Share-split context: A reverse split was recorded on Nov 20, 2024 with coefficient 0.1. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

ETF Report: Grayscale Investments LLC (ETH)

The ETH ETF, managed by Grayscale Investments LLC, is an investment fund traded on the NYSE. Based on the supplied data, this ETF has experienced a significant share-price decline over the last year and carries a severe erosion-risk flag.

What this ETF is trying to do

This ETF provides investors with a way to hold a specific asset through the NYSE exchange. While the provided data does not list specific holdings, it tracks the performance of its underlying assets, which is reflected in the fund's share price and total returns.

What the numbers show

The current price of ETH is $24.50 as of October 7, 2026. The fund has seen a notable decline in value recently:

• Year-to-Date (YTD): The price return is -12.69%, and the total return is -12.42%.

• One-Year Performance: The price return is -41.92%, and the total return is -41.74%.

The fund has a history of a reverse split. On November 20, 2024, a reverse split occurred with a coefficient of 0.1. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the quoted per-share price. This mechanical increase does not restore lost investment value.

Income and distribution explanation

ETH has a distribution yield of approximately 0.31%. Over the last 12 months, it has made two payouts. The distribution frequency is described as irregular or less frequent.

It is important for new investors to remember that a distribution yield is not the same as a total return. While the fund provides some cash distributions, the total return (which includes those distributions) has remained negative over the last year.

Price and NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, the price-based evidence shows a severe erosion-risk flag. The fund has an erosion score of 10 and an erosion label of "Severe price erosion." This means the split-adjusted price trend and the erosion score have triggered a warning about substantial price deterioration.

Pros

• Provides access to the fund's assets via a major exchange (NYSE).

• Offers occasional cash distributions to shareholders.

Cons

• Significant share-price decline over the last year (-41.92%).

• Severe erosion-risk flag and a "severe" erosion severity rating.

• An income rating grade of "F."

Beginner takeaway

ETH has struggled with its share price, losing a large portion of its value over the past year. While it pays some distributions, the yield is low and the total return is negative. The presence of a reverse split and a severe erosion-risk flag suggests that the fund's price has faced significant downward pressure.