Invesco Galaxy Ethereum ETF (QETH) is a Delaware statutory trust that holds ether and issues shares designed to track the spot price of ether. The Trust makes money by charging a sponsor fee against assets held, with the Trust's net asset value reflecting ether holdings less accrued expenses. The Trust was formed on September 27, 2023, commenced trading on the Cboe BZX Exchange on July 23, 2024, and is sponsored and managed by Invesco Capital Management LLC. The Trust is passively managed and does not actively trade ether. Its investment objective is to reflect the performance of the spot price of ether as measured by the Lukka Prime Ethereum Reference Rate, less Trust expenses. Coinbase, Inc. serves as Prime Broker, providing custody and trading venue access. The Trust held ether as its sole investment asset as of December 31, 2025, with financial statements covering the full year ended December 31, 2025 and the initial period from June 17, 2024 to December 31, 2024.

Revenue model

The Trust generates no operating revenue. It charges a periodic sponsor fee accrued against Trust assets. Shareholders bear this fee through a reduction in net asset value per share over time.

Products and services

Common shares of beneficial interest representing fractional undivided ownership of ether held by the Trust. Shares trade on the Cboe BZX Exchange under the ticker QETH. The Trust holds physical ether as its sole investment, valued daily as of 4:00 p.m. ET using the Lukka Prime Ethereum Reference Rate.

Customers and end markets

Investors seeking exchange-traded exposure to the spot price of ether without directly holding cryptocurrency. The Trust continuously issues shares, with Invesco Ltd. purchasing 4,000 initial seed shares for $100,000 on June 17, 2024.

Value-chain role

The Trust sits between ether markets and public investors, holding physical ether through an Ethereum Custodian, using Coinbase, Inc. as Prime Broker and Execution Agent for ether transactions, and engaging a Transfer Agent and Cash Custodian for operational functions. The Sponsor, Invesco Capital Management LLC, manages and controls the Trust.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers