EZET 最新10-K变化

相对上期新增的文字 · 来源:10-K · 2026-06-29

• The Fund issues Shares on a continuous basis. A block of 50,000 Shares is called a “Creation Unit.” The Fund issues and redeems Shares only in blocks of 50,000 or multiples thereof based on the quantity of ether attributable to each Share (net of accrued but unpaid renumeration due to the Sponsor (t…

• The Authorized Participants deliver only cash to create Shares and receive only cash when redeeming Shares. Further, Authorized Participants do not directly or indirectly purchase, hold, deliver, or receive ether as part of the creation or redemption process or otherwise direct the Fund or a third-p…

• Because the Sponsor assumes what are expected to be most of the Fund’s expenses under the unitary fee arrangement, and the Sponsor’s fee accrues daily at the same rate, in the absence of any extraordinary expenses or liabilities, the amount of ether by which the Creation Ether Amount will decrease e…

• The Sponsor causes the Administrator to make available on each Business Day an indicative Creation Unit Deposit Amount for the next Business Day.

• Authorized Participants may use that indicative Creation Unit Deposit Amount as guidance regarding the amount of cash that they may expect to have to deposit with the Administrator in respect of purchase orders placed by them on such next Business Day and accepted by the Sponsor. The agreement enter…

相对上期删除的文字 · 来源:10-K · 2025-06-30

• The Fund creates and redeems Shares on a continuous basis but only in Creation Units consisting of 50,000 Shares or multiples thereof. Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders. …

• The Authorized Participants deliver only cash to create Shares and receive only cash when redeeming Shares. Further, Authorized Participants do not directly or indirectly purchase, hold, deliver, or receive ether as part of the creation or redemption process or otherwise direct the Fund or a third-p…

• The Fund creates Shares by receiving ether from a third-party that is not the Authorized Participant and the Fund—not the Authorized Participant—is responsible for selecting the third-party to deliver the ether. Further, the third-party does not act as an agent of the Authorized Participant with res…

• Because the Sponsor assumes what are expected to be most of the Fund’s expenses under the unitary fee arrangement, and the Sponsor’s fee accrues daily at the same rate, in the absence of any extraordinary expenses or liabilities, the amount of ether by which the Creation Ether Amount will decrease e…

• The Trustee has none of the duties or liabilities of the Sponsor. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware w…

相对上期新增的文字 · 来源:10-K · 2026-06-29

• Unlike some digital assets, which have a limit on outstanding supply, there is no limit on ether supply.

• The Fund will rely on the information and technology systems of the Service Providers (as defined below), each of which could be directly or indirectly adversely affected by information systems interruptions, cybersecurity incidents or other disruptions, which in turn could have a material adverse e…

• If regulators or public utilities take actions that restrict or otherwise impact validation activities, there may be a significant decline in such activities, which could adversely affect the Ethereum network and the value of the Shares.

• The trading prices of many digital assets, including ether, have experienced extreme volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets, including ether, over the course of 2021, and multiple market observers assert…

• Furthermore, changes in U.S. political leadership and economic policies may create uncertainty that materially affects the price of ether and the Fund's Shares. For example, on March 6, 2025, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a United States Digit…

相对上期删除的文字 · 来源:10-K · 2025-06-30

• Security threats to the Fund’s account at the Ether Custodian could disrupt or halt Fund operations and result in the loss of Fund assets or damage to the reputation of the Fund, each of which could result in a reduction in the value of the Shares.

• The Fund will not directly or indirectly participate in any staking program, and accordingly the Shareholders will not receive any staking rewards or other income.

• Neither the Trust or the Fund, nor the Sponsor, nor the Ether Custodian, nor any other person associated with the Trust or Fund will, directly or indirectly, engage in any action whereby any portion of the Fund’s ether is staked. Foregoing potential returns from staking activities could cause an inv…

• The trading prices of many digital assets, including ether, have experienced extreme volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets, including ether, over the course of 2021, and multiple market observers assert…

• Extreme volatility may persist and the value of the Shares may significantly decline in the future without recovery. The digital asset markets may still be experiencing a bubble or may experience a bubble again in the future. For example, in the first half of 2022, each of Celsius Network, Voyager D…

相对上期新增的文字 · 来源:10-K · 2026-06-29

• Management’s Discussion and Analysis of Financial Condition and Results of Operations

• The Fund is an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”), subject to reduced public company reporting requirements under U.S. federal securities laws.

• The Sponsor identifies and determines the Fund's principal market (or in the absence of a principal market, the most advantageous market) for ether consistent with the application of fair value measurement framework in FASB ASC 820-10. The principal market is the market where the reporting entity wo…

• For the year ended March 31, 2026, 2,850,000 Shares were issued in exchange for 21,636.6183 ether and 1,750,000 Shares were redeemed in exchange for 13,282.9028 ether. The Fund’s NAV per Share began the period at $13.94 and ended the period at $15.94. The 14.32% increase in the Fund's NAV from $13.9…

• Net realized and unrealized loss on investment in ether for the period ended March 31, 2026, was approximately $7,978,098 which includes a net realized gain on investment in ether of $2,746,623 and net change in unrealized depreciation on investment in ether of approximately $10,724,721. Net realize…

相对上期删除的文字 · 来源:10-K · 2025-06-30

• The Fund is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”), and, as such, the Fund may elect to comply with certain reduced public company reporting requirements.

• Results of Operations for the period July 23, 2024 (Date of commencement of operations) to March 31, 2025*

• * No comparative period presented as the Fund’s operations commenced on July 23, 2024.