ETHA updates ADGM distribution rules; FSRA not regulating the trust

Rhea-AI Filing Summary

iShares Ethereum Trust ETF issued a prospectus supplement updating its plan of distribution to address how the prospectus may be used in the Abu Dhabi Global Market (ADGM). The document states that the prospectus may only be distributed in or from the ADGM to persons who meet the “Professional Client” criteria under the Financial Services Regulatory Authority (FSRA) conduct of business rules and is not directed to anyone considered a “Retail Client” there. It also clarifies that the Trust is not regulated or approved by the FSRA, and that the FSRA has not reviewed or verified the prospectus or related documents. The supplement notes that Shares may be illiquid or subject to resale restrictions for Professional Clients in the ADGM and reminds potential investors to perform their own due diligence and, if needed, consult a personal financial advisor.

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Accepted by SEC EDGAR 11/21/2025 - 04:39 PM Learn about SEC filing dates

FAQ

What did the iShares Ethereum Trust ETF (ETHA) change in this 424B3 supplement?

The supplement adds an Offering Restrictions section to the plan of distribution, explaining how the prospectus may be distributed in or from the Abu Dhabi Global Market and who it can legally be directed to under local rules.

Who can receive the iShares Ethereum Trust ETF (ETHA) prospectus in the Abu Dhabi Global Market?

In the ADGM, the prospectus may only be distributed to persons who qualify as “Professional Clients” under Rule 2.4.1 of the FSRA conduct of business rules, and it is not directed at individuals considered “Retail Clients.”

Is the iShares Ethereum Trust ETF (ETHA) regulated or approved by the FSRA in Abu Dhabi?

No. The supplement states that the Trust is not subject to any form of regulation or approval by the FSRA, and that the FSRA has not approved, reviewed, or verified the prospectus or related documents.

What does the filing say about liquidity and resale of ETHA Shares in the ADGM?

The supplement notes that Shares of the Trust may be illiquid and/or subject to restrictions on their resale with respect to Professional Clients in the ADGM, highlighting potential limitations on selling the Shares there.

What guidance does the ETHA supplement give to potential investors?

The supplement states that prospective investors should conduct their own due diligence on the Trust, and that anyone who does not understand the contents of the prospectus should consult a personal financial advisor.

Does the FSRA take responsibility for the ETHA prospectus or its accuracy?

No. The document explains that the FSRA accepts no responsibility for reviewing or verifying the prospectus or any other documents related to the Trust and has taken no steps to verify the information they contain.

Filed Pursuant to Rule 424(b)(3) 
Registration No. 333-275583

iShares® Ethereum Trust ETF

Supplement No. 1 dated November 21, 2025

to the prospectus dated July 31, 2025

This prospectus supplement (this “Supplement”) is part of and should be read in conjunction with the prospectus of iShares Ethereum Trust ETF (the “Trust”), dated July 31, 2025 (the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

Update to Prospectus

The following disclosure is added to the end of the “Plan of Distribution” section on page 135 of the Prospectus.

Offering Restrictions

This prospectus may not be distributed in or from the Abu Dhabi Global Market (“ADGM”) except to such persons meeting the “Professional Client” criteria set out in Rule 2.4.1 of the conduct of business rules (“COBs”) in the Financial Services Regulatory Authority of the Abu Dhabi Global Market (“FSRA”) handbook. This prospectus and any related document are strictly not directed to any person who would be considered a “Retail Client” in the ADGM under the COBs.

The Trust is not subject to any form of regulation or approval by the FSRA.

The FSRA accepts no responsibility for reviewing or verifying the or any other documents in connection with the Trust. Accordingly, the FSRA has not approved this prospectus or any other associated documents nor taken any steps to verify the information set out in this prospectus and has no responsibility for it.

The Shares of the Trust may be illiquid and/or subject to restrictions on their resale with respect to Professional Clients in the ADGM. Prospective investors should conduct their own due diligence on the Trust.

If you do not understand the contents of this prospectus, you should consult your personal financial advisor.