Invesco Galaxy Ethereum ETF (QETH)

Spot ether ETF from Invesco and Galaxy with a unified 0.25% fee

Crypto ETF Founded 2023 United States Oct 26

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3.4/ 5

Our score

Fair

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Ticker QETH

Expense ratio 0.25%

Holds Ether

Assets under management $18.9M

Listed on Cboe BZX

Custodian Coinbase Custody Trust Company

What is Invesco Galaxy Ethereum ETF (QETH)?

Invesco Galaxy Ethereum ETF (ticker: QETH) is a spot exchange-traded fund structured as a Delaware statutory trust that holds physical ether. Launched in July 2024, the fund tracks the Lukka Prime Ethereum Reference Rate USD index to reflect the spot price performance of ether minus operational expenses.

Sponsor and partnership

The trust is sponsored and managed by Invesco Capital Management LLC, a subsidiary of global asset manager Invesco Ltd. Invesco oversees the fund in partnership with Galaxy Asset Management, the digital asset management arm of Galaxy Digital. Galaxy assists with digital asset execution and strategy, expanding on the firms' prior collaboration on the Invesco Galaxy Bitcoin ETF (BTCO).

Custody and operational structure

QETH holds physical ether rather than futures contracts. The trust uses Coinbase Custody Trust Company to secure its ether holdings in segregated cold storage accounts. Cash custody, fund administration, and transfer agency operations are handled by BNY Mellon. Individual retail investors trade shares on the secondary market via brokerage accounts, while institutional authorized participants create and redeem shares in large Creation Unit blocks.

Fees and trading access

The fund charges a unified sponsor fee of 0.25% per annum based on daily net assets, which is the trust's recurring operational expense. QETH trades on the Cboe BZX Exchange under normal US market trading hours and provides access through standard taxable brokerage, IRA, and 401(k) accounts without requiring digital asset wallets or direct exchange registration.

Milestones and track record

The trust formed in September 2023, and Invesco seeded it with $100,000 for 4,000 shares in June 2024. QETH began public trading on July 23, 2024. As of March 2026, the fund held $18.9M in net assets across 903,000 shares outstanding, with a net asset value per share of $20.93.

Key risks and limitations

Shares of QETH do not permit in-kind withdrawals of ether for individual investors. The fund does not participate in Ethereum staking, meaning it foregoes native staking yields generated on the network. Investors face spot ether price volatility, recurring sponsor fee drag over time, and potential tracking premiums or discounts relative to the underlying spot assets.

Best for:US brokerage account holdersTax-advantaged retirement accountsInvestors avoiding self-custody wallets

Pros and cons

Pros

Competitive 0.25% annual unified expense ratio
Physical ether holdings secured in segregated cold storage by Coinbase Custody
Trades directly on Cboe BZX for tax-advantaged account eligibility
Backed by institutional managers Invesco and Galaxy Asset Management

Cons

Does not stake ether holdings or distribute staking yield
No option for shareholders to withdraw physical ether
Limited to United States brokerage account holders
Modest fund assets of $18.9M in March 2026

Our review

3.4/5

Fair

QETH offers institutional-grade spot ether exposure backed by Invesco and Galaxy, but smaller assets under management make liquidity thinner than the largest competing funds.

Fees4.0

Size & liquidity2.5

Issuer & custody4.5

Structure & tracking4.0

Extras (staking, options)2.0

Invesco Galaxy Ethereum ETF (ticker: QETH) provides spot exposure to ether through a standard brokerage accountwithout the need for self-custody. Sponsored by Invesco Capital Management LLC and sub-advised in partnership with Galaxy Asset Management, the Delaware statutory trust launched on the Cboe BZX Exchange on July 23, 2024. The fund invests directly in physical ether and tracks the Lukka Prime Ethereum Reference Rate USD index.

Its structural setup relies on established institutional providers. Coinbase Custody Trust Company holds the fund's underlying ether in segregated cold storage wallets, while BNY Mellon serves as the administrator, transfer agent, and cash custodian. The sponsor charges a unified fee of 0.25% annually based on daily net assets, which represents the trust's sole recurring expense.

Key strengths include the institutional pedigree of Invesco, an asset manager overseeing more than $1.7 trillion globally, paired with Galaxy's specialized crypto asset management infrastructure. Because QETH is structured as a spot ETF rather than a closed-end trust, authorized participants can create and redeem creation units (typically ranging from 10,000 to 150,000 shares), which tightly curbs severe premium or discount volatility relative to net asset value.

However, QETH carries noticeable trade-offs:

Assets under management stood at $18.9M as of March 2026, which is smaller than several rival spot ether funds and can result in wider bid-ask spreads during volatile trading sessions.
The fund does not stake its ether holdings, meaning investors do not receive native network staking yields.
Shareholders hold beneficial trust interests rather than coins, with no mechanism for retail investors to redeem shares directly for physical ether.

QETH suits US investors and retirement account holders seeking clean ether price exposure without handling private keys. Investors seeking active onchain participation, native staking rewards, or maximum secondary market trading depth should look toward direct crypto holdings or larger liquidity-heavy products.

Listings are researched and drafted with AI assistance from public sources, then checked for accuracy and readability. Spot an error? Tell us. Editorial policy.

Sources (1)

Official website

Specs

Ticker	QETH
Issuer	Invesco
Holds	Ether · unverified
Structure	Spot ETF · unverified
Expense ratio	0.25% · unverified
Assets under management	$18.9M · unverified
Listed on	Cboe BZX · unverified
Launch date	2024-07-23 · unverified
Custodian	Coinbase Custody Trust Company · unverified
Stakes its holdings	No · unverified
Market	United States · unverified

Not disclosed by the provider: Fee waiver, Options available.

Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.

Key features

Spot ether backing

The trust holds physical ether directly in segregated cold storage rather than relying on financial derivatives.

Unified sponsor fee

The fund charges an annual expense ratio of 0.25% of net assets to cover operational and administrative costs.

Cold storage custody

Ether reserves are held with Coinbase Custody Trust Company, while BNY Mellon provides cash custody and administration.

Benchmark index tracking

The fund calculates daily performance against the Lukka Prime Ethereum Reference Rate USD index.

Standard brokerage trading

Shares trade directly on the Cboe BZX Exchange for trading inside US tax-advantaged retirement and taxable brokerage accounts.

Creation unit liquidity

Authorized participants create and redeem shares in blocks of 5,000 shares to support secondary market liquidity.

Inside Invesco Galaxy Ethereum ETF (QETH)

Invesco Galaxy Ethereum ETF (Ticker: QETH)

The fund directly holds physical Ethereum, benchmarked against the Lukka Prime Ethereum Reference Rate USD index and traded on the Cboe BZX Exchange.

What users say about Invesco Galaxy Ethereum ETF (QETH)

There is currently no user feedback or discussion available regarding the Invesco Galaxy Ethereum ETF.

Based on 2 Reddit posts and comments from the last 12 months, checked Oct 26, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.

User reviews

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FAQ

Who manages the Invesco Galaxy Ethereum ETF (QETH)?

The ETF is sponsored by Invesco Capital Management LLC and sub-advised in partnership with Galaxy Asset Management. Invesco is the parent sponsor, while Galaxy provides digital asset execution and oversight.

What is the expense ratio for QETH?

QETH charges a sponsor fee of 0.25% annually of daily net assets. This unified fee is the trust's only recurring expense.

Where is QETH traded and who can buy it?

QETH trades on the Cboe BZX Exchange in the United States. US retail and institutional investors can buy and sell shares through conventional brokerage and retirement accounts.

Who holds the physical ether for QETH?

Coinbase Custody Trust Company holds the fund's physical ether in segregated cold storage. BNY Mellon provides cash custody, fund administration, and transfer agency services.

Does the Invesco Galaxy Ethereum ETF stake its ether holdings?

No, QETH does not stake its ether holdings. The fund purely tracks the spot price of ether through the Lukka Prime Ethereum Reference Rate USD index without generating staking yields.

Can individual investors redeem QETH shares for physical ether?

No, retail investors cannot redeem individual shares for physical ether. Only authorized participants can create or redeem shares in designated creation unit blocks, typically ranging from 10,000 to 150,000 shares.

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