As of September 30, 2024, the iShares Ethereum Trust ETF reported total assets of $1,019,426,601, with net assets amounting to $1,019,342,543. The fair value of the Trust's investment in ether was $1,019,423,341, translating to a net asset value (NAV) per share of $19.91. This represents a significant decrease from the NAV of $26.47 at the beginning of the three-month period ending September 30, 2024, and from $25.00 at the start of the period from May 21, 2024, to September 30, 2024.

The Trust experienced a net decrease in net assets resulting from operations of $(138,112,764) for the period from May 21, 2024, to September 30, 2024. This decline was primarily due to an unrealized loss on investments in ether of $(137,918,827), alongside a net realized loss of $(21,660) and a net investment loss of $(172,277). The total return for the period was reported at (20.36)%.

Total expenses for the three months ended September 30, 2024, were $171,857, while total expenses from the date of seeding on May 21, 2024, to September 30, 2024, amounted to $172,277. The Trust's cash flow dynamics showed net cash used in operating activities of $(1,157,452,047), countered by proceeds from the issuance of shares totaling $1,157,455,307, resulting in a net increase in cash of $3,260.

The Trust's structure underwent a name change from iShares Ethereum Trust to iShares Ethereum Trust ETF on August 8, 2024. The Trust was seeded with a capital investment of $10,000,000 from BlackRock Financial Management, Inc., which purchased 400,000 shares at $25.00 each on May 21, 2024. Following this, the Trust acquired approximately 3,031 ether on June 24, 2024, using proceeds from the seed creation baskets.

The Trust's management fee, which began accruing at an annualized rate of 0.25% of the net asset value on June 24, 2024, was partially waived by the Sponsor for the first twelve months, reducing it to 0.12% for the first $2.5 billion of assets. As of September 30, 2024, the amount waived was $186,634.

The Trust's investment strategy remains focused on reflecting the performance of ether's price before expenses and liabilities, with all assets primarily held in ether. The Trust's valuation is determined daily using the CME CF Ether–Dollar Reference Rate. The significant concentration in ether exposes the Trust to price fluctuations, with the price of ether decreasing by 24.78% from $3,494.31 at June 30, 2024, to $2,628.44 at September 30, 2024.