The Trust expects to purchase or sell ether in connection with cash creation or redemption transactions, and may sell ether to pay certain expenses, including the Sponsor Fee.

The following is a summary of the transactions in, and earnings from, investments in ether for the three and nine months ended September 30, 2025.


	Fair Value
Opening Balance as of 06/30/2025	$	22,654,462
Purchases at Cost		26,960,641
Proceeds from Sales to Pay Sponsor Fee		(19,041	)
Proceeds from ether sold for Redemptions		(24,756,333	)
Change in Unrealized Appreciation (Depreciation)		13,721,224
Net Realized (Gain) Loss from Investments in Ether Sold to pay Sponsor Fee		(1,438	)
Net Realized (Gain) Loss from Investments in Ether Sold for Redemptions		437,856
Ending Balance as of 09/30/2025	$	38,997,371


	Fair Value
Opening Balance as of 12/31/2024	$	23,569,250
Purchases at Cost		33,385,860
Proceeds from Sales to Pay Sponsor Fee		(44,355	)
Proceeds from ether sold for Redemptions		(26,207,244	)
Change in Unrealized Appreciation (Depreciation)		8,719,299
Net Realized (Gain) Loss from Investments in Ether Sold to pay Sponsor Fee		(9,240	)
Net Realized (Gain) Loss from Investments in Ether Sold for Redemptions		(416,199	)
Ending Balance as of 09/30/2025	$	38,997,371

The following is a summary of the transactions in, and earnings from, investments in ether for the three months ended September 30, 2024 and the period June 17, 2024 to September 30, 2024.


	Fair Value
Opening Balance as of 06/30/2024	$	—
Purchases at Cost		23,895,889
Proceeds from Sales to Pay Sponsor Fee		(3,378	)
Proceeds from ether sold for Redemptions		—
Change in Unrealized Appreciation (Depreciation)		(3,514,876	)
Net Realized (Gain) Loss from Investments in Ether Sold to pay Sponsor Fee		(1,455	)
Net Realized (Gain) Loss from Investments in Ether Sold for Redemptions		—
Ending Balance as of 09/30/2024	$	20,376,180


	Fair Value
Opening Balance as of 06/17/2024	$	—
Purchases at Cost		23,895,889
Proceeds from Sales to Pay Sponsor Fee		(3,378	)
Proceeds from ether sold for Redemptions		—
Change in Unrealized Appreciation (Depreciation)		(3,514,876	)
Net Realized (Gain) Loss from Investments in Ether Sold to pay Sponsor Fee		(1,455	)
Net Realized (Gain) Loss from Investments in Ether Sold for Redemptions		—
Ending Balance as of 09/30/2024	$	20,376,180