The Trust is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 2025. An individual investor’s return and ratios may vary based on the timing of capital transactions.

NAV per Share is the NAV of the Trust divided by the number of outstanding Shares at the date of each respective period presented.


	For the Three Months Ended March 31,
	2025
Net Asset Value
Net asset value per Share, beginning of period	$	33.28
Net realized and change in unrealized gain (loss) on investments in Ether (a)		(15.02	)
Net investment income (loss) (b)		(0.02	)
Net income (loss)		(15.04	)
Net asset value per Share, end of period (c)	$	18.24
Market value per Share, beginning of period (d)	$	33.39
Market value per Share, end of period (d)	$	18.24

Ratio to average Net Assets (e)
Net Investment income (loss)		(0.25	)%
Expenses		0.25	%
Total Return, at net asset value (f)		(45.19	)%
Total Return, at market value (f)		(45.37	)%

(a)

Net realized and change in unrealized gain (loss) on investments in Ether per share may not correlate with the Trust's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Trust's investments.

(b)

Based on average shares outstanding.

(c)

For financial reporting purposes, the Trust values transactions based upon the end of reporting period price in the market. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Trust’s final creation and redemption NAVs.

(d)

The mean between the last bid and ask prices.

(e)

Annualized.

(f)

Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares at NAV on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.