Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Document Information Line Items | ||
Entity Registrant Name | VanEck Ethereum ETF | |
Trading Symbol | ETHV | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 1,250,000 | |
Amendment Flag | false | |
Entity Central Index Key | 0001860788 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | true | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-42141 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-6752793 | |
Entity Address, Address Line One | 666 Third Avenue | |
Entity Address, Address Line Two | 9th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | 212 | |
Local Phone Number | 293-2000 | |
Title of 12(b) Security | Shares | |
Security Exchange Name | CboeBZX | |
Entity Interactive Data Current | Yes |
Statements of Assets and Liabil
Statements of Assets and Liabilities (Unaudited) | Jun. 30, 2024 USD ($) $ / shares shares | [1] |
Assets | ||
Investment in ether, at fair value (cost $10,000,000) | $ 10,234,617 | |
Total assets | 10,234,617 | |
Liabilities | ||
Total liabilities | ||
Net assets | $ 10,234,617 | [2],[3] |
Shares issued and outstanding (no par value, unlimited amount authorized) (in Shares) | shares | 200,000 | |
Net Asset Value per Share (Note 2) (in Dollars per share) | $ / shares | $ 51.17 | [4] |
[1] No comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023. No comparative financial statements have been provided as the Trust did not hold any ether as of December 31, 2023. No comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. No prior year comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Unaudited) (Parentheticals) | Jun. 30, 2024 USD ($) | |
Statement of Financial Position [Abstract] | ||
Investment in Ether, cost | $ 10,000,000 | [1],[2] |
[1] No comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023. No comparative financial statements have been provided as the Trust did not hold any ether as of December 31, 2023. |
Statement of Operations
Statement of Operations | 1 Months Ended | |
Jun. 30, 2024 USD ($) | [1] | |
Expenses | ||
Total expenses | ||
Net realized gain (loss) on: | ||
Ether sold for redemption of shares | ||
Net realized gain | ||
Net change in unrealized appreciation (depreciation) | 234,617 | |
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 234,617 | |
Net increase in net assets resulting from operations | $ 234,617 | |
[1] No comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. |
Statement of Changes in Net Ass
Statement of Changes in Net Assets | 1 Months Ended | |
Jun. 30, 2024 USD ($) | [1] | |
Net increase (decrease) from investment operations | ||
Net investment loss | ||
Net realized gain (loss) from investment in ether | ||
Change in net unrealized appreciation (depreciation) from investments in ether | 234,617 | |
Net increase in net assets resulting from operations | 234,617 | |
Capital share transactions | ||
Contributions for shares issued | 10,100,000 | |
Withdrawals for shares redeemed | (100,000) | |
Total capital share transactions | 10,000,000 | |
Net increase in net assets | 10,234,617 | |
Net assets: | ||
Beginning of period | ||
End of period | $ 10,234,617 | [2],[3] |
[1] No comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. No comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023. No comparative financial statements have been provided as the Trust did not hold any ether as of December 31, 2023. |
Schedule of Investment
Schedule of Investment | 1 Months Ended | |
Jun. 30, 2024 USD ($) | [2] | |
Schedule Of Investment Abstract | ||
Cost | $ 10,000,000 | [1] |
Quantity of Ether | 2,929.06 | |
% of Net Assets | 100% | |
Fair Value | $ 10,234,617 | |
Net Assets, % of Net Assets | 100% | |
Net Assets, Fair Value | $ 10,234,617 | [1],[3] |
[1] No comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023. No comparative financial statements have been provided as the Trust did not hold any ether as of December 31, 2023. No comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. |
Organization_
Organization: | 1 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Organization: The VanEck Ethereum ETF (the “Trust”) (formerly known as VanEck Ethereum Trust), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest in an ownership of the Trust (the “Shares”). The Shares are traded on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to reflect the performance of the price of ether (“ETH”) less the operating expenses of the Trust. The Trust is managed and controlled by VanEck Digital Assets, LLC (the “Sponsor”), a wholly-owned subsidiary of Van Eck Associates Corporation (“VanEck”). The CSC Delaware Trust Company, is the “Trustee” of the Trust. |
Significant Accounting Policies
Significant Accounting Policies: | 1 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2. Significant Accounting Policies: A. Basis of Preparation and Use Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) Topic 946 Financial Services—Investment Companies , B. Cash Cash represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits. As of June 30, 2024, the Trust’s cash balance did not exceed the federal insured limits. C. Investment Valuation The Trust values its investments in ETH and other assets and liabilities at fair value, daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust identifies and determines the ETH principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 as of 11:59 p.m. Eastern time. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (observable inputs) or they may be internally developed (unobservable inputs). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. The following is a summary of the fair value hierarchy as of June 30, 2024: Level 1 Level 2 Level 3 Total Assets Investment in ETH $ 10,234,617 $ — $ — $ 10,234,617 The following represents the changes in quantity of ETH and the respective fair value: ETH Fair Value Beginning balance as of May 20, 2024 — $ — ETH contributed 2,929.06 10,000,000 ETH withdrawn — — Net change in unrealized appreciation on investment in ETH — 234,617 Net realized gain on investment in ETH — — Ending balance as of June 30, 2024 2,929.06 $ 10,234,617 The trust did not hold any ETH as of December 31, 2023. D. Ether ETH transactions are accounted for on trade date. Realized gains and losses on sale of ETH are determined based on the average cost method. Proceeds received by the Trust from the issuance of creation baskets consist of ETH. Deposits of ETH are held by Gemini Trust Company, LLC (the “ETH Custodian”) on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the ETH Custodian, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. For accounting purposes only, the Trust is treated as an investment company and, therefore, will apply the specialized accounting and reporting guidance ASC Topic 946. Under ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of ETH. E. Calculation of Net Asset Value On each business day, at 4:00 p.m. EST, the net asset value of the Trust (“NAV”) is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of total assets held by the Trust. The administrator computes the NAV per share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made. F. Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions as of June 30, 2024, and has determined that no provision for income tax is required in the Trust’s financial statements. |
Trust Expenses and Other Agreem
Trust Expenses and Other Agreements | 1 Months Ended |
Jun. 30, 2024 | |
Trust Expenses And Other Agreements Abstract | |
Trust Expenses and Other Agreements [Text Block] | Note 3. Trust Expenses and Other Agreements The Trust will pay to the Sponsor a unified fee of 0.20% of net assets (the “Sponsor Fee”) that will accrue daily. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) from the Sponsor Fee. The Sponsor from time to time will sell ETH, which may be facilitated by one or more liquidity providers and/or the ETH Custodian, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor. The Trust holds its ETH at the ETH Custodian, a regulated third-party custodian that carries insurance and is chartered as a trust company under the New York Banking Law, is a qualified custodian for purposes of Rule 206(4)-2(d)6 under the Investment Advisers Act of 1940, as amended (“qualified custodian”), and is responsible for safekeeping of ETH owned by the Trust and holding private keys that provide access to the ETH in the Trust’s ETH account. The Trust may also hold its ETH at Coinbase Custody Trust Company, LLC (the “Additional ETH Custodian”), a regulated third-party custodian that is chartered as a trust company under the New York Banking Law, is a qualified custodian and serves as a fiduciary responsible for safekeeping of ETH owned by the Trust and holding the private keys that provide access to the ETH in the Trust’s additional ETH account. Coinbase, Inc., an affiliate of and the parent of the Additional ETH Custodian, carries insurance intended to cover the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional ETH Custodian. State Street Bank and Trust Company serves as the Trust’s administrator, transfer agent and cash custodian. |
Related Parties
Related Parties | 1 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 4. Related Parties The Sponsor is considered to be a related party to the Trust. MarketVector Indexes GmbH is the index sponsor and index administrator for the MarketVector Ethereum Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly wholly-owned subsidiary of VanEck. Van Eck Securities Corporation, a marketing agent to the Trust, is a wholly owned-subsidiary of VanEck. VanEck is the initial seed investor (“Seed Capital Investor”) on May 20, 2024. VanEck is a minority interest holder in the parent company of the ETH Custodian, representing less than 1% of its equity. |
Capital Share Transactions
Capital Share Transactions | 1 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Equity [Text Block] | Note 5. Capital Share Transactions Investors can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol ETHV. Shares are bought and sold throughout the trading day like other publicly traded securities. The Trust continuously offers the Trust Shares in creation baskets consisting of 25,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create or redeem one or more creation baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of ETH represented by the baskets being created (or redeemed); the amount of ETH represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed). The Trust creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of ETH represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. For an order to create baskets, an authorized participant will deliver cash to the Trust’s account at the cash custodian, which the Sponsor will then use to purchase ETH from a liquidity provider chosen by the Sponsor. For an order to redeem baskets, the Sponsor will arrange for the ETH represented by the basket to be sold to a liquidity provider chosen by the Sponsor and the cash proceeds distributed from the Trust’s account at the cash custodian to the authorized participant in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will coordinate with the Trust’s ETH Custodian in order to facilitate settlement of the Shares and ETH. Share and Capital activity is as follows: For the period May 20, 2024 (Date of (a) Shares Amount Beginning of period — $ — Shares issued 202,000 (b) 10,100,000 Shares redeemed (2,000 ) (b) (100,000 ) Ending of period 200,000 $ 10,000,000 (a) VanEck was the sole shareholder as of June 30, 2024. (b) On June 25, 2024, the 2,000 Shares held by the Seed Capital Investor were redeemed for cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising of 200,000 Shares at a per-Share price of $50.00. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10,000,000 which resulted in the Trust receiving 2,929.06 ETH. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 1 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 6. Commitments and Contingent Liabilities In the normal course of business, the Trust enters into contracts that contain a variety of general indemnifications. The Trust’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor believes the risk of loss under these arrangements to be remote. |
Concentration Risk
Concentration Risk | 1 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Note 7. Concentration Risk Substantially all of the Trust’s assets are holdings of ETH, which creates a concentration risk associated with fluctuations in the value of ETH due to a number of factors. Accordingly, a decline in the value of ETH will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the value of ETH include high volatility, which could have a negative impact on the performance of the Trust. ETH platforms are relatively new and may be unregulated, or may be subject to regulation in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust. The value of the Shares depends on the development and acceptance of the Ethereum network. The slowing or stopping of the development or acceptance of the Ethereum network may adversely affect an investment in the Trust. The price of ETH on the ETH market has exhibited periods of extreme volatility. Digital assets such as ETH were only introduced within the past decade, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate losses or increase the variability between the Trust’s NAV and its market price. The amount of ETH represented by the Shares may decline over time. Future and current regulations by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of ETH or require the Trust or the Sponsor to become registered with the Securities and Exchange Commission (the “SEC”) or Commodity Futures Trading Commission, which may cause the Trust to liquidate. The Exchange on which the Shares are listed may halt trading in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market infrastructure of the ETH spot market could result in the absence of active authorized participants able to support the trading activity of the Trust. Shareholders that are not authorized participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect Shareholders’ investment in the Shares. |
Financial Highlights
Financial Highlights | 1 Months Ended |
Jun. 30, 2024 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 8. Financial Highlights (d) The financial highlights summarize certain per share operating information and financial ratios of net investment income and expenses, to daily average net assets for the period from May 20, 2024 (Date of Seeding) to June 30, 2024. An individual investor’s return and ratios may vary based on the timing of capital transactions: Net asset value per share, beginning of period $ 50.00 From investment operations: Net investment income (loss) (a) — Net realized gain and change in unrealized appreciation/depreciation on investments in ether 1.17 Total increase (decrease) resulting from operations 1.17 Net asset value per share, end of period $ 51.17 Total return (%) (b) 2.34 % Ratios to average net assets (c) Expenses before fee waiver (%) 0.00 Expenses after fee waiver (%) 0.00 Net investment income (loss) (%) 0.00 Portfolio turnover rate (b) 0.00 % (a) Net investment loss per share has been calculated based upon an average of daily shares outstanding. (b) Non-annualized. (c) Annualized. (d) No prior year comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. |
Subsequent Event Review
Subsequent Event Review | 1 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 9. Subsequent Event Review On July 23, 2024, the Trust commenced operations. Effective for the period from July 23, 2024 through July 22, 2025, the Sponsor has agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s net assets. If the Trust’s net assets exceed $1.5 billion prior to July 22, 2025, the Sponsor Fee charged on net assets over $1.5 billion will be 0.20%. All investors will incur the same Sponsor Fee which is weighted average of those fee rates. After July 22, 2025, the Sponsor Fee will be 0.20%. The Trust has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no other material events that would require disclosure. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 1 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Preparation and Use Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) Topic 946 Financial Services—Investment Companies , |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Cash represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits. As of June 30, 2024, the Trust’s cash balance did not exceed the federal insured limits. |
Investment, Policy [Policy Text Block] | Investment Valuation The Trust values its investments in ETH and other assets and liabilities at fair value, daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust identifies and determines the ETH principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 as of 11:59 p.m. Eastern time. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (observable inputs) or they may be internally developed (unobservable inputs). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. The following is a summary of the fair value hierarchy as of June 30, 2024: Level 1 Level 2 Level 3 Total Assets Investment in ETH $ 10,234,617 $ — $ — $ 10,234,617 The following represents the changes in quantity of ETH and the respective fair value: ETH Fair Value Beginning balance as of May 20, 2024 — $ — ETH contributed 2,929.06 10,000,000 ETH withdrawn — — Net change in unrealized appreciation on investment in ETH — 234,617 Net realized gain on investment in ETH — — Ending balance as of June 30, 2024 2,929.06 $ 10,234,617 The trust did not hold any ETH as of December 31, 2023. |
Ether, Policy [Policy Text Block] | Ether ETH transactions are accounted for on trade date. Realized gains and losses on sale of ETH are determined based on the average cost method. Proceeds received by the Trust from the issuance of creation baskets consist of ETH. Deposits of ETH are held by Gemini Trust Company, LLC (the “ETH Custodian”) on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the ETH Custodian, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. For accounting purposes only, the Trust is treated as an investment company and, therefore, will apply the specialized accounting and reporting guidance ASC Topic 946. Under ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of ETH. |
Calculation Of Net Asset Value, Policy [Policy Text Block] | Calculation of Net Asset Value On each business day, at 4:00 p.m. EST, the net asset value of the Trust (“NAV”) is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of total assets held by the Trust. The administrator computes the NAV per share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made. |
Income Tax, Policy [Policy Text Block] | Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions as of June 30, 2024, and has determined that no provision for income tax is required in the Trust’s financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies: (Tables) | 1 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following is a summary of the fair value hierarchy as of June 30, 2024: Level 1 Level 2 Level 3 Total Assets Investment in ETH $ 10,234,617 $ — $ — $ 10,234,617 |
Changes In Quantity of Ether and the Respective Fair Value [Table Test Block] | The following represents the changes in quantity of ETH and the respective fair value: ETH Fair Value Beginning balance as of May 20, 2024 — $ — ETH contributed 2,929.06 10,000,000 ETH withdrawn — — Net change in unrealized appreciation on investment in ETH — 234,617 Net realized gain on investment in ETH — — Ending balance as of June 30, 2024 2,929.06 $ 10,234,617 |
Capital Share Transactions (Tab
Capital Share Transactions (Tables) | 1 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Share and Capital activity is as follows: For the period May 20, 2024 (Date of (a) Shares Amount Beginning of period — $ — Shares issued 202,000 (b) 10,100,000 Shares redeemed (2,000 ) (b) (100,000 ) Ending of period 200,000 $ 10,000,000 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 1 Months Ended |
Jun. 30, 2024 | |
Quarterly Financial Information Disclosure [Abstract] | |
Investment Company, Financial Highlights [Table Text Block] | The financial highlights summarize certain per share operating information and financial ratios of net investment income and expenses, to daily average net assets for the period from May 20, 2024 (Date of Seeding) to June 30, 2024. An individual investor’s return and ratios may vary based on the timing of capital transactions: Net asset value per share, beginning of period $ 50.00 From investment operations: Net investment income (loss) (a) — Net realized gain and change in unrealized appreciation/depreciation on investments in ether 1.17 Total increase (decrease) resulting from operations 1.17 Net asset value per share, end of period $ 51.17 Total return (%) (b) 2.34 % Ratios to average net assets (c) Expenses before fee waiver (%) 0.00 Expenses after fee waiver (%) 0.00 Net investment income (loss) (%) 0.00 Portfolio turnover rate (b) 0.00 % (a) Net investment loss per share has been calculated based upon an average of daily shares outstanding. (b) Non-annualized. (c) Annualized. (d) No prior year comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. |
Significant Accounting Polici_3
Significant Accounting Policies: (Details) - Schedule of the Fair Value Hierarchy | Jun. 30, 2024 USD ($) | |
Assets | ||
Investment in Ether | $ 10,234,617 | [1] |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Investment in Ether | $ 10,234,617 | |
[1] No comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023. |
Significant Accounting Polici_4
Significant Accounting Policies: (Details) - Schedule of Changes in Quantity of Ether | 1 Months Ended | |
Jun. 30, 2024 USD ($) | ||
Schedule Of Changes In Quantity Of Ether Abstract | ||
ETH contributed, Shares | 2,929.06 | |
ETH contributed | $ 10,000,000 | |
Net change in unrealized appreciation on investment in ETH | $ 234,617 | [1] |
Balance, Shares | 2,929.06 | |
Balance | $ 10,234,617 | [2] |
[1] No comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. No comparative financial statements have been provided as the Trust did not hold any ether as of December 31, 2023. |
Trust Expenses and Other Agre_2
Trust Expenses and Other Agreements (Details) | Jun. 30, 2024 |
Trust Expenses And Other Agreements Abstract | |
Sponsor Fee Percentage | 0.20% |
Related Parties (Details)
Related Parties (Details) | Jun. 30, 2024 |
ETH Custodian [Member] | |
Related Parties (Details) [Line Items] | |
Subsidiary, Ownership Percentage, Parent | 1% |
Capital Share Transactions (Det
Capital Share Transactions (Details) | Jun. 25, 2024 USD ($) $ / shares shares | Jun. 30, 2024 shares | May 19, 2024 shares | |
Capital Share Transactions (Details) [Line Items] | ||||
Temporary Equity, Shares Authorized | 25,000 | |||
Shares, Issued | [1] | 200,000 | ||
2,929.06 | ||||
Seed Capital Investor [Member] | ||||
Capital Share Transactions (Details) [Line Items] | ||||
Payable, Common Stock Redeemed | $ | $ 2,000 | |||
Shares, Issued | 200,000 | |||
Share Price | $ / shares | $ 50 | |||
Proceeds from Issuance of Common Stock | $ | $ 10,000,000 | |||
2,929.06 | ||||
[1]VanEck was the sole shareholder as of June 30, 2024. |
Capital Share Transactions (D_2
Capital Share Transactions (Details) - Schedule of Share And Capital Activity | 1 Months Ended | |
Jun. 30, 2024 USD ($) shares | [1] | |
Schedule Of Share And Capital Activity Abstract | ||
Beginning of period, Shares | shares | ||
Beginning of period, Amount | $ | ||
Shares issued, Shares | shares | 202,000 | [2] |
Shares issued, Amount | $ | $ 10,100,000 | |
Shares redeemed, Shares | shares | (2,000) | [2] |
Shares redeemed, Amount | $ | $ (100,000) | |
Ending of period, Shares | shares | 200,000 | |
Ending of period, Amount | $ | $ 10,000,000 | |
[1]VanEck was the sole shareholder as of June 30, 2024.[2]On June 25, 2024, the 2,000 Shares held by the Seed Capital Investor were redeemed for cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising of 200,000 Shares at a per-Share price of $50.00. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10,000,000 which resulted in the Trust receiving 2,929.06 ETH. |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of Financial Highlights | 1 Months Ended | |
Jun. 30, 2024 $ / shares | [1] | |
Schedule Of Financial Highlights Abstract | ||
Net asset value per share, beginning of period | $ 50 | |
From investment operations: | ||
Net investment income (loss) | [2] | |
Net realized gain and change in unrealized appreciation/depreciation on investments in ether | 1.17 | |
Total increase (decrease) resulting from operations | 1.17 | |
Net asset value per share, end of period | $ 51.17 | [3] |
Total return (%) | 2.34% | [4] |
Ratios to average net assets(c) | ||
Expenses before fee waiver (%) | 0% | [5] |
Expenses after fee waiver (%) | 0% | [5] |
Net investment income (loss) (%) | 0% | [5] |
Portfolio turnover rate | 0% | [4] |
[1] No prior year comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. Net investment loss per share has been calculated based upon an average of daily shares outstanding. No comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023. Non-annualized. Annualized. |
Subsequent Event Review (Detail
Subsequent Event Review (Details) $ in Billions | 12 Months Ended |
Jul. 22, 2025 USD ($) | |
Subsequent Events [Abstract] | |
Sponsor Fees | $ 1.5 |