0002099103 2026-01-01 2026-06-30 0002099103 2026-07-31 0002099103 2026-06-30 0002099103 2026-04-01 2026-06-30 0002099103 2026-01-14 2026-06-30 0002099103 2026-01-13 0002099103 2026-01-14 2026-03-31 0002099103 2026-03-31 0002099103 ethb:EtherStakedWithThirdPartyCounterpartiesMember 2026-06-30 0002099103 ethb:BlackrockFinancialManagementIncMember 2026-01-14 2026-01-14 0002099103 ethb:BlackrockFinancialManagementIncMember 2026-01-14 0002099103 2026-02-18 2026-02-18 0002099103 2026-02-19 2026-02-19 0002099103 2026-03-12 2026-03-12 0002099103 2026-03-12 0002099103 srt:MaximumMember 2026-01-14 2026-06-30 0002099103 ethb:BlackrockFinancialManagementIncMember 2026-01-14 2026-01-14 0002099103 ethb:BlackrockFinancialManagementIncMember 2026-02-18 2026-02-18 0002099103 ethb:BlackrockFinancialManagementIncMember 2026-06-30 shares iso4217:USD iso4217:USD shares pure 0002099103 iShares Staked Ethereum Trust ETF false --12-31 Q2 2026 false false false false 609675401 0.869 250585 0 22400000 -2770669 -2799740 11779756 11808827 358351 358351 10-Q true 2026-06-30 false 001-43185 DE 41-2865343 400 Howard Street San Francisco CA 94105 415 670-2000 Shares ETHB NASDAQ Yes Yes Non-accelerated Filer true true true false 23360000 459450831 32539052 2106 1041 2531 491995561 51369 32542444 32593813 459401748 22400000 20.51 1194785 1194785 419914 467379 179522 196572 240392 270807 954393 923978 -13274 -13274 -11321036 -11350107 -87095 -87095 -11421405 -11450476 -154226015 -150224570 -165647420 -161675046 -164693027 -160751068 -7.73 -12.19 0 -30415 -29071 4001445 3941959 406907383 1038678 405868705 409810664 409810664 954393 -11421405 -154226015 -164693027 351670 272279496 57643715 214635781 49591084 459401748 25000000 2600000 22400000 -160751068 545957162 -1120104 36607897 -11450476 -150224570 2531 51369 -509496553 545970826 3583551 351670 542035605 32539052 0 32539052 133215012 -22556398 <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><a href="#" id="sched"></a>iShares<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">®</span> Staked Ethereum Trust ETF</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Schedule of Investments (Unaudited)</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">At <em style="font: inherit;"> June 30, 2026</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr style="font-family: Arial, Helvetica, sans-serif;"><td colspan="4" style="vertical-align: bottom; width: 100%; font-family: Arial, Helvetica, sans-serif;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><span style="text-decoration: underline; "><em style="font: inherit;"> June 30, 2026</em></span></b></p> </td></tr> </tbody></table> <p style="margin: 0pt; font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 34%; border-bottom: 1px solid black;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Description</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quantity</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Cost</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fair Value</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 56pt; text-align: right;">288,417</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;">609,675,401</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Investments – 100.01%</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Liabilities in Excess of Other Assets – (0.01)%</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(49,083</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Assets – 100.00%</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">459,401,748</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> <p style="margin: 0pt; font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"> </p> <hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <em style="font: inherit;"> June 30, 2026, </em>250,585 ether (representing 86.9% of the position) are staked with <em style="font: inherit;">third</em> party counterparties.</p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i></i></p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;"></em></p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 34%; border-bottom: 1px solid black;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Description</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quantity</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Cost</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fair Value</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 56pt; text-align: right;">288,417</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;">609,675,401</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Investments – 100.01%</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Liabilities in Excess of Other Assets – (0.01)%</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(49,083</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Assets – 100.00%</p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">459,401,748</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> 288417 609675401 459450831 459450831 49083 459401748 250585 0.869 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">1</em> - </b></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Organization</b></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The iShares Staked Ethereum Trust ETF (the “Trust”) was organized on <em style="font: inherit;"> November 19, 2025 </em>as a Delaware statutory trust. The trustee is BlackRock Fund Advisors (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Bank of New York Mellon serves as the “Trust Administrator.” The Trust is governed by the provisions of the Amended and Restated Trust Agreement (the “Trust Agreement”) executed by the Sponsor, the Trustee and Wilmington Trust, National Association, a national association (“Delaware Trustee”), as of <em style="font: inherit;"> February 5, 2026. </em>The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">On <em style="font: inherit;"> January 14, 2026, </em>BlackRock Financial Management, Inc. (the “Seed Capital Investor”) purchased 4,000 Shares for $100,000 at a per-Share price of $25.00 (the “Seed Creation Baskets”). The Seed Capital Investor did <em style="font: inherit;">not</em> receive from the Trust, the Sponsor or any of their affiliates any fee or other compensation in connection with the purchase of Seed Creation Baskets. On <em style="font: inherit;"> February 18, 2026, </em>the Trust purchased approximately 51,455 ether with the proceeds of the Seed Creation Baskets using Coinbase Inc. (the “Prime Execution Agent”). The costs incurred in connection with the purchase of ether with the proceeds of the Seed Creation Baskets were borne by the Trust. The Sponsor’s fee started accruing daily at an annualized rate equal to 0.25% of the net asset value of the Trust on <em style="font: inherit;"> February 18, 2026.</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust’s registration statement on Form S-<em style="font: inherit;">1</em> relating to its continuous public offering of Shares was declared effective by the Securities and Exchange Commission (“SEC”) on <em style="font: inherit;"> March 11, 2026 (</em>Effective Date) and the Shares were listed on The Nasdaq Stock Market LLC (“NASDAQ”) on <em style="font: inherit;"> March 12, 2026.</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust seeks to reflect generally the performance of the price of ether and rewards from staking a portion of the Trust’s ether, to the extent the Sponsor in its sole discretion determines that the Trust <em style="font: inherit;"> may </em>do so without incurring undue legal or regulatory risk, including, without limitation, any risk to the Trust’s qualification as a grantor trust for U.S. federal income tax purposes. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Shares are intended to constitute a simple means for an investor to make an investment similar to an investment in ether.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">To effectuate the staking of the Trust’s ether (“Staking Activities”), the Sponsor has directed, and <em style="font: inherit;"> may </em>from time to time direct, Coinbase Custody Trust Company, LLC (the “Ether Custodian”) to enter into written agreements with <em style="font: inherit;">one</em> or more <em style="font: inherit;">third</em>-party staking services providers (each, a “Staking Services Provider”), which <em style="font: inherit;"> may </em>be either affiliates of the Ether Custodian or other approved <em style="font: inherit;">third</em>-party validators, to stake the Trust’s ether to a Staking Services Provider’s operating validator software and associated hardware.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust’s staking program seeks to maximize the portion of the Trust’s ether available for staking while controlling for liquidity and redemption risks. To manage the liquidity and redemption risks associated with staking, the Sponsor intends to maintain a reserve of unstaked ether designed to accommodate anticipated redemption activity.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form <em style="font: inherit;">10</em>-Q and the rules and regulations of the SEC. In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are <em style="font: inherit;">not</em> necessarily indicative of results for a full-year period.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust qualifies as an investment company solely for accounting purposes and <em style="font: inherit;">not</em> for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic <em style="font: inherit;">946,</em> Financial Services - Investment Companies, but is <em style="font: inherit;">not</em> registered, and is <em style="font: inherit;">not</em> required to be registered, as an investment company under the Investment Company Act of <em style="font: inherit;">1940,</em> as amended.</p> 4000 100000 25 51455 0.0025 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">2</em> - </b></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Significant Accounting Policies</b></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>A. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Basis of Accounting</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>B. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Ether</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Ether Custodian is responsible for safekeeping the ether owned by the Trust. Anchorage Digital Bank N.A. is the “Additional Ether Custodian” for the Trust. At the current time, the Sponsor has <em style="font: inherit;">no</em> plans to move any of the Trust’s ether to the Additional Ether Custodian. The Ether Custodian and the Additional Ether Custodian are appointed by the Trustee.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The net asset value of the Trust equals the total assets of the Trust, which consists solely of ether and cash, less total liabilities of the Trust, each determined by the Trustee pursuant to policies established from time to time by the Trustee or its affiliates or otherwise described herein. The Trust’s periodic financial statements are prepared in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic <em style="font: inherit;">820,</em> “Fair Value Measurement” (“ASC Topic <em style="font: inherit;">820”</em>) and utilize an exchange-traded price from the Trust’s principal market for ether as of <em style="font: inherit;">11:59</em> p.m. Eastern</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Time (“ET”) on the Trust’s financial statement measurement date. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with U.S. GAAP. The Trust engages a <em style="font: inherit;">third</em>-party vendor to obtain a price from a principal market for ether, which is determined and designated by such <em style="font: inherit;">third</em>-party vendor daily based on its consideration of several exchange characteristics, including oversight, and the volume and frequency of trades.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor has the exclusive authority to determine the Trust’s net asset value, which it has delegated to the Trustee under the Trust Agreement. The Trustee has delegated to the Trust Administrator the responsibility to calculate the net asset value of the Trust and the net asset value per Share (“NAV”), based on a pricing source selected by the Trustee. In determining the Trust’s net asset value, the Trust Administrator values the ether held by the Trust based on an index (the “Index”), unless the Sponsor in its sole discretion determines that the Index is unreliable. The methodology used to calculate the Index price to value ether in determining the net asset value of the Trust <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> be deemed consistent with U.S. GAAP. The CME CF Ether–Dollar Reference Rate – New York Variant for the ether – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is <em style="font: inherit;">not</em> available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines <em style="font: inherit;">not</em> to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is <em style="font: inherit;">not</em> available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (together a “Fair Value Event”), the Trust’s holdings <em style="font: inherit;"> may </em>be fair valued on a temporary basis in accordance with the fair value policies approved by the Trustee.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Additionally, the Trust Administrator monitors for unusual prices and escalates to the Trustee if detected. If the CF Benchmarks Index is <em style="font: inherit;">not</em> used, the Trust will notify Shareholders in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website. The Trust Administrator calculates the net asset value of the Trust and the NAV once on each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”). The NAV for a normal trading day will be released after <em style="font: inherit;">4:00</em> p.m. ET. Trading during the core trading session on NASDAQ typically closes at <em style="font: inherit;">4:00</em> p.m. ET. However, NAVs are <em style="font: inherit;">not</em> officially released until after the completion of a comprehensive review of the NAV and prices utilized to determine the NAV of the Trust by the Trust Administrator. Upon the completion of the end of day reviews by the Trust Administrator the NAV is released to the public typically by <em style="font: inherit;">5:30</em> p.m. ET and generally <em style="font: inherit;">no</em> later than <em style="font: inherit;">8:00</em> p.m. ET. The period between <em style="font: inherit;">4:00</em> p.m. ET and the NAV release after <em style="font: inherit;">5:30</em> p.m. ET (or later) provides an opportunity for the Trust Administrator and the Trustee to detect, flag, investigate, and correct unusual pricing should it occur and implement a Fair Value Event, if necessary. Any such correction could adversely affect the value of the Shares.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust engages in Staking Activities with respect to a portion of its ether holdings in order to earn staking rewards. As of <em style="font: inherit;"> June 30, 2026, </em>the Trust earned $1,194,785 in staking rewards. Under the Trust’s staking program, the Sponsor instructs the Ether Custodian to stake the Trust’s ether. The Trust retains control of its ether throughout the staking process. The delegation of ether for staking purposes does <em style="font: inherit;">not</em> constitute a sale, transfer, or other derecognition event, as control of the ether is <em style="font: inherit;">not</em> transferred to the validator or staking provider.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust receives staking rewards of ether from Staking Activities, which is treated as giving rise to taxable income for U.S. federal income tax purposes under current Internal Revenue Service guidance. The Trust recognizes staking rewards as revenue in accordance with ASC Topic <em style="font: inherit;">606,</em> Revenue from Contracts with Customers (“ASC <em style="font: inherit;">606”</em>). Under the staking arrangements, the validator (e.g., the Ether Custodian or other staking provider) is considered the customer, as it receives access to the Trust’s staking capacity (i.e., the delegation of ether), which represents the Trust’s performance obligation. In exchange, the Trust is entitled to staking rewards generated by the Ethereum protocol, net of validator and staking provider fees. </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Staking rewards represent variable consideration, as the amount of rewards is <em style="font: inherit;">not</em> known until the applicable validation activities are completed, and the Trust receives rewards in its custodial account. The contract term is the length of each staking epoch. Staking rewards are recognized as revenue when the Trust satisfies its performance obligations (i.e., successfully validates blocks or transactions as determined by the protocol). Staking rewards are received in ether, which represents non-cash consideration. </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Because the Trust is <em style="font: inherit;">not</em> the principal to the block validation service, it does <em style="font: inherit;">not</em> control the full output of the reward-generating activity, and instead receives net staking rewards, after validator and staking provider fees are deducted. As such, the Trust presents staking revenue net of validator and staking provider fees, reflecting only the portion of protocol rewards to which it is entitled. Staking revenue is recorded as staking income on the Statements of Operations.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust’s periodic financial statements <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> utilize the net asset value of the Trust to the extent the methodology used to calculate the Index is deemed <em style="font: inherit;">not</em> to be consistent with U.S. GAAP.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gain or loss on sales of ether is calculated on a trade date basis using the average cost method.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table summarizes activity in ether for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> June 30, 2026:</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 44%; border-bottom: 1px solid black;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Three Months Ended June 30, 2026</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quantity</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Cost</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fair<br/> Value</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Realized<br/> Gain (Loss)</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Beginning balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">194,989</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">405,833,590</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">409,835,035</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether purchased<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">126,711</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">273,515,403</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">273,515,403</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for the redemption of shares<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(33,018</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(69,087,258</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(57,766,222</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,321,036</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold to pay expenses</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(67</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(147,564</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(134,290</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(13,274</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for distributions</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(198</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(438,770</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(351,675</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(87,095</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net realized loss</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,421,405</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net change in unrealized appreciation/depreciation</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(154,226,015</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ending balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">288,417</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">609,675,401</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(11,421,405</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> <p style="margin: 0pt; font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"> </p> <hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Includes ether purchased in-kind for shares issued of $75,351,373.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Includes ether paid in-kind for shares redeemed of $21,517,719 (Cost of ether paid was $24,288,388 and realized loss of ether paid was $2,770,669).</p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following tables summarize activity in ether for the period from <em style="font: inherit;"> January 14, 2026 (</em>Date of Seeding) to <em style="font: inherit;"> June 30, 2026:</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 44%; border-bottom: 1px solid black;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><b>Period from January 14, 2026 (Date of Seeding) </b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><b>to June 30, 2026</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quantity</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Cost</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fair<br/> Value</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Realized<br/> Gain (Loss)</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Beginning balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether purchased<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">322,214</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">680,416,742</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">680,416,742</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for the redemption of shares<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(33,532</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(70,155,007</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(58,804,900</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,350,107</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold to pay expenses</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(67</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(147,564</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(134,290</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(13,274</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for distributions</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(198</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(438,770</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(351,675</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(87,095</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net realized loss</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,450,476</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net change in unrealized appreciation/depreciation</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(150,224,570</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ending balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">288,417</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">609,675,401</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(11,450,476</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> <p style="margin: 0pt; font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">  </p> <hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Includes ether purchased in-kind for Shares issued of $133,215,012.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Includes ether paid in-kind for Shares redeemed of $22,556,398 (Cost of ether paid was $25,356,138 and realized loss of ether paid was $2,799,740).</p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>C. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Calculation of Net Asset Value</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">On each Business Day, as soon as practicable after <em style="font: inherit;">4:00</em> p.m. ET, the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the total assets held by the Trust. The Trust Administrator computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>D. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Cash and Cash Equivalents</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Cash includes non-interest bearing, non-restricted cash maintained with <em style="font: inherit;">one</em> banking institution. Cash in a bank deposit account, at times, <em style="font: inherit;"> may </em>exceed U.S. federally insured limits.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>E. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Offering of the Shares</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Shares are issued and redeemed continuously in aggregations of 40,000 Shares (a “Basket”) or integral multiples thereof, based on the quantity of ether attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities). Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash or ether. Baskets <em style="font: inherit;"> may </em>be redeemed by the Trust in exchange for an amount of ether corresponding to their redemption value or for the cash proceeds from selling the amount of ether corresponding to their redemption value.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">In connection with cash creations and redemptions, 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) by choosing, in its sole discretion, to trade directly with <em style="font: inherit;">third</em> parties (each, an “Ether Trading Counterparty”), who are <em style="font: inherit;">not</em> registered broker-dealers pursuant to written agreements between such Ether Trading Counterparties and the Trust, or choosing to trade through the Prime Execution Agent acting in an agency capacity with <em style="font: inherit;">third</em> parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>F. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Distributions</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Staking Consideration received by the Trust from staking, net of the Staking fee, is intended to be distributed monthly but <em style="font: inherit;">no</em> less frequently than quarterly by the Trust. Distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Trust.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>G. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Federal Income Taxes</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust is treated as a grantor trust for federal income tax purposes and, therefore, <em style="font: inherit;">no</em> 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 analyzed applicable tax laws and regulations and their application to the Trust as of <em style="font: inherit;"> June 30, 2026 </em>and does <em style="font: inherit;">not</em> believe that there are any uncertain tax positions that require recognition of a tax liability.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>H. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Segment Reporting</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust. The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.</p><p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>A. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Basis of Accounting</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>B. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Ether</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Ether Custodian is responsible for safekeeping the ether owned by the Trust. Anchorage Digital Bank N.A. is the “Additional Ether Custodian” for the Trust. At the current time, the Sponsor has <em style="font: inherit;">no</em> plans to move any of the Trust’s ether to the Additional Ether Custodian. The Ether Custodian and the Additional Ether Custodian are appointed by the Trustee.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The net asset value of the Trust equals the total assets of the Trust, which consists solely of ether and cash, less total liabilities of the Trust, each determined by the Trustee pursuant to policies established from time to time by the Trustee or its affiliates or otherwise described herein. The Trust’s periodic financial statements are prepared in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic <em style="font: inherit;">820,</em> “Fair Value Measurement” (“ASC Topic <em style="font: inherit;">820”</em>) and utilize an exchange-traded price from the Trust’s principal market for ether as of <em style="font: inherit;">11:59</em> p.m. Eastern</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Time (“ET”) on the Trust’s financial statement measurement date. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with U.S. GAAP. The Trust engages a <em style="font: inherit;">third</em>-party vendor to obtain a price from a principal market for ether, which is determined and designated by such <em style="font: inherit;">third</em>-party vendor daily based on its consideration of several exchange characteristics, including oversight, and the volume and frequency of trades.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor has the exclusive authority to determine the Trust’s net asset value, which it has delegated to the Trustee under the Trust Agreement. The Trustee has delegated to the Trust Administrator the responsibility to calculate the net asset value of the Trust and the net asset value per Share (“NAV”), based on a pricing source selected by the Trustee. In determining the Trust’s net asset value, the Trust Administrator values the ether held by the Trust based on an index (the “Index”), unless the Sponsor in its sole discretion determines that the Index is unreliable. The methodology used to calculate the Index price to value ether in determining the net asset value of the Trust <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> be deemed consistent with U.S. GAAP. The CME CF Ether–Dollar Reference Rate – New York Variant for the ether – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is <em style="font: inherit;">not</em> available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines <em style="font: inherit;">not</em> to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is <em style="font: inherit;">not</em> available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (together a “Fair Value Event”), the Trust’s holdings <em style="font: inherit;"> may </em>be fair valued on a temporary basis in accordance with the fair value policies approved by the Trustee.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Additionally, the Trust Administrator monitors for unusual prices and escalates to the Trustee if detected. If the CF Benchmarks Index is <em style="font: inherit;">not</em> used, the Trust will notify Shareholders in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website. The Trust Administrator calculates the net asset value of the Trust and the NAV once on each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”). The NAV for a normal trading day will be released after <em style="font: inherit;">4:00</em> p.m. ET. Trading during the core trading session on NASDAQ typically closes at <em style="font: inherit;">4:00</em> p.m. ET. However, NAVs are <em style="font: inherit;">not</em> officially released until after the completion of a comprehensive review of the NAV and prices utilized to determine the NAV of the Trust by the Trust Administrator. Upon the completion of the end of day reviews by the Trust Administrator the NAV is released to the public typically by <em style="font: inherit;">5:30</em> p.m. ET and generally <em style="font: inherit;">no</em> later than <em style="font: inherit;">8:00</em> p.m. ET. The period between <em style="font: inherit;">4:00</em> p.m. ET and the NAV release after <em style="font: inherit;">5:30</em> p.m. ET (or later) provides an opportunity for the Trust Administrator and the Trustee to detect, flag, investigate, and correct unusual pricing should it occur and implement a Fair Value Event, if necessary. Any such correction could adversely affect the value of the Shares.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust engages in Staking Activities with respect to a portion of its ether holdings in order to earn staking rewards. As of <em style="font: inherit;"> June 30, 2026, </em>the Trust earned $1,194,785 in staking rewards. Under the Trust’s staking program, the Sponsor instructs the Ether Custodian to stake the Trust’s ether. The Trust retains control of its ether throughout the staking process. The delegation of ether for staking purposes does <em style="font: inherit;">not</em> constitute a sale, transfer, or other derecognition event, as control of the ether is <em style="font: inherit;">not</em> transferred to the validator or staking provider.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust receives staking rewards of ether from Staking Activities, which is treated as giving rise to taxable income for U.S. federal income tax purposes under current Internal Revenue Service guidance. The Trust recognizes staking rewards as revenue in accordance with ASC Topic <em style="font: inherit;">606,</em> Revenue from Contracts with Customers (“ASC <em style="font: inherit;">606”</em>). Under the staking arrangements, the validator (e.g., the Ether Custodian or other staking provider) is considered the customer, as it receives access to the Trust’s staking capacity (i.e., the delegation of ether), which represents the Trust’s performance obligation. In exchange, the Trust is entitled to staking rewards generated by the Ethereum protocol, net of validator and staking provider fees. </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Staking rewards represent variable consideration, as the amount of rewards is <em style="font: inherit;">not</em> known until the applicable validation activities are completed, and the Trust receives rewards in its custodial account. The contract term is the length of each staking epoch. Staking rewards are recognized as revenue when the Trust satisfies its performance obligations (i.e., successfully validates blocks or transactions as determined by the protocol). Staking rewards are received in ether, which represents non-cash consideration. </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Because the Trust is <em style="font: inherit;">not</em> the principal to the block validation service, it does <em style="font: inherit;">not</em> control the full output of the reward-generating activity, and instead receives net staking rewards, after validator and staking provider fees are deducted. As such, the Trust presents staking revenue net of validator and staking provider fees, reflecting only the portion of protocol rewards to which it is entitled. Staking revenue is recorded as staking income on the Statements of Operations.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust’s periodic financial statements <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> utilize the net asset value of the Trust to the extent the methodology used to calculate the Index is deemed <em style="font: inherit;">not</em> to be consistent with U.S. GAAP.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gain or loss on sales of ether is calculated on a trade date basis using the average cost method.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following table summarizes activity in ether for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> June 30, 2026:</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 44%; border-bottom: 1px solid black;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Three Months Ended June 30, 2026</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quantity</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Cost</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fair<br/> Value</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Realized<br/> Gain (Loss)</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Beginning balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">194,989</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">405,833,590</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">409,835,035</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether purchased<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">126,711</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">273,515,403</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">273,515,403</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for the redemption of shares<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(33,018</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(69,087,258</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(57,766,222</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,321,036</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold to pay expenses</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(67</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(147,564</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(134,290</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(13,274</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for distributions</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(198</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(438,770</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(351,675</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(87,095</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net realized loss</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,421,405</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net change in unrealized appreciation/depreciation</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(154,226,015</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ending balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">288,417</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">609,675,401</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(11,421,405</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> <p style="margin: 0pt; font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"> </p> <hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Includes ether purchased in-kind for shares issued of $75,351,373.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Includes ether paid in-kind for shares redeemed of $21,517,719 (Cost of ether paid was $24,288,388 and realized loss of ether paid was $2,770,669).</p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following tables summarize activity in ether for the period from <em style="font: inherit;"> January 14, 2026 (</em>Date of Seeding) to <em style="font: inherit;"> June 30, 2026:</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 44%; border-bottom: 1px solid black;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><b>Period from January 14, 2026 (Date of Seeding) </b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><b>to June 30, 2026</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quantity</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Cost</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fair<br/> Value</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Realized<br/> Gain (Loss)</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Beginning balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether purchased<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">322,214</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">680,416,742</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">680,416,742</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for the redemption of shares<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(33,532</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(70,155,007</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(58,804,900</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,350,107</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold to pay expenses</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(67</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(147,564</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(134,290</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(13,274</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for distributions</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(198</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(438,770</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(351,675</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(87,095</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net realized loss</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,450,476</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net change in unrealized appreciation/depreciation</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(150,224,570</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ending balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">288,417</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">609,675,401</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(11,450,476</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> <p style="margin: 0pt; font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">  </p> <hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Includes ether purchased in-kind for Shares issued of $133,215,012.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td><td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Includes ether paid in-kind for Shares redeemed of $22,556,398 (Cost of ether paid was $25,356,138 and realized loss of ether paid was $2,799,740).</p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> 1194785 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 44%; border-bottom: 1px solid black;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Three Months Ended June 30, 2026</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quantity</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Cost</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fair<br/> Value</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Realized<br/> Gain (Loss)</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Beginning balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">194,989</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">405,833,590</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">409,835,035</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether purchased<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">126,711</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">273,515,403</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">273,515,403</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for the redemption of shares<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(33,018</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(69,087,258</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(57,766,222</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,321,036</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold to pay expenses</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(67</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(147,564</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(134,290</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(13,274</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for distributions</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(198</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(438,770</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(351,675</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(87,095</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net realized loss</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,421,405</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net change in unrealized appreciation/depreciation</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(154,226,015</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ending balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">288,417</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">609,675,401</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(11,421,405</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 44%; border-bottom: 1px solid black;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><b>Period from January 14, 2026 (Date of Seeding) </b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><b>to June 30, 2026</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quantity</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Cost</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fair<br/> Value</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Realized<br/> Gain (Loss)</b></p> </td><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Beginning balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">—</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether purchased<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a) </span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">322,214</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">680,416,742</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">680,416,742</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for the redemption of shares<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(33,532</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(70,155,007</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(58,804,900</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,350,107</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold to pay expenses</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(67</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(147,564</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(134,290</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(13,274</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ether sold for distributions</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(198</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(438,770</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(351,675</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(87,095</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net realized loss</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(11,450,476</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net change in unrealized appreciation/depreciation</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(150,224,570</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><em style="font: inherit;">—</em></td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ending balance</p> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">288,417</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">609,675,401</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">459,450,831</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(11,450,476</td><td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> 194989 405833590 409835035 126711 273515403 273515403 33018 69087258 57766222 -11321036 67 147564 134290 -13274 198 438770 351675 -87095 -11421405 -154226015 288417 609675401 459450831 -11421405 75351373 -21517719 24288388 -2770669 0 0 0 322214 680416742 680416742 33532 70155007 58804900 -11350107 67 147564 134290 -13274 198 438770 351675 -87095 -11450476 -150224570 288417 609675401 459450831 -11450476 133215012 -22556398 25356138 -2799740 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>C. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Calculation of Net Asset Value</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">On each Business Day, as soon as practicable after <em style="font: inherit;">4:00</em> p.m. ET, the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the total assets held by the Trust. The Trust Administrator computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>D. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Cash and Cash Equivalents</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Cash includes non-interest bearing, non-restricted cash maintained with <em style="font: inherit;">one</em> banking institution. Cash in a bank deposit account, at times, <em style="font: inherit;"> may </em>exceed U.S. federally insured limits.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>E. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Offering of the Shares</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Shares are issued and redeemed continuously in aggregations of 40,000 Shares (a “Basket”) or integral multiples thereof, based on the quantity of ether attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities). Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash or ether. Baskets <em style="font: inherit;"> may </em>be redeemed by the Trust in exchange for an amount of ether corresponding to their redemption value or for the cash proceeds from selling the amount of ether corresponding to their redemption value.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">In connection with cash creations and redemptions, 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) by choosing, in its sole discretion, to trade directly with <em style="font: inherit;">third</em> parties (each, an “Ether Trading Counterparty”), who are <em style="font: inherit;">not</em> registered broker-dealers pursuant to written agreements between such Ether Trading Counterparties and the Trust, or choosing to trade through the Prime Execution Agent acting in an agency capacity with <em style="font: inherit;">third</em> parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> 40000 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>F. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Distributions</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Staking Consideration received by the Trust from staking, net of the Staking fee, is intended to be distributed monthly but <em style="font: inherit;">no</em> less frequently than quarterly by the Trust. Distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Trust.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>G. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Federal Income Taxes</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust is treated as a grantor trust for federal income tax purposes and, therefore, <em style="font: inherit;">no</em> 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 analyzed applicable tax laws and regulations and their application to the Trust as of <em style="font: inherit;"> June 30, 2026 </em>and does <em style="font: inherit;">not</em> believe that there are any uncertain tax positions that require recognition of a tax liability.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"><p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>H. </i></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"><i>Segment Reporting</i></p> </td></tr> </tbody></table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust. The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">3</em> - </b></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Trust Expenses</b></p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The aggregate fees payable by the Trust to the Sponsor consist of (i) the Sponsor’s fee, which accrues daily at an annualized rate equal to 0.25% of the Trust’s net asset value and is subject to any applicable waiver, and (ii) the Sponsor’s Staking Portion of the Staking fee payable in connection with the Trust’s Staking Activities. The Sponsor’s fee is payable at least quarterly in arrears in U.S. dollars or in-kind or any combination thereof.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor <em style="font: inherit;"> may, </em>at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under <em style="font: inherit;">no</em> obligation to waive any portion of its fees and any such waiver shall create <em style="font: inherit;">no</em> obligation to waive any such fees during any period <em style="font: inherit;">not</em> covered by the waiver. For a <em style="font: inherit;">twelve</em>-month period, starting <em style="font: inherit;"> March 12, 2026, </em>the Sponsor waived a portion of the Sponsor’s fee so that the Sponsor’s fee after the fee waiver would be equal to 0.12% of the net asset value of the Trust for the <em style="font: inherit;">first</em> $2.5 billion of the Trust’s assets. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s fee, Shareholders will be notified in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website. </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust: the fees of the Trustee, the Delaware Trustee, the Trust Administrator, the Ether Custodian, the Additional Ether Custodian, and The Bank of New York Mellon (the “Cash Custodian”), NASDAQ listing fees, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor <em style="font: inherit;"> may </em>determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the $500,000 per annum required under the Trust Agreement. To the extent that the Sponsor does <em style="font: inherit;">not</em> voluntarily assume such fees and expenses, they will be the responsibility of the Trust.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust will pay a Staking fee to the Sponsor, which will include remuneration for the Sponsor’s facilitation of Staking Activities pursuant to the Trust Agreement (the “Sponsor’s Staking Portion”).  The Trust also pays a Staking fee for the Prime Execution Agent’s share of Staking Consideration (including any amounts payable by the Prime Execution Agent to Staking Services Providers for their respective shares of the Trust’s Staking Consideration), in accordance with the Staking Services Agreement.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">For the period from <em style="font: inherit;"> January 14, 2026 (</em>Date of Seeding) to <em style="font: inherit;"> June 30, 2026, </em>the aggregate Sponsor fee, including the Sponsor’s Staking Portion, was $467,379 and the amount waived was <em style="font: inherit;">$196,572.</em></p> 0.0025 0.0012 2500000000 500000 500000 4673.79 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">4</em> - </b></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Related Parties</b></p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is <em style="font: inherit;">not</em> a separate expense of the Trust.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">On <em style="font: inherit;"> January 14, 2026, </em>the Seed Capital Investor purchased 4,000 Shares of the Trust. On <em style="font: inherit;"> February 18, 2026, </em>the Seed Capital Investor purchased an additional 3,996,000 Shares. As of <em style="font: inherit;"> June 30, 2026, </em>affiliates of BlackRock, Inc., including the Seed Capital Investor, beneficially owned 4,000,000 Shares of the Trust, representing approximately 17.9% of the Shares outstanding.</p> 4000 3996000 4000000 0.179 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">5</em> - </b></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Indemnification</b></p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust Agreement provides that the Sponsor shall indemnify the Trustee, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) that is incurred by any of them and that arises out of or is related to (<em style="font: inherit;">1</em>) any offer or sale by the Trust of Baskets, (<em style="font: inherit;">2</em>) acts performed or omitted pursuant to the provisions of the Trust Agreement (A) by the Trustee, its directors, employees, delegees and agents or (B) by the Sponsor or (<em style="font: inherit;">3</em>) any filings with or submissions to the SEC in connection with or with respect to the Shares, except that the Sponsor shall <em style="font: inherit;">not</em> have any obligations to pay any indemnification amounts incurred as a result of and attributable to (<em style="font: inherit;">x</em>) the willful misconduct, gross negligence or bad faith of, or material breach of the terms of the Trust Agreement by, the Trustee, (y) information furnished in writing by the Trustee to the Sponsor expressly for use in the registration statement, or any amendment thereto, filed with the SEC relating to the Shares that is <em style="font: inherit;">not</em> materially altered by the Sponsor or (z) any misrepresentations or omissions made by an authorized participant (other than the Sponsor) in connection with such authorized participant’s offer and sale of Shares.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) (<em style="font: inherit;">1</em>) caused by the willful misconduct, gross negligence or bad faith of the Trustee or (<em style="font: inherit;">2</em>) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic report, filed with the SEC relating to the Shares that is <em style="font: inherit;">not</em> materially altered by the Sponsor.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of <em style="font: inherit;">1933,</em> as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (<em style="font: inherit;">1</em>) willful misconduct, gross negligence or bad faith or (<em style="font: inherit;">2</em>) reckless disregard of their obligations and duties under the Trust Agreement.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Pursuant to the applicable agreements with the Trust’s <em style="font: inherit;">third</em>-party service providers, the Trust has agreed to indemnify such service providers against certain claims, losses, liabilities and expenses, subject to the terms, conditions and limitations set forth therein.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">6</em> - </b></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Commitments and Contingent Liabilities</b></p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">In the normal course of business, the Trust <em style="font: inherit;"> may </em>enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that <em style="font: inherit;"> may </em>be made against the Trust.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">7</em> - </b></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Concentration Risk</b></p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Substantially all of the Trust’s assets are holdings of ether, which creates a concentration risk associated with fluctuations in the price of ether. Accordingly, a decline in the price of ether will have an adverse effect on the value of the Shares of the Trust. Factors that <em style="font: inherit;"> may </em>have the effect of causing a decline in the price of ether include negative perception of digital assets; a lack of stability and standardized regulation in the digital asset markets; the closure or temporary shutdown of digital asset platforms due to fraud, business failure, security breaches or government mandated regulation; and a loss of investor confidence.</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">8</em> - </b></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Financial Highlights</b></p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following financial highlights relate to investment performance and operations for a Share outstanding for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> June 30, 2026 </em>and the Period from <em style="font: inherit;"> January 14, 2026 (</em>Date of Seeding) to <em style="font: inherit;"> June 30, 2026.</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"> <tbody> <tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td colspan="2" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Three Months Ended<br/> June 30, 2026</b></p> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%; padding: 0px;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>For the Period</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>from January 14, 2026</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(Date of Seeding)</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>to June 30,</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2026</b></p> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net asset value per Share, beginning of period</p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">27.03</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">25.00</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><em style="font: inherit;"> </em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Net investment income<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.04</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.06</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;"> </em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Net realized and unrealized loss<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(6.54</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4.53</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><em style="font: inherit;">)</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net decrease in net assets from operations</p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(6.50</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4.47</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><em style="font: inherit;">)</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Distributions per share</p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(0.02</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(0.02</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><em style="font: inherit;">)</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net asset value per Share, end of period</p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20.51</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20.51</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"><em style="font: inherit;"> </em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total return, at net asset value<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(c)(d)(h)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(24.07</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)%</td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;">(23.07</p> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; padding: 0px;">)%<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(e)(f)</span></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ratio to average net assets:</p> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Net investment income<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(g)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.69</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.59</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">%</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Total expenses<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(g)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.30</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.30</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">%</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Total expenses after fees waived<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(g)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.17</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.17</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">%</em></td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Based on average Shares outstanding during the period.</p> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">The amounts reported for a Share outstanding <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.</p> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(c)</span></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Based on the change in net asset value of a Share during the period.</p> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(d)</span></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(e)</span></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Percentage is <em style="font: inherit;">not</em> annualized.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">For the period <em style="font: inherit;"> March 11, 2026 (</em>Effective Date) to <em style="font: inherit;"> June 30, 2026.</em></p> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(f)</span></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">For the period <em style="font: inherit;"> January 14, 2026 </em>to <em style="font: inherit;"> June 30, 2026, </em>the Trust’s total return was (17.90)%.</p> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(g)</span></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-variant: normal; margin: 0pt;">Percentage is annualized.</p> </td> </tr> <tr> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="FONT-SIZE:60%; VERTICAL-ALIGN:text-top">(h)</span></p> </td> <td style="width: auto; font-family: Arial, Helvetica, sans-serif; font-size: 8pt;">Where applicable, assumes the reinvestment of distributions. </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: Arial, Helvetica, sans-serif; text-indent: 0px;"> <tbody> <tr class="finHeading" style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td colspan="2" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Three Months Ended<br/> June 30, 2026</b></p> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%; padding: 0px;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>For the Period</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>from January 14, 2026</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(Date of Seeding)</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>to June 30,</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2026</b></p> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net asset value per Share, beginning of period</p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">27.03</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">25.00</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><em style="font: inherit;"> </em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Net investment income<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(a)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.04</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.06</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;"> </em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Net realized and unrealized loss<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(b)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(6.54</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4.53</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><em style="font: inherit;">)</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net decrease in net assets from operations</p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(6.50</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4.47</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><em style="font: inherit;">)</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Distributions per share</p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(0.02</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(0.02</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><em style="font: inherit;">)</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net asset value per Share, end of period</p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20.51</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20.51</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"><em style="font: inherit;"> </em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total return, at net asset value<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(c)(d)(h)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">(24.07</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">)%</td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;">(23.07</p> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%; padding: 0px;">)%<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(e)(f)</span></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Ratio to average net assets:</p> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 2%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Net investment income<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(g)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.69</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.59</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">%</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Total expenses<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(g)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.30</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.30</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">%</em></td> </tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 65%;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Total expenses after fees waived<span style="FONT-SIZE: 60%; VERTICAL-ALIGN:text-top">(g)</span></p> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.17</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;">0.17</td> <td style="width: 2%; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">%</em></td> </tr> </tbody> </table> 27.03 25 0.04 0.06 -6.54 -4.53 -6.5 -4.47 0.02 0.02 20.51 20.51 -0.2407 -0.2307 0.0069 0.0059 0.003 0.003 0.0017 0.0017 0.179 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">9</em> - </b></p> </td> <td style="width: auto;"> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Investment Valuation</b></p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Various inputs are used in determining the fair value of assets and liabilities. Inputs <em style="font: inherit;"> may </em>be based on independent market data (“observable inputs”) or they <em style="font: inherit;"> may </em>be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of <em style="font: inherit;">three</em> broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The <em style="font: inherit;">three</em> levels of the fair value hierarchy are as follows:</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 54pt;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Level <em style="font: inherit;">1</em>  − </p> </td> <td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Unadjusted quoted prices in active markets for identical assets or liabilities;</p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 54pt;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Level <em style="font: inherit;">2</em>  − </p> </td> <td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Inputs other than quoted prices included within Level <em style="font: inherit;">1</em> 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 <em style="font: inherit;">not</em> 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</p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 54pt;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Level <em style="font: inherit;">3</em>  − </p> </td> <td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Arial, Helvetica, sans-serif; font-size: 10pt;">Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.</p> </td> </tr> </tbody> </table> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">At <em style="font: inherit;"> June 30, 2026, </em>the value of the ether held by the Trust is categorized as Level <em style="font: inherit;">1.</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><a href="#" id="other"></a>Item <em style="font: inherit;">5.</em> Other Information.</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="-sec-ix-hidden:c149369028"><span style="-sec-ix-hidden:c149369029"><span style="-sec-ix-hidden:c149369030"><span style="-sec-ix-hidden:c149369031">Not</span></span></span></span> applicable.</p> Cost of investment in ether is $609,675,401. Net decrease in net assets per Share based on average shares outstanding during the period. As of June 30, 2026, 250,585 ether (representing 86.9% of the position) are staked with third party counterparties. For the period January 14, 2026 to June 30, 2026, the Trust’s total return was (17.90)%. Percentage is annualized. Includes ether paid in-kind for shares redeemed of $21,517,719 (Cost of ether paid was $24,288,388 and realized loss of ether paid was $2,770,669). Includes ether purchased in-kind for shares issued of $75,351,373. Includes $358,351 of realized gains and $(11,779,756) of realized losses. The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment. Where applicable, assumes the reinvestment of distributions. Based on the change in net asset value of a Share during the period. Includes ether purchased in-kind for Shares issued of $133,215,012. Includes $(2,770,669) of ether paid for the in-kind redemption of Shares. Includes $358,351 of realized gains and $(11,808,827) of realized losses. Based on average Shares outstanding during the period. Includes ether paid in-kind for Shares redeemed of $22,556,398 (Cost of ether paid was $25,356,138 and realized loss of ether paid was $2,799,740). Percentage is not annualized. No par value, unlimited amount authorized. Includes $(2,799,740) of ether paid for the in-kind redemption of Shares. For the period March 11, 2026 (Effective Date) to June 30, 2026.