Invesco Galaxy Ethereum ETF

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 7, 2025

QETH$21.13-4.4%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

Statements of Financial Condition

June 30, 2025 and December 31, 2024

	June 30,	December 31,
	2025	2024
Assets
Investments in Ether, at value (cost $23,934,022 and $19,846,885, respectively)	$22,654,462	$23,569,250
Total Assets	$22,654,462	$23,569,250
Liabilities
Payable for:
Accrued Sponsor’s fee	$4,720	$5,997
Total Liabilities	4,720	5,997
Commitments and Contingencies (Note 9)
Net Assets	$22,649,742	$23,563,253
Net assets consist of:
Paid-in-capital	$24,443,446	$19,469,136
Distributable earnings (loss)	(1,793,704)	4,094,117
	$22,649,742	$23,563,253
Shares outstanding	913,000	708,000
Net asset value per share	$24.81	$33.28
Market value per share	$25.13	$33.39

Schedule of Investments

June 30, 2025

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Ether	9,110	$23,934,022		$22,654,462		100.02%
Total Investments	9,110	$23,934,022		$22,654,462		100.02%
Other Assets Less Liabilities			$(4,720)		(0.02)%
Net assets			$22,649,742		100.00%

Schedule of Investments

December 31, 2024

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Ether	7,074	$19,846,885		$23,569,250		100.03%
Total Investments	7,074	$19,846,885		$23,569,250		100.03%
Other Assets Less Liabilities			$(5,997)		(0.03)%
Net assets			$23,563,253		100.00%

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2025

	Three Months Ended	Six Months Ended
	June 30, 2025	June 30, 2025
Income
Total Income	$—	$—
Expenses
Sponsor’s fee	11,616	24,039
Total Expenses	11,616	24,039
Net Investment Income (Loss)	(11,616)	(24,039)
Net Realized and Net Change in Unrealized Gain (Loss)
Net Realized Gain (Loss) on
Investments in Ether Sold to Pay Sponsor Fee	(4,952)	(7,802)
Investments in Ether Sold for Redemptions	—	(854,055)
Net Realized Gain (Loss)	(4,952)	(861,857)
Net Change in Unrealized Gain (Loss) from Investments in Ether	5,563,533	(5,001,925)
Net Realized and Net Change in Unrealized Gain (Loss) from Investments in Ether	5,558,581	(5,863,782)
Net Income (Loss)	$5,546,965	$(5,887,821)

For the Three Months Ended June 30, 2025

Total
Shares · Shareholders'Equity
Balance at March 31, 2025	753,000		$13,734,586
Purchases of Shares	160,000		3,368,191
Redemption of Shares	—		—
Net Increase (Decrease) due to Share Transactions	160,000		3,368,191
Net Income (Loss)
Net Investment Income (Loss)		(11,616)
Net Realized Gain (Loss) from Investments in Ether Sold for Sponsor Fee and Redemptions		(4,952)
Net Change in Unrealized Gain (Loss) from Investments in Ether		5,563,533
Net Income (Loss)		5,546,965
Net Change in Shareholders' Equity	160,000		8,915,156
Balance at June 30, 2025	913,000		$22,649,742

For the Six Months Ended June 30, 2025

Total
Shares · Shareholders'Equity
Balance at December 31, 2024	708,000		$23,563,253
Purchases of Shares	275,000		6,425,219
Redemption of Shares	(70,000)		(1,450,909)
Net Increase (Decrease) due to Share Transactions	205,000		4,974,310
Net Income (Loss)
Net Investment Income (Loss)		(24,039)
Net Realized Gain (Loss) from Investments in Ether Sold to Pay Sponsor Fee		(861,857)
Net Change in Unrealized Gain (Loss) from Investments in Ether		(5,001,925)
Net Income (Loss)		(5,887,821)
Net Change in Shareholders' Equity	205,000		(913,511)
Balance at June 30, 2025	913,000		$22,649,742

For the Period June 17, 2024 to June 30, 2024

Total
Shares · Shareholders'Equity
Balance at June 17, 2024	—		$—
Purchases of Shares	4,000		100,000
Redemption of Shares	—		—
Net Increase (Decrease) due to Share Transactions	4,000		100,000
Net Income (Loss)
Net Investment Income (Loss)		—
Net Realized Gain (Loss) on Ether Deposits		—
Net Change in Unrealized Gain (Loss) on Ether Deposits		—
Net Income (Loss)		—
Net Change in Shareholders' Equity	4,000		100,000
Balance at June 30, 2024	4,000		$100,000

Statement of Cash Flows

For the Six Months Ended June 30, 2025 and For the Period June 17, 2024 to June 30, 2024

2025 · 2024
Cash flows from operating activities:
Net Income (Loss)	$(5,887,821)		$—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of ether purchased	(6,425,219)		—
Proceeds from ether sold to pay Sponsor Fee	25,314		—
Proceeds from ether sold for Redemptions	1,450,911
Net Realized (Gain) Loss from Investments in Ether Sold to pay Sponsor Fee	7,802		—
Net Realized (Gain) Loss on Investments in Ether Sold for Redemptions	854,055
Net Change in Unrealized (Gain) Loss from Investments in Ether	5,001,925		—
Change in operating assets and liabilities:		—
Accrued Sponsor's fees	(1,277)		—
Net cash provided by (used in) operating activities	(4,974,310)		—
Cash flows from financing activities:
Proceeds from purchases of Shares	6,425,219		100,000
Redemption of Shares	(1,450,909)		—
Net cash provided by (used in) financing activities	4,974,310		100,000
Net change in cash	—		100,000
Cash at beginning of period	—		—
Cash at end of period	$—		$100,000

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.