TETH — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• The Trust’s investment objective is to seek to track the performance of ether, as measured by the performance of the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities, and to reflect rewards from staking a portion of the Trust’s ether, to the extent the Sponsor in its sole d…

• The Trust also pays 25% of the Staking Rewards to the Sponsor and retains the remainder of the Staking Rewards. The Trust incurred Staking Fee for the three ended March 31, 2026 of $15,555. The Trust had no staking operations during the three months ended March 31, 2025.

• The Trust’s staking model aims to maximize the portion of the Trust’s ether available for staking while controlling for liquidity and redemption risks. The model determines an optimal utilization rate by balancing expected yield against potential costs (including borrowing costs during redemptions, …

• The Staking Services Providers exercise no discretion as to the amount of the Trust’s ether to be staked or the timing of the Trust’s Staking Activities. While the Trust may stake a maximum of 100% of its ether holdings, the amount of ether that remains unstaked is determined based on the Trust’s ut…

• The rewards owed or paid to the Staking Services Provider reduces the amount of staking rewards that are generated from the Trust’s Staking Activities that are available in the assets of the Trust. Each Staking Services Provider that generates staking rewards is entitled to compensation determined a…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The Sponsor served as the “Seed Capital Investor” to the Trust. On May 1, 2024, the Sponsor, in its capacity as Seed Capital Investor, subject to certain conditions, purchased two Shares at a per-Share price of $50.00 (the “Initial Seed Shares”). Total proceeds to the Trust from the sale of these In…

• On June 18, 2024 (the “Seed Capital Purchase Date”), the Sponsor, in its capacity as Seed Capital Investor, purchased the initial Seed Creation Baskets comprising 20,000 Shares (the “Initial Seed Creation Baskets”). In its capacity as the Seed Capital Investor, the Sponsor has acted as a statutory u…

• The Trust’s investment objective is to seek to track the performance of ether, as measured by the performance of the Index, adjusted for the Trust’s expenses and other liabilities, and to reflect rewards from staking a portion of the Trust’s ether, to the extent the Sponsor in its sole discretion de…

• As of September 30, 2025, the Trust had a net closing balance of 11,034.4578 ether with a value of $45,591,732, based on the Index price of $4,131.76 on September 30, 2025 (CME CF Ether-Dollar Reference Rate – New York Variant, non-GAAP methodology). As of September 30, 2025, the total market value …

• The Trust’s net increase in net assets resulting from operations for the three months ended September 30, 2025 was $16,956,542. This was the result of a change in unrealized appreciation on investment in ether of $4,375,913, a net realized gain of $913 on the sale of ether for purposes of distributi…

Text added vs the prior filing · source: 10-Q · 2026-05-15

• The risks described below and in our Annual Report are not the only risks facing the Trust. You should also consider any risks and uncertainties described under the caption “Risk Factors” in any applicable prospectus, prospectus supplement, registration statement or other document that we file with …

• The Trust Agreement includes a provision restricting Shareholders’ right to bring a derivative action.

• Under Section 7.4 of the Trust Agreement, Shareholders’ statutory right under Delaware law to bring a derivative action (i.e., to initiate a lawsuit in the name of the Trust in order to assert a claim belonging to the Trust against a fiduciary of the Trust or against a third-party when the Trust’s m…

• In addition to the 10% ownership threshold described above, the Trust Agreement imposes the following further procedural conditions on any Shareholder seeking to bring a derivative action on behalf of the Trust: (1) prior to bringing any such action, two or more non-affiliated Shareholders collectiv…

• These provisions apply to any derivative actions brought in the name of the Trust other than derivative claims brought under the federal U.S. securities laws and the rules and regulations thereunder. The enforceability of Section 7.04’s derivative action threshold and procedural requirements under a…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The risks described below, in our Annual Report and subsequent Quarterly Reports, are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition an…

• Effective October 8, 2025, the Trust allows for staking. Certain of the Trust’s risk factors, as set forth below, have been updated to reflect this change.

• Moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS) Consensus Mechanism.

• In September 2022, the Ethereum network moved from a proof-of-work to a proof-of-stake mechanism called Serenity, or Ethereum 2.0. Unlike proof-of-work, in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computatio…

• The possibility exists that Ethereum 2.0 may never achieve the goals of the Ethereum community, which may have a negative impact on the market value of ether, and consequently the NAV of the Trust.