Creation and Redemption of Shares

12 Months Ended

Dec. 31, 2024

Creation and Redemption of Shares [Abstract]

The Trust creates and redeems Shares on a continuous basis but only in Creation Baskets consisting of 10,000 Shares or multiples thereof on the NAV of the date of the creation or redemption. Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders. 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). The Trust conducts its ether purchase and sale transactions by, in its sole discretion, choosing to trade directly with third parties (each, an “ether Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such ether Trading Counterparties and the Trust, or choosing to trade through the Prime Broker acting in an agency capacity with third parties such as through its Coinbase Prime service pursuant to the Prime Broker Agreement. An ether Trading Counterparty may be an affiliate of an Authorized Participant.

The Authorized Participants deliver only cash to create Shares and receive only cash when redeeming Shares. Further, Authorized Participants will not directly or indirectly purchase, hold, deliver, or receive ether as part of the creation or redemption process or otherwise direct the Trust or a third-party with respect to purchasing, holding, delivering, or receiving ether as part of the creation or redemption process.

The Trust creates Shares by receiving ether from a third-party that is not the Authorized Participant and the Trust—not the Authorized Participant—is responsible for selecting the third-party to deliver the ether. Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the delivery of the ether to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the ether to the Trust. The Trust redeems shares by delivering ether to a third-party that is not the Authorized Participant and the Trust—not the Authorized Participant—is responsible for selecting the third-party to receive the ether. Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the receipt of the ether from the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the ether from the Trust. The third-party is unaffiliated with the Trust and the Sponsor.

	For the Period from May 1, 2024 (date of initial seeding) through December 31, 2024^*
Activity in Capital Transactions Issued and Redeemed:
Shares issued⁽¹⁾		1,810,002
Shares redeemed⁽¹⁾		(800,002	)
Net Change in Capital Transactions Issued and Redeemed		1,010,000

*	No prior year comparative period presented as this is the first fiscal year of the Trust’s operations.
(1)	Included 2 initial seed shares issued and redeemed in cash.

	For the Period from May 1, 2024 (date of initial seeding) through December 31, 2024^*
Activity in Capital Transactions Issued and Redeemed:
Shares issued	$	27,592,779
Shares redeemed		(15,109,007	)
Net Change in Capital Transactions Issued and Redeemed	$	12,483,772

No prior year comparative period presented as this is the first fiscal year of the Trust’s operations.

Ether purchased payable represents the quantity of ether purchased for the creation of Shares where the ether has not yet settled. Generally, ether is transferred within two Business Days of the trade date.

		December 31, 2024*
Ether purchased payable		$	-

No prior year comparative period presented as this is the first fiscal year of the Trust’s operations.

Ether sold receivable represents the quantity of ether sold for the redemption of Shares where the ether has not yet been settled. Generally, ether is transferred within two Business Days of the trade date.

		December 31, 2024*
Ether sold receivable		$	-

No prior year comparative period presented as this is the first fiscal year of the Trust’s operations.

- Definition

The entire disclosure for equity.

+ References

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+ Details

21Shares Core Ethereum ETF 10-K