The Trust's net asset value increased by 188.43% from $3,571,262,167 at December 31, 2024, to $10,300,756,520 at December 31, 2025. Outstanding Shares grew from 141,480,000 at December 31, 2024, to 458,720,000 at December 31, 2025. The price of ether decreased by 10.86% from $3,333.60 at December 31, 2024, to $2,971.55 at December 31, 2025. Net decrease in net assets resulting from operations for the year ended December 31, 2025, was $2,315,493,008, primarily due to an unrealized loss on investment in ether of $2,262,771,767. The Sponsors Fee for 2025 was $18,411,090, representing 0.23% of the Trust's average weighted assets. The Trust is a passive investment vehicle, not actively managed to profit from or ameliorate losses due to ether price changes.