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Creation and Redemption of Shares
 9 Months Ended
Sep. 30, 2025
Creation and Redemption of Shares [Abstract]  
Creation and Redemption of Shares
  5. Creation and Redemption of Shares

 

The Trust creates and redeems Shares on a continuous basis but only in Creation Baskets consisting of 10,000 Shares or multiples thereof on the NAV of the date of the creation or redemption. Only “Authorized Participants”, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders. The Trust engages in ether transactions for converting cash into ether (in association with purchase orders) and ether into cash (in association with redemption orders). The Trust conducts its ether purchase and sale transactions by, in its sole discretion, choosing to trade directly with third parties (each, an “ether Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such ether Trading Counterparties and the Trust, or choosing to trade through the Prime Broker acting in an agency capacity with third parties such as through its Coinbase Prime service pursuant to the Prime Broker Agreement. An ether Trading Counterparty may be an affiliate of an Authorized Participant.

 

The Authorized Participants may deliver cash or in-kind orders to create Shares and receive cash or in-kind orders when redeeming Shares.

 

The Trust creates Shares by receiving ether from an ether Trading Counterparty that is not the Authorized Participant and the Trust—not the Authorized Participant—is responsible for selecting the ether Trading Counterparty to deliver the ether. Further, the ether Trading Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery of the ether to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the ether to the Trust. The Trust redeems shares by delivering ether to a ether Trading Counterparty that is not the Authorized Participant and the Trust—not the Authorized Participant—is responsible for selecting the ether Trading Counterparty to receive the ether. Further, the ether Trading Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the ether from the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the ether from the Trust. The ether Trading Counterparty is unaffiliated with the Trust and the Sponsor.

 

   For the
three months
ended
September 30,
2025		   For the
three months
ended
September 30,
2024		   For the
nine months
ended
September 30,
2025		   For the
period May 1,
2024 (initial seed creation date) through
September 30,
2024		 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
Activity in Capital Transactions:                
Shares issued   2,660,000    950,000    4,090,000    970,002 
Shares redeemed   (2,280,000)   
-
    (2,890,000)   (2)
Net Change in Capital Transactions   380,000    950,000    1,200,000    970,000 

 

   For the
three months
ended
September 30,
2025		   For the
three months
ended
September 30,
2024		   For the
nine months
ended
September 30,
2025		   For the
period May 1,
2024 (initial seed creation date) through
September 30,
2024		 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
Activity in Capital Transactions:                
Shares issued  $53,660,423   $15,464,294   $68,872,453   $15,805,133 
Shares redeemed   (47,704,815)   
-
    (53,380,852)   (100)
Net Change in Capital Transactions  $5,955,608   $15,464,294   $15,491,601   $15,805,033 

Ether purchased payable represents the quantity of ether purchased for the creation of Shares where the ether has not yet settled. Generally, ether is transferred within two Business Days of the trade date.

 

    September 30,
2025		    December 31,
2024		 
    (Unaudited)      
Ether purchased payable  $
-
   $
-
 

 

Ether sold receivable represents the quantity of ether sold for the redemption of Shares where the ether has not yet been settled. Generally, ether is transferred within two Business Days of the trade date.

 

    September 30,
2025		    December 31,
2024		 
    (Unaudited)      
Ether sold receivable  $
-
   $
-