At a glance
QETH charges 0.25% a year, above the 0.14% average of the 7 funds most like it (the 4th cheapest of 6). It has $15.6M in assets, the 7th largest of that group. Over the past year it returned −44.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds.
The short version
Invesco Galaxy Ethereum ETF (QETH) is a trust that holds ether, the Ethereum network's cryptocurrency, and aims to track its market price as measured by the Lukka Prime Ethereum Reference Rate, less expenses. Its 0.25% sponsor fee matches the iShares and Fidelity ether funds but sits above the 0.14% average for similar funds. With about $15.6 million in assets as of June 30, 2026, it is far smaller than most rivals.
Price history
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QETH -44.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QETH price data to Oct 27, 2026 | -21.2% | -44.3% | — | — | — | -16.1% |
- Over the year to Oct 27, 2026, QETH returned -44.3%, 3rd of 7 among similar funds.
- Its worst full calendar year was 2025 (-11.4%); its best was 2025 (-11.4%).
- The deepest fall in its price history was 67.9% (Aug 22, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.2% |
| 2025 | -11.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The trust holds ether directly, worth $15.6M as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
QETH holds only ether. It aims to reflect ether's spot price (the price for immediate delivery) as measured by the Lukka Prime Ethereum Reference Rate, minus the trust's expenses. The sponsor, Invesco Capital Management LLC, runs it passively. It does not try to time the market, and it does not hedge against price drops. The trust values its shares each business day as of 4:00 p.m. ET. It uses a fair-value price from Lukka Inc., which picks a “principal market” for ether each day from eligible trading platforms such as Coinbase, Kraken and Binance. Lukka reviews that list quarterly.
Coinbase Custody Trust Company holds the ether in “cold storage,” meaning the private keys that control it are kept offline. Large financial firms called authorized participants create and redeem shares in blocks of 5,000. The trust sells ether to pay its expenses, so the amount of ether behind each share slowly shrinks. The Ethereum network could split in two (a “hard fork”), or new tokens could be handed out to ether holders (an “airdrop”). In either case, the trust gives up any rights to the new assets.
QETH is a grantor trust, which simply holds ether for its shareholders. It is registered under the Securities Act of 1933, not as an investment company under the Investment Company Act of 1940. As a result, it lacks some protections that traditional mutual funds and ETFs offer. It holds no income-producing assets.
What it really costs
- QETH charges 0.25% a year, versus an average of 0.14% for the similar funds below (4th of 6, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
It holds a single, highly volatile cryptocurrency, pays no income and has a short record, so any role is likely to be a small, higher-risk position.
QETH could add exposure to ether, but its swings are extreme. The trust began trading on July 23, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, ended with an 11.4% loss, and it fell another 21.2% in 2026 through October 27. Its deepest drop was 67.9%, from August 22, 2025, to June 25, 2026, and it had not recovered by October 27, 2026. A retiree who needed cash near that low would have had to sell at a steep loss.
It pays no income, so the only way to raise cash from it is to sell shares. Its 0.25% sponsor fee is above the 0.14% average for similar ether funds. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want ether in a brokerage account, held in cold storage by Coinbase Custody Trust Company instead of in a crypto wallet they manage.
- Those wanting a passive trust that holds only ether and tracks the Lukka Prime Ethereum Reference Rate, with no hedging or market timing.
- Investors adding a small, high-risk satellite position who can tolerate drops like the 67.9% fall from August 2025 to June 2026.
Look elsewhere if
- Retirees seeking income: the trust holds no income-producing assets and has recorded no distributions.
- Fee-focused buyers: the 0.25% sponsor fee is above the 0.14% average for similar ether funds, and VanEck Ethereum ETF (ETHV) charges 0.20%.
- Investors wary of small funds: QETH held about $15.6 million as of June 30, 2026, versus about $4.3 billion for iShares Ethereum Trust ETF (ETHA).
Close alternatives
Matched by other funds that hold ether directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QETH this fund | 0.25% | $15.6M | -44.3% | — |
| ETHA iShares Ethereum Trust ETF | 0.25% | $4.29B | -44.4% | — |
| FETH Fidelity Ethereum Fund ETF | 0.25% | $758.8M | -44.2% | — |
| ETHW Bitwise Ethereum ETF | 0% | $168.5M | -44.3% | — |
| ETHV VanEck Ethereum ETF | 0.2% | $77.8M | -44.3% | — |
| CETH 21Shares Core Ethereum ETF | 0% | $8.4M | — | — |
| ETH Grayscale Ethereum Mini Trust ETF | — | $1.35B | -43.2% | — |
| ETHE Grayscale Ethereum Trust ETF | — | $1.22B | -44.6% | — |
Questions investors ask
Does QETH pay dividends?
No. QETH holds only ether and no income-producing assets, and no distributions have been recorded for the fund. Its return comes entirely from changes in ether's price, less the trust's 0.25% sponsor fee. An investor who wants cash from it has to sell shares. That can mean selling after a deep slide like the 67.9% drop from August 22, 2025, to June 25, 2026.
What's the difference between QETH and ETHA?
Very little in what they own. Both hold ether directly and charge a 0.25% fee. Their one-year returns to October 27, 2026, were nearly identical: a 44.3% loss for QETH and a 44.4% loss for iShares Ethereum Trust ETF (ETHA). The main difference is size. ETHA held about $4.3 billion as of June 30, 2026, versus about $15.6 million for QETH. Bigger funds often trade with narrower bid-ask spreads, the gap between the buying and selling price.
Is QETH good for retirement?
QETH is a high-risk holding, not a retirement staple. Its only full calendar year, 2025, ended with an 11.4% loss, and it fell another 21.2% in 2026 through October 27. Its annualized volatility, a measure of how widely its price swings, was 63.3% over the year to that date. It pays no income. It launched in July 2024, so it has no record in the 2008, 2020 or 2022 downturns. Past results don't predict future returns.
What is QETH's expense ratio?
QETH charges a sponsor fee of 0.25% a year, according to its annual report filed March 2, 2026. In return, the sponsor, Invesco Capital Management LLC, pays routine operating costs such as the trustee's fees. The fee matches ETHA and Fidelity Ethereum Fund ETF (FETH) but is above the 0.14% average for similar ether funds. VanEck Ethereum ETF (ETHV) charges 0.20%. The trust sells ether to pay its expenses, so the ether behind each share slowly declines.
Who holds the ether in QETH?
Coinbase Custody Trust Company holds QETH's ether in cold storage, meaning the private keys that control the coins are kept offline. The ether must be kept in segregated accounts, apart from the custodian's own assets. Shareholders don't manage keys themselves, but they depend on these firms. QETH is also a grantor trust registered under the Securities Act of 1933, not a 1940 Act fund, so it lacks some protections that traditional mutual funds and ETFs offer.