Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2025

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’s return and ratios may vary based on the timing of capital transactions:

	Year Ended December 31, 2025		For the Period May 20, 2024 (Date of Seeding) to December 31, 2024
Net asset value per share, beginning of period	$	48.81	$	50.00

From investment operations:
Net investment loss^(a)		(0.06)		—
Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in ether^(b)		(5.28)		(1.19)
Net decrease resulting from operations		(5.34)		(1.19)

Net asset value per share, end of period	$	43.47	$	4 8.81

Total return^(c)		(10.94)%		(2.38)%

Ratios to average net assets
Expenses before fee waiver		0.20%		0.20%	^(d)(e)
Expenses after fee waiver		0.12%		0.00%	^(d)(e)
Net investment loss		(0.12)%		0.00%	^(d)(e)

(a)	Net investment loss per share has been calculated based upon an average of daily shares outstanding.
(b)	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’s shares in relation to fluctuating market values for the Trust.
(c)	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.
(d)	Annualized.
(e)	Calculated based upon daily average net assets from July 22, 2024 (Date of Effectiveness) to December 31, 2024.