The Invesco Galaxy Ethereum ETF is an exchange-traded fund that gives investors direct exposure to the spot price of ether (ETH) without requiring them to personally purchase, store, or secure ether. The Trust holds ether directly, and each share represents a fractional ownership interest in the Trust's ether holdings. Shares trade on the Cboe BZX Exchange and are priced daily using the Lukka Prime Ethereum Reference Rate. The Trust launched in July 2024 following SEC approval of spot Ethereum ETFs. The Trust's business model is simple: it charges a Sponsor Fee of 0.25% per annum on daily net assets, which is its only recurring expense and covers all operational costs including custody, administration, and legal fees. Revenue grows as net assets grow, driven by rising ether prices and new share issuance. The Trust does not stake ether, hedge, or actively manage its holdings. Ether is held in cold storage by Coinbase Custody, Bank of New York Mellon serves as administrator and transfer agent, and Galaxy Digital Funds serves as execution agent and co-marketing partner. Shares are only issued directly to Authorized Participants in blocks of 5,000 shares; retail and institutional investors access the Trust through secondary market trading on the Exchange.