Invesco Galaxy Ethereum ETF

For the period ended Sep 30, 2026. Filed Nov 6, 2026.

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.

Sep 30, 2026 · Filed Nov 6, 2026

QETH$20.43-3.3%Stored close · as of Nov 10, 2026

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Contents

Item 1. Unaudited Financial Statements

ITEM 1. FINANCIAL STATEMENTS.

Statements of Financial Condition

September 30, 2026 and December 31, 2025

	September 30,	December 31,
	2026	2025
Assets
Investments in Ether, at value (cost $20,569,358 and $22,471,959, respectively)	$25,399,349	$25,853,745
Total Assets	$25,399,349	$25,853,745
Liabilities
Payable for:
Accrued Sponsor Fee	$5,210	$5,564
Total Liabilities	5,210	5,564
Commitments and Contingencies (Note 9)
Net Assets	$25,394,139	$25,848,181
Net assets consist of:
Paid-in-capital	$25,282,908	$23,562,084
Distributable earnings (loss)	111,231	2,286,097
	$25,394,139	$25,848,181
Shares outstanding	948,000	873,000
Net asset value per share	$26.79	$29.61
Market value per share	$26.53	$29.59

Schedule of Investments

September 30, 2026

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Ether	9,429	$20,569,358		$25,399,349		100.02%
Total Investments	9,429	$20,569,358		$25,399,349		100.02%
Other Assets Less Liabilities			$(5,210)		(0.02)%
Net assets			$25,394,139		100.00%

Schedule of Investments

December 31, 2025

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Ether	8,699	$22,471,959		$25,853,745		100.02%
Total Investments	8,699	$22,471,959		$25,853,745		100.02%
Other Assets Less Liabilities			$(5,564)		(0.02)%
Net assets			$25,848,181		100.00%

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2026 and 2025

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
Income
Total Income	$—	$—	$—	$—
Expenses
Sponsor Fee	12,812	21,832	39,115	45,871
Total Expenses	12,812	21,832	39,115	45,871
Net Investment Income (Loss)	(12,812)	(21,832)	(39,115)	(45,871)
Net Realized and Net Change in Unrealized Gain (Loss)
Net Realized Gain (Loss) on
Investments in Ether Sold to Pay Sponsor Fee	(4,100)	(1,438)	(10,581)	(9,240)
Investments in Ether Sold for Redemptions	(172,783)	437,856	(3,793,194)	(416,199)
In-kind Redemptions of Ether	219,819	—	219,819	—
Net Realized Gain (Loss)	42,936	436,418	(3,583,956)	(425,439)
Net Change in Unrealized Gain (Loss) on Investments in Ether	10,269,306	13,721,224	1,448,205	8,719,299
Net Realized and Net Change in Unrealized Gain (Loss) on Investments in Ether	10,312,242	14,157,642	(2,135,751)	8,293,860
Net Income (Loss)	$10,299,430	$14,135,810	$(2,174,866)	$8,247,989

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2026 and 2025

Total
Shares · Shareholders’Equity
Balance at June 30, 2026	983,000		$15,580,175
Purchases of Shares	310,000		7,462,077
Redemption of Shares	(345,000)		(7,947,543)
Net Increase (Decrease) due to Share Transactions	(35,000)		(485,466)
Net Income (Loss)
Net Investment Income (Loss)		(12,812)
Net Realized Gain (Loss) on Investments in Ether Sold for Sponsor Fee andRedemptions		42,936
Net Change in Unrealized Gain (Loss) on Investments in Ether		10,269,306
Net Income (Loss)		10,299,430
Net Change in Shareholders’ Equity	(35,000)		9,813,964
Balance at September 30, 2026	948,000		$25,394,139

Total
Shares · Shareholders’Equity
Balance at June 30, 2025	913,000		$22,649,742
Purchases of Shares	660,000		26,961,783
Redemption of Shares	(630,000)		(24,757,476)
Net Increase (Decrease) due to Share Transactions	30,000		2,204,307
Net Income (Loss)
Net Investment Income (Loss)		(21,832)
Net Realized Gain (Loss) on Investments in Ether Sold for Sponsor Fee andRedemptions		436,418
Net Change in Unrealized Gain (Loss) on Investments in Ether		13,721,224
Net Income (Loss)		14,135,810
Net Change in Shareholders’ Equity	30,000		16,340,117
Balance at September 30, 2025	943,000		$38,989,859

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2026 and 2025

Total
Shares · Shareholders’Equity
Balance at December 31, 2025	873,000		$25,848,181
Purchases of Shares	880,000		18,964,207
Redemption of Shares	(805,000)		(17,243,383)
Net Increase (Decrease) due to Share Transactions	75,000		1,720,824
Net Income (Loss)
Net Investment Income (Loss)		(39,115)
Net Realized Gain (Loss) on Investments in Ether Sold for Sponsor Fee andRedemptions		(3,583,956)
Net Change in Unrealized Gain (Loss) on Investments in Ether		1,448,205
Net Income (Loss)		(2,174,866)
Net Change in Shareholders’ Equity	75,000		(454,042)
Balance at September 30, 2026	948,000		$25,394,139

Total
Shares · Shareholders’Equity
Balance at December 31, 2024	708,000		$23,563,253
Purchases of Shares	935,000		33,387,002
Redemption of Shares	(700,000)		(26,208,385)
Net Increase (Decrease) due to Share Transactions	235,000		7,178,617
Net Income (Loss)
Net Investment Income (Loss)		(45,871)
Net Realized Gain (Loss) on Investments in Ether Sold for Sponsor Fee andRedemptions		(425,439)
Net Change in Unrealized Gain (Loss) on Investments in Ether		8,719,299
Net Income (Loss)		8,247,989
Net Change in Shareholders’ Equity	235,000		15,426,606
Balance at September 30, 2025	943,000		$38,989,859

Statements of Cash Flows

For the Nine Months Ended September 30, 2026 and 2025

	2026	2025
Cash flows from operating activities:
Net Income (Loss)	$(2,174,866)	$8,247,989
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of Ether purchased	(16,889,913)	(33,385,860)
Proceeds from Ether sold to pay Sponsor Fee	39,469	44,355
Proceeds from Ether sold for Redemptions	14,724,916	26,207,244
Net Realized (Gain) Loss on Investments in Ether Sold to pay Sponsor Fee	10,581	9,240
Net Realized (Gain) Loss on Investments in Ether Sold for Redemptions	3,793,194	416,199
Net Realized (Gain) Loss on In-kind Redemptions of Ether	(219,819)	—
Net Change in Unrealized (Gain) Loss on Investments in Ether	(1,448,205)	(8,719,299)
Change in operating assets and liabilities:
Accrued Sponsor Fee	(354)	1,515
Net cash provided by (used in) operating activities	(2,164,997)	(7,178,617)
Cash flows from financing activities:
Proceeds from purchases of Shares	16,890,988	33,387,002
Redemption of Shares	(14,725,991)	(26,208,385)
Net cash provided by (used in) financing activities	2,164,997	7,178,617
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of non-cash financing activities:
In-kind Creations of Ether	2,073,219	—
In-kind Redemptions of Ether	(2,517,392)	—

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.