QETH on CBOE

Invesco Galaxy Ethereum ETF

American commodity contracts brokers and dealers company based in Atlanta2

In its 2026 annual report the company says: “Invesco Galaxy Ethereum ETF is a Delaware statutory trust formed on September 27, 2023, pursuant to the Delaware Statutory Trust Act.”4 Its shares trade on CBOE under the symbol QETH.2

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Last updated Oct 20, 2026.

Overview

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  • TickerQETH on CBOE2
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersAtlanta, United States2
  • Incorporated inDE3
  • Business address3500 Lacey Road, Suite 700, Downers Grove, Il 605153
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company3
  • Legal formFund2
  • Kind of organizationFund2
  • LEI25490062JPEMBWY51S712
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC DELAWARE TRUST COMPANY, 19808 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00019955692

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Invesco Galaxy Ethereum ETF (the “Trust”) is a Delaware statutory trust formed on September 27, 2023, pursuant to the Delaware Statutory Trust Act (“DSTA”). The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust (“Shares”). The Trust operates pursuant to its Second Amended and Restated Declaration of Trust and Trust Agreement, dated as of June 21, 2024 (the “Trust Agreement”). CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the “Trustee”). The Trust is managed and controlled by Invesco Capital Management LLC (the “Sponsor”). On June 17, 2024, Invesco Ltd., subject to certain conditions, purchased 4,000 Shares (the “Initial Seed Shares”) in exchange for $100,000, which comprised the initial purchase of the Trust’s Shares. The Trust commenced trading on the Cboe BZX Exchange…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Every line of the income statement as filed: the last 1 fiscal year, latest first.5

Period ending2025-12-31
Total Income$0
Sponsor fee$65.0K
Total Expenses$65.0K
Net Investment Income (Loss)-$65.0K
Investments in Ether Sold to Pay Sponsor Fee-$11.1K
Investments in Ether Sold for Redemptions-$1.4M
Net Realized Gain (Loss)-$1.4M
Net Change in Unrealized Gain (Loss) on Investments in Ether-$340.6K
Net Realized and Net Change in Unrealized Gain (Loss) on Investments in Ether-$1.7M
Net Income (Loss)-$1.8M

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What it owns

What Invesco Galaxy Ethereum ETF reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

The Trust does not own or use physical properties in the conduct of its business. The Sponsor’s headquarters are located at 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515.

Item 2 of the 10-K filed Mar 2, 2026.4

Subsidiaries and ownership

Fund manager

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Timeline

  1. Aug 3, 20268-K Executive or director change10
  2. Jun 5, 20268-K Executive or director change11
  3. Aug 2, 20248-K Executive or director change12
  4. Sep 27, 2023Founded Invesco Galaxy Ethereum ETF is founded2

Filings

36 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 3 major events, 24 other. The latest 20:

  1. Aug 7, 202610-Q EDGAR
  2. Aug 3, 20268-K EDGAR
  3. Jun 5, 20268-K EDGAR
  4. May 7, 202610-Q EDGAR
  5. Mar 27, 2026424I EDGAR
  6. Mar 2, 202610-K EDGAR
  7. Nov 7, 202510-Q EDGAR
  8. Oct 1, 2025424B3 EDGAR
  9. Sep 30, 2025EFFECT EDGAR
  10. Sep 12, 2025POS AM EDGAR
  11. Sep 10, 2025424B3 EDGAR
  12. Aug 7, 202510-Q EDGAR
  13. May 9, 2025424B3 EDGAR
  14. May 8, 202510-Q EDGAR
  15. Mar 26, 2025424I EDGAR
  16. Feb 28, 202510-K EDGAR
  17. Nov 7, 2024424B3 EDGAR
  18. Nov 7, 202410-Q EDGAR
  19. Aug 29, 202410-Q EDGAR
  20. Aug 2, 2024424B3 EDGAR

The 36 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Galaxy Digital Inc.290,000$4.6M0.7%No change
Meitav Investment House Ltd42,450$666.9K0.0%+2,228
Jane Street Group, LLC36,165$568.2K0.0%+16,209
Morgan Stanley5,595$87.9K0.0%No change
Geneos Wealth Management Inc.381$6.0K0.0%No change
Virtu Financial LLC145,913$2.3K0.1%+110,631
Signature Resources Capital Management, LLC46$7230.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Invesco Galaxy Ethereum ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARInvesco Galaxy Ethereum ETF1
  • CIK0001995569
  • Employer ID (EIN)93-68661774
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address3500 Lacey Road, Suite 700, Downers Grove, IL 605151
  • Phone800-983-09031
  • Shares outstanding983,000 as of Jun 30, 20266
  • Public float$22.9M as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceSep 29, 20231
  • Filings36 in all: 10-Q (7), 424B3 (6), S-1/A (5), 8-K (3), CORRESP (3), 10-K (2), 424I (2), EFFECT (2)1
    All 13 form types

    UPLOAD (2), 8-A12B (1), CERT (1), POS AM (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Aug 3, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares of Beneficial InterestQETHCboe BZX Exchange, Inc.

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Invesco Galaxy Ethereum ETF names in Item 1A of its 10-K filed Mar 2, 2026: 73 risks under these headings, as written.4

  • Cybersecurity Risk Related to Ethereum.
  • Risk that Market Price of Shares May Reflect a Discount or Premium to NAV.
  • Risks Related to Ether
  • Ether and Ethereum generally.
  • Moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS) Consensus Mechanism.
  • Digital asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
  • The scheduled creation of newly minted ether and their subsequent sale may cause the price of ether to decline, which could negatively affect an investment in the Trust.
  • Market and Volatility Risk
  • The value of the Trust’s investments in ether could decline rapidly, including to zero
  • Ether’s historical volatility may be due to speculation regarding potential future appreciation in value, which could adversely affect an investment in the Shares.
  • Some market observers have asserted that the ether market often experiences pricing “bubbles” and have predicted that, in time, the value of ether will fall to a fraction of its current value, or even to zero.
  • The price of ether may be impacted by the behavior of a small number of influential individuals or companies.
The other 63 risks
  • Adoption Risk
  • User adoption of ether may slow down, stop, or reverse.
  • Currently, there is relatively limited use of ether in the retail and commercial marketplace in comparison to relatively extensive use as a store of value, thus contributing to price volatility that could adversely affect an investment in the Shares.
  • Ethereum faces significant scaling obstacles that can lead to high fees or slow transaction settlement times, and attempts to increase the volume of transactions may not be effective.
  • The prevailing level of transaction fees may adversely affect the usage of the Ethereum network.
  • Competition from central bank digital currencies (“CBDCs”) could adversely affect the value of ether and other digital assets.
  • Competing digital assets may adversely affect the value of ether and digital assets.
  • Prices of ether may be affected due to stablecoins (including Tether and U.S. Dollar Coin (“USDC”)), the activities of stablecoin issuers and their regulatory treatment.
  • The open-source structure of the Ethereum network protocol means that certain core developers and other contributors may not be directly compensated for their contributions in maintaining and developing the Ethereum network protocol. A failure to properly monitor and upgrade the Ethereum network protocol could damage the Ethereum network.
  • Lack of clarity in the corporate governance of ether may lead to ineffective decision-making that slows development or prevents the Ethereum network from overcoming important obstacles.
  • Cybersecurity Risk Related to Ethereum
  • Flaws in the source code of Ethereum, or flaws in the underlying cryptography, could leave the Ethereum network vulnerable to a multitude of attack vectors.
  • Liquid staking applications pose centralization concerns.
  • Smart contracts are new and their ongoing development and operation may result in problems or be subject to errors or hacks, which could reduce the demand for ether or cause a wider loss of confidence in the Ethereum network, either of which could have an adverse impact on the value of ether.
  • Ether transactions are irrevocable and stolen or incorrectly transferred ether may be irretrievable. As a result, any incorrectly executed ether transactions could adversely affect an investment in the Trust.
  • Security threats to the Trust’s account with the Ethereum Custodian could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.
  • If the Ether Custody Agreement is terminated or the Ethereum Custodian or Prime Broker fail to provide services as required, the Sponsor may need to find and appoint a replacement custodian and/or prime broker, which could pose a challenge to the safekeeping and safe transfer of the Trust’s ether, and the Trust’s ability to continue to operate may be adversely affected.
  • Loss of a critical banking relationship for, or the failure of a bank used by, the Execution Agent could adversely impact the Trust’s ability to create or redeem Creation Baskets, or could cause losses to the Trust.
  • The Execution Agent may utilize the services of the Prime Broker to route Trust orders through certain Connected Trading Venues. The loss or failure of any such Connected Trading Venues may adversely affect the Execution Agent’s ability to execute the Trust’s ether transactions and cause losses for the Trust.
  • A disruption of the internet may affect the use of ether and subsequently the value of the Shares.
  • Regulatory Risk
  • As ether and the broader digital assets ecosystem has grown, it has begun to attract more regulatory attention around the globe. The future regulatory environment is uncertain and may vary by country or even within countries. Failure to appropriately regulate the digital assets ecosystem could stifle innovation, which could adversely impact the value of the Shares.
  • As an owner of Shares, you will not have the rights normally associated with ownership of other types of shares.
  • The Sponsor and the Trustee may agree to amend the Trust Agreement without the consent of the Shareholders.
  • 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 CEA.
  • The exclusive jurisdiction for certain types of actions and proceedings and waiver of trial by jury clauses set forth in the Trust Agreement may have the effect of limiting a Shareholder’s rights to bring legal action against the Trust and could limit a purchaser’s ability to obtain a favorable judicial forum for disputes with the Trust.
  • As the Sponsor and its management have limited history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.
  • Future regulations may require the Trust and the Sponsor to become registered, which may cause the Trust to liquidate.
  • The tax treatment of ether and transactions involving ether for U.S. federal income tax purpose is uncertain and may change, which could adversely affect the value of an investment in the Shares.
  • The tax treatment of ether and transactions involving ether for state and local tax purposes is uncertain and may change, which could adversely affect the value of an investment in the Shares.
  • A hard “fork” or airdrop of the Ethereum blockchain could result in Shareholders incurring a tax liability.
  • A U.S. Tax-Exempt Shareholder may recognize “unrelated business taxable income” as a consequence of an investment in the Shares.
  • Intellectual property rights claims may adversely affect the operation of the Ethereum network.
  • Risks Related to the Markets and Service Ecosystems for Ether
  • The venues through which cryptocurrencies (including ether) trade are relatively new and may be more exposed to operational problems or failure than trading platforms for other assets, which could adversely affect the value of ether and therefore adversely affect an investment in the Shares.
  • Anonymity and illicit financing risk.
  • Spot ether markets may be exposed to wash trading.
  • Spot ether markets may be exposed to front-running.
  • Political or economic crises may motivate large-scale sales of ether, which could result in a reduction in the prices of ether and adversely affect an investment in the Shares.
  • Validators may suffer losses due to staking, or staking may prove unattractive to validators, which could make the Ethereum network less attractive.
  • Ownership of ether is pseudonymous, and the supply of accessible ether is unknown. Entities with substantial holdings in ether may engage in large-scale sales or distributions, either on nonmarket terms or in the ordinary course, which could result in a reduction in the price of ether and adversely affect an investment in the Shares.
  • A temporary or permanent blockchain “fork” could adversely affect an investment in the Shares.
  • Risks Related to the Trust and the Shares
  • Several factors may affect the Trust’s ability to achieve its investment objective on a consistent basis.
  • The Trust is subject to risks due to its concentration of investments in a single asset.
  • Shareholders will not receive the benefits of any forks or “airdrops.”
  • The Trust is not permitted to engage in Staking, which could negatively affect the value of the Shares.
  • The Trust is subject to management and operational risks from its Sponsor and service providers.
  • The Trust’s Prime Broker or Ethereum Custodian could become insolvent or become subject to a receivership or bankruptcy proceeding, which may result in a loss of or delay in access to Trust assets.
  • The Trust’s risk management processes and policies may prove to not be adequate to prevent any loss of the Trust’s ether.
  • The development and commercialization of the Trust is subject to competitive pressures and may be adversely affected by competition from competing products and other investment vehicles focused on ether or other digital assets.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of ether.
  • The NAV may not always correspond to the market price of the Shares.
  • Shareholders may be adversely affected by an overstatement or understatement of the NAV calculation of the Trust due to the valuation methodology employed on the date of the NAV calculation.
  • Benchmark tracking risk.
  • The use of cash creations and redemptions may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of ether and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
  • Ether buying and selling activity associated with the creation and redemption of Creation Baskets, or withdrawal from participation by an Authorized Participant, may adversely affect an investment in the Shares of the Trust.
  • Authorized Participant risk.
  • The inability of Authorized Participants to hedge their ether exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.
  • The market infrastructure of the ether spot market could result in the absence of active Authorized Participants able to support the trading activity of the Trust.
  • Ether spot trading platforms are not subject to the same regulatory oversight as traditional equity exchanges, which could negatively impact the ability of Authorized Participants to implement arbitrage mechanisms.
  • Only Authorized Participants may transact in Creation Baskets.
  • Ether Counterparty risk.
  • Shareholders may be adversely affected by creation or redemption orders that are subject to postponement, suspension or rejection under certain circumstances.
  • 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 lack of active trading markets for the Shares of the Trust may result in losses on Shareholders’ investments at the time of disposition of Shares.
  • Shareholders could incur a tax liability without an associated distribution of the Trust.
  • The amount of ether represented by the Shares will decline over time.

Sources

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