are
reasonably likely to materially affect our business.</ix:nonNumeric></ix:nonNumeric> However, future incidents could have a material impact on our business strategy,
results of operations, or financial condition. <i>See &#8220;Item 1A. Risk Factors&#8212; Other Risks&#8212;Due to the increased
use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.&#8221;</i></p></ix:continuation><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><div><a id="x1_c115874a006"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 2. Properties.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a007"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 3. Legal Proceedings.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">None.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a008"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 4. Mine Safety Disclosures.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a009"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&#160;</p><div>

</div><div><a id="x1_c115874a010"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 5. Market for Registrant&#8217;s Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity Securities.</b></p><div>


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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Market Information</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">On July 23, 2024, the Shares commenced trading on Cboe BZX
Exchange, Inc, under the ticker symbol &#8220;ETHV.&#8221;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Holders</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">As of December 31, 2025, there were approximately 67 DTC participating
shareholders of record of the Trust. Because most of the Trust&#8217;s Shares are held by brokers and other institutions on behalf
of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Dividends</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust did not declare any cash distributions to Shareholders
during the during the fiscal year ended December 31, 2025. </p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Use of Proceeds from Registered Securities</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">1,675,000 Shares (67 Baskets) were redeemed during the period
October 1, 2025 through December 31, 2025.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="line-height: 107%"><b>Period</b></td>
    <td>&#160;</td>
    <td colspan="2" style="line-height: 107%; text-align: center"><b>Total&#160;Number&#160;of&#160;Shares<br/>
    Redeemed</b></td>
    <td>&#160;</td>
    <td colspan="2" style="line-height: 107%; text-align: center"><b>Average&#160;Per<br/>
    Share</b></td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 66%; line-height: 107%">10/01/25 to 10/31/25</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 17%; line-height: 107%; text-align: right">525,000</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; line-height: 107%; text-align: left">$</td>
    <td style="width: 10%; line-height: 107%; text-align: right">59.01</td>
    <td style="width: 1%">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="line-height: 107%">11/01/25 to 11/30/25</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="line-height: 107%; text-align: right">575,000</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="line-height: 107%; text-align: right">43.63</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="line-height: 107%">12/01/25 to 12/31/25</td>
    <td>&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; line-height: 107%; text-align: right">575,000</td>
    <td>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1pt; line-height: 107%; text-align: right">42.72</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="line-height: 107%">Total</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 3px double; border-top: Black 1px solid">&#160;</td>
    <td style="border-bottom: Black 3px double; border-top: Black 1px solid; line-height: 107%; text-align: right">1,675,000</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 3px double; border-top: Black 1px solid; line-height: 107%; text-align: left">$</td>
    <td style="border-bottom: Black 3px double; border-top: Black 1px solid; line-height: 107%; text-align: right">48.14</td>
    <td>&#160;</td></tr>
</table><div>
</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Purchases of Equity Securities by the Issuers and Affiliated
Purchaser</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a011"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 6. [Reserved]</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a012"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 7. Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>This information should be read in conjunction with the
financial statements and notes to financial statements included with this report. The discussion and analysis that follows may
contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified
by terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221;
&#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221;
or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included
in this Report that address activities, events or developments that may occur in the future, including such matters as changes
in commodity prices and market conditions (for ethereum and the Shares), the operations of the Trust, the plans of the Sponsor
and references to the Trust&#8217;s future success and other similar matters are forward-looking statements. These statements are
only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses
made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as
well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform
to the Sponsor&#8217;s expectations and predictions is subject to a number of risks and uncertainties, including the special considerations
discussed in this Report, general economic, market and business conditions, changes in laws or regulations, including those concerning
taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently,
all the forward-looking statements made in this Report are qualified by these cautionary statements, and there can be no assurance
that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, will result
in the expected consequences to, or have the expected effects on, the Trust&#8217;s operations or the value of the Shares issued
by the Trust. Moreover, neither the Sponsor nor any other person assumes responsibility for the accuracy or completeness of the
forward-looking statements. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to actual
results any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required
by law.</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Introduction</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust is a Delaware statutory trust. The Trust does not
have directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The Trust is administered
by the Trust Agreement, among the </p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Sponsor, the Trustee and the Delaware Trustee. The Trust is managed and controlled by the Sponsor,
a wholly-owned subsidiary of VanEck. The Sponsor is not governed by a board of directors.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust&#8217;s investment objective is to reflect the performance
of ETH less the operating expenses of the Trust. The Trust is a passive investment vehicle that does not seek to pursue any investment
strategy beyond tracking the price of ETH. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate
losses caused by, changes in the price of ETH.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust issues and redeems Shares only in aggregations of
25,000 Shares, a Basket, or integral multiples thereof, and only in transactions with Authorized Participants.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Shares of the Trust trade on the Exchange under the ticker
symbol &#8220;ETHV.&#8221;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Computation of Net Asset Value</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust&#8217;s NAV is calculated based on the Trust&#8217;s
net asset holdings as reconciled to the ETH Custodians&#8217; accounts on a market approach, determined on a daily basis in accordance
with the MarketVector Ethereum Benchmark Rate price at 4:00 p.m. ET. The Trust&#8217;s NAV per Share is calculated
by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total
number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust&#8217;s NAV
and the Trust&#8217;s NAV per Share, which it has delegated to the Administrator.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Liquidity</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust is not aware of any trends, demands, conditions
or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has
agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period
covered by this Report was the Sponsor&#8217;s Fee. The Trust&#8217;s only source of liquidity is its sales of ethereum.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Significant Accounting Policies</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In preparing financial statements in conformity with accounting
principles generally accepted in the United States of America (&#8220;GAAP&#8221;), management makes estimates and assumptions
that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the
financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ
from these estimates. In addition, please refer to Note 2 to the Financial Statements included in this Report for further discussion
of the Trust&#8217;s accounting policies.&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Results of Operations</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>The Year Ended December 31, 2025</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust&#8217;s NAV increased from $146,428,902 at December
31, 2024 to $157,578,941 at December 31, 2025, a 7.61% increase. The increase in the Trust&#8217;s NAV resulted primarily from
an increase in the number of outstanding Shares, which increased from 3,000,000 Shares at December 31, 2024 to 3,625,000 Shares
at December 31, 2025. This is the net result of 3,225,000 Shares (129 Baskets) being created 2,600,000 Shares (104 Baskets) being
redeemed during the period, partially offset by a decrease in the price of ETH, which contracted 10.86% from $3,333 at December
31, 2024 to $2,971 at December 31, 2025.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The 10.94% decrease in the NAV per Share from $48.81 at December
31, 2024 to $43.47 at December 31, 2025 is directly related to the 10.86% decrease in the price of ETH during this period.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The NAV per Share of $70.58 on August 22, 2025, was the highest
during the period, compared with a low during the period of $21.45 on April 8, 2025.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Net decrease in net assets resulting from operations for the
twelve-month period ended December 31, 2025, was $ 33,759,054 resulting from an net unrealized depreciation on investment in ethereum
of $34,062,356, a net realized gain of $492,055 on ethereum sold for the redemption of Shares, a net realized gain of $16,597 from
ethereum sold to pay expenses during the twelve-month period, and a net investment loss of $205,350. Other than the Sponsor Fee
of $205,350, the Trust had no other expenses during the twelve-month period.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></p><div>

</div><div><a id="x1_c115874a013"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 7A. Quantitative and Qualitative Disclosures About
Market Risk.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a014"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 8. Financial Statements and Supplementary Data.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">See Index to Financial Statements on page F-1 for a list of
the financial statements being filed herein.&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a015"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">There have been no changes in accountants and no disagreements
with accountants during the period from January 1, 2025 to December 31, 2025.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a016"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 9A. Controls and Procedures.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Disclosure Controls and Procedures</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The duly authorized officers of the Sponsor performing functions
equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any
officers have evaluated the effectiveness of the Trust&#8217;s disclosure controls and procedures, and have concluded that the
disclosure controls and procedures of the Trust were effective as of the end of the period covered by this Report to provide reasonable
assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules
and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent
to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers,
as appropriate to allow timely decisions regarding required disclosure.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">There are inherent limitations to the effectiveness of any
system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the
controls and procedures.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Management</b>&#8217;<b>s Report on Internal Control over
Financial Reporting</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Sponsor&#8217;s management is responsible for establishing and maintaining
adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust&#8217;s
internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with GAAP. Internal control over financial
reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the Trust&#8217;s assets, (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that the Trust&#8217;s receipts
and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust&#8217;s assets that could have a material
effect on the financial statements.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to
the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Principal Executive Officer and Principal Financial and Accounting
Officer of the Sponsor assessed the effectiveness of the Trust&#8217;s internal control over financial reporting as of December
31, 2025. In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) in Internal Control&#8212;Integrated Framework (2013). Their assessment included an evaluation of the design
of the Trust&#8217;s internal control over financial reporting and testing of the operational effectiveness of its internal control
over financial reporting.</p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Based on their assessment and those criteria, the Principal Executive
Officer and Principal Financial and Accounting Officer of the Sponsor concluded that the Trust maintained effective internal control
over financial reporting as of December 31, 2025.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a017"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 9B. Other Information.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><ix:nonNumeric contextRef="c7" format="ixt:fixed-false" name="ecd:NonRule10b51ArrTrmntdFlag" id="ixv-7895"><ix:nonNumeric contextRef="c7" format="ixt:fixed-false" name="ecd:NonRule10b51ArrAdoptedFlag" id="ixv-7896"><ix:nonNumeric contextRef="c7" format="ixt:fixed-false" name="ecd:Rule10b51ArrTrmntdFlag" id="ixv-7897"><ix:nonNumeric contextRef="c7" format="ixt:fixed-false" name="ecd:Rule10b51ArrAdoptedFlag" id="ixv-7898">Not</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric> applicable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a018"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 9C. Disclosure Regarding Foreign Jurisdictions that
Prevent Inspections.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a019"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>PART III</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&#160;</p><div>

</div><div><a id="x1_c115874a020"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 10. Directors, Executive Officers and Corporate Governance.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust does not have any directors, officers or employees.
The creation and operation of the Trust has been arranged by the Sponsor. The Sponsor is not governed by a board of directors.
The following persons, in their respective capacities as executive officers of the Sponsor perform certain functions with respect
to the Trust that, if the Trust had directors or executive officers, would typically be performed by them. The principals and executive
officers of the Sponsor are as follows:</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Jan F. van Eck</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Mr. van Eck, (born 1963), serves as the Chief Executive Officer
and President of the Sponsor and VanEck. Mr. van Eck joined VanEck in 1992 and its Executive Management Team in 1998. Additionally,
he is the President and CEO of Van Eck Securities Corporation. Furthermore, Mr. van Eck is a Trustee, the President and Chief Executive
Officer of VanEck Vectors ETF Trust, VanEck Funds and VanEck VIP Trust. Furthering VanEck&#8217;s mission to anticipate asset classes
and trends, Mr. van Eck has created strategic beta, tactical allocation, emerging markets, and commodity-related investment strategies
in mutual fund, ETF, and institutional formats. Mr. van Eck founded the VanEck&#8217;s ETF business in 2006. One of the world&#8217;s
largest ETF sponsors, the Van Eck offers ETFs, branded VanEck Vectors&#174;, globally across equity and fixed income asset classes.
Mr. van Eck holds a JD from Stanford University and graduated Phi Beta Kappa from Williams College with a major in Economics. He
has registrations with the National Futures Association and the Financial Industry Regulatory Authority. Mr. van Eck is a Director
of the National Committee on United States-China Relations. He routinely appears on CNBC and Bloomberg Television, and was a 2013
Finalist for Institutional Investor&#8217;s Fund Leader of the Year and a 2019 finalist for ETF.com&#8217;s Lifetime Achievement
Award.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>John J. Crimmins</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Mr. Crimmins (born 1957) serves as Vice President, Treasurer
and Chief Financial Officer of the Sponsor. Mr. Crimmins joined VanEck in 2009 as Vice President of Portfolio Administration. He
is primarily responsible for overseeing portfolio accounting and administration. He also serves as Chief Financial Officer to the
VanEck Funds, VanEck VIP Trust and VanEck ETF Trust. Prior to joining VanEck, Mr. Crimmins was the Chief Financial, Operating and
Compliance Officer for Kern Capital Management LLC from 1997 to 2009 and the Vice President and Director of Mutual Fund Administration
for Evergreen Investment Services from 1987 to 1997. Previously, Mr. Crimmins acted as Vice President and Controller for Pilgrim
Group for three years and was in public accounting for six years. Mr. Crimmins is a Certified Public Accountant and received a
BS in Accounting from St. John&#8217;s University.&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Insider Trading Policy</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">VanEck has <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="ecd:InsiderTrdPoliciesProcAdoptedFlag" id="ixv-7899">adopted</ix:nonNumeric> an insider trading policy which applies
to its employees. VanEck believes that the insider trading policy is reasonably designed to promote compliance with insider trading
laws, rules and regulations with respect to the purchase, sale and/or other dispositions of securities, including Shares of the
Trust, as well as the applicable rules and regulations of the Exchange. A copy of VanEck&#8217;s insider trading policy is filed
as Exhibit 19.1 to this Report.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a021"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 11. Executive Compensation.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The Trust has no employees, officers or directors. The Trust
is managed by the Sponsor and pays the Sponsor the Sponsor&#8217;s Fee. For the period from January 1, 2025, to December 31, 2025,
the Trust incurred a Sponsor Fee of $205,350</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a022"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 12. Security Ownership of Certain Beneficial Owners
and Management and Related Stockholder Matters.</b></p><div>

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</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Securities Authorized for Issuance under Equity Compensation
Plans</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Security Ownership of Certain Beneficial Owners and Management</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a023"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 13. Certain Relationships and Related Transactions,
and Director Independence.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">See Item 11 above.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a024"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 14. Principal Accounting Fees and Services.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Audit and Non-Audit Fees</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The table below summarizes the fees for services performed
by Cohen&#160;&amp; Company, Ltd. for the year ended December 31, 2025 and December 31, 2024.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="vertical-align: bottom">&#160;</td>
    <td>&#160;</td>
    <td colspan="3" style="vertical-align: bottom; border-bottom: black 1px solid; line-height: 107%; text-align: center"><b>2025</b></td>
    <td style="vertical-align: bottom; border-bottom: black 1px solid; line-height: 107%; text-align: center"><b>2024</b></td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;</td>
    <td>&#160;</td>
    <td colspan="3" style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 75%; line-height: 107%">Audit fees</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; line-height: 107%; text-align: right">$</td>
    <td style="width: 10%; line-height: 107%; text-align: right">76,250</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 10%; line-height: 107%; text-align: right">$79,500</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="line-height: 107%">Audit-related Fees</td>
    <td>&#160;</td>
    <td style="line-height: 107%; text-align: right">$</td>
    <td style="line-height: 107%; text-align: right">0</td>
    <td>&#160;</td>
    <td style="line-height: 107%; text-align: right">$0</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="line-height: 107%">Tax fees</td>
    <td>&#160;</td>
    <td style="line-height: 107%; text-align: right">$</td>
    <td style="line-height: 107%; text-align: right">0</td>
    <td>&#160;</td>
    <td style="line-height: 107%; text-align: right">$0</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="line-height: 107%">All other fees</td>
    <td>&#160;</td>
    <td style="line-height: 107%; text-align: right">$</td>
    <td style="line-height: 107%; text-align: right">0</td>
    <td>&#160;</td>
    <td style="line-height: 107%; text-align: right">$0</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="line-height: 107%">Total</td>
    <td>&#160;</td>
    <td style="border-bottom: black 3px double; line-height: 107%; text-align: right">$</td>
    <td style="border-bottom: black 3px double; line-height: 107%; text-align: right">76,250</td>
    <td style="border-bottom: black 3px double">&#160;</td>
    <td style="border-bottom: black 3px double; line-height: 107%; text-align: right">$79,500</td></tr>
</table><div>


</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Audit fees for the year ended December 31, 2024 and December
31, 2025, consist of contractual fees payable to Cohen for quarterly financial statement information included on Form 10-Q and
the audit of the Trust&#8217;s annual financial statements included in the Annual Report on Form 10-K for the period ended December
31, 2024 and December 31, 2025.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Approval of Independent Registered Public Accounting Firm
Services and Fees</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><span>The Trust has no board
of directors, and as a result, has no audit committee or&#160;pre-approval&#160;policy with respect to fees paid to its principal
accounting firm. Such determinations are made by the Sponsor.</span></p><div>


</div><!-- Field: Page; Sequence: 96; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><div><a id="x1_c115874a025"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Part IV</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&#160;</p><div>

</div><div><a id="x1_c115874a026"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 15. Exhibits, Financial Statement Schedules.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Financial Statements</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">See Index to Financial Statements on Page F-1 for a list of
the financial statements being filed as part of this report.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Financial Statement Schedules</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Schedules have been omitted since they are either not required,
not applicable or the information has otherwise been included.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>Exhibits</i></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">The following documents are filed herewith or incorporated
herein and made a part of this Report:</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;">
<tr style="vertical-align: top">
    <td style="width: 54pt; line-height: 107%"><b>Exhibit&#160;No.</b></td>
    <td style="width: 2%">&#160;</td>
    <td style="line-height: 107%"><b>Description</b></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">3.1</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041321001047/c101690_ex3-2.htm">Certificate
    of Trust incorporated by reference to Exhibit 3.2 of the Registration Statement on Form S-1 filed by the Registrant on May
    7, 2021</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">3.2</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324002024/c109048_ex3-2.htm">Certificate
    of Amendment incorporated by reference to Exhibit 3.2 of the Registration Statement on Form S-1 filed by the Registrant on
    July 8, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">4.1</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324002024/c109048_ex4-1.htm">Second
    Amended and Restated Declaration of Trust and Trust Agreement incorporated by reference to Exhibit 4.1 of the Registration
    Statement on Form S-1 filed by the Registrant on July 8, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">4.2</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/0001860788/000093041325000996/c112019_ex4-2.htm">Description
    of the Registrant&#8217;s Securities Registered Under Section 12 of the Securities Exchange Act of 1934 incorporated by reference
    to Exhibit 4.2 of the Annual Report on Form 10-K filed by the Registrant on March 26, 2025</a>.</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.1</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/0001860788/000186078825000012/vaneckethereumetf-formof.htm">Form
    of Initial Authorized Participant Agreement incorporated by reference to Exhibit 10.1 of the report on Form 8-K filed by the
    Registrant on November 20, 2025</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.2</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001811/c109048_ex10-3.htm">Marketing
    Agent Agreement incorporated by reference to Exhibit 10.3 of the Registration Statement on Form S-1 filed by the Registrant
    on May 23, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.3</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001811/c109048_ex10-4.htm">Custodial
    Services Agreement incorporated by reference to Exhibit 10.4 of the Registration Statement on Form S-1 filed by the Registrant
    on May 23, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.4</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001811/c109048_ex10-5.htm">Trust
    Administration and Accounting Agreement incorporated by reference to Exhibit 10.5 of the Registration Statement on Form S-1
    filed by the Registrant on May 23, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.5</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001811/c109048_ex10-6.htm">Transfer
    Agency Agreement incorporated by reference to Exhibit 10.6 of the Registration Statement on Form S-1 filed by the Registrant
    on May 23, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.6</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001811/c109048_ex10-7.htm">Index
    Sub-Licensing Agreement incorporated by reference to Exhibit 10.7 of the Registration Statement on Form S-1 filed by the Registrant
    on May</a> <span style="color: blue"><span style="text-decoration:underline">23, 2024</span></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.7</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001811/c109048_ex10-8.htm">Cash
    Custody Agreement incorporated by reference to Exhibit 10.8 of the Registration Statement on Form S-1 filed by the Registrant
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.8</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001811/c109048_ex10-9.htm">Subscription
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</table><div>




</div><!-- Field: Page; Sequence: 97; Value: 1 --><div>
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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
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</div><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;">
<tr style="vertical-align: top">
    <td style="width: 54pt; line-height: 107%">10.9</td>
    <td style="width: 2%">&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001834/c109048_ex10-9.htm">Clearing
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    31, 2024</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">10.10</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324001926/c109048_ex10-10.htm">Additional
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">19.1</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/0001838028/000093041325000995/c112018_ex19-1.htm">Insider
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">31.1*</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="c115874_ex31-1.htm" style="-sec-extract: exhibit">Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">31.2*</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="c115874_ex31-2.htm" style="-sec-extract: exhibit">Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">32.2*</td>
    <td>&#160;</td>
    <td style="line-height: 107%"><a href="c115874_ex32-2.htm" style="-sec-extract: exhibit">Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
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    <td>&#160;</td>
    <td style="line-height: 107%"><a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041325000996/c112019_ex97-1.htm">Executive
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">101.INS*</td>
    <td>&#160;</td>
    <td style="line-height: 107%">Inline XBRL Instance Document the instance document does not appear
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">101.SCH*</td>
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">104*</td>
    <td>&#160;</td>
    <td style="line-height: 107%">Cover Page Interactive Data File included as Exhibit 101 (embedded
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</table><div>



</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; text-align: LEFT;"><div style="font-size: 1pt; border-top: Black 1px solid; width: 30%">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></p><div>



</div><table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"/><td style="width: 15pt">*</td><td>Filed
                                         herewith.</td></tr></table><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><div><a id="x1_c115874a027"></a></div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b>Item 16. Form 10-K Summary.</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">None.</p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>VANECK ETHEREUM ETF<br/>
FINANCIAL STATEMENTS<br/>
INDEX</b></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&#160;</p><div>



</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 93%">&#160;</td> <td style="width: 7%; border-bottom: black 1px solid; line-height: 107%; text-align: center"><b>Page</b></td></tr>
<tr style="vertical-align: top"> <td style="line-height: 107%"><a href="#x1_c114475a028">Report of Independent Registered Public Accounting Firm (PCAOB ID <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId" id="ixv-7900">925</ix:nonNumeric>)</a></td> <td style="line-height: 107%; text-align: center">F-2</td></tr>
<tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td></tr>
<tr style="vertical-align: top"> <td style="line-height: 107%"><a href="#x1_c114475a029">Statement of Assets and Liabilities</a></td> <td style="line-height: 107%; text-align: center">F-3</td></tr>
<tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td></tr>
<tr style="vertical-align: top"> <td style="line-height: 107%"><a href="#x1_c114475a030">Statement of Operations</a></td> <td style="line-height: 107%; text-align: center">F-4</td></tr>
<tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td></tr>
<tr style="vertical-align: top"> <td style="line-height: 107%"><a href="#x1_c114475a031">Statement of Changes in Net Assets</a></td> <td style="line-height: 107%; text-align: center">F-5</td></tr>
<tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td></tr>
<tr style="vertical-align: top"> <td style="line-height: 107%"><a href="#x1_c114475a032">Notes to Financial Statements</a></td> <td style="line-height: 107%; text-align: center">F-7</td></tr>
</table><div>

</div><!-- Field: Page; Sequence: 100; Options: NewSection; Value: 2 --><div>
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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><div><a id="x1_c114475a028"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b><span style="text-decoration:underline">REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</span></b></p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">To the Sponsor and Shareholders of</p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">VanEck Ethereum ETF</p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="text-decoration:underline">Opinion on the Financial Statements</span></p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have audited the accompanying statements
of assets and liabilities of VanEck Ethereum ETF (the &#8220;Trust&#8221;), including the schedules of investment, as of December
31, 2025 and 2024, and the related statements of operations and changes in net assets for the year ended December 31, 2025 and
for the period May 20, 2024 (date of seeding) to December 31, 2024, including the related notes (collectively referred to as the
&#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Trust as of December 31, 2025 and 2024, and the results of its operations and changes in its net assets for the
year ended December 31, 2025 and for the period May 20, 2024 (date of seeding) to December 2024, in conformity with accounting
principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="text-decoration:underline">Basis for Opinion</span></p><div>

</div><p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These financial statements are the
responsibility of the Trust&#8217;s management. Our responsibility is to express an opinion on the Trust&#8217;s financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(&#8220;PCAOB&#8221;) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement whether due to error or fraud. The Trust is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are
required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Trust&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Our audits included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our procedures included confirmation of cash and digital assets owned as of December 31, 2025 and
2024, by correspondence with the custodians. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have served as the Trust's auditor since 2024.</p><div>

</div><p style="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName" id="ixv-7901">Cohen &amp; Company, LTD.</ix:nonNumeric></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">COHEN &amp; COMPANY, LTD.</p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation" id="ixv-7902">Towson, Maryland</ix:nonNumeric></p><div>

</div><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">March 30, 2026</p><div>

</div><!-- Field: Page; Sequence: 100; Options: NewSection; Value: 2 --><div>
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    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>VANECK ETHEREUM ETF</b></p><div>

</div><div><a id="x1_c114475a029"></a></div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Statements of Assets and Liabilities</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; border-bottom: Black 1px solid; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<br/> 2025</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<br/> 2024</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font-weight: bold"><span style="font-size: 10pt">Assets</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt">Receivable for investment in ether sold</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ReceivableInvestmentSale" scale="0" unitRef="usd" id="ixv-7907">14,100,054</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:fixed-zero" name="us-gaap:ReceivableInvestmentSale" scale="0" unitRef="usd" id="ixv-7908">&#8212;</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt">Total assets</td><td style="padding-bottom: 1px">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold"><span style="font-size: 10pt">Liabilities</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 10pt">Payable for shares redeemed</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt">Accrued Sponsor fee</td><td style="padding-bottom: 1px">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left"><div style="-sec-ix-hidden: hidden-fact-0"><div style="-sec-ix-hidden: hidden-fact-1">Shares issued and outstanding (<ix:nonFraction contextRef="c3" decimals="INF" format="ixt-sec:numwordsen" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares" id="ixv-7919"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt-sec:numwordsen" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares" id="ixv-7920">no</ix:nonFraction></ix:nonFraction> par value, unlimited amount authorized)</div></div></td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td>Net Asset Value per Share</td><td>&#160;</td>
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</table><div>


</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="text-align: center; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">The accompanying notes are an integral part of these financial statements.</p><div>
</div><!-- Field: Page; Sequence: 101; Value: 2 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></td></tr></table></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>VANECK ETHEREUM ETF</b></p><div>

</div><div><a id="x1_c114475a030"></a></div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Statements of Operations</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended<br/> December<br/> 31, 2025</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font-weight: bold"><span style="font-size: 10pt">Expenses</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:fixed-zero" name="us-gaap:NetInvestmentIncome" scale="0" unitRef="usd" id="ixv-7936">&#8212;</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-size: 10pt">Net realized
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-left: 30pt">Ether sold for redemption of shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ethv:NetRealizedGainLossOnEtherSoldForRedemptionOfShares" scale="0" unitRef="usd" id="ixv-7937">492,055</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ethv:NetRealizedGainLossOnEtherSoldForRedemptionOfShares" scale="0" sign="-" unitRef="usd" id="ixv-7938">1,567,418</ix:nonFraction>)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1px; padding-left: 30pt">Ether distributed for Sponsor fee, related party</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ethv:NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty" scale="0" unitRef="usd" id="ixv-7939">16,597</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:fixed-zero" name="ethv:NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty" scale="0" unitRef="usd" id="ixv-7940">&#8212;</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; padding-left: 40pt">Net realized gain (loss) on investment in ether</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-7941">508,652</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating" scale="0" sign="-" unitRef="usd" id="ixv-7942">1,567,418</ix:nonFraction>)</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in ether</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating" scale="0" sign="-" unitRef="usd" id="ixv-7943">34,062,356</ix:nonFraction>)</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net realized gain (loss) and net change in unrealized appreciation (depreciation)</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating" scale="0" sign="-" unitRef="usd" id="ixv-7945">33,553,704</ix:nonFraction>)</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd" id="ixv-7946">8,627,398</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt"><span style="font-size: 10pt">Net
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    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-7947">33,759,054</ix:nonFraction>)</td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-7948">8,627,398</ix:nonFraction></td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
</table><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="text-align: center; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">The accompanying notes are an integral part of these financial statements.</p><div>

</div><!-- Field: Page; Sequence: 102; Value: 2 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><b>VANECK ETHEREUM ETF</b></p><div>

</div><div><a id="x1_c114475a031"></a></div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Statements of Changes in Net Assets</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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</table><div>


</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="text-align: center; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">The accompanying notes are an integral part of these financial statements.</p><div>
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</div><p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">VANECK ETHEREUM ETF</p><div>

</div><p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-weight: normal">Schedules of Investment</span></p><div>

</div><p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="text-decoration:underline">December 31, 2025</span></td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 61%">Ether</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%; text-align: right"><ix:nonFraction contextRef="c3" decimals="INF" format="ixt:num-dot-decimal" name="ethv:CryptoAssetNumberOfUnitsHeld" scale="0" unitRef="Ethereum" id="ixv-7969">53,048.87</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
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<tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: right">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" scale="0" unitRef="usd" id="ixv-7972">157,608,454</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="text-decoration:underline">December 31, 2024</span></td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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</table><div>



</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="text-align: center; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">The accompanying notes are an integral part of these financial statements.</p><div>
</div><!-- Field: Page; Sequence: 104; Value: 2 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>VANECK ETHEREUM ETF</b></p><div>

</div><div><a id="x1_c114475a032"></a></div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Notes to Financial Statements</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">December 31, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:NatureOfOperations" id="ixv-6751"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 1. Organization:</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">VanEck
Ethereum ETF (the &#8220;Trust&#8221;), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial
interest in an ownership of the Trust (the &#8220;Shares&#8221;). The Shares are traded on the Cboe BZX Exchange, Inc. (the &#8220;Exchange&#8221;).
The Trust&#8217;s investment objective is to reflect the performance of the price of ether (&#8220;ETH&#8221;) less the net operating
expenses of the Trust. The Trust is managed and controlled by VanEck Digital Assets, LLC (the &#8220;Sponsor&#8221;), a wholly-owned
subsidiary of Van Eck Associates Corporation (&#8220;VanEck&#8221;). The CSC Delaware Trust Company is the &#8220;Trustee&#8221; of the
Trust.</span></p></ix:nonNumeric><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock" id="ixv-6763"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 2. Significant
Accounting Policies:</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="ixv-6769"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates" id="ixv-6770"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">A.</span></td> <td><span style="font-size: 10pt"><i>Basis of Preparation and Use of Estimates</i></span></td></tr>
</table></ix:nonNumeric></ix:nonNumeric>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2" id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1"><ix:continuation continuedAt="_UseOfEstimates-c0_cont_2" id="_UseOfEstimates-c0_cont_1"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could
differ from those estimates.</span></p></ix:continuation></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2"><ix:continuation id="_UseOfEstimates-c0_cont_2"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting
requirements of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946 Financial Services&#8212;Investment Companies (&#8220;ASC
Topic 946&#8221;)<i>, </i>but is not registered, and is not required to be registered, as an investment company under the Investment
Company Act of 1940, as amended.</span></p></ix:continuation></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="ixv-6793"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">B.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Cash</i></span></td></tr>
</table></ix:nonNumeric>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Cash,
if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds
the federally insured limits. As of December 31, 2025 and December 31, 2024, the Trust did <ix:nonFraction contextRef="c3" decimals="0" format="ixt:fixed-zero" name="us-gaap:Cash" scale="0" unitRef="usd" id="ixv-7981"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:fixed-zero" name="us-gaap:Cash" scale="0" unitRef="usd" id="ixv-7982">no</ix:nonFraction></ix:nonFraction>t hold cash.</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c0" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock" id="ixv-6808"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">C.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Investment Valuation</i></span></td></tr>
</table></ix:nonNumeric>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust values its investment in ETH and other assets and liabilities at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust identifies and determines the ETH principal market (or in the absence of a principal market, the most advantageous market) for
GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards
Board (&#8220;FASB&#8221;) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity
level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and
policies used to prepare the Trust&#8217;s financial statements in accordance with GAAP.</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Various
inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be
internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting
purposes. The three levels of the fair value hierarchy are as follows:</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt">Level
1 &#8211; Unadjusted quoted prices in active markets for identical assets or liabilities;</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Level
2 &#8211; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly,
including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities
in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and
inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_7" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Level
3 &#8211; Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust&#8217;s assumptions
used in determining the fair value of investments.</span></p></ix:continuation></ix:nonNumeric><div>

</div><!-- Field: Page; Sequence: 105; Value: 2 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>VANECK ETHEREUM ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Notes to Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">December 31, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock" id="ixv-6871"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_8" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_7"><p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following is a summary of the fair value
hierarchy as of December 31, 2025, and December 31, 2024:</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_9" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_8"><table cellpadding="0" style="border-collapse: collapse; width: 93%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">December 31, 2025</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
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<tr style="vertical-align: bottom">
    <td><b>Assets</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetFairValue" scale="0" unitRef="usd" id="ixv-7983">157,608,454</ix:nonFraction></td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
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    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetFairValue" scale="0" unitRef="usd" id="ixv-7986">157,608,454</ix:nonFraction></td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 1</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 2</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
    <td><b>Assets</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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</table></ix:continuation></ix:nonNumeric>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

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of ETH and the respective fair value:</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_11" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_10"><table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ethv:CryptoAssetNumberOfUnitsSold" scale="0" sign="-" unitRef="Ethereum" id="ixv-7995">38,106.28</ix:nonFraction>)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating" scale="0" sign="-" unitRef="usd" id="ixv-7997">34,062,356</ix:nonFraction>)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetFairValue" scale="0" unitRef="usd" id="ixv-8000">157,608,454</ix:nonFraction></td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table></ix:continuation>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_12" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_11"><table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><span style="font-style: normal"><b>Beginning balance as of May 20, 2024<sup>(a)</sup></b></span></td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:fixed-zero" id="ix_0_fact" name="ethv:CryptoAssetNumberOfUnitsHeld" scale="0" unitRef="Ethereum">&#8212;</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">$</td><td style="border-bottom: Black 1px solid; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:fixed-zero" id="ix_1_fact" name="us-gaap:CryptoAssetFairValue" scale="0" unitRef="usd">&#8212;</ix:nonFraction></td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 10pt">ETH purchased</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" id="ix_2_fact" name="ethv:CryptoAssetNumberOfUnitsPurchased" scale="0" unitRef="Ethereum">49,793.94</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" id="ix_4_fact" name="ethv:CryptoAssetNumberOfUnitsSold" scale="0" sign="-" unitRef="Ethereum">5,858.11</ix:nonFraction>)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" id="ix_5_fact" name="us-gaap:CryptoAssetSale" scale="0" unitRef="usd">16,251,349</ix:nonFraction>)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" id="ix_6_fact" name="us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating" scale="0" unitRef="usd">10,194,816</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net realized loss on investment in ETH</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" id="ix_7_fact" name="us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating" scale="0" sign="-" unitRef="usd">1,567,418</ix:nonFraction>)</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Ending balance as of December 31, 2024</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">&#160;</td><td style="border-bottom: Black 3px double; text-align: right"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" id="ix_8_fact" name="ethv:CryptoAssetNumberOfUnitsHeld" scale="0" unitRef="Ethereum">43,935.83</ix:nonFraction></td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" id="ix_9_fact" name="us-gaap:CryptoAssetFairValue" scale="0" unitRef="usd">146,428,902</ix:nonFraction></td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table></ix:continuation>

<ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_12"><table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt">(a)</td><td><ix:footnote id="ix_0_footnote" xml:lang="en-US">Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</ix:footnote></td></tr></table></ix:continuation></ix:nonNumeric>

<p style="margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="ethv_EthereumPolicyTextBlock-c0_cont_1" escape="true" name="ethv:EthereumPolicyTextBlock" id="ixv-7172"><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">D.</td> <td><i>Ether</i></td></tr>
</table></ix:nonNumeric>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">&#160;</p>

<ix:continuation id="ethv_EthereumPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">ETH transactions are
accounted for on trade date. Realized gains and losses on the sale of ETH are determined based on the average cost method. Under
ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of ETH. Proceeds
received by the Trust from the issuance of baskets consist of ETH. Deposits of ETH are held by Gemini Trust Company, LLC (the
&#8220;ETH Custodian&#8221;) and at Coinbase Custody Trust Company, LLC (the &#8220;Additional ETH Custodian&#8221;, and collectively
the &#8220;ETH Custodians&#8221;), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or
cash or (ii) sold by the Sponsor, which may be facilitated by the ETH Custodians, to pay fees due to the Sponsor and Trust expenses
and liabilities not assumed by the Sponsor.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerSharePolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock" id="ixv-7182"><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">E.</td> <td style="font-size: 10pt"><i>Calculation of Net Asset Value</i></td></tr>
</table></ix:nonNumeric>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">&#160;</p>

<ix:continuation id="_EarningsPerSharePolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">The Trust&#8217;s net
asset value (&#8220;NAV&#8221;) is calculated based on the Trust&#8217;s net asset holdings, as reconciled to the ETH Custodians&#8217;
accounts, on a market approach determined on a daily basis using the MarketVector Ethereum Benchmark Rate price at
4:00 pm EST. The Trust&#8217;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#8217;s NAV and the Trust&#8217;s NAV per Share, which it has delegated to the
Administrator.</p></ix:continuation></ix:continuation><div>

</div><!-- Field: Page; Sequence: 106; Value: 2 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>VANECK ETHEREUM ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Notes to Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">December 31, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock" id="ixv-7217"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">F.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Federal Income Taxes</i></span></td></tr>
</table></ix:nonNumeric>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation id="_IncomeTaxPolicyTextBlock-c0_cont_1"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required.
Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions
for the periods presented and has determined that no provision for income tax is required in the Trust&#8217;s financial statements.</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock" id="ixv-7232"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">G.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Segment Reporting</i></span></td></tr>
</table></ix:nonNumeric>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Chief Financial Officer and Treasurer of the Sponsor acts as the Trust&#8217;s chief operating decision maker (&#8220;CODM&#8221;), assessing
performance and making decisions about resource allocation. The CODM has determined that the Trust has a <span style="-sec-ix-hidden: hidden-fact-2">single</span> operating segment based
on the fact that the Trust&#8217;s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus,
with a defined investment strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is
presented within the Trust&#8217;s financial statements.</span></p></ix:continuation></ix:continuation><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ethv:TrustExpensesandOtherAgreementsTextBlock" id="ixv-7250"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 3. Trust Expenses
and Other Agreements</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trust pays the Sponsor a unified fee (the &#8220;Sponsor Fee&#8221;) of <ix:nonFraction contextRef="c14" decimals="4" format="ixt:num-dot-decimal" name="ethv:SponsorFeeAtMonthlyRateOfAverageDailyNetAssets" scale="-2" unitRef="pure" id="ixv-8012">0.20</ix:nonFraction>% of average daily net assets that accrues daily and pays
monthly. For the period from July 23, 2024 through July 22, 2025, the Sponsor waived the entire Sponsor Fee for the first $<ix:nonFraction contextRef="c15" decimals="-8" format="ixt:num-dot-decimal" name="us-gaap:SponsorFees" scale="9" unitRef="usd" id="ixv-8013">1.5</ix:nonFraction> billion
of the Trust&#8217;s net assets. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary
expenses) from the Sponsor Fee. The Sponsor from time to time will sell ETH, which may be facilitated by one or more liquidity providers
and/or the ETH Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not
assumed by the Sponsor.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trustee fee is paid by the Sponsor and is not an expense of the Trust.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trust holds its ETH at the ETH Custodian and at the Additional ETH Custodian, both of which are regulated third-party custodians that
carry insurance (in the case of the Additional ETH Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended
to cover the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional ETH Custodian) and are responsible
for safekeeping of ETH owned by the Trust and holding private keys that provide access to the ETH in the Trust&#8217;s ETH account.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">State Street Bank and
Trust Company serves as the Trust&#8217;s administrator, transfer agent and cash custodian.</span></p></ix:nonNumeric><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="ixv-7274"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 4. Related
Parties</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">The Sponsor is considered
to be a related party to the Trust.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">MarketVector
Indexes GmbH is the index sponsor and index administrator for the MarketVector Ethereum Benchmark Rate, which is used by the Trust to
determine its NAV. MarketVector Indexes GmbH is an indirectly wholly-owned subsidiary of VanEck.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">Van Eck Securities
Corporation, a marketing agent to the Trust, is a wholly-owned subsidiary of VanEck.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">VanEck
was the initial seed investor (&#8220;Seed Capital Investor&#8221;) and purchased for cash <ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-8014">2,000</ix:nonFraction> shares at a per-Share price of $<ix:nonFraction contextRef="c17" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-8015">50.00</ix:nonFraction>
on May 20, 2024. On June 25, 2024, the <ix:nonFraction contextRef="c18" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares" id="ixv-8016">2,000</ix:nonFraction> Shares held by the Seed Capital Investor were redeemed for cash and the Seed Capital Investor
purchased the Seed Creation Baskets, comprising of <ix:nonFraction contextRef="c19" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-8017">200,000</ix:nonFraction> Shares at a per-Share price of $<ix:nonFraction contextRef="c20" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-8018">50.00</ix:nonFraction>. Total proceeds to the Trust from the
sale of the Seed Creation Baskets were $<ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-8019">10,000,000</ix:nonFraction> which resulted in the Trust receiving <ix:nonFraction contextRef="c19" decimals="2" format="ixt:num-dot-decimal" name="ethv:VanEckAssetNumberOfUnitsHeld" scale="0" unitRef="Ether" id="ixv-8020">2,929.06</ix:nonFraction> ETH. As of December 31, 2025 and December
31, 2024, the Seed Capital Investor&#8217;s ownership in the Trust represents approximately <ix:nonFraction contextRef="c21" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedPercentOfNetAssets" scale="-2" unitRef="pure" id="ixv-8021">0</ix:nonFraction>% and <ix:nonFraction contextRef="c22" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedPercentOfNetAssets" scale="-2" unitRef="pure" id="ixv-8022">13</ix:nonFraction>%, respectively, of net assets.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">VanEck
is a minority interest holder in the parent company of the ETH Custodian, representing less than <ix:nonFraction contextRef="c23" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:MinorityInterestOwnershipPercentageByParent" scale="-2" unitRef="pure" id="ixv-8023">1</ix:nonFraction>% of its equity.</span></p></ix:nonNumeric><div>

</div><!-- Field: Page; Sequence: 107; Value: 2 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>VANECK ETHEREUM ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Notes to Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">December 31, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="ixv-7322"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 5. Capital
Share Transactions</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">Investors
can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker
symbol ETHV. Shares are bought and sold throughout the trading day like other publicly traded securities.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trust continuously offers the Shares in baskets consisting of <ix:nonFraction contextRef="c24" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" scale="0" unitRef="shares" id="ixv-8024">25,000</ix:nonFraction> Shares to authorized participants. Authorized participants pay a
transaction fee for each order they place to create or redeem one or more baskets. The Administrator calculates the cost to purchase
(or sell in the case of a redemption order) the amount of ETH represented by the baskets being created (or redeemed); the amount of ETH
represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed).</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trust creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the
distribution by the Trust of the amount of ETH represented by the baskets being created or redeemed, the amount of which is equal to
the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day
the order to create or redeem baskets is properly received. The authorized participants deliver cash or ETH to create baskets and receive
cash or ETH when redeeming Shares. For a subscription in cash, an authorized participant will deliver cash to the Trust&#8217;s account
at the cash custodian, which the Sponsor will then use to purchase ETH from a liquidity provider chosen by the Sponsor. For a redemption
in cash, the Sponsor will arrange for the ETH represented by the basket to be sold to a liquidity provider chosen by the Sponsor and
the cash proceeds distributed from the Trust&#8217;s account at the cash custodian to the authorized participant. For an &#8220;in-kind&#8221;
subscription, authorized participants will deliver, or arrange for the delivery by the authorized participant&#8217;s designee of, ETH
to the Trust&#8217;s account with the ETH Custodian or Additional ETH Custodian in exchange for Shares when they purchase Shares. For
an &#8220;in-kind&#8221; redemption transaction with the Trust, when authorized participants redeem Shares, the Trust through the ETH
Custodian or the Additional ETH Custodian, will deliver ETH to such authorized participants, or a designee thereof, in exchange for their
Shares. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will
coordinate with the Trust&#8217;s ETH Custodians to facilitate settlement of the Shares and ETH.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock" id="ixv-7340"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">Share and capital activity
is as follows:</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" style="border-collapse: collapse; width: 65%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">For the Period May 20,<br/> 2024 (Date of Seeding) to<br/> December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 40%">Beginning of period</td><td style="width: 3%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:fixed-zero" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd" id="ixv-8028">&#8212;</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>Shares issued</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="padding-bottom: 1px">Shares redeemed</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c0" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares" id="ixv-8033">2,600,000</ix:nonFraction>)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" scale="0" unitRef="usd" id="ixv-8034">127,104,743</ix:nonFraction>)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(<ix:nonFraction contextRef="c5" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares" id="ixv-8035">402,000</ix:nonFraction>)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 3px">End of period</td><td style="padding-bottom: 3px">&#160;</td>
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    <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd" id="ixv-8038">182,710,597</ix:nonFraction></td><td style="text-align: left; padding-bottom: 3px">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares" id="ixv-8039">3,000,000</ix:nonFraction></td><td style="text-align: left; padding-bottom: 3px">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd" id="ixv-8040">137,801,504</ix:nonFraction></td><td style="text-align: left; padding-bottom: 3px">&#160;</td></tr>
</table></ix:nonNumeric></ix:nonNumeric><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="ixv-7446"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Note 6. Commitments and Contingent Liabilities</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">In the normal course
of business, the Trust enters into contracts that contain a variety of general indemnifications. The Trust&#8217;s maximum exposure
under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
However, the Sponsor believes the risk of loss under these arrangements to be remote.</p></ix:nonNumeric><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_ConcentrationRiskDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock" id="ixv-7454"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Note 7. Concentration Risk</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Substantially all of
the Trust&#8217;s assets are holdings of ETH, which creates a concentration risk associated with fluctuations in the value of
ETH due to a number of factors. Accordingly, a decline in the value of ETH will have an adverse effect on the value of the Shares
of the Trust. Factors that may have the effect of causing a decline in the value of ETH include high volatility, which could have
a negative impact on the performance of the Trust. ETH platforms are relatively new and may be unregulated or may be subject to
regulation in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches
than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance
of the Trust. The value of</p></ix:nonNumeric><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>VANECK ETHEREUM ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Notes to Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">December 31, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><ix:continuation id="_ConcentrationRiskDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">the Shares depends on
the development and acceptance of the ethereum network. The slowing or stopping of the development or acceptance of the ethereum
network may adversely affect an investment in the Trust. The price of ETH on the ETH market has exhibited periods of extreme volatility.
Digital assets such as ETH were only introduced within the past decade, and the medium-to-long term value of the Shares is subject
to a number of factors relating to the capabilities and development of block-chain technologies and to the fundamental investment
characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is subject to risks due to its concentration
of investments in a single asset class. Possible illiquid markets may exacerbate losses or increase the variability between the
Trust&#8217;s NAV and its market price. The amount of ETH represented by the Shares may decline over time. ETH with a fair value
of $<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetFairValue" scale="0" unitRef="usd" id="ixv-8041">157,608,454</ix:nonFraction> and $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CryptoAssetFairValue" scale="0" unitRef="usd" id="ixv-8042">146,428,902</ix:nonFraction> were held by the ETH Custodians at December 31, 2025 and December 31, 2024, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Future and current regulations
by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust.
Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940
Act or the protections afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the
value of ETH or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">The Exchange on which
the Shares are listed may halt trading in the Trust&#8217;s Shares, which would adversely impact a Shareholder&#8217;s ability
to sell Shares. The market infrastructure of the ETH spot market could result in the absence of active authorized participants
able to support the trading activity of the Trust.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Shareholders that are
not authorized participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated
with trading in secondary markets may adversely affect Shareholders&#8217; investment in the Shares.</p></ix:continuation><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:InvestmentCompanyFinancialHighlightsTextBlock" id="ixv-7494"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Note 8. Financial Highlights</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

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summarize certain per share operating information and financial ratios of net investment loss and expenses, to daily average net
assets for the periods below. An individual investor&#8217;s return and ratios may vary based on the timing of capital transactions:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"></p>

<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Year Ended<br/> December 31,<br/> 2025</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">For the Period<br/> May 20, 2024<br/> (Date of<br/> Seeding) to<br/> December 31,<br/> 2024</td><td style="white-space: nowrap">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
    <td style="text-align: justify">From investment operations:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 20pt">Net investment loss<sup>(a)</sup></td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 40pt">Net decrease resulting from operations</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Net asset value per share, end of period</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 20pt">Total return<sup>(c)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" id="ix_14_fact" name="us-gaap:InvestmentCompanyTotalReturn" scale="-2" sign="-" unitRef="pure">10.94</ix:nonFraction>)%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 20pt">Expenses before fee waiver</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyExpenseRatioExcludingIncentiveFee" scale="-2" unitRef="pure" id="ixv-8054">0.20</ix:nonFraction>%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="4" format="ixt:num-dot-decimal" id="ix_17_fact" name="us-gaap:InvestmentCompanyExpenseRatioIncludingIncentiveFee" scale="-2" unitRef="pure">0.00</ix:nonFraction>%</td><td style="white-space: nowrap; text-align: left"><sup>(d)(e)</sup>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 20pt">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyInvestmentIncomeLossRatio" scale="-2" sign="-" unitRef="pure" id="ixv-8058">0.12</ix:nonFraction>)%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="4" format="ixt:num-dot-decimal" id="ix_18_fact" name="us-gaap:InvestmentCompanyInvestmentIncomeLossRatio" scale="-2" unitRef="pure">0.00</ix:nonFraction>%</td><td style="white-space: nowrap; text-align: left"><sup>(d)(e)</sup>&#160;</td></tr>
</table>



<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom"> <td style="vertical-align: top; width: 20pt; text-align: left">(a)</td> <td><ix:footnote id="ix_1_footnote" xml:lang="en-US">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</ix:footnote></td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(b)</td> <td><p style="margin: 0pt 0"><ix:footnote id="ix_2_footnote" xml:lang="en-US">The amount shown for a share outstanding throughout the period may not agree with the change
in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#8217;s shares in
relation to fluctuating market values for the Trust.</ix:footnote></p>
</td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(c)</td> <td><p style="margin: 0pt 0"><ix:footnote id="ix_3_footnote" xml:lang="en-US">Returns are not annualized and include adjustments required by GAAP. Returns for financial statements
purposes may differ from net asset values and performance reported elsewhere by the Trust.</ix:footnote></p>
</td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(d)</td> <td><ix:footnote id="ix_4_footnote" xml:lang="en-US">Annualized.</ix:footnote></td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(e)</td> <td><ix:footnote id="ix_5_footnote" xml:lang="en-US">Calculated based upon daily average net assets from July 22, 2024 (Date of Effectiveness) to December 31, 2024.</ix:footnote></td></tr>
</table></ix:nonNumeric></ix:nonNumeric><div>

</div><!-- Field: Page; Sequence: 109; Value: 2 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>VANECK ETHEREUM ETF</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Notes to Financial Statements (continued)</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">December 31, 2025</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-bottom: Black 1px solid">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SubsequentEventsTextBlock" id="ixv-7719"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Note 9. Subsequent Event Review</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">The Trust has evaluated
subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued
and has determined that there are no material events that would require disclosure.</p></ix:nonNumeric><div>

</div><!-- Field: Page; Sequence: 110; Value: 2 --><div>
    </div><div style="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"/></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">Pursuant to the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the
undersigned in the capacities* indicated thereunto duly authorized.</p><div>

</div><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><B>Certification of Principal Executive
Officer Pursuant to Rule 13a-14(a) and 15d- 14(a) Under the<BR>
Securities Exchange Act Of 1934, as Amended</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">I, Jan F. van Eck, certify that:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form 10-K of VanEck Ethereum ETF (the &ldquo;Trust&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented
in this report;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>4.</TD><TD>The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles&#894;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during
the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the board of directors (or persons performing
the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial
information; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">Date: March 30, 2026</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Jan F. van Eck</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Jan F. van Eck*</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>President and Chief Executive Officer</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Principal Executive Officer)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt">*</TD><TD>The registrant is a trust and the persons are signing in their capacities as officers of VanEck Digital Assets, LLC, the Sponsor
of the registrant.</TD></TR></TABLE>


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<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>c115874_ex31-2.htm
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 31.2</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 5.15pt 0 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Certification of Principal Executive
Officer Pursuant to Rule 13a-14(a) and 15d- 14(a) Under the<BR>
Securities Exchange Act Of 1934, as Amended</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">I, John J. Crimmins, certify that:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form 10-K of VanEck Ethereum ETF (the &ldquo;Trust&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented
in this report;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>4.</TD><TD>The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles&#894;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during
the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the board of directors (or persons performing
the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial
information; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Date: March 30, 2026</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: black 1px solid; line-height: 107%">/s/ John J. Crimmins</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 107%"><B>John J. Crimmins*</B><BR> <B>Vice President, Chief
    Financial Officer and Treasurer</B><BR> <B>(Principal Financial Officer and Principal Accounting Officer)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt">*</TD><TD>The registrant is a trust and the persons are signing in their capacities as officers of VanEck Digital Assets, LLC, the Sponsor
of the registrant.</TD></TR></TABLE>


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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>c115874_ex32-1.htm
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 32.1</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 5.15pt 0 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Certification Pursuant to 18 U.S.C.
Section 1350, as Adopted Pursuant to Section 906 of the<BR>
Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In connection with the Annual Report of VanEck Ethereum ETF
(the &ldquo;Trust&rdquo;) on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), the undersigned, in the capacity and on the date indicated below, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Date: March 30, 2026</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1px solid; line-height: 107%">/s/ Jan F. van Eck</TD>
    <TD STYLE="width: 60%; line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Jan F. van Eck*<BR>
President and Chief Executive Officer<BR>
(Principal Executive Officer)</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt">*</TD><TD>The registrant is a trust and the persons are signing in their capacities as officers of VanEck Digital Assets, LLC, the Sponsor
of the registrant.</TD></TR></TABLE>


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<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>c115874_ex32-2.htm
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 32.2</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Certification Pursuant to 18 U.S.C.
Section 1350 As Adopted Pursuant to Section 906 of the<BR>
Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">In connection with the Annual Report of VanEck Ethereum ETF
(the &ldquo;Trust&rdquo;) on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), the undersigned, in the capacity and on the date indicated below, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Date: March 30, 2026</P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: black 1px solid; line-height: 107%">/s/ John J. Crimmins</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>John J. Crimmins*<BR>
Vice President, Chief Financial Officer and Treasurer<BR>
(Principal Financial Officer and Principal Accounting Officer)</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt">*</TD><TD>The registrant is a trust and the persons are signing in their capacities as officers of VanEck Digital Assets, LLC, the Sponsor
of the registrant.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 1 -->
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<FILENAME>ethv-20251231_lab.xml
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsHeld" xlink:to="ethv_CryptoAssetNumberOfUnitsHeld_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ethv_CryptoAssetNumberOfUnitsHeld_lbl0" xml:lang="en-US">Ending balance (in Ethereum)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsHeld" xlink:to="ethv_CryptoAssetNumberOfUnitsHeld_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_CryptoAssetNumberOfUnitsHeld_lbl1" xml:lang="en-US">Quantity of Ether (in Ethereum)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsHeld" xlink:to="ethv_CryptoAssetNumberOfUnitsHeld_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CryptoAssetFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CryptoAssetFairValue_lbl" xml:lang="en-US">Beginning balance, Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetFairValue" xlink:to="us-gaap_CryptoAssetFairValue_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CryptoAssetFairValue_lbl0" xml:lang="en-US">Ending balance, Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetFairValue" xlink:to="us-gaap_CryptoAssetFairValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CryptoAssetFairValue_lbl1" xml:lang="en-US">Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetFairValue" xlink:to="us-gaap_CryptoAssetFairValue_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CryptoAssetFairValue_lbl2" xml:lang="en-US">Investment in ETH</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetFairValue" xlink:to="us-gaap_CryptoAssetFairValue_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="us-gaap_CryptoAssetFairValue_lbl3" xml:lang="en-US">Fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetFairValue" xlink:to="us-gaap_CryptoAssetFairValue_lbl3"/>
    <loc xlink:type="locator" xlink:label="ethv_TrustExpensesAndOtherAgreementsAbstract" xlink:href="ethv-20251231.xsd#ethv_TrustExpensesAndOtherAgreementsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_TrustExpensesAndOtherAgreementsAbstract_lbl" xml:lang="en-US">Trust Expenses and Other Agreements [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_TrustExpensesAndOtherAgreementsAbstract" xlink:to="ethv_TrustExpensesAndOtherAgreementsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RelatedPartyTransactionsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Parties [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityNoteAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquityNoteAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteAbstract_lbl" xml:lang="en-US">Capital Share Transactions [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteAbstract" xlink:to="us-gaap_StockholdersEquityNoteAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Beginning of period (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_lbl0" xml:lang="en-US">End of period (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharesOutstanding_lbl1" xml:lang="en-US">Shares outstanding (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquity" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Beginning of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_lbl0" xml:lang="en-US">End of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingent Liabilities [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RisksAndUncertaintiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US">Concentration Risk [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsAbstract_lbl" xml:lang="en-US">Financial Highlights [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsAbstract" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetAssetValuePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetAssetValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_NetAssetValuePerShare_lbl" xml:lang="en-US">Net asset value per share, beginning of period (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_NetAssetValuePerShare_lbl0" xml:lang="en-US">Net asset value per share, end of period (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetAssetValuePerShare_lbl1" xml:lang="en-US">Net Asset Value per Share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SubsequentEventsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US">Subsequent Event Review [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsAbstract" xlink:to="us-gaap_SubsequentEventsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Investments" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Investments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Investments_lbl" xml:lang="en-US">Investment in ether, at fair value (cost $181,475,994, and $136,234,086, respectively)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Investments" xlink:to="us-gaap_Investments_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentOwnedAtCost" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentOwnedAtCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentOwnedAtCost_lbl" xml:lang="en-US">Investment in ether, at cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtCost" xlink:to="us-gaap_InvestmentOwnedAtCost_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ReceivableInvestmentSale" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ReceivableInvestmentSale"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReceivableInvestmentSale_lbl" xml:lang="en-US">Receivable for investment in ether sold</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivableInvestmentSale" xlink:to="us-gaap_ReceivableInvestmentSale_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PayableCommonStockRedeemed" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PayableCommonStockRedeemed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PayableCommonStockRedeemed_lbl" xml:lang="en-US">Payable for shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PayableCommonStockRedeemed" xlink:to="us-gaap_PayableCommonStockRedeemed_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_AccruedSponsorFee" xlink:href="ethv-20251231.xsd#ethv_AccruedSponsorFee"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_AccruedSponsorFee_lbl" xml:lang="en-US">Accrued Sponsor fee</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_AccruedSponsorFee" xlink:to="ethv_AccruedSponsorFee_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SharesIssued" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Shares issued (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockNoParValue" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockNoParValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockNoParValue_lbl" xml:lang="en-US">Shares par value (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockNoParValue" xlink:to="us-gaap_CommonStockNoParValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesAuthorizedUnlimited" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockSharesAuthorizedUnlimited"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorizedUnlimited_lbl" xml:lang="en-US">Shares authorized, unlimited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorizedUnlimited" xlink:to="us-gaap_CommonStockSharesAuthorizedUnlimited_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract_lbl" xml:lang="en-US">Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract" xlink:to="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SponsorFees" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SponsorFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor fee, related party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SponsorFees_lbl0" xml:lang="en-US">Sponsor fee</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract_lbl" xml:lang="en-US">Net realized gain (loss) and net change in unrealized appreciation (depreciation)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract" xlink:to="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares" xlink:href="ethv-20251231.xsd#ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares_lbl" xml:lang="en-US">Ether sold for redemption of shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares" xlink:to="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty" xlink:href="ethv-20251231.xsd#ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty_lbl" xml:lang="en-US">Ether distributed for Sponsor fee, related party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty" xlink:to="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl" xml:lang="en-US">Net change in unrealized appreciation (depreciation) from investment in ether</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl0" xml:lang="en-US">Net change in unrealized appreciation (depreciation) from investments in ether</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl1" xml:lang="en-US">Net change in unrealized appreciation (depreciation) from investment in ETH, Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating_lbl" xml:lang="en-US">Net realized gain (loss) and net change in unrealized appreciation (depreciation)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLossAttributableToReportingEntityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLossAttributableToReportingEntityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAttributableToReportingEntityAbstract_lbl" xml:lang="en-US">Net increase (decrease) from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToReportingEntityAbstract" xlink:to="us-gaap_NetIncomeLossAttributableToReportingEntityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyCapitalShareTransactionsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyCapitalShareTransactionsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyCapitalShareTransactionsAbstract_lbl" xml:lang="en-US">Capital Share transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyCapitalShareTransactionsAbstract" xlink:to="us-gaap_InvestmentCompanyCapitalShareTransactionsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Contributions for shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl0" xml:lang="en-US">Shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl1" xml:lang="en-US">Proceeds from issuance of shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl1"/>
    <loc xlink:type="locator" xlink:label="ethv_NetAssetsAbstract" xlink:href="ethv-20251231.xsd#ethv_NetAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_NetAssetsAbstract_lbl" xml:lang="en-US">Net assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetAssetsAbstract" xlink:to="ethv_NetAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CryptoAssetCost" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CryptoAssetCost_lbl" xml:lang="en-US">Cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetCost" xlink:to="us-gaap_CryptoAssetCost_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentOwnedPercentOfNetAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl" xml:lang="en-US">Total Investment in Ether, % of Net Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:to="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl0" xml:lang="en-US">Ownership percentage of net assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:to="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities_lbl" xml:lang="en-US">Liabilities in Excess of Other Assets, Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities" xlink:to="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_lbl" xml:lang="en-US">Liabilities in Excess of Other Assets, % of Net Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:to="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_NetAssetsPercentageOfNetAssetsValue" xlink:href="ethv-20251231.xsd#ethv_NetAssetsPercentageOfNetAssetsValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_NetAssetsPercentageOfNetAssetsValue_lbl" xml:lang="en-US">% of Net Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetAssetsPercentageOfNetAssetsValue" xlink:to="ethv_NetAssetsPercentageOfNetAssetsValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyExpenseOffsetArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyExpenseOffsetArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InvestmentCompanyExpenseOffsetArrangement_lbl" xml:lang="en-US">Sponsor fee waiver, related party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseOffsetArrangement" xlink:to="us-gaap_InvestmentCompanyExpenseOffsetArrangement_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl" xml:lang="en-US">Withdrawals for shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NatureOfOperations" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NatureOfOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NatureOfOperations_lbl" xml:lang="en-US">Organization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xml:lang="en-US">Summary of Fair value Hierarchy</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock" xlink:href="ethv-20251231.xsd#ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock_lbl" xml:lang="en-US">Changes in Quantity of ETH and Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock" xlink:to="ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_CryptoAssetNumberOfUnitsPurchased" xlink:href="ethv-20251231.xsd#ethv_CryptoAssetNumberOfUnitsPurchased"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_CryptoAssetNumberOfUnitsPurchased_lbl" xml:lang="en-US">ETH purchased (in Ethereum)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsPurchased" xlink:to="ethv_CryptoAssetNumberOfUnitsPurchased_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CryptoAssetPurchase" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetPurchase"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CryptoAssetPurchase_lbl" xml:lang="en-US">ETH purchased, Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetPurchase" xlink:to="us-gaap_CryptoAssetPurchase_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_CryptoAssetNumberOfUnitsSold" xlink:href="ethv-20251231.xsd#ethv_CryptoAssetNumberOfUnitsSold"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_CryptoAssetNumberOfUnitsSold_lbl" xml:lang="en-US">ETH sold (in Ethereum)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsSold" xlink:to="ethv_CryptoAssetNumberOfUnitsSold_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_TrustExpensesandOtherAgreementsTextBlock" xlink:href="ethv-20251231.xsd#ethv_TrustExpensesandOtherAgreementsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_TrustExpensesandOtherAgreementsTextBlock_lbl" xml:lang="en-US">Trust Expenses and Other Agreements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_TrustExpensesandOtherAgreementsTextBlock" xlink:to="ethv_TrustExpensesandOtherAgreementsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Capital Share Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" xml:lang="en-US">Share and Capital Activity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Shares issued (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl0" xml:lang="en-US">Stock issued during the period, new issues (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingent Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration Risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock_lbl" xml:lang="en-US">Financial Highlights</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock_lbl" xml:lang="en-US">Summary of Financial Highlights</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShareAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShareAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShareAbstract_lbl" xml:lang="en-US">From investment operations:</label>
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    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_lbl" xml:lang="en-US">Net investment loss (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments" xlink:href="ethv-20251231.xsd#ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments_lbl" xml:lang="en-US">Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in ether (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments" xlink:to="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_lbl" xml:lang="en-US">Net decrease resulting from operations (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease" xlink:to="us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyTotalReturn" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyTotalReturn"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyTotalReturn_lbl" xml:lang="en-US">Total return</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyTotalReturn" xlink:to="us-gaap_InvestmentCompanyTotalReturn_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialRatiosAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialRatiosAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyFinancialRatiosAbstract_lbl" xml:lang="en-US">Ratios to average net assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialRatiosAbstract" xlink:to="us-gaap_InvestmentCompanyFinancialRatiosAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee_lbl" xml:lang="en-US">Expenses before fee waiver</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee" xlink:to="us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee_lbl" xml:lang="en-US">Expenses after fee waiver</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee" xlink:to="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyInvestmentIncomeLossRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_lbl" xml:lang="en-US">Net investment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SubsequentEventsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent Event Review</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CryptoAssetSale" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CryptoAssetSale"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CryptoAssetSale_lbl" xml:lang="en-US">ETH sold, Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetSale" xlink:to="us-gaap_CryptoAssetSale_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US">Shares redeemed (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl0" xml:lang="en-US">Number of shares redeemed (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xml:lang="en-US">Shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueInputsLevel1Member" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueInputsLevel1Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US">Level 1 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueInputsLevel2Member" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueInputsLevel2Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US">Level 2 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueInputsLevel3Member" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueInputsLevel3Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xml:lang="en-US">Level 3 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StatementClassOfStockAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_OwnershipAxis" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_OwnershipAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_OwnershipAxis_lbl" xml:lang="en-US">Ownership [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipAxis" xlink:to="srt_OwnershipAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_RangeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RangeAxis_lbl" xml:lang="en-US">Statistical Measurement [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsidiarySaleOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SubsidiarySaleOfStockAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xml:lang="en-US">Sale of Stock [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SubsidiarySaleOfStockAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl" xml:lang="en-US">Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" xlink:to="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_lbl" xml:lang="en-US">Cybersecurity Risk Management Expertise of Management Responsible [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" xlink:to="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskRoleOfManagementTextBlock" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskRoleOfManagementTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskRoleOfManagementTextBlock_lbl" xml:lang="en-US">Cybersecurity Risk Role of Management [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskRoleOfManagementTextBlock" xlink:to="cyd_CybersecurityRiskRoleOfManagementTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_lbl" xml:lang="en-US">Cybersecurity Risk Management Positions or Committees Responsible [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" xlink:to="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl" xml:lang="en-US">Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" xlink:to="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_lbl" xml:lang="en-US">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock" xlink:to="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementThirdPartyEngagedFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl" xml:lang="en-US">Cybersecurity Risk Management Third Party Engaged [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:to="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_lbl" xml:lang="en-US">Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" xlink:to="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_lbl" xml:lang="en-US">Cybersecurity Risk Management Positions or Committees Responsible [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" xlink:to="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_lbl" xml:lang="en-US">Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" xlink:to="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_lbl" xml:lang="en-US">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" xlink:to="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Cash" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Cash"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Cash_lbl" xml:lang="en-US">Cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NumberOfOperatingSegments" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NumberOfOperatingSegments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US">Number of operating segments (in Segment)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets" xlink:href="ethv-20251231.xsd#ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets_lbl" xml:lang="en-US">Sponsor fees at monthly rate of average daily net assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets" xlink:to="ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SharesIssuedPricePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SharesIssuedPricePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharesIssuedPricePerShare_lbl" xml:lang="en-US">Shares issued, price per share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="us-gaap_SharesIssuedPricePerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_VanEckAssetNumberOfUnitsHeld" xlink:href="ethv-20251231.xsd#ethv_VanEckAssetNumberOfUnitsHeld"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_VanEckAssetNumberOfUnitsHeld_lbl" xml:lang="en-US">Quantity of digital assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_VanEckAssetNumberOfUnitsHeld" xlink:to="ethv_VanEckAssetNumberOfUnitsHeld_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xml:lang="en-US">Minority interest percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xml:lang="en-US">Trust shares authorized (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:to="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of Preparation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_UseOfEstimates" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_UseOfEstimates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US">Use of Estimates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xml:lang="en-US">Investment Valuation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_EthereumPolicyTextBlock" xlink:href="ethv-20251231.xsd#ethv_EthereumPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_EthereumPolicyTextBlock_lbl" xml:lang="en-US">Ether</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_EthereumPolicyTextBlock" xlink:to="ethv_EthereumPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EarningsPerSharePolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US">Calculation of Net Asset Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Federal Income Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Segment Reporting</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_SeedCapitalInvestorMember" xlink:href="ethv-20251231.xsd#ethv_SeedCapitalInvestorMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_SeedCapitalInvestorMember_lbl" xml:lang="en-US">Seed Capital Investor [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SeedCapitalInvestorMember" xlink:to="ethv_SeedCapitalInvestorMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_SeedCreationBasketsMember" xlink:href="ethv-20251231.xsd#ethv_SeedCreationBasketsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_SeedCreationBasketsMember_lbl" xml:lang="en-US">Seed Creation Baskets [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SeedCreationBasketsMember" xlink:to="ethv_SeedCreationBasketsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_VanEckSecuritiesCorporationMember" xlink:href="ethv-20251231.xsd#ethv_VanEckSecuritiesCorporationMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_VanEckSecuritiesCorporationMember_lbl" xml:lang="en-US">VanEck Securities Corporation [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_VanEckSecuritiesCorporationMember" xlink:to="ethv_VanEckSecuritiesCorporationMember_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_MaximumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="srt_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MaximumMember" xlink:to="srt_MaximumMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ethv_SecondaryMarketMember" xlink:href="ethv-20251231.xsd#ethv_SecondaryMarketMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ethv_SecondaryMarketMember_lbl" xml:lang="en-US">Secondary Market [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SecondaryMarketMember" xlink:to="ethv_SecondaryMarketMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfInvestmentsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfInvestmentsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfInvestmentsTable_lbl" xml:lang="en-US">Schedule of Investments [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInvestmentsTable" xlink:to="us-gaap_ScheduleOfInvestmentsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfInvestmentsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfInvestmentsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfInvestmentsLineItems_lbl" xml:lang="en-US">Schedules of Investment [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInvestmentsLineItems" xlink:to="us-gaap_ScheduleOfInvestmentsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US">Fair Value Hierarchy and NAV [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable_lbl" xml:lang="en-US">Fair Value, off-Balance-Sheet Risk [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable" xlink:to="us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems_lbl" xml:lang="en-US">Significant Accounting Policies [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems" xlink:to="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfSubsidiaryOrEquityMethodInvesteeTable" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfSubsidiaryOrEquityMethodInvesteeTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSubsidiaryOrEquityMethodInvesteeTable_lbl" xml:lang="en-US">Subsidiary or Equity Method Investee, Sale of Stock [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSubsidiaryOrEquityMethodInvesteeTable" xlink:to="us-gaap_ScheduleOfSubsidiaryOrEquityMethodInvesteeTable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems_lbl" xml:lang="en-US">Capital Share Transactions [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems" xlink:to="us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsTable_lbl" xml:lang="en-US">Investment Company, Financial Highlights [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsTable" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyFinancialHighlightsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentCompanyFinancialHighlightsLineItems_lbl" xml:lang="en-US">Financial Highlights [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyFinancialHighlightsLineItems" xlink:to="us-gaap_InvestmentCompanyFinancialHighlightsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceTable" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementStrategyAndGovernanceTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceTable_lbl" xml:lang="en-US">Cybersecurity Risk Management, Strategy, and Governance [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementStrategyAndGovernanceTable" xlink:to="cyd_CybersecurityRiskManagementStrategyAndGovernanceTable_lbl"/>
    <loc xlink:type="locator" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceLineItems" xlink:href="https://xbrl.sec.gov/cyd/2025/cyd-2025.xsd#cyd_CybersecurityRiskManagementStrategyAndGovernanceLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementStrategyAndGovernanceLineItems_lbl" xml:lang="en-US">Cybersecurity Risk Management, Strategy, and Governance [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementStrategyAndGovernanceLineItems" xlink:to="cyd_CybersecurityRiskManagementStrategyAndGovernanceLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_OwnershipDomain" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_OwnershipDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_OwnershipDomain_lbl" xml:lang="en-US">Ownership [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipDomain" xlink:to="srt_OwnershipDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ClassOfStockDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US">Class of Stock [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd#srt_RangeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RangeMember_lbl" xml:lang="en-US">Statistical Measurement [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeMember" xlink:to="srt_RangeMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xml:lang="en-US">Related Party Transaction [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RelatedPartyTransactionLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US">Related Parties [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SaleOfStockNameOfTransactionDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xml:lang="en-US">Sale of Stock [Domain]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_AccruedSponsorFee_lbl0" xml:lang="en-US">Accrued sponsor fee.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock_lbl0" xml:lang="en-US">Tabular disclosure of changes in quantity of ether and respective fair value.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_CryptoAssetNumberOfUnitsHeld_lbl2" xml:lang="en-US">Number of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_CryptoAssetNumberOfUnitsPurchased_lbl0" xml:lang="en-US">Number of restricted and unrestricted crypto asset units purchased. Excludes crypto asset units held for platform user.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsPurchased" xlink:to="ethv_CryptoAssetNumberOfUnitsPurchased_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_CryptoAssetNumberOfUnitsSold_lbl0" xml:lang="en-US">Number of restricted and unrestricted crypto asset units sold. Excludes crypto asset units held for platform user.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsSold" xlink:to="ethv_CryptoAssetNumberOfUnitsSold_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_EthereumPolicyTextBlock_lbl0" xml:lang="en-US">Disclosure of accounting policy for ethereum.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_EthereumPolicyTextBlock" xlink:to="ethv_EthereumPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_NetAssetsPercentageOfNetAssetsValue_lbl0" xml:lang="en-US">Percentage of investment owned to net assets after deducting liabilities.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetAssetsPercentageOfNetAssetsValue" xlink:to="ethv_NetAssetsPercentageOfNetAssetsValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments_lbl0" xml:lang="en-US">Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in either.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments" xlink:to="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty_lbl0" xml:lang="en-US">Net realized gain (loss) on ether distributed for sponsor fee, related party.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty" xlink:to="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares_lbl0" xml:lang="en-US">Net realized gain (loss) on ether sold for redemption of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares" xlink:to="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets_lbl0" xml:lang="en-US">Percentage amount paid to the sponsor for management of the day-to-day business functions of the LLC or LP including the fee rate, basis of calculation, relevant accounting period, whether the fee is paid to an entity other than the managing average daily net assets, or whether the fee is waived.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets" xlink:to="ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_TrustExpensesandOtherAgreementsTextBlock_lbl0" xml:lang="en-US">Disclosure of trust expenses and other agreements.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_TrustExpensesandOtherAgreementsTextBlock" xlink:to="ethv_TrustExpensesandOtherAgreementsTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_VanEckAssetNumberOfUnitsHeld_lbl0" xml:lang="en-US">Number of restricted and unrestricted vaneck asset units held. Excludes vaneck asset units held for platform user.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_VanEckAssetNumberOfUnitsHeld" xlink:to="ethv_VanEckAssetNumberOfUnitsHeld_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_SecondaryMarketMember_lbl0" xml:lang="en-US">Secondary market sale of stock by a private company to the public.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SecondaryMarketMember" xlink:to="ethv_SecondaryMarketMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_SeedCapitalInvestorMember_lbl0" xml:lang="en-US">Initial Seed investor means securities issued before an Issuer&apos;s IPO, or by a private Target Company before a reverse take-over bid, change of business or Qualifying Transaction, regardless of whether the securities are subject to resale restrictions or are free trading.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SeedCapitalInvestorMember" xlink:to="ethv_SeedCapitalInvestorMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_SeedCreationBasketsMember_lbl0" xml:lang="en-US">Seed creation baskets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SeedCreationBasketsMember" xlink:to="ethv_SeedCreationBasketsMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ethv_VanEckSecuritiesCorporationMember_lbl0" xml:lang="en-US">Name of entity.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_VanEckSecuritiesCorporationMember" xlink:to="ethv_VanEckSecuritiesCorporationMember_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskRoleOfManagementTextBlock_lbl0" xml:lang="en-US">Cybersecurity Risk Role of Management [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskRoleOfManagementTextBlock" xlink:to="cyd_CybersecurityRiskRoleOfManagementTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl0" xml:lang="en-US">Segment Reporting, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfOperatingSegments_lbl0" xml:lang="en-US">Number of Operating Segments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UseOfEstimates_lbl0" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_lbl0" xml:lang="en-US">Cybersecurity Risk Management Expertise of Management Responsible [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" xlink:to="cyd_CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShareAbstract_lbl0" xml:lang="en-US">Investment Company, Investment Income (Loss) from Operations, Per Share [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShareAbstract" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShareAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_lbl0" xml:lang="en-US">Cybersecurity Risk Management Positions or Committees Responsible [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" xlink:to="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl0" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_lbl0" xml:lang="en-US">Investment Company, Net Asset Value, Per Share, Period Increase (Decrease)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease" xlink:to="us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_lbl0" xml:lang="en-US">Investment Company, Investment Income (Loss) Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossRatio_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl0" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl0" xml:lang="en-US">Assets [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl0" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl2" xml:lang="en-US">Crypto Asset, Unrealized Gain (Loss), Operating and Nonoperating</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments_lbl1" xml:lang="en-US">Net Realized Gain Loss And Change In Unrealized Appreciation Depreciation From Investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments" xlink:to="ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty_lbl1" xml:lang="en-US">Net Realized Gain Loss On Ether Distributed For Sponsor Fee Related Party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty" xlink:to="ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_lbl0" xml:lang="en-US">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock" xlink:to="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_lbl0" xml:lang="en-US">Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" xlink:to="cyd_CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl0" xml:lang="en-US">Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" xlink:to="cyd_CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl0" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetFairValue_lbl4" xml:lang="en-US">Crypto Asset, Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetFairValue" xlink:to="us-gaap_CryptoAssetFairValue_lbl4"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl2" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_lbl0" xml:lang="en-US">Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" xlink:to="cyd_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl0" xml:lang="en-US">Concentration Risk Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_lbl0" xml:lang="en-US">Cybersecurity Risk Management Positions or Committees Responsible [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" xlink:to="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities_lbl0" xml:lang="en-US">Noninvestment Assets Less Noninvestment Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities" xlink:to="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl0" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl0" xml:lang="en-US">Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" xlink:to="cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl0" xml:lang="en-US">Fair Value Measurement, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyIncreaseDecreaseFromShareTransaction_lbl0" xml:lang="en-US">Investment Company, Capital Share Transaction, Increase (Decrease)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyIncreaseDecreaseFromShareTransaction" xlink:to="us-gaap_InvestmentCompanyIncreaseDecreaseFromShareTransaction_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_EthereumPolicyTextBlock_lbl1" xml:lang="en-US">Ethereum Policy Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_EthereumPolicyTextBlock" xlink:to="ethv_EthereumPolicyTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_TrustExpensesandOtherAgreementsTextBlock_lbl1" xml:lang="en-US">Trust Expensesand Other Agreements Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_TrustExpensesandOtherAgreementsTextBlock" xlink:to="ethv_TrustExpensesandOtherAgreementsTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl1" xml:lang="en-US">Equity, Attributable to Parent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl0" xml:lang="en-US">Cybersecurity Risk Management Third Party Engaged [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:to="cyd_CybersecurityRiskManagementThirdPartyEngagedFlag_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_lbl0" xml:lang="en-US">Noninvestment Asset Less Noninvestment Liability, Percent of Net Asset</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:to="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee_lbl0" xml:lang="en-US">Investment Company, Expense Ratio, after Fee Waiver and Incentive Fee Deduction</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee" xlink:to="us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NatureOfOperations_lbl0" xml:lang="en-US">Nature of Operations [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl0" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetCost_lbl0" xml:lang="en-US">Crypto Asset, Cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetCost" xlink:to="us-gaap_CryptoAssetCost_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivableInvestmentSale_lbl0" xml:lang="en-US">Receivable, Investment, Sale</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivableInvestmentSale" xlink:to="us-gaap_ReceivableInvestmentSale_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfInvestmentsLineItems_lbl0" xml:lang="en-US">Schedule of Investments [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInvestmentsLineItems" xlink:to="us-gaap_ScheduleOfInvestmentsLineItems_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl0" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl0" xml:lang="en-US">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetAssetValuePerShare_lbl2" xml:lang="en-US">Net Asset Value Per Share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_VanEckAssetNumberOfUnitsHeld_lbl1" xml:lang="en-US">Van Eck Asset Number Of Units Held</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_VanEckAssetNumberOfUnitsHeld" xlink:to="ethv_VanEckAssetNumberOfUnitsHeld_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToReportingEntityAbstract_lbl0" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToReportingEntityAbstract" xlink:to="us-gaap_NetIncomeLossAttributableToReportingEntityAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl0" xml:lang="en-US">Subsequent Events [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_CryptoAssetNumberOfUnitsPurchased_lbl1" xml:lang="en-US">Crypto Asset Number Of Units Purchased</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsPurchased" xlink:to="ethv_CryptoAssetNumberOfUnitsPurchased_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_CryptoAssetNumberOfUnitsSold_lbl1" xml:lang="en-US">Crypto Asset Number Of Units Sold</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_CryptoAssetNumberOfUnitsSold" xlink:to="ethv_CryptoAssetNumberOfUnitsSold_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl0" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock_lbl1" xml:lang="en-US">Changes In Quantity Of Ether And Respective Fair Value Table Text Block</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock" xlink:to="ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl0" xml:lang="en-US">Schedule of Stockholders Equity [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating_lbl2" xml:lang="en-US">Crypto Asset, Realized Gain (Loss), Operating and Nonoperating</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating" xlink:to="us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract_lbl0" xml:lang="en-US">Crypto Asset, Realized and Unrealized Gain (Loss), Operating and Nonoperating [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_lbl0" xml:lang="en-US">Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" xlink:to="cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_lbl0" xml:lang="en-US">Shares, Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetInvestmentIncome_lbl1" xml:lang="en-US">Net Investment Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetInvestmentIncome" xlink:to="us-gaap_NetInvestmentIncome_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl1" xml:lang="en-US">Stock Redeemed or Called During Period, Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_SeedCapitalInvestorMember_lbl1" xml:lang="en-US">Seed Capital Investor Member</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_SeedCapitalInvestorMember" xlink:to="ethv_SeedCapitalInvestorMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems_lbl0" xml:lang="en-US">Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems" xlink:to="us-gaap_FairValueOffBalanceSheetRisksDisclosureInformationLineItems_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_lbl0" xml:lang="en-US">Investment Company, Investment Income (Loss) from Operations, Per Share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare" xlink:to="us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_lbl0" xml:lang="en-US">Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_NetAssetsPercentageOfNetAssetsValue_lbl1" xml:lang="en-US">Net Assets Percentage Of Net Assets Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetAssetsPercentageOfNetAssetsValue" xlink:to="ethv_NetAssetsPercentageOfNetAssetsValue_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares_lbl1" xml:lang="en-US">Net Realized Gain Loss On Ether Sold For Redemption Of Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares" xlink:to="ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNet_lbl3" xml:lang="en-US">Net Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNet" xlink:to="us-gaap_AssetsNet_lbl3"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockNoParValue_lbl0" xml:lang="en-US">Common Stock, No Par Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockNoParValue" xlink:to="us-gaap_CommonStockNoParValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems_lbl0" xml:lang="en-US">Subsidiary or Equity Method Investee [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems" xlink:to="us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl0" xml:lang="en-US">Sale of Stock, Number of Shares Issued in Transaction</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl0" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement_lbl0" xml:lang="en-US">Investment Company, Expense, after Reduction of Fee Waiver and Reimbursement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement" xlink:to="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl0" xml:lang="en-US">Equity [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract_lbl0" xml:lang="en-US">Investment Company, Expense, after Reduction of Fee Waiver and Reimbursement [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ethv_VanEckSecuritiesCorporationMember_lbl1" xml:lang="en-US">Van Eck Securities Corporation Member</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ethv_VanEckSecuritiesCorporationMember" xlink:to="ethv_VanEckSecuritiesCorporationMember_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyTotalReturn_lbl0" xml:lang="en-US">Investment Company, Total Return</label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>ethv-20251231_pre.xml
<TEXT>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Feb. 28, 2026</div></th>
<th class="th"><div>Jun. 30, 2025</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">true<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2025<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2025<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">FY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">VanEck Ethereum ETF<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">0001860788<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-42141<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">86-6752793<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">DE<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">No<span></span>
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<td class="text">Non-accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">true<span></span>
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<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 118,333,419<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">666 Third Avenue<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">9th Floor<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">New York<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">NY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">10017<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">212<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">293-2000<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Shares<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">ETHV<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">CboeBZX<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,775,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFinStmtErrorCorrectionFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether any of the financial statement period in the filing include a restatement due to error correction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 402<br> -Subsection w<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFinStmtErrorCorrectionFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityContactPersonnelLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityContactPersonnelLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityListingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityListingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPhoneFaxNumbersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityPhoneFaxNumbersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityPublicFloat</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Audit Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorTable', window );"><strong>Auditor [Table]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">Cohen & Company, LTD.<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">925<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">Towson, Maryland<span></span>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:nonemptySequenceNumberItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of Assets and Liabilities - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Investments', window );">Investment in ether, at fair value (cost $181,475,994, and $136,234,086, respectively)</a></td>
<td class="nump">$ 157,608,454<span></span>
</td>
<td class="nump">$ 146,428,902<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ReceivableInvestmentSale', window );">Receivable for investment in ether sold</a></td>
<td class="nump">14,100,054<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">171,708,508<span></span>
</td>
<td class="nump">146,428,902<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PayableCommonStockRedeemed', window );">Payable for shares redeemed</a></td>
<td class="nump">14,100,054<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_AccruedSponsorFee', window );">Accrued Sponsor fee</a></td>
<td class="nump">29,513<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">14,129,567<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Net assets</a></td>
<td class="nump">$ 157,578,941<span></span>
</td>
<td class="nump">$ 146,428,902<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Shares issued (in Shares)</a></td>
<td class="nump">3,625,000<span></span>
</td>
<td class="nump">3,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Shares outstanding (in Shares)</a></td>
<td class="nump">3,625,000<span></span>
</td>
<td class="nump">3,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net Asset Value per Share (in Dollars per share)</a></td>
<td class="nump">$ 43.47<span></span>
</td>
<td class="nump">$ 48.81<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Accrued sponsor fee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 30<br> -Topic 205<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479910/205-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Investments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-14<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-11<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 80<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480078/944-80-55-14<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 80<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480078/944-80-55-9<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(h))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Investments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.</p></div>
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Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481404/852-10-50-7<br><br>Reference 32: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PayableCommonStockRedeemed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of payable for common stock reacquired. Includes, but is not limited to, unit, membership interest, or other ownership interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(10)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 405<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478790/946-405-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PayableCommonStockRedeemed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivableInvestmentSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of receivable from sale of investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(5)(a)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477802/946-310-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivableInvestmentSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<body>
<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Assets and Liabilities (Parentheticals) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statements of Assets and Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Investment in ether, at cost</a></td>
<td class="nump">$ 136,234,086<span></span>
</td>
<td class="nump">$ 181,475,994<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockNoParValue', window );">Shares par value (in Dollars per share)</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorizedUnlimited', window );">Shares authorized, unlimited</a></td>
<td class="text">Unlimited<span></span>
</td>
<td class="text">Unlimited<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNoParValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of no-par value common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockNoParValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorizedUnlimited">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether number of common shares permitted to be issued is unlimited. Acceptable value is "Unlimited".</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorizedUnlimited</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>us-types:authorizedUnlimitedItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(d))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 19<br> -Subparagraph (3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Operations - USD ($)<br></strong></div></th>
<th class="th" colspan="2">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract', window );"><strong>Expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor fee, related party</a></td>
<td class="nump">$ 76,765<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 334,700<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
<td class="nump">76,765<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">334,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseOffsetArrangement', window );">Sponsor fee waiver, related party</a></td>
<td class="num">(76,765)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(129,350)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement', window );">Net expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">205,350<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetInvestmentIncome', window );">Net investment loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(205,350)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract', window );"><strong>Net realized gain (loss) and net change in unrealized appreciation (depreciation)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares', window );">Ether sold for redemption of shares</a></td>
<td class="num">(1,567,418)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">492,055<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty', window );">Ether distributed for Sponsor fee, related party</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,597<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating', window );">Net realized gain (loss) on investment in ether</a></td>
<td class="num">(1,567,418)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">508,652<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating', window );">Net change in unrealized appreciation (depreciation) from investment in ether</a></td>
<td class="nump">10,194,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(34,062,356)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating', window );">Net realized gain (loss) and net change in unrealized appreciation (depreciation)</a></td>
<td class="nump">8,627,398<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(33,553,704)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net increase (decrease) in net assets resulting from operations</a></td>
<td class="nump">$ 8,627,398<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (33,759,054)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net realized gain (loss) on ether distributed for sponsor fee, related party.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_NetRealizedGainLossOnEtherDistributedForSponsorFeeRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net realized gain (loss) on ether sold for redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_NetRealizedGainLossOnEtherSoldForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperatingAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after reimbursement and fee waiver, of expense for generation of investment income classified as operating.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyExpenseOffsetArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expense reduction under arrangement in which third party explicitly reduces its fee by specified amount for service provided in exchange for use of investment company's assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481019/946-20-45-5<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(2)(i))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(2)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(g)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyExpenseOffsetArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 220<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476153/220-40-55-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Changes in Net Assets - USD ($)<br></strong></div></th>
<th class="th" colspan="2">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToReportingEntityAbstract', window );"><strong>Net increase (decrease) from operations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetInvestmentIncome', window );">Net investment loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (205,350)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating', window );">Net realized gain (loss) from investment in ether</a></td>
<td class="num">(1,567,418)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">508,652<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating', window );">Net change in unrealized appreciation (depreciation) from investments in ether</a></td>
<td class="nump">10,194,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(34,062,356)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net increase (decrease) in net assets resulting from operations</a></td>
<td class="nump">8,627,398<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(33,759,054)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyCapitalShareTransactionsAbstract', window );"><strong>Capital Share transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Contributions for shares issued</a></td>
<td class="nump">154,153,076<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">172,013,836<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Withdrawals for shares redeemed</a></td>
<td class="num">(16,351,572)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(127,104,743)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyIncreaseDecreaseFromShareTransaction', window );">Net increase in capital share transactions</a></td>
<td class="nump">137,801,504<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">44,909,093<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapital', window );">Net increase in net assets</a></td>
<td class="nump">146,428,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,150,039<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_NetAssetsAbstract', window );"><strong>Net assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Beginning of period</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">146,428,902<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">End of period</a></td>
<td class="nump">$ 146,428,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 157,578,941<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 30<br> -Topic 205<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479910/205-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in asset and (increase) decrease in liability, used in operating activity in reconciling net income to reflect cash provided by (used in) operating activity when indirect cash flow method is applied.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyCapitalShareTransactionsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in equity from change in number of shares or units by investment company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyIncreaseDecreaseFromShareTransaction</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478009/946-205-45-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Schedules of Investment<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2025 </div>
<div>USD ($) </div>
<div>Ethereum</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>Ethereum</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsLineItems', window );"><strong>Schedules of Investment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_CryptoAssetNumberOfUnitsHeld', window );">Quantity of Ether (in Ethereum) | Ethereum</a></td>
<td class="nump">53,048.87<span></span>
</td>
<td class="nump">43,935.83<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetCost', window );">Cost</a></td>
<td class="nump">$ 181,475,994<span></span>
</td>
<td class="nump">$ 136,234,086<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetFairValue', window );">Fair Value</a></td>
<td class="nump">157,608,454<span></span>
</td>
<td class="nump">146,428,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss', window );">Total Investment in Ether, Fair Value</a></td>
<td class="nump">157,608,454<span></span>
</td>
<td class="nump">146,428,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities', window );">Liabilities in Excess of Other Assets, Fair Value</a></td>
<td class="num">(29,513)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Net Assets, Fair Value</a></td>
<td class="nump">$ 157,578,941<span></span>
</td>
<td class="nump">$ 146,428,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_CryptoAssetNumberOfUnitsHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_CryptoAssetNumberOfUnitsHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 30<br> -Topic 205<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479910/205-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of crypto asset. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetCost</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of crypto asset. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetFairValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 326<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of noninvestment asset (liability) representing difference between aggregate value of investments, including, but not limited to, long and short positions, and net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Schedules of Investment (Parentheticals)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsLineItems', window );"><strong>Schedules of Investment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">Total Investment in Ether, % of Net Assets</a></td>
<td class="nump">100.02%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets', window );">Liabilities in Excess of Other Assets, % of Net Assets</a></td>
<td class="num">(0.02%)<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_NetAssetsPercentageOfNetAssetsValue', window );">% of Net Assets</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of investment owned to net assets after deducting liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of investment owned to net assets.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of noninvestment asset and liability, including, but not limited to, long and short positions, to net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfInvestmentsLineItems</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">Organization</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 1. Organization:</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">VanEck
Ethereum ETF (the &#8220;Trust&#8221;), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial
interest in an ownership of the Trust (the &#8220;Shares&#8221;). The Shares are traded on the Cboe BZX Exchange, Inc. (the &#8220;Exchange&#8221;).
The Trust&#8217;s investment objective is to reflect the performance of the price of ether (&#8220;ETH&#8221;) less the net operating
expenses of the Trust. The Trust is managed and controlled by VanEck Digital Assets, LLC (the &#8220;Sponsor&#8221;), a wholly-owned
subsidiary of Van Eck Associates Corporation (&#8220;VanEck&#8221;). The CSC Delaware Trust Company is the &#8220;Trustee&#8221; of the
Trust.</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482836/275-10-55-4<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482836/275-10-55-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1<br></p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 2. Significant
Accounting Policies:</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">A.</span></td> <td><span style="font-size: 10pt"><i>Basis of Preparation and Use of Estimates</i></span></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could
differ from those estimates.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting
requirements of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946 Financial Services&#8212;Investment Companies (&#8220;ASC
Topic 946&#8221;)<i>, </i>but is not registered, and is not required to be registered, as an investment company under the Investment
Company Act of 1940, as amended.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">B.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Cash</i></span></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Cash,
if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds
the federally insured limits. As of December 31, 2025 and December 31, 2024, the Trust did not hold cash.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">C.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Investment Valuation</i></span></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust values its investment in ETH and other assets and liabilities at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust identifies and determines the ETH principal market (or in the absence of a principal market, the most advantageous market) for
GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards
Board (&#8220;FASB&#8221;) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity
level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and
policies used to prepare the Trust&#8217;s financial statements in accordance with GAAP.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Various
inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be
internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting
purposes. The three levels of the fair value hierarchy are as follows:</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt">Level
1 &#8211; Unadjusted quoted prices in active markets for identical assets or liabilities;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Level
2 &#8211; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly,
including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities
in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and
inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Level
3 &#8211; Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust&#8217;s assumptions
used in determining the fair value of investments.</span></p><p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following is a summary of the fair value
hierarchy as of December 31, 2025, and December 31, 2024:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" style="border-collapse: collapse; width: 93%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">December 31, 2025</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
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<tr style="vertical-align: bottom">
    <td><b>Assets</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 43%; text-align: left; padding-left: 10pt">Investment in ETH</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">157,608,454</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">157,608,454</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">December 31, 2024</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 1</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
    <td><b>Assets</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 10pt">Investment in ETH</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">146,428,902</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following represents the changes in quantity
of ETH and the respective fair value:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">ETH</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 68%; font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Beginning balance as of January 1, 2025</td><td style="width: 3%; padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,219.32</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">172,013,256</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(38,106.28)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(127,280,000)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(34,062,356)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net realized gain on investment in ETH</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">508,652</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Ending balance as of December 31, 2025</td><td style="padding-bottom: 3px">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">ETH</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><span style="font-style: normal"><b>Beginning balance as of May 20, 2024<sup>(a)</sup></b></span></td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
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<tr style="vertical-align: bottom; ">
    <td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 10pt">ETH purchased</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">49,793.94</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">154,052,853</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,858.11)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(16,251,349)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,194,816</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net realized loss on investment in ETH</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">(1,567,418)</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Ending balance as of December 31, 2024</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">&#160;</td><td style="border-bottom: Black 3px double; text-align: right">43,935.83</td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">146,428,902</td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table>

<table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">(a)</td><td>Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif">&#160;</p>

<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">D.</td> <td><i>Ether</i></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">ETH transactions are
accounted for on trade date. Realized gains and losses on the sale of ETH are determined based on the average cost method. Under
ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of ETH. Proceeds
received by the Trust from the issuance of baskets consist of ETH. Deposits of ETH are held by Gemini Trust Company, LLC (the
&#8220;ETH Custodian&#8221;) and at Coinbase Custody Trust Company, LLC (the &#8220;Additional ETH Custodian&#8221;, and collectively
the &#8220;ETH Custodians&#8221;), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or
cash or (ii) sold by the Sponsor, which may be facilitated by the ETH Custodians, to pay fees due to the Sponsor and Trust expenses
and liabilities not assumed by the Sponsor.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">E.</td> <td style="font-size: 10pt"><i>Calculation of Net Asset Value</i></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">The Trust&#8217;s net
asset value (&#8220;NAV&#8221;) is calculated based on the Trust&#8217;s net asset holdings, as reconciled to the ETH Custodians&#8217;
accounts, on a market approach determined on a daily basis using the MarketVector Ethereum Benchmark Rate price at
4:00 pm EST. The Trust&#8217;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#8217;s NAV and the Trust&#8217;s NAV per Share, which it has delegated to the
Administrator.</p><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">F.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Federal Income Taxes</i></span></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required.
Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions
for the periods presented and has determined that no provision for income tax is required in the Trust&#8217;s financial statements.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">G.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Segment Reporting</i></span></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Chief Financial Officer and Treasurer of the Sponsor acts as the Trust&#8217;s chief operating decision maker (&#8220;CODM&#8221;), assessing
performance and making decisions about resource allocation. The CODM has determined that the Trust has a <span style="-sec-ix-hidden: hidden-fact-2">single</span> operating segment based
on the fact that the Trust&#8217;s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus,
with a defined investment strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is
presented within the Trust&#8217;s financial statements.</span></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/235/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1<br></p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trust Expenses and Other Agreements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_TrustExpensesAndOtherAgreementsAbstract', window );"><strong>Trust Expenses and Other Agreements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_TrustExpensesandOtherAgreementsTextBlock', window );">Trust Expenses and Other Agreements</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 3. Trust Expenses
and Other Agreements</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trust pays the Sponsor a unified fee (the &#8220;Sponsor Fee&#8221;) of 0.20% of average daily net assets that accrues daily and pays
monthly. For the period from July 23, 2024 through July 22, 2025, the Sponsor waived the entire Sponsor Fee for the first $1.5 billion
of the Trust&#8217;s net assets. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary
expenses) from the Sponsor Fee. The Sponsor from time to time will sell ETH, which may be facilitated by one or more liquidity providers
and/or the ETH Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not
assumed by the Sponsor.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trustee fee is paid by the Sponsor and is not an expense of the Trust.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trust holds its ETH at the ETH Custodian and at the Additional ETH Custodian, both of which are regulated third-party custodians that
carry insurance (in the case of the Additional ETH Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended
to cover the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional ETH Custodian) and are responsible
for safekeeping of ETH owned by the Trust and holding private keys that provide access to the ETH in the Trust&#8217;s ETH account.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">State Street Bank and
Trust Company serves as the Trust&#8217;s administrator, transfer agent and cash custodian.</span></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_TrustExpensesAndOtherAgreementsAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of trust expenses and other agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<html>
<head>
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<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Parties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Parties</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 4. Related
Parties</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">The Sponsor is considered
to be a related party to the Trust.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">MarketVector
Indexes GmbH is the index sponsor and index administrator for the MarketVector Ethereum Benchmark Rate, which is used by the Trust to
determine its NAV. MarketVector Indexes GmbH is an indirectly wholly-owned subsidiary of VanEck.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">Van Eck Securities
Corporation, a marketing agent to the Trust, is a wholly-owned subsidiary of VanEck.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">VanEck
was the initial seed investor (&#8220;Seed Capital Investor&#8221;) and purchased for cash 2,000 shares at a per-Share price of $50.00
on May 20, 2024. On June 25, 2024, the 2,000 Shares held by the Seed Capital Investor were redeemed for cash and the Seed Capital Investor
purchased the Seed Creation Baskets, comprising of 200,000 Shares at a per-Share price of $50.00. Total proceeds to the Trust from the
sale of the Seed Creation Baskets were $10,000,000 which resulted in the Trust receiving 2,929.06 ETH. As of December 31, 2025 and December
31, 2024, the Seed Capital Investor&#8217;s ownership in the Trust represents approximately 0% and 13%, respectively, of net assets.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">VanEck
is a minority interest holder in the parent company of the ETH Custodian, representing less than 1% of its equity.</span></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(g)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(e))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/850/tableOfContent<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Share Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Capital Share Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Capital Share Transactions</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Note 5. Capital
Share Transactions</b></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">Investors
can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker
symbol ETHV. Shares are bought and sold throughout the trading day like other publicly traded securities.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trust continuously offers the Shares in baskets consisting of 25,000 Shares to authorized participants. Authorized participants pay a
transaction fee for each order they place to create or redeem one or more baskets. The Administrator calculates the cost to purchase
(or sell in the case of a redemption order) the amount of ETH represented by the baskets being created (or redeemed); the amount of ETH
represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed).</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">The
Trust creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the
distribution by the Trust of the amount of ETH represented by the baskets being created or redeemed, the amount of which is equal to
the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day
the order to create or redeem baskets is properly received. The authorized participants deliver cash or ETH to create baskets and receive
cash or ETH when redeeming Shares. For a subscription in cash, an authorized participant will deliver cash to the Trust&#8217;s account
at the cash custodian, which the Sponsor will then use to purchase ETH from a liquidity provider chosen by the Sponsor. For a redemption
in cash, the Sponsor will arrange for the ETH represented by the basket to be sold to a liquidity provider chosen by the Sponsor and
the cash proceeds distributed from the Trust&#8217;s account at the cash custodian to the authorized participant. For an &#8220;in-kind&#8221;
subscription, authorized participants will deliver, or arrange for the delivery by the authorized participant&#8217;s designee of, ETH
to the Trust&#8217;s account with the ETH Custodian or Additional ETH Custodian in exchange for Shares when they purchase Shares. For
an &#8220;in-kind&#8221; redemption transaction with the Trust, when authorized participants redeem Shares, the Trust through the ETH
Custodian or the Additional ETH Custodian, will deliver ETH to such authorized participants, or a designee thereof, in exchange for their
Shares. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will
coordinate with the Trust&#8217;s ETH Custodians to facilitate settlement of the Shares and ETH.</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">Share and capital activity
is as follows:</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" style="border-collapse: collapse; width: 65%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended<br/> December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">For the Period May 20,<br/> 2024 (Date of Seeding) to<br/> December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Amount</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 40%">Beginning of period</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">3,000,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">137,801,504</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td>Shares issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,225,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">172,013,836</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,402,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">154,153,076</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="padding-bottom: 1px">Shares redeemed</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(2,600,000)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(127,104,743)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(402,000)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(16,351,572)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 3px">End of period</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">3,625,000</td><td style="text-align: left; padding-bottom: 3px">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">182,710,597</td><td style="text-align: left; padding-bottom: 3px">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">3,000,000</td><td style="text-align: left; padding-bottom: 3px">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">137,801,504</td><td style="text-align: left; padding-bottom: 3px">&#160;</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for equity.</p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingent Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingent Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Note 6. Commitments and Contingent Liabilities</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">In the normal course
of business, the Trust enters into contracts that contain a variety of general indemnifications. The Trust&#8217;s maximum exposure
under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
However, the Sponsor believes the risk of loss under these arrangements to be remote.</p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 405<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/405-30/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 440<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482648/440-10-50-4<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 450<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/450/tableOfContent<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 954<br> -SubTopic 440<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478522/954-440-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 440<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482648/440-10-50-4<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 440<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/440/tableOfContent<br></p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Concentration Risk<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Concentration Risk [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration Risk</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Note 7. Concentration Risk</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Substantially all of
the Trust&#8217;s assets are holdings of ETH, which creates a concentration risk associated with fluctuations in the value of
ETH due to a number of factors. Accordingly, a decline in the value of ETH will have an adverse effect on the value of the Shares
of the Trust. Factors that may have the effect of causing a decline in the value of ETH include high volatility, which could have
a negative impact on the performance of the Trust. ETH platforms are relatively new and may be unregulated or may be subject to
regulation in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches
than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance
of the Trust. The value of</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">the Shares depends on
the development and acceptance of the ethereum network. The slowing or stopping of the development or acceptance of the ethereum
network may adversely affect an investment in the Trust. The price of ETH on the ETH market has exhibited periods of extreme volatility.
Digital assets such as ETH were only introduced within the past decade, and the medium-to-long term value of the Shares is subject
to a number of factors relating to the capabilities and development of block-chain technologies and to the fundamental investment
characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is subject to risks due to its concentration
of investments in a single asset class. Possible illiquid markets may exacerbate losses or increase the variability between the
Trust&#8217;s NAV and its market price. The amount of ETH represented by the Shares may decline over time. ETH with a fair value
of $157,608,454 and $146,428,902 were held by the ETH Custodians at December 31, 2025 and December 31, 2024, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Future and current regulations
by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust.
Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940
Act or the protections afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the
value of ETH or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">The Exchange on which
the Shares are listed may halt trading in the Trust&#8217;s Shares, which would adversely impact a Shareholder&#8217;s ability
to sell Shares. The market infrastructure of the ETH spot market could result in the absence of active authorized participants
able to support the trading activity of the Trust.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Shareholders that are
not authorized participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated
with trading in secondary markets may adversely affect Shareholders&#8217; investment in the Shares.</p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (d)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (c)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (c)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 3A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1<br><br>Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 275<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/275/tableOfContent<br></p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyFinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyFinancialHighlightsTextBlock', window );">Financial Highlights</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Note 8. Financial Highlights</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">The financial highlights
summarize certain per share operating information and financial ratios of net investment loss and expenses, to daily average net
assets for the periods below. An individual investor&#8217;s return and ratios may vary based on the timing of capital transactions:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"></p>

<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Year Ended<br/> December 31,<br/> 2025</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">For the Period<br/> May 20, 2024<br/> (Date of<br/> Seeding) to<br/> December 31,<br/> 2024</td><td style="white-space: nowrap">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 70%; text-align: justify">Net asset value per share, beginning of period</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">48.81</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">50.00</td><td style="white-space: nowrap; width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: justify">From investment operations:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 20pt">Net investment loss<sup>(a)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.06)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 20pt">Net realized gain (loss) and change in unrealized appreciation (depreciation) from
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    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(5.28)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 40pt">Net decrease resulting from operations</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(5.34)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Net asset value per share, end of period</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">43.47</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-3"> 4 8.81</div></td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
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    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 20pt">Total return<sup>(c)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10.94)%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2.38)%</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Ratios to average net assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 20pt">Expenses before fee waiver</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.20%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.20% </td><td style="white-space: nowrap; text-align: left"><sup>(d)(e)</sup>&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-left: 20pt">Expenses after fee waiver</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.12%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00%</td><td style="white-space: nowrap; text-align: left"><sup>(d)(e)</sup>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: justify; padding-left: 20pt">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.12)%</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00%</td><td style="white-space: nowrap; text-align: left"><sup>(d)(e)</sup>&#160;</td></tr>
</table>



<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom"> <td style="vertical-align: top; width: 20pt; text-align: left">(a)</td> <td>Net investment loss per share has been calculated based upon an average of daily shares outstanding.</td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(b)</td> <td><p style="margin: 0pt 0">The amount shown for a share outstanding throughout the period may not agree with the change
in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#8217;s shares in
relation to fluctuating market values for the Trust.</p>
</td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(c)</td> <td><p style="margin: 0pt 0">Returns are not annualized and include adjustments required by GAAP. Returns for financial statements
purposes may differ from net asset values and performance reported elsewhere by the Trust.</p>
</td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(d)</td> <td>Annualized.</td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(e)</td> <td>Calculated based upon daily average net assets from July 22, 2024 (Date of Effectiveness) to December 31, 2024.</td></tr>
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</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of financial highlights reported by investment company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-7<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<html>
<head>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Event Review<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Event Review [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Event Review</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Note 9. Subsequent Event Review</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">The Trust has evaluated
subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued
and has determined that there are no material events that would require disclosure.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/855/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsTextBlock</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Pay vs Performance Disclosure - USD ($)<br></strong></div></th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_PvpTable', window );"><strong>Pay vs Performance Disclosure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income (Loss)</a></td>
<td class="nump">$ 8,627,398<span></span>
</td>
<td class="num">$ (33,759,054)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 402<br> -Subsection v<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Insider Trading Arrangements<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
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<td class="text"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; "><b>Risk Management, Strategy and
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and is managed by the Sponsor. Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as
the ETH Custodian and Additional ETH Custodian and other service providers to protect the Trust&#8217;s information from cybersecurity
threats. VanEck has policies, standards, and procedures on information security (the &#8220;Cybersecurity Documents&#8221;). The
Cybersecurity Documents govern the procurement, use, storage, protection and permissions of data systems, applications and devices.&#160;The
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high availability, performance, and data accuracy.</p><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; ">VanEck has adopted the National Institute
of Standards and Technology&#8217;s (&#8220;NIST&#8221;) cybersecurity framework as its security outline. The program is reviewed
annually. Using the NIST framework as a guide, VanEck&#8217;s cybersecurity program is organized around the following program domains:</p><table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"></td><td style="width: 18pt">&#9679;</td><td>Identify
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                                         elements, threats and cybersecurity risks</td></tr></table><table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"></td><td style="width: 18pt">&#9679;</td><td>Protect
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                                         anomalies and security events through environments monitoring, analysis, remediation,
                                         and reporting. Engage outside vendors to periodically test the network infrastructure
                                         and software applications against known vulnerabilities and to ensure the use of a best
                                         practice security program</td></tr>
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<td></td><td>&#9679;</td><td>Recover
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<td></td><td>&#9679;</td><td>Conduct
                                         after-action evaluation to identify what went well, what did not go well and improve
                                         VanEck systems on the back of an issue</td></tr></table><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">VanEck employs third-party firms to assess
its cybersecurity posture, conduct penetration testing, and forensic analysis.</p><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">VanEck maintains a risk-based approach
to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, counterparties
and clients, as well as the systems of third parties that could significantly and adversely impact VanEck&#8217;s business in the
event of a cybersecurity incident affecting those third-party systems. Third-party risks are included within VanEck&#8217;s NIST
framework, and risk identification and mitigation are supported by VanEck&#8217;s cybersecurity program. VanEck also performs diligence
on certain third parties and monitors cybersecurity threats and risks identified through such diligence.</p><span></span>
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<td class="text">The Trust has no employees or internal information systems
and is managed by the Sponsor. Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as
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<td class="text"><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; "><i>Roles and Responsibilities</i></p><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Roles and responsibilities for cybersecurity
have been established first by VanEck&#8217;s cybersecurity policy and secondly by its connection to the governance structure of
the firm and VanEck&#8217;s risk management committee (the &#8220;Risk Management Committee&#8221;), which is comprised of senior-level
employees. Cybersecurity is closely aligned with not only risk management, but also with business continuity planning and response.
In addition, the importance of cybersecurity protection and its practice at the manager and employee level is frequently communicated
to the staff globally. Specifically, VanEck&#8217;s Chief Information Security Officer, reporting to the co-chair of the Risk Management
Committee, is responsible for conducting the firm&#8217;s cybersecurity risk assessment, as well as providing regular staff educations
with a special emphasis on proper desktop and email security and conduct. Special training is also given to recently on-boarded
staff. VanEck&#8217;s Chief Administrative Officer and Chief Technology Officer, together with VanEck&#8217;s Chief Information
Security Officer, are responsible for the day-to-day operations of the firm cybersecurity infrastructure including normal operations
as well as any remedial work required in response to an incident. The communication responsibility in the event of an incident
is shared by VanEck&#8217;s CEO and the General Counsel.</p><p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Since our commencement of operations,
we have not experienced a material information security breach incident and we are not aware of any cybersecurity risks that are
reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy,
results of operations, or financial condition. <i>See &#8220;Item 1A. Risk Factors&#8212; Other Risks&#8212;Due to the increased
use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.&#8221;</i></p><span></span>
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<td class="text">Specifically, VanEck&#8217;s Chief Information Security Officer, reporting to the co-chair of the Risk Management
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Section 106<br> -Subsection c<br> -Paragraph 2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Section 16K<br> -Subsection c<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Section 106<br> -Subsection b<br> -Paragraph 1<br> -Subparagraph iii<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Section 16K<br> -Subsection b<br> -Paragraph 1<br> -Subparagraph iii<br></p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounting Policies, by Policy (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Preparation</a></td>
<td class="text"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">A.</span></td> <td><span style="font-size: 10pt"><i>Basis of Preparation and Use of Estimates</i></span></td></tr>
</table><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could
differ from those estimates.</span></p><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting
requirements of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946 Financial Services&#8212;Investment Companies (&#8220;ASC
Topic 946&#8221;)<i>, </i>but is not registered, and is not required to be registered, as an investment company under the Investment
Company Act of 1940, as amended.</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">A.</span></td> <td><span style="font-size: 10pt"><i>Basis of Preparation and Use of Estimates</i></span></td></tr>
</table><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could
differ from those estimates.</span></p><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting
requirements of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946 Financial Services&#8212;Investment Companies (&#8220;ASC
Topic 946&#8221;)<i>, </i>but is not registered, and is not required to be registered, as an investment company under the Investment
Company Act of 1940, as amended.</span></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash</a></td>
<td class="text"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">B.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Cash</i></span></td></tr>
</table><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Cash,
if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds
the federally insured limits. As of December 31, 2025 and December 31, 2024, the Trust did not hold cash.</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Investment Valuation</a></td>
<td class="text"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">C.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Investment Valuation</i></span></td></tr>
</table><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust values its investment in ETH and other assets and liabilities at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.</span></p><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust identifies and determines the ETH principal market (or in the absence of a principal market, the most advantageous market) for
GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards
Board (&#8220;FASB&#8221;) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity
level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and
policies used to prepare the Trust&#8217;s financial statements in accordance with GAAP.</span></p><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Various
inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be
internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting
purposes. The three levels of the fair value hierarchy are as follows:</span></p><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt">Level
1 &#8211; Unadjusted quoted prices in active markets for identical assets or liabilities;</span></p><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Level
2 &#8211; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly,
including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities
in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and
inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</span></p><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">Level
3 &#8211; Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust&#8217;s assumptions
used in determining the fair value of investments.</span></p><p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following is a summary of the fair value
hierarchy as of December 31, 2025, and December 31, 2024:</p><table cellpadding="0" style="border-collapse: collapse; width: 93%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">December 31, 2025</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><b>Assets</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 43%; text-align: left; padding-left: 10pt">Investment in ETH</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">157,608,454</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">157,608,454</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">December 31, 2024</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 1</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 2</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 3</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Total</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><b>Assets</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 10pt">Investment in ETH</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">146,428,902</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">146,428,902</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td></tr>
</table><p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following represents the changes in quantity
of ETH and the respective fair value:</p><table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">ETH</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 68%; font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Beginning balance as of January 1, 2025</td><td style="width: 3%; padding-bottom: 1px">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="width: 12%; border-bottom: Black 1px solid; text-align: right">43,935.83</td><td style="width: 1%; padding-bottom: 1px; text-align: left">&#160;</td><td style="width: 3%; padding-bottom: 1px">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1px solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1px solid; text-align: right">146,428,902</td><td style="width: 1%; padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,219.32</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">172,013,256</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(38,106.28)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(127,280,000)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(34,062,356)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net realized gain on investment in ETH</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">508,652</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Ending balance as of December 31, 2025</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">&#160;</td><td style="border-bottom: Black 3px double; text-align: right">53,048.87</td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">157,608,454</td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table><table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">ETH</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><span style="font-style: normal"><b>Beginning balance as of May 20, 2024<sup>(a)</sup></b></span></td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">$</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 10pt">ETH purchased</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">49,793.94</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">154,052,853</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,858.11)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(16,251,349)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,194,816</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net realized loss on investment in ETH</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">(1,567,418)</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Ending balance as of December 31, 2024</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">&#160;</td><td style="border-bottom: Black 3px double; text-align: right">43,935.83</td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">146,428,902</td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table><table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">(a)</td><td>Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_EthereumPolicyTextBlock', window );">Ether</a></td>
<td class="text"><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">D.</td> <td><i>Ether</i></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">ETH transactions are
accounted for on trade date. Realized gains and losses on the sale of ETH are determined based on the average cost method. Under
ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of ETH. Proceeds
received by the Trust from the issuance of baskets consist of ETH. Deposits of ETH are held by Gemini Trust Company, LLC (the
&#8220;ETH Custodian&#8221;) and at Coinbase Custody Trust Company, LLC (the &#8220;Additional ETH Custodian&#8221;, and collectively
the &#8220;ETH Custodians&#8221;), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or
cash or (ii) sold by the Sponsor, which may be facilitated by the ETH Custodians, to pay fees due to the Sponsor and Trust expenses
and liabilities not assumed by the Sponsor.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Calculation of Net Asset Value</a></td>
<td class="text"><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt">E.</td> <td style="font-size: 10pt"><i>Calculation of Net Asset Value</i></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt">The Trust&#8217;s net
asset value (&#8220;NAV&#8221;) is calculated based on the Trust&#8217;s net asset holdings, as reconciled to the ETH Custodians&#8217;
accounts, on a market approach determined on a daily basis using the MarketVector Ethereum Benchmark Rate price at
4:00 pm EST. The Trust&#8217;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#8217;s NAV and the Trust&#8217;s NAV per Share, which it has delegated to the
Administrator.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Federal Income Taxes</a></td>
<td class="text"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">F.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Federal Income Taxes</i></span></td></tr>
</table><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required.
Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions
for the periods presented and has determined that no provision for income tax is required in the Trust&#8217;s financial statements.</span></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment Reporting</a></td>
<td class="text"><table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: top"> <td style="width: 36pt"><span style="font-size: 10pt">G.</span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><i>Segment Reporting</i></span></td></tr>
</table><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"><span style="font-size: 10pt">The
Chief Financial Officer and Treasurer of the Sponsor acts as the Trust&#8217;s chief operating decision maker (&#8220;CODM&#8221;), assessing
performance and making decisions about resource allocation. The CODM has determined that the Trust has a <span style="-sec-ix-hidden: hidden-fact-2">single</span> operating segment based
on the fact that the Trust&#8217;s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus,
with a defined investment strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is
presented within the Trust&#8217;s financial statements.</span></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for ethereum.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-20<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 19<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-19<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-25<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(h)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-28<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 47<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 54<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 36<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-36<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 47<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingPolicyPolicyTextBlock</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section S50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-12<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-9<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482836/275-10-55-6<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-6<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 275<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-4<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1<br></p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock', window );">Summary of Fair value Hierarchy</a></td>
<td class="text"><p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following is a summary of the fair value
hierarchy as of December 31, 2025, and December 31, 2024:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" style="border-collapse: collapse; width: 93%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">December 31, 2025</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td><td style="font-weight: bold; border-bottom: Black 1px solid">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><b>Assets</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 43%; text-align: left; padding-left: 10pt">Investment in ETH</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">157,608,454</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td><td style="width: 2%; border-bottom: Black 3px double">&#160;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">157,608,454</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">December 31, 2024</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 1</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 2</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 3</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Total</td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><b>Assets</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 10pt">Investment in ETH</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">146,428,902</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">&#8212;</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td><td style="border-bottom: Black 3px double">&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">146,428,902</td><td style="text-align: left; border-bottom: Black 3px double">&#160;</td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock', window );">Changes in Quantity of ETH and Fair Value</a></td>
<td class="text"><p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following represents the changes in quantity
of ETH and the respective fair value:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">ETH</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="width: 68%; font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Beginning balance as of January 1, 2025</td><td style="width: 3%; padding-bottom: 1px">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="width: 12%; border-bottom: Black 1px solid; text-align: right">43,935.83</td><td style="width: 1%; padding-bottom: 1px; text-align: left">&#160;</td><td style="width: 3%; padding-bottom: 1px">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1px solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1px solid; text-align: right">146,428,902</td><td style="width: 1%; padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,219.32</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">172,013,256</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(38,106.28)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(127,280,000)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(34,062,356)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net realized gain on investment in ETH</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">508,652</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Ending balance as of December 31, 2025</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">&#160;</td><td style="border-bottom: Black 3px double; text-align: right">53,048.87</td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">157,608,454</td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table>

<table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">ETH</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Fair Value</td><td style="padding-bottom: 1px; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><span style="font-style: normal"><b>Beginning balance as of May 20, 2024<sup>(a)</sup></b></span></td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">$</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 10pt">ETH purchased</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">49,793.94</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">154,052,853</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">ETH sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,858.11)</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(16,251,349)</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net change in unrealized appreciation (depreciation) from investment in ETH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,194,816</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(229,255,255)">
    <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net realized loss on investment in ETH</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">&#8212;</td><td style="padding-bottom: 1px; text-align: left">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="border-bottom: Black 1px solid; text-align: left">&#160;</td><td style="border-bottom: Black 1px solid; text-align: right">(1,567,418)</td><td style="padding-bottom: 1px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Ending balance as of December 31, 2024</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">&#160;</td><td style="border-bottom: Black 3px double; text-align: right">43,935.83</td><td style="padding-bottom: 3px; text-align: left">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">146,428,902</td><td style="padding-bottom: 3px; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
</table>

<table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">(a)</td><td>Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td></tr></table><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in quantity of ether and respective fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br></p></div>
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<head>
<title></title>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Share Transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Capital Share Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfStockholdersEquityTableTextBlock', window );">Share and Capital Activity</a></td>
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is as follows:</span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">For the Period May 20,<br/> 2024 (Date of Seeding) to<br/> December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td></tr>
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    <td style="padding-bottom: 1px">&#160;</td><td style="font-weight: bold; padding-bottom: 1px">&#160;</td>
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    <td style="width: 40%">Beginning of period</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">3,000,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">172,013,836</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,402,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">154,153,076</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(2,600,000)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(127,104,743)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(402,000)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td><td style="padding-bottom: 1px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1px solid">&#160;</td><td style="text-align: right; border-bottom: Black 1px solid">(16,351,572)</td><td style="text-align: left; padding-bottom: 1px">&#160;</td></tr>
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    <td style="text-align: right; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">3,625,000</td><td style="text-align: left; padding-bottom: 3px">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">182,710,597</td><td style="text-align: left; padding-bottom: 3px">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">&#160;</td><td style="text-align: right; border-bottom: Black 3px double">3,000,000</td><td style="text-align: left; padding-bottom: 3px">&#160;</td><td style="padding-bottom: 3px">&#160;</td>
    <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">137,801,504</td><td style="text-align: left; padding-bottom: 3px">&#160;</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyFinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
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<tr class="ro">
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summarize certain per share operating information and financial ratios of net investment loss and expenses, to daily average net
assets for the periods below. An individual investor&#8217;s return and ratios may vary based on the timing of capital transactions:</p>

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    <td style="width: 70%; text-align: justify">Net asset value per share, beginning of period</td><td style="width: 3%">&#160;</td>
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    <td style="text-align: justify">Net asset value per share, end of period</td><td>&#160;</td>
    <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">43.47</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: justify; padding-left: 20pt">Total return<sup>(c)</sup></td><td>&#160;</td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom"> <td style="vertical-align: top; width: 20pt; text-align: left">(a)</td> <td>Net investment loss per share has been calculated based upon an average of daily shares outstanding.</td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(b)</td> <td><p style="margin: 0pt 0">The amount shown for a share outstanding throughout the period may not agree with the change
in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#8217;s shares in
relation to fluctuating market values for the Trust.</p>
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<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(c)</td> <td><p style="margin: 0pt 0">Returns are not annualized and include adjustments required by GAAP. Returns for financial statements
purposes may differ from net asset values and performance reported elsewhere by the Trust.</p>
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<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(d)</td> <td>Annualized.</td></tr>
<tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">(e)</td> <td>Calculated based upon daily average net assets from July 22, 2024 (Date of Effectiveness) to December 31, 2024.</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1<br></p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="th" colspan="1">12 Months Ended</th>
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<div>Dec. 31, 2025 </div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-14<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 944<br> -SubTopic 605<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477548/944-605-55-11<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 21<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-21<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -SubTopic 210<br> -Topic 946<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-20<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-18<br></p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Significant Accounting Policies - Summary of Fair value Hierarchy (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>May 19, 2024</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="nump">157,608,454<span></span>
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<td class="nump">146,428,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetFairValue', window );">Investment in ETH</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of crypto asset. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies - Changes in Quantity of ETH and Fair Value (Details)<br></strong></div></th>
<th class="th" colspan="2">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>Ethereum</div>
</th>
<th class="th">
<div>Dec. 31, 2025 </div>
<div>USD ($) </div>
<div>Ethereum</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_CryptoAssetNumberOfUnitsHeld', window );">Beginning balance (in Ethereum) | Ethereum</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">43,935.83<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetFairValue', window );">Beginning balance, Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 146,428,902<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_CryptoAssetNumberOfUnitsPurchased', window );">ETH purchased (in Ethereum) | Ethereum</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">49,793.94<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">47,219.32<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetPurchase', window );">ETH purchased, Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 154,052,853<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 172,013,256<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_CryptoAssetNumberOfUnitsSold', window );">ETH sold (in Ethereum) | Ethereum</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,858.11)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(38,106.28)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetSale', window );">ETH sold, Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (16,251,349)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (127,280,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating', window );">Net change in unrealized appreciation (depreciation) from investment in ETH, Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,194,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(34,062,356)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating', window );">Net realized gain on investment in ETH, Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (1,567,418)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 508,652<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_CryptoAssetNumberOfUnitsHeld', window );">Ending balance (in Ethereum) | Ethereum</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,935.83<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">53,048.87<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetFairValue', window );">Ending balance, Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 146,428,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 157,608,454<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_CryptoAssetNumberOfUnitsHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_CryptoAssetNumberOfUnitsHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_CryptoAssetNumberOfUnitsPurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of restricted and unrestricted crypto asset units purchased. Excludes crypto asset units held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_CryptoAssetNumberOfUnitsPurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_CryptoAssetNumberOfUnitsSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of restricted and unrestricted crypto asset units sold. Excludes crypto asset units held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_CryptoAssetNumberOfUnitsSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of crypto asset. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetPurchase">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in crypto asset from purchase. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetPurchase</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetRealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in crypto asset from sale. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) from remeasurement of crypto asset, classified as operating and nonoperating. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetUnrealizedGainLossOperatingAndNonoperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trust Expenses and Other Agreements (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jul. 22, 2024</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th"><div>Jul. 22, 2025</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_TrustExpensesAndOtherAgreementsAbstract', window );"><strong>Trust Expenses and Other Agreements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets', window );">Sponsor fees at monthly rate of average daily net assets</a></td>
<td class="nump">0.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 76,765<span></span>
</td>
<td class="nump">$ 334,700<span></span>
</td>
<td class="nump">$ 1,500,000,000<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage amount paid to the sponsor for management of the day-to-day business functions of the LLC or LP including the fee rate, basis of calculation, relevant accounting period, whether the fee is paid to an entity other than the managing average daily net assets, or whether the fee is waived.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_SponsorFeeAtMonthlyRateOfAverageDailyNetAssets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>dtr:percentItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_TrustExpensesAndOtherAgreementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_TrustExpensesAndOtherAgreementsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
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<td>xbrli:stringItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SponsorFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SponsorFees</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jun. 25, 2024 </div>
<div>USD ($) </div>
<div>Ether </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>May 20, 2024 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th"><div>Sep. 30, 2025</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Parties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock issued during the period, new issues (in Shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,402,000<span></span>
</td>
<td class="nump">3,225,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Number of shares redeemed (in Shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">402,000<span></span>
</td>
<td class="nump">2,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Proceeds from issuance of shares | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 154,153,076<span></span>
</td>
<td class="nump">$ 172,013,836<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">Ownership percentage of net assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.02%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=ethv_SeedCapitalInvestorMember', window );">Seed Capital Investor [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Parties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock issued during the period, new issues (in Shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesIssuedPricePerShare', window );">Shares issued, price per share (in Dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Number of shares redeemed (in Shares)</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">Ownership percentage of net assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=ethv_SeedCreationBasketsMember', window );">Seed Creation Baskets [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Parties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock issued during the period, new issues (in Shares)</a></td>
<td class="nump">200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesIssuedPricePerShare', window );">Shares issued, price per share (in Dollars per share) | $ / shares</a></td>
<td class="nump">$ 50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Proceeds from issuance of shares | $</a></td>
<td class="nump">$ 10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_VanEckAssetNumberOfUnitsHeld', window );">Quantity of digital assets | Ether</a></td>
<td class="nump">2,929.06<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_OwnershipAxis=ethv_VanEckSecuritiesCorporationMember', window );">VanEck Securities Corporation [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Parties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">Minority interest percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_VanEckAssetNumberOfUnitsHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of restricted and unrestricted vaneck asset units held. Excludes vaneck asset units held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_VanEckAssetNumberOfUnitsHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedPercentOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of investment owned to net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12(Column C)(Footnote 5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column D))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column C)(Footnote 2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column A)(Footnote 6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column F)(Footnote 7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedPercentOfNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestOwnershipPercentageByParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestOwnershipPercentageByParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-13<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(2)(i))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(2)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(g)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssuedPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Per share or per unit amount of equity securities issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssuedPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478009/946-205-45-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRedeemedOrCalledDuringPeriodShares</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=ethv_SeedCapitalInvestorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=ethv_SeedCapitalInvestorMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=ethv_SeedCreationBasketsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=ethv_SeedCreationBasketsMember</td>
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<td>na</td>
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<td></td>
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<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_OwnershipAxis=ethv_VanEckSecuritiesCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_OwnershipAxis=ethv_VanEckSecuritiesCorporationMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Share Transactions (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2025 </div>
<div>shares</div>
</th></tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=ethv_SecondaryMarketMember', window );">Secondary Market [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems', window );"><strong>Capital Share Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction', window );">Trust shares authorized (in Shares)</a></td>
<td class="nump">25,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued or sold by the subsidiary or equity method investee per stock transaction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=ethv_SecondaryMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=ethv_SecondaryMarketMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital Share Transactions - Share and Capital Activity (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsidiaryOrEquityMethodInvesteeLineItems', window );"><strong>Capital Share Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Beginning of period (in Shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning of period</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 137,801,504<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in Shares)</a></td>
<td class="nump">3,402,000<span></span>
</td>
<td class="nump">3,225,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
<td class="nump">$ 154,153,076<span></span>
</td>
<td class="nump">$ 172,013,836<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Shares redeemed (in Shares)</a></td>
<td class="num">(402,000)<span></span>
</td>
<td class="num">(2,600,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue', window );">Shares redeemed</a></td>
<td class="num">$ (16,351,572)<span></span>
</td>
<td class="num">$ (127,104,743)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">End of period (in Shares)</a></td>
<td class="nump">3,000,000<span></span>
</td>
<td class="nump">3,625,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">End of period</a></td>
<td class="nump">$ 137,801,504<span></span>
</td>
<td class="nump">$ 182,710,597<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock bought back by the entity at the exercise price or redemption price.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Concentration Risk (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th" colspan="2"><div>May 19, 2024</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Concentration Risk [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CryptoAssetFairValue', window );">Fair value</a></td>
<td class="nump">$ 157,608,454<span></span>
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<td class="nump">$ 146,428,902<span></span>
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<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 0<span></span>
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<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
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<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Date of seeding, the Trust did not hold any ETH as of May 20, 2024.</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of crypto asset. Excludes crypto asset held for platform user.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476163/350-60-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CryptoAssetFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RisksAndUncertaintiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:stringItemType</td>
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<td>na</td>
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<td>duration</td>
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights - Summary of Financial Highlights (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="2">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyFinancialHighlightsLineItems', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per share, beginning of period (in Dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 50<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 48.81<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShareAbstract', window );"><strong>From investment operations:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare', window );">Net investment loss (in Dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(0.06)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments', window );">Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in ether (in Dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(1.19)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5.28)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease', window );">Net decrease resulting from operations (in Dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1.19)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5.34)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per share, end of period (in Dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 48.81<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 43.47<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyTotalReturn', window );">Total return</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(2.38%)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(10.94%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyFinancialRatiosAbstract', window );"><strong>Ratios to average net assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee', window );">Expenses before fee waiver</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.20%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4],[5]</sup></td>
<td class="nump">0.20%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee', window );">Expenses after fee waiver</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4],[5]</sup></td>
<td class="nump">0.12%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyInvestmentIncomeLossRatio', window );">Net investment loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4],[5]</sup></td>
<td class="num">(0.12%)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Net investment loss per share has been calculated based upon an average of daily shares outstanding.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The amount shown for a share outstanding throughout the period may not agree with the change
in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#8217;s shares in
relation to fluctuating market values for the Trust.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Returns are not annualized and include adjustments required by GAAP. Returns for financial statements
purposes may differ from net asset values and performance reported elsewhere by the Trust.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Annualized.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Calculated based upon daily average net assets from July 22, 2024 (Date of Effectiveness) to December 31, 2024.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in either.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ethv_NetRealizedGainLossAndChangeInUnrealizedAppreciationDepreciationFromInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ethv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage, after deduction of fee waiver and before deduction of incentive fee, of expense to average net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage, after deduction of fee waiver and incentive fee, of expense to average net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyFinancialHighlightsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 27<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-2<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyFinancialHighlightsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyFinancialRatiosAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyFinancialRatiosAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of investment income (loss) to average net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-10<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Per-share or unit amount of increase (decrease) in net asset value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage increase (decrease) in fund net asset value, assuming reinvestment of dividends and capital gain distributions.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
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    <cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock contextRef="c0" id="ixv-4751">&lt;p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; "&gt;&lt;b&gt;Risk Management, Strategy and
Governance&lt;/b&gt;&lt;/p&gt;&lt;p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"&gt;The Trust has no employees or internal information systems
and is managed by the Sponsor. Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as
the ETH Custodian and Additional ETH Custodian and other service providers to protect the Trust&#x2019;s information from cybersecurity
threats. VanEck has policies, standards, and procedures on information security (the &#x201c;Cybersecurity Documents&#x201d;). The
Cybersecurity Documents govern the procurement, use, storage, protection and permissions of data systems, applications and devices.&#160;The
Cybersecurity Documents outline the correct usage of elements and tasks on the networks/infrastructure to ensure safe operation,
high availability, performance, and data accuracy.&lt;/p&gt;&lt;p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; "&gt;VanEck has adopted the National Institute
of Standards and Technology&#x2019;s (&#x201c;NIST&#x201d;) cybersecurity framework as its security outline. The program is reviewed
annually. Using the NIST framework as a guide, VanEck&#x2019;s cybersecurity program is organized around the following program domains:&lt;/p&gt;&lt;table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"&gt;&lt;tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"&gt;
&lt;td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&#x25cf;&lt;/td&gt;&lt;td&gt;Identify
                                         critical assets, data, systems and capabilities, cybersecurity strategy and governing
                                         elements, threats and cybersecurity risks&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" style="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"&gt;&lt;tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"&gt;
&lt;td style="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&#x25cf;&lt;/td&gt;&lt;td&gt;Protect
                                         assets (data, systems, networks, personnel, etc.) from external or internal malicious
                                         actors and failed practices&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td&gt;&lt;/td&gt;&lt;td&gt;&#x25cf;&lt;/td&gt;&lt;td&gt;Detect
                                         anomalies and security events through environments monitoring, analysis, remediation,
                                         and reporting. Engage outside vendors to periodically test the network infrastructure
                                         and software applications against known vulnerabilities and to ensure the use of a best
                                         practice security program&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td&gt;&lt;/td&gt;&lt;td&gt;&#x25cf;&lt;/td&gt;&lt;td&gt;Respond
                                         to incidents regardless of source or causality&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td&gt;&lt;/td&gt;&lt;td&gt;&#x25cf;&lt;/td&gt;&lt;td&gt;Recover
                                         through planning, improvements and communications (external and internal)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td&gt;&lt;/td&gt;&lt;td&gt;&#x25cf;&lt;/td&gt;&lt;td&gt;Conduct
                                         after-action evaluation to identify what went well, what did not go well and improve
                                         VanEck systems on the back of an issue&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;VanEck employs third-party firms to assess
its cybersecurity posture, conduct penetration testing, and forensic analysis.&lt;/p&gt;&lt;p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;VanEck maintains a risk-based approach
to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, counterparties
and clients, as well as the systems of third parties that could significantly and adversely impact VanEck&#x2019;s business in the
event of a cybersecurity incident affecting those third-party systems. Third-party risks are included within VanEck&#x2019;s NIST
framework, and risk identification and mitigation are supported by VanEck&#x2019;s cybersecurity program. VanEck also performs diligence
on certain third parties and monitors cybersecurity threats and risks identified through such diligence.&lt;/p&gt;</cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock>
    <cyd:CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock contextRef="c0" id="ixv-7887">The Trust has no employees or internal information systems
and is managed by the Sponsor. Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as
the ETH Custodian and Additional ETH Custodian and other service providers to protect the Trust&#x2019;s information from cybersecurity
threats.</cyd:CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock>
    <cyd:CybersecurityRiskManagementThirdPartyEngagedFlag contextRef="c0" id="ixv-4827">true</cyd:CybersecurityRiskManagementThirdPartyEngagedFlag>
    <cyd:CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag contextRef="c0" id="ixv-7888">true</cyd:CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag>
    <cyd:CybersecurityRiskRoleOfManagementTextBlock contextRef="c0" id="ixv-4838">&lt;p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; "&gt;&lt;i&gt;Roles and Responsibilities&lt;/i&gt;&lt;/p&gt;&lt;p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;Roles and responsibilities for cybersecurity
have been established first by VanEck&#x2019;s cybersecurity policy and secondly by its connection to the governance structure of
the firm and VanEck&#x2019;s risk management committee (the &#x201c;Risk Management Committee&#x201d;), which is comprised of senior-level
employees. Cybersecurity is closely aligned with not only risk management, but also with business continuity planning and response.
In addition, the importance of cybersecurity protection and its practice at the manager and employee level is frequently communicated
to the staff globally. Specifically, VanEck&#x2019;s Chief Information Security Officer, reporting to the co-chair of the Risk Management
Committee, is responsible for conducting the firm&#x2019;s cybersecurity risk assessment, as well as providing regular staff educations
with a special emphasis on proper desktop and email security and conduct. Special training is also given to recently on-boarded
staff. VanEck&#x2019;s Chief Administrative Officer and Chief Technology Officer, together with VanEck&#x2019;s Chief Information
Security Officer, are responsible for the day-to-day operations of the firm cybersecurity infrastructure including normal operations
as well as any remedial work required in response to an incident. The communication responsibility in the event of an incident
is shared by VanEck&#x2019;s CEO and the General Counsel.&lt;/p&gt;&lt;p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;Since our commencement of operations,
we have not experienced a material information security breach incident and we are not aware of any cybersecurity risks that are
reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy,
results of operations, or financial condition. &lt;i&gt;See &#x201c;Item 1A. Risk Factors&#x2014; Other Risks&#x2014;Due to the increased
use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.&#x201d;&lt;/i&gt;&lt;/p&gt;</cyd:CybersecurityRiskRoleOfManagementTextBlock>
    <cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock contextRef="c0" id="ixv-7889">Specifically, VanEck&#x2019;s Chief Information Security Officer, reporting to the co-chair of the Risk Management
Committee, is responsible for conducting the firm&#x2019;s cybersecurity risk assessment, as well as providing regular staff educations
with a special emphasis on proper desktop and email security and conduct. Special training is also given to recently on-boarded
staff.</cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock>
    <cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag contextRef="c0" id="ixv-7890">true</cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag>
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    <cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock contextRef="c0" id="ixv-7892">VanEck&#x2019;s Chief Administrative Officer and Chief Technology Officer, together with VanEck&#x2019;s Chief Information
Security Officer, are responsible for the day-to-day operations of the firm cybersecurity infrastructure including normal operations
as well as any remedial work required in response to an incident. The communication responsibility in the event of an incident
is shared by VanEck&#x2019;s CEO and the General Counsel.</cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock>
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    <cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock contextRef="c0" id="ixv-7894">Since our commencement of operations,
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reasonably likely to materially affect our business.</cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock>
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    <us-gaap:NatureOfOperations contextRef="c0" id="ixv-6751">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Note 1. Organization:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;VanEck
Ethereum ETF (the &#x201c;Trust&#x201d;), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial
interest in an ownership of the Trust (the &#x201c;Shares&#x201d;). The Shares are traded on the Cboe BZX Exchange, Inc. (the &#x201c;Exchange&#x201d;).
The Trust&#x2019;s investment objective is to reflect the performance of the price of ether (&#x201c;ETH&#x201d;) less the net operating
expenses of the Trust. The Trust is managed and controlled by VanEck Digital Assets, LLC (the &#x201c;Sponsor&#x201d;), a wholly-owned
subsidiary of Van Eck Associates Corporation (&#x201c;VanEck&#x201d;). The CSC Delaware Trust Company is the &#x201c;Trustee&#x201d; of the
Trust.&lt;/span&gt;&lt;/p&gt;</us-gaap:NatureOfOperations>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c0" id="ixv-6763">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Note 2. Significant
Accounting Policies:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;A.&lt;/span&gt;&lt;/td&gt; &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Basis of Preparation and Use of Estimates&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could
differ from those estimates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting
requirements of Accounting Standards Codification (&#x201c;ASC&#x201d;) Topic 946 Financial Services&#x2014;Investment Companies (&#x201c;ASC
Topic 946&#x201d;)&lt;i&gt;, &lt;/i&gt;but is not registered, and is not required to be registered, as an investment company under the Investment
Company Act of 1940, as amended.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;B.&lt;/span&gt;&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Cash&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;Cash,
if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds
the federally insured limits. As of December 31, 2025 and December 31, 2024, the Trust did not hold cash.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;C.&lt;/span&gt;&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Investment Valuation&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust values its investment in ETH and other assets and liabilities at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust identifies and determines the ETH principal market (or in the absence of a principal market, the most advantageous market) for
GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards
Board (&#x201c;FASB&#x201d;) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity
level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and
policies used to prepare the Trust&#x2019;s financial statements in accordance with GAAP.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;Various
inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be
internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting
purposes. The three levels of the fair value hierarchy are as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Level
1 &#x2013; Unadjusted quoted prices in active markets for identical assets or liabilities;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;Level
2 &#x2013; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly,
including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities
in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and
inputs that are derived principally from or corroborated by observable market data by correlation or other means; and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;Level
3 &#x2013; Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust&#x2019;s assumptions
used in determining the fair value of investments.&lt;/span&gt;&lt;/p&gt;&lt;p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;The following is a summary of the fair value
hierarchy as of December 31, 2025, and December 31, 2024:&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 93%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2025&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 43%; text-align: left; padding-left: 10pt"&gt;Investment in ETH&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;157,608,454&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;157,608,454&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2024&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 1&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 2&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 3&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Total&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;146,428,902&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;146,428,902&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;The following represents the changes in quantity
of ETH and the respective fair value:&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 68%; font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Beginning balance as of January 1, 2025&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; border-bottom: Black 1px solid; text-align: right"&gt;43,935.83&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1px solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; border-bottom: Black 1px solid; text-align: right"&gt;146,428,902&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH purchased&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;47,219.32&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;172,013,256&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(38,106.28)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(127,280,000)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Net change in unrealized appreciation (depreciation) from investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(34,062,356)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Net realized gain on investment in ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;508,652&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt"&gt;Ending balance as of December 31, 2025&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;53,048.87&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;157,608,454&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;&lt;span style="font-style: normal"&gt;&lt;b&gt;Beginning balance as of May 20, 2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH purchased&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;49,793.94&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;154,052,853&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(5,858.11)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(16,251,349)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Net change in unrealized appreciation (depreciation) from investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;10,194,816&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Net realized loss on investment in ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;(1,567,418)&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt"&gt;Ending balance as of December 31, 2024&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;43,935.83&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;146,428,902&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;(a)&lt;/td&gt;&lt;td&gt;Date of seeding, the Trust did not hold any ETH as of May 20, 2024.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;D.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Ether&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;ETH transactions are
accounted for on trade date. Realized gains and losses on the sale of ETH are determined based on the average cost method. Under
ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of ETH. Proceeds
received by the Trust from the issuance of baskets consist of ETH. Deposits of ETH are held by Gemini Trust Company, LLC (the
&#x201c;ETH Custodian&#x201d;) and at Coinbase Custody Trust Company, LLC (the &#x201c;Additional ETH Custodian&#x201d;, and collectively
the &#x201c;ETH Custodians&#x201d;), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or
cash or (ii) sold by the Sponsor, which may be facilitated by the ETH Custodians, to pay fees due to the Sponsor and Trust expenses
and liabilities not assumed by the Sponsor.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;E.&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;i&gt;Calculation of Net Asset Value&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;The Trust&#x2019;s net
asset value (&#x201c;NAV&#x201d;) is calculated based on the Trust&#x2019;s net asset holdings, as reconciled to the ETH Custodians&#x2019;
accounts, on a market approach determined on a daily basis using the MarketVector Ethereum Benchmark Rate price at
4:00 pm EST. The Trust&#x2019;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#x2019;s NAV and the Trust&#x2019;s NAV per Share, which it has delegated to the
Administrator.&lt;/p&gt;&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;F.&lt;/span&gt;&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Federal Income Taxes&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required.
Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions
for the periods presented and has determined that no provision for income tax is required in the Trust&#x2019;s financial statements.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;G.&lt;/span&gt;&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Segment Reporting&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Chief Financial Officer and Treasurer of the Sponsor acts as the Trust&#x2019;s chief operating decision maker (&#x201c;CODM&#x201d;), assessing
performance and making decisions about resource allocation. The CODM has determined that the Trust has a &lt;span style="-sec-ix-hidden: hidden-fact-2"&gt;single&lt;/span&gt; operating segment based
on the fact that the Trust&#x2019;s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus,
with a defined investment strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is
presented within the Trust&#x2019;s financial statements.&lt;/span&gt;&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="c0" id="ixv-6769">&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;A.&lt;/span&gt;&lt;/td&gt; &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Basis of Preparation and Use of Estimates&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could
differ from those estimates.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting
requirements of Accounting Standards Codification (&#x201c;ASC&#x201d;) Topic 946 Financial Services&#x2014;Investment Companies (&#x201c;ASC
Topic 946&#x201d;)&lt;i&gt;, &lt;/i&gt;but is not registered, and is not required to be registered, as an investment company under the Investment
Company Act of 1940, as amended.&lt;/span&gt;&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <us-gaap:UseOfEstimates contextRef="c0" id="ixv-6770">&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;A.&lt;/span&gt;&lt;/td&gt; &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Basis of Preparation and Use of Estimates&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could
differ from those estimates.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting
requirements of Accounting Standards Codification (&#x201c;ASC&#x201d;) Topic 946 Financial Services&#x2014;Investment Companies (&#x201c;ASC
Topic 946&#x201d;)&lt;i&gt;, &lt;/i&gt;but is not registered, and is not required to be registered, as an investment company under the Investment
Company Act of 1940, as amended.&lt;/span&gt;&lt;/p&gt;</us-gaap:UseOfEstimates>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c0" id="ixv-6793">&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;B.&lt;/span&gt;&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Cash&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;Cash,
if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds
the federally insured limits. As of December 31, 2025 and December 31, 2024, the Trust did not hold cash.&lt;/span&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:Cash contextRef="c3" decimals="0" id="ixv-7981" unitRef="usd">0</us-gaap:Cash>
    <us-gaap:Cash contextRef="c4" decimals="0" id="ixv-7982" unitRef="usd">0</us-gaap:Cash>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="c0" id="ixv-6808">&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;C.&lt;/span&gt;&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Investment Valuation&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust values its investment in ETH and other assets and liabilities at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust identifies and determines the ETH principal market (or in the absence of a principal market, the most advantageous market) for
GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards
Board (&#x201c;FASB&#x201d;) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity
level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and
policies used to prepare the Trust&#x2019;s financial statements in accordance with GAAP.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;Various
inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be
internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting
purposes. The three levels of the fair value hierarchy are as follows:&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Level
1 &#x2013; Unadjusted quoted prices in active markets for identical assets or liabilities;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;Level
2 &#x2013; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly,
including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities
in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and
inputs that are derived principally from or corroborated by observable market data by correlation or other means; and&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;Level
3 &#x2013; Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust&#x2019;s assumptions
used in determining the fair value of investments.&lt;/span&gt;&lt;/p&gt;&lt;p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;The following is a summary of the fair value
hierarchy as of December 31, 2025, and December 31, 2024:&lt;/p&gt;&lt;table cellpadding="0" style="border-collapse: collapse; width: 93%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2025&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 43%; text-align: left; padding-left: 10pt"&gt;Investment in ETH&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;157,608,454&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;157,608,454&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2024&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 1&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 2&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 3&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Total&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;146,428,902&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;146,428,902&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;The following represents the changes in quantity
of ETH and the respective fair value:&lt;/p&gt;&lt;table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 68%; font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Beginning balance as of January 1, 2025&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; border-bottom: Black 1px solid; text-align: right"&gt;43,935.83&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1px solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; border-bottom: Black 1px solid; text-align: right"&gt;146,428,902&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH purchased&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;47,219.32&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;172,013,256&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(38,106.28)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(127,280,000)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Net change in unrealized appreciation (depreciation) from investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(34,062,356)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Net realized gain on investment in ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;508,652&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt"&gt;Ending balance as of December 31, 2025&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;53,048.87&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;157,608,454&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;&lt;span style="font-style: normal"&gt;&lt;b&gt;Beginning balance as of May 20, 2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH purchased&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;49,793.94&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;154,052,853&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(5,858.11)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(16,251,349)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Net change in unrealized appreciation (depreciation) from investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;10,194,816&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Net realized loss on investment in ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;(1,567,418)&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt"&gt;Ending balance as of December 31, 2024&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;43,935.83&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;146,428,902&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;(a)&lt;/td&gt;&lt;td&gt;Date of seeding, the Trust did not hold any ETH as of May 20, 2024.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
    <us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock contextRef="c0" id="ixv-6871">&lt;p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;The following is a summary of the fair value
hierarchy as of December 31, 2025, and December 31, 2024:&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 93%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2025&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 1&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 2&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Level 3&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Total&lt;/td&gt;&lt;td style="font-weight: bold; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 43%; text-align: left; padding-left: 10pt"&gt;Investment in ETH&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;157,608,454&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="width: 2%; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 3px double"&gt;157,608,454&lt;/td&gt;&lt;td style="width: 1%; text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;December 31, 2024&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 1&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 2&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Level 3&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center"&gt;Total&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 10pt"&gt;Investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;146,428,902&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;146,428,902&lt;/td&gt;&lt;td style="text-align: left; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock>
    <us-gaap:CryptoAssetFairValue contextRef="c8" decimals="0" id="ixv-7983" unitRef="usd">157608454</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue contextRef="c9" decimals="0" id="ixv-7984" unitRef="usd">0</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue contextRef="c10" decimals="0" id="ixv-7985" unitRef="usd">0</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue contextRef="c3" decimals="0" id="ixv-7986" unitRef="usd">157608454</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue contextRef="c11" decimals="0" id="ixv-7987" unitRef="usd">146428902</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue contextRef="c12" decimals="0" id="ixv-7988" unitRef="usd">0</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue contextRef="c13" decimals="0" id="ixv-7989" unitRef="usd">0</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue contextRef="c4" decimals="0" id="ixv-7990" unitRef="usd">146428902</us-gaap:CryptoAssetFairValue>
    <ethv:ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock contextRef="c0" id="ixv-6998">&lt;p style="margin-left: 36pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;The following represents the changes in quantity
of ETH and the respective fair value:&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 68%; font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Beginning balance as of January 1, 2025&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; border-bottom: Black 1px solid; text-align: right"&gt;43,935.83&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1px solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; border-bottom: Black 1px solid; text-align: right"&gt;146,428,902&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH purchased&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;47,219.32&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;172,013,256&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(38,106.28)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(127,280,000)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Net change in unrealized appreciation (depreciation) from investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(34,062,356)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Net realized gain on investment in ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;508,652&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt"&gt;Ending balance as of December 31, 2025&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;53,048.87&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;157,608,454&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Fair Value&lt;/td&gt;&lt;td style="padding-bottom: 1px; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;&lt;span style="font-style: normal"&gt;&lt;b&gt;Beginning balance as of May 20, 2024&lt;sup&gt;(a)&lt;/sup&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH purchased&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;49,793.94&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;154,052,853&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;ETH sold&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(5,858.11)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(16,251,349)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Net change in unrealized appreciation (depreciation) from investment in ETH&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;10,194,816&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"&gt;Net realized loss on investment in ETH&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1px solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1px solid; text-align: right"&gt;(1,567,418)&lt;/td&gt;&lt;td style="padding-bottom: 1px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="font-weight: bold; font-style: normal; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt"&gt;Ending balance as of December 31, 2024&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;43,935.83&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3px double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 3px double; text-align: right"&gt;146,428,902&lt;/td&gt;&lt;td style="padding-bottom: 3px; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;(a)&lt;/td&gt;&lt;td&gt;Date of seeding, the Trust did not hold any ETH as of May 20, 2024.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ethv:ChangesInQuantityOfEtherAndRespectiveFairValueTableTextBlock>
    <ethv:CryptoAssetNumberOfUnitsHeld
      contextRef="c4"
      decimals="2"
      id="ixv-7991"
      unitRef="Ethereum">43935.83</ethv:CryptoAssetNumberOfUnitsHeld>
    <us-gaap:CryptoAssetFairValue contextRef="c4" decimals="0" id="ixv-7992" unitRef="usd">146428902</us-gaap:CryptoAssetFairValue>
    <ethv:CryptoAssetNumberOfUnitsPurchased
      contextRef="c0"
      decimals="2"
      id="ixv-7993"
      unitRef="Ethereum">47219.32</ethv:CryptoAssetNumberOfUnitsPurchased>
    <us-gaap:CryptoAssetPurchase contextRef="c0" decimals="0" id="ixv-7994" unitRef="usd">172013256</us-gaap:CryptoAssetPurchase>
    <ethv:CryptoAssetNumberOfUnitsSold
      contextRef="c0"
      decimals="2"
      id="ixv-7995"
      unitRef="Ethereum">-38106.28</ethv:CryptoAssetNumberOfUnitsSold>
    <us-gaap:CryptoAssetSale contextRef="c0" decimals="0" id="ixv-7996" unitRef="usd">127280000</us-gaap:CryptoAssetSale>
    <us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating contextRef="c0" decimals="0" id="ixv-7997" unitRef="usd">-34062356</us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating>
    <us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating contextRef="c0" decimals="0" id="ixv-7998" unitRef="usd">508652</us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating>
    <ethv:CryptoAssetNumberOfUnitsHeld
      contextRef="c3"
      decimals="2"
      id="ixv-7999"
      unitRef="Ethereum">53048.87</ethv:CryptoAssetNumberOfUnitsHeld>
    <us-gaap:CryptoAssetFairValue contextRef="c3" decimals="0" id="ixv-8000" unitRef="usd">157608454</us-gaap:CryptoAssetFairValue>
    <ethv:CryptoAssetNumberOfUnitsHeld
      contextRef="c6"
      decimals="0"
      id="ix_0_fact"
      unitRef="Ethereum">0</ethv:CryptoAssetNumberOfUnitsHeld>
    <us-gaap:CryptoAssetFairValue contextRef="c6" decimals="0" id="ix_1_fact" unitRef="usd">0</us-gaap:CryptoAssetFairValue>
    <ethv:CryptoAssetNumberOfUnitsPurchased
      contextRef="c5"
      decimals="2"
      id="ix_2_fact"
      unitRef="Ethereum">49793.94</ethv:CryptoAssetNumberOfUnitsPurchased>
    <us-gaap:CryptoAssetPurchase contextRef="c5" decimals="0" id="ix_3_fact" unitRef="usd">154052853</us-gaap:CryptoAssetPurchase>
    <ethv:CryptoAssetNumberOfUnitsSold
      contextRef="c5"
      decimals="2"
      id="ix_4_fact"
      unitRef="Ethereum">-5858.11</ethv:CryptoAssetNumberOfUnitsSold>
    <us-gaap:CryptoAssetSale contextRef="c5" decimals="0" id="ix_5_fact" unitRef="usd">16251349</us-gaap:CryptoAssetSale>
    <us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating contextRef="c5" decimals="0" id="ix_6_fact" unitRef="usd">10194816</us-gaap:CryptoAssetUnrealizedGainLossOperatingAndNonoperating>
    <us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating contextRef="c5" decimals="0" id="ix_7_fact" unitRef="usd">-1567418</us-gaap:CryptoAssetRealizedGainLossOperatingAndNonoperating>
    <ethv:CryptoAssetNumberOfUnitsHeld
      contextRef="c4"
      decimals="2"
      id="ix_8_fact"
      unitRef="Ethereum">43935.83</ethv:CryptoAssetNumberOfUnitsHeld>
    <us-gaap:CryptoAssetFairValue contextRef="c4" decimals="0" id="ix_9_fact" unitRef="usd">146428902</us-gaap:CryptoAssetFairValue>
    <ethv:EthereumPolicyTextBlock contextRef="c0" id="ixv-7172">&lt;table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;D.&lt;/td&gt; &lt;td&gt;&lt;i&gt;Ether&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;ETH transactions are
accounted for on trade date. Realized gains and losses on the sale of ETH are determined based on the average cost method. Under
ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of ETH. Proceeds
received by the Trust from the issuance of baskets consist of ETH. Deposits of ETH are held by Gemini Trust Company, LLC (the
&#x201c;ETH Custodian&#x201d;) and at Coinbase Custody Trust Company, LLC (the &#x201c;Additional ETH Custodian&#x201d;, and collectively
the &#x201c;ETH Custodians&#x201d;), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or
cash or (ii) sold by the Sponsor, which may be facilitated by the ETH Custodians, to pay fees due to the Sponsor and Trust expenses
and liabilities not assumed by the Sponsor.&lt;/p&gt;</ethv:EthereumPolicyTextBlock>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="c0" id="ixv-7182">&lt;table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;E.&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;i&gt;Calculation of Net Asset Value&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;The Trust&#x2019;s net
asset value (&#x201c;NAV&#x201d;) is calculated based on the Trust&#x2019;s net asset holdings, as reconciled to the ETH Custodians&#x2019;
accounts, on a market approach determined on a daily basis using the MarketVector Ethereum Benchmark Rate price at
4:00 pm EST. The Trust&#x2019;s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust&#x2019;s NAV and the Trust&#x2019;s NAV per Share, which it has delegated to the
Administrator.&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="c0" id="ixv-7217">&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;F.&lt;/span&gt;&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Federal Income Taxes&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required.
Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions
for the periods presented and has determined that no provision for income tax is required in the Trust&#x2019;s financial statements.&lt;/span&gt;&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="c0" id="ixv-7232">&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: top"&gt; &lt;td style="width: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;G.&lt;/span&gt;&lt;/td&gt; &lt;td style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Segment Reporting&lt;/i&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; margin-left: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Chief Financial Officer and Treasurer of the Sponsor acts as the Trust&#x2019;s chief operating decision maker (&#x201c;CODM&#x201d;), assessing
performance and making decisions about resource allocation. The CODM has determined that the Trust has a &lt;span style="-sec-ix-hidden: hidden-fact-2"&gt;single&lt;/span&gt; operating segment based
on the fact that the Trust&#x2019;s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus,
with a defined investment strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is
presented within the Trust&#x2019;s financial statements.&lt;/span&gt;&lt;/p&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
    <ethv:TrustExpensesandOtherAgreementsTextBlock contextRef="c0" id="ixv-7250">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Note 3. Trust Expenses
and Other Agreements&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust pays the Sponsor a unified fee (the &#x201c;Sponsor Fee&#x201d;) of 0.20% of average daily net assets that accrues daily and pays
monthly. For the period from July 23, 2024 through July 22, 2025, the Sponsor waived the entire Sponsor Fee for the first $1.5 billion
of the Trust&#x2019;s net assets. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary
expenses) from the Sponsor Fee. The Sponsor from time to time will sell ETH, which may be facilitated by one or more liquidity providers
and/or the ETH Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not
assumed by the Sponsor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Trustee fee is paid by the Sponsor and is not an expense of the Trust.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust holds its ETH at the ETH Custodian and at the Additional ETH Custodian, both of which are regulated third-party custodians that
carry insurance (in the case of the Additional ETH Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended
to cover the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional ETH Custodian) and are responsible
for safekeeping of ETH owned by the Trust and holding private keys that provide access to the ETH in the Trust&#x2019;s ETH account.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;State Street Bank and
Trust Company serves as the Trust&#x2019;s administrator, transfer agent and cash custodian.&lt;/span&gt;&lt;/p&gt;</ethv:TrustExpensesandOtherAgreementsTextBlock>
    <ethv:SponsorFeeAtMonthlyRateOfAverageDailyNetAssets contextRef="c14" decimals="4" id="ixv-8012" unitRef="pure">0.002</ethv:SponsorFeeAtMonthlyRateOfAverageDailyNetAssets>
    <us-gaap:SponsorFees contextRef="c15" decimals="-8" id="ixv-8013" unitRef="usd">1500000000</us-gaap:SponsorFees>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c0" id="ixv-7274">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Note 4. Related
Parties&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;The Sponsor is considered
to be a related party to the Trust.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;MarketVector
Indexes GmbH is the index sponsor and index administrator for the MarketVector Ethereum Benchmark Rate, which is used by the Trust to
determine its NAV. MarketVector Indexes GmbH is an indirectly wholly-owned subsidiary of VanEck.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;Van Eck Securities
Corporation, a marketing agent to the Trust, is a wholly-owned subsidiary of VanEck.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;VanEck
was the initial seed investor (&#x201c;Seed Capital Investor&#x201d;) and purchased for cash 2,000 shares at a per-Share price of $50.00
on May 20, 2024. On June 25, 2024, the 2,000 Shares held by the Seed Capital Investor were redeemed for cash and the Seed Capital Investor
purchased the Seed Creation Baskets, comprising of 200,000 Shares at a per-Share price of $50.00. Total proceeds to the Trust from the
sale of the Seed Creation Baskets were $10,000,000 which resulted in the Trust receiving 2,929.06 ETH. As of December 31, 2025 and December
31, 2024, the Seed Capital Investor&#x2019;s ownership in the Trust represents approximately 0% and 13%, respectively, of net assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;VanEck
is a minority interest holder in the parent company of the ETH Custodian, representing less than 1% of its equity.&lt;/span&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="c16"
      decimals="INF"
      id="ixv-8014"
      unitRef="shares">2000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:SharesIssuedPricePerShare
      contextRef="c17"
      decimals="INF"
      id="ixv-8015"
      unitRef="usdPershares">50</us-gaap:SharesIssuedPricePerShare>
    <us-gaap:StockRedeemedOrCalledDuringPeriodShares
      contextRef="c18"
      decimals="INF"
      id="ixv-8016"
      unitRef="shares">2000</us-gaap:StockRedeemedOrCalledDuringPeriodShares>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="c19"
      decimals="INF"
      id="ixv-8017"
      unitRef="shares">200000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:SharesIssuedPricePerShare
      contextRef="c20"
      decimals="INF"
      id="ixv-8018"
      unitRef="usdPershares">50</us-gaap:SharesIssuedPricePerShare>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c19" decimals="0" id="ixv-8019" unitRef="usd">10000000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <ethv:VanEckAssetNumberOfUnitsHeld contextRef="c19" decimals="2" id="ixv-8020" unitRef="Ether">2929.06</ethv:VanEckAssetNumberOfUnitsHeld>
    <us-gaap:InvestmentOwnedPercentOfNetAssets contextRef="c21" decimals="2" id="ixv-8021" unitRef="pure">0</us-gaap:InvestmentOwnedPercentOfNetAssets>
    <us-gaap:InvestmentOwnedPercentOfNetAssets contextRef="c22" decimals="2" id="ixv-8022" unitRef="pure">0.13</us-gaap:InvestmentOwnedPercentOfNetAssets>
    <us-gaap:MinorityInterestOwnershipPercentageByParent
      contextRef="c23"
      decimals="INF"
      id="ixv-8023"
      unitRef="pure">0.01</us-gaap:MinorityInterestOwnershipPercentageByParent>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c0" id="ixv-7322">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Note 5. Capital
Share Transactions&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Investors
can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker
symbol ETHV. Shares are bought and sold throughout the trading day like other publicly traded securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust continuously offers the Shares in baskets consisting of 25,000 Shares to authorized participants. Authorized participants pay a
transaction fee for each order they place to create or redeem one or more baskets. The Administrator calculates the cost to purchase
(or sell in the case of a redemption order) the amount of ETH represented by the baskets being created (or redeemed); the amount of ETH
represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Trust creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the
distribution by the Trust of the amount of ETH represented by the baskets being created or redeemed, the amount of which is equal to
the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day
the order to create or redeem baskets is properly received. The authorized participants deliver cash or ETH to create baskets and receive
cash or ETH when redeeming Shares. For a subscription in cash, an authorized participant will deliver cash to the Trust&#x2019;s account
at the cash custodian, which the Sponsor will then use to purchase ETH from a liquidity provider chosen by the Sponsor. For a redemption
in cash, the Sponsor will arrange for the ETH represented by the basket to be sold to a liquidity provider chosen by the Sponsor and
the cash proceeds distributed from the Trust&#x2019;s account at the cash custodian to the authorized participant. For an &#x201c;in-kind&#x201d;
subscription, authorized participants will deliver, or arrange for the delivery by the authorized participant&#x2019;s designee of, ETH
to the Trust&#x2019;s account with the ETH Custodian or Additional ETH Custodian in exchange for Shares when they purchase Shares. For
an &#x201c;in-kind&#x201d; redemption transaction with the Trust, when authorized participants redeem Shares, the Trust through the ETH
Custodian or the Additional ETH Custodian, will deliver ETH to such authorized participants, or a designee thereof, in exchange for their
Shares. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will
coordinate with the Trust&#x2019;s ETH Custodians to facilitate settlement of the Shares and ETH.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;Share and capital activity
is as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 65%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Year Ended&lt;br/&gt; December 31, 2025&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;For the Period May 20,&lt;br/&gt; 2024 (Date of Seeding) to&lt;br/&gt; December 31, 2024&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 40%"&gt;Beginning of period&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;3,000,000&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;137,801,504&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;Shares issued&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;3,225,000&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;172,013,836&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;3,402,000&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;154,153,076&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="padding-bottom: 1px"&gt;Shares redeemed&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(2,600,000)&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(127,104,743)&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(402,000)&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(16,351,572)&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="padding-bottom: 3px"&gt;End of period&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;3,625,000&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 3px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;182,710,597&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 3px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;3,000,000&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 3px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;137,801,504&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 3px"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction
      contextRef="c24"
      decimals="INF"
      id="ixv-8024"
      unitRef="shares">25000</us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>
    <us-gaap:ScheduleOfStockholdersEquityTableTextBlock contextRef="c0" id="ixv-7340">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;Share and capital activity
is as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 65%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Year Ended&lt;br/&gt; December 31, 2025&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;For the Period May 20,&lt;br/&gt; 2024 (Date of Seeding) to&lt;br/&gt; December 31, 2024&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Shares&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"&gt;Amount&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 40%"&gt;Beginning of period&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;3,000,000&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;137,801,504&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td&gt;Shares issued&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;3,225,000&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;172,013,836&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;3,402,000&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;154,153,076&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="padding-bottom: 1px"&gt;Shares redeemed&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(2,600,000)&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(127,104,743)&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(402,000)&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(16,351,572)&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1px"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="padding-bottom: 3px"&gt;End of period&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;3,625,000&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 3px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;182,710,597&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 3px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;3,000,000&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 3px"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 3px"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;137,801,504&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 3px"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfStockholdersEquityTableTextBlock>
    <us-gaap:SharesOutstanding
      contextRef="c4"
      decimals="INF"
      id="ixv-8025"
      unitRef="shares">3000000</us-gaap:SharesOutstanding>
    <us-gaap:StockholdersEquity contextRef="c4" decimals="0" id="ixv-8026" unitRef="usd">137801504</us-gaap:StockholdersEquity>
    <us-gaap:SharesOutstanding
      contextRef="c6"
      decimals="INF"
      id="ixv-8027"
      unitRef="shares">0</us-gaap:SharesOutstanding>
    <us-gaap:StockholdersEquity contextRef="c6" decimals="0" id="ixv-8028" unitRef="usd">0</us-gaap:StockholdersEquity>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="c0"
      decimals="INF"
      id="ixv-8029"
      unitRef="shares">3225000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c0" decimals="0" id="ixv-8030" unitRef="usd">172013836</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues
      contextRef="c5"
      decimals="INF"
      id="ixv-8031"
      unitRef="shares">3402000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c5" decimals="0" id="ixv-8032" unitRef="usd">154153076</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockRedeemedOrCalledDuringPeriodShares
      contextRef="c0"
      decimals="INF"
      id="ixv-8033"
      unitRef="shares">2600000</us-gaap:StockRedeemedOrCalledDuringPeriodShares>
    <us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="c0" decimals="0" id="ixv-8034" unitRef="usd">127104743</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
    <us-gaap:StockRedeemedOrCalledDuringPeriodShares
      contextRef="c5"
      decimals="INF"
      id="ixv-8035"
      unitRef="shares">402000</us-gaap:StockRedeemedOrCalledDuringPeriodShares>
    <us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="c5" decimals="0" id="ixv-8036" unitRef="usd">16351572</us-gaap:StockRedeemedOrCalledDuringPeriodValue>
    <us-gaap:SharesOutstanding
      contextRef="c3"
      decimals="INF"
      id="ixv-8037"
      unitRef="shares">3625000</us-gaap:SharesOutstanding>
    <us-gaap:StockholdersEquity contextRef="c3" decimals="0" id="ixv-8038" unitRef="usd">182710597</us-gaap:StockholdersEquity>
    <us-gaap:SharesOutstanding
      contextRef="c4"
      decimals="INF"
      id="ixv-8039"
      unitRef="shares">3000000</us-gaap:SharesOutstanding>
    <us-gaap:StockholdersEquity contextRef="c4" decimals="0" id="ixv-8040" unitRef="usd">137801504</us-gaap:StockholdersEquity>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c0" id="ixv-7446">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;b&gt;Note 6. Commitments and Contingent Liabilities&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;In the normal course
of business, the Trust enters into contracts that contain a variety of general indemnifications. The Trust&#x2019;s maximum exposure
under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
However, the Sponsor believes the risk of loss under these arrangements to be remote.&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="c0" id="ixv-7454">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;b&gt;Note 7. Concentration Risk&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;Substantially all of
the Trust&#x2019;s assets are holdings of ETH, which creates a concentration risk associated with fluctuations in the value of
ETH due to a number of factors. Accordingly, a decline in the value of ETH will have an adverse effect on the value of the Shares
of the Trust. Factors that may have the effect of causing a decline in the value of ETH include high volatility, which could have
a negative impact on the performance of the Trust. ETH platforms are relatively new and may be unregulated or may be subject to
regulation in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches
than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance
of the Trust. The value of&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;the Shares depends on
the development and acceptance of the ethereum network. The slowing or stopping of the development or acceptance of the ethereum
network may adversely affect an investment in the Trust. The price of ETH on the ETH market has exhibited periods of extreme volatility.
Digital assets such as ETH were only introduced within the past decade, and the medium-to-long term value of the Shares is subject
to a number of factors relating to the capabilities and development of block-chain technologies and to the fundamental investment
characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is subject to risks due to its concentration
of investments in a single asset class. Possible illiquid markets may exacerbate losses or increase the variability between the
Trust&#x2019;s NAV and its market price. The amount of ETH represented by the Shares may decline over time. ETH with a fair value
of $157,608,454 and $146,428,902 were held by the ETH Custodians at December 31, 2025 and December 31, 2024, respectively.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;Future and current regulations
by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust.
Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940
Act or the protections afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the
value of ETH or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;The Exchange on which
the Shares are listed may halt trading in the Trust&#x2019;s Shares, which would adversely impact a Shareholder&#x2019;s ability
to sell Shares. The market infrastructure of the ETH spot market could result in the absence of active authorized participants
able to support the trading activity of the Trust.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;Shareholders that are
not authorized participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated
with trading in secondary markets may adversely affect Shareholders&#x2019; investment in the Shares.&lt;/p&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
    <us-gaap:CryptoAssetFairValue contextRef="c3" decimals="0" id="ixv-8041" unitRef="usd">157608454</us-gaap:CryptoAssetFairValue>
    <us-gaap:CryptoAssetFairValue contextRef="c4" decimals="0" id="ixv-8042" unitRef="usd">146428902</us-gaap:CryptoAssetFairValue>
    <us-gaap:InvestmentCompanyFinancialHighlightsTextBlock contextRef="c0" id="ixv-7494">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;b&gt;Note 8. Financial Highlights&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;The financial highlights
summarize certain per share operating information and financial ratios of net investment loss and expenses, to daily average net
assets for the periods below. An individual investor&#x2019;s return and ratios may vary based on the timing of capital transactions:&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;Year Ended&lt;br/&gt; December 31,&lt;br/&gt; 2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;For the Period&lt;br/&gt; May 20, 2024&lt;br/&gt; (Date of&lt;br/&gt; Seeding) to&lt;br/&gt; December 31,&lt;br/&gt; 2024&lt;/td&gt;&lt;td style="white-space: nowrap"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 70%; text-align: justify"&gt;Net asset value per share, beginning of period&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;48.81&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;50.00&lt;/td&gt;&lt;td style="white-space: nowrap; width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: justify"&gt;From investment operations:&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Net investment loss&lt;sup&gt;(a)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(0.06)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#x2014;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 20pt"&gt;Net realized gain (loss) and change in unrealized appreciation (depreciation) from
    investments in ether&lt;sup&gt;(b)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(5.28)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(1.19)&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 40pt"&gt;Net decrease resulting from operations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(5.34)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(1.19)&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: justify"&gt;Net asset value per share, end of period&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;43.47&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-3"&gt; 4 8.81&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Total return&lt;sup&gt;(c)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(10.94)%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2.38)%&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: justify"&gt;Ratios to average net assets&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Expenses before fee waiver&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20% &lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&lt;sup&gt;(d)(e)&lt;/sup&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Expenses after fee waiver&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.12%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&lt;sup&gt;(d)(e)&lt;/sup&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Net investment loss&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(0.12)%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&lt;sup&gt;(d)(e)&lt;/sup&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;



&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; width: 20pt; text-align: left"&gt;(a)&lt;/td&gt; &lt;td&gt;Net investment loss per share has been calculated based upon an average of daily shares outstanding.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; text-align: left"&gt;(b)&lt;/td&gt; &lt;td&gt;&lt;p style="margin: 0pt 0"&gt;The amount shown for a share outstanding throughout the period may not agree with the change
in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#x2019;s shares in
relation to fluctuating market values for the Trust.&lt;/p&gt;
&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; text-align: left"&gt;(c)&lt;/td&gt; &lt;td&gt;&lt;p style="margin: 0pt 0"&gt;Returns are not annualized and include adjustments required by GAAP. Returns for financial statements
purposes may differ from net asset values and performance reported elsewhere by the Trust.&lt;/p&gt;
&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; text-align: left"&gt;(d)&lt;/td&gt; &lt;td&gt;Annualized.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; text-align: left"&gt;(e)&lt;/td&gt; &lt;td&gt;Calculated based upon daily average net assets from July 22, 2024 (Date of Effectiveness) to December 31, 2024.&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</us-gaap:InvestmentCompanyFinancialHighlightsTextBlock>
    <us-gaap:InvestmentCompanyFinancialHighlightsTableTextBlock contextRef="c0" id="ixv-7498">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;The financial highlights
summarize certain per share operating information and financial ratios of net investment loss and expenses, to daily average net
assets for the periods below. An individual investor&#x2019;s return and ratios may vary based on the timing of capital transactions:&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;Year Ended&lt;br/&gt; December 31,&lt;br/&gt; 2025&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1px solid"&gt;For the Period&lt;br/&gt; May 20, 2024&lt;br/&gt; (Date of&lt;br/&gt; Seeding) to&lt;br/&gt; December 31,&lt;br/&gt; 2024&lt;/td&gt;&lt;td style="white-space: nowrap"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="width: 70%; text-align: justify"&gt;Net asset value per share, beginning of period&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;48.81&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;50.00&lt;/td&gt;&lt;td style="white-space: nowrap; width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: justify"&gt;From investment operations:&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Net investment loss&lt;sup&gt;(a)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(0.06)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#x2014;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: left; padding-left: 20pt"&gt;Net realized gain (loss) and change in unrealized appreciation (depreciation) from
    investments in ether&lt;sup&gt;(b)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(5.28)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(1.19)&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 40pt"&gt;Net decrease resulting from operations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(5.34)&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 1px solid"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1px solid"&gt;(1.19)&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: justify"&gt;Net asset value per share, end of period&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;43.47&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 3px double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 3px double"&gt;&lt;div style="-sec-ix-hidden: hidden-fact-3"&gt; 4 8.81&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Total return&lt;sup&gt;(c)&lt;/sup&gt;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(10.94)%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2.38)%&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: justify"&gt;Ratios to average net assets&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Expenses before fee waiver&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.20% &lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&lt;sup&gt;(d)(e)&lt;/sup&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; "&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Expenses after fee waiver&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.12%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&lt;sup&gt;(d)(e)&lt;/sup&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(229,255,255)"&gt;
    &lt;td style="text-align: justify; padding-left: 20pt"&gt;Net investment loss&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(0.12)%&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;0.00%&lt;/td&gt;&lt;td style="white-space: nowrap; text-align: left"&gt;&lt;sup&gt;(d)(e)&lt;/sup&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;



&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; border-spacing: 0px;"&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; width: 20pt; text-align: left"&gt;(a)&lt;/td&gt; &lt;td&gt;Net investment loss per share has been calculated based upon an average of daily shares outstanding.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; text-align: left"&gt;(b)&lt;/td&gt; &lt;td&gt;&lt;p style="margin: 0pt 0"&gt;The amount shown for a share outstanding throughout the period may not agree with the change
in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust&#x2019;s shares in
relation to fluctuating market values for the Trust.&lt;/p&gt;
&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; text-align: left"&gt;(c)&lt;/td&gt; &lt;td&gt;&lt;p style="margin: 0pt 0"&gt;Returns are not annualized and include adjustments required by GAAP. Returns for financial statements
purposes may differ from net asset values and performance reported elsewhere by the Trust.&lt;/p&gt;
&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; text-align: left"&gt;(d)&lt;/td&gt; &lt;td&gt;Annualized.&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt; &lt;td style="vertical-align: top; text-align: left"&gt;(e)&lt;/td&gt; &lt;td&gt;Calculated based upon daily average net assets from July 22, 2024 (Date of Effectiveness) to December 31, 2024.&lt;/td&gt;&lt;/tr&gt;
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    <us-gaap:NetAssetValuePerShare
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      id="ixv-8044"
      unitRef="usdPershares">50</us-gaap:NetAssetValuePerShare>
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    <us-gaap:NetAssetValuePerShare
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      id="ixv-8051"
      unitRef="usdPershares">43.47</us-gaap:NetAssetValuePerShare>
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    <us-gaap:InvestmentCompanyExpenseRatioExcludingIncentiveFee contextRef="c5" decimals="4" id="ix_16_fact" unitRef="pure">0.002</us-gaap:InvestmentCompanyExpenseRatioExcludingIncentiveFee>
    <us-gaap:InvestmentCompanyExpenseRatioIncludingIncentiveFee contextRef="c0" decimals="4" id="ixv-8056" unitRef="pure">0.0012</us-gaap:InvestmentCompanyExpenseRatioIncludingIncentiveFee>
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&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

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and has determined that there are no material events that would require disclosure.&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
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    <us-gaap:InvestmentOwnedPercentOfNetAssets contextRef="c4" decimals="INF" id="ixv-8077" unitRef="pure">1.0000</us-gaap:InvestmentOwnedPercentOfNetAssets>
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