As of September 30, 2024, the Invesco Galaxy Ethereum ETF reported total assets of $20,376,180 and net assets of $20,373,583. The net asset value (NAV) per share was $26.02, while the market value per share stood at $25.94. The Trust, which commenced trading on July 23, 2024, after its formation on September 27, 2023, aims to reflect the performance of the spot price of ether, less expenses and liabilities.

For the three months ended September 30, 2024, the Trust reported total income of $0 and total expenses of $5,976, resulting in a net investment loss of $(5,976). The net income loss for the same period was $(3,522,307), primarily attributed to a net change in unrealized gains and losses. The net cash used in operating activities was $(23,895,890), offset by net cash provided by financing activities of $23,895,890.

The Trust's share price experienced significant volatility during the reporting period, decreasing from $34.60 at the beginning of trading to $25.94 by the end of September 2024. The lowest share price recorded was $22.21 on September 6, 2024, marking a decline of 35.82% from the initial trading price. The total return on a market value basis was reported at -25.03%, while the total return on NAV basis was -25.06%.

The Trust's investment strategy is concentrated solely in ether, which exposes it to significant market risks associated with price fluctuations. As of September 30, 2024, the Trust held no cash equivalents, and all routine operational expenses are covered by the Sponsor, Invesco Capital Management LLC, which charges a unified Sponsor Fee of 0.25% per annum of the daily total net assets.

The Trust's investments in ether for the three months ended September 30, 2024, included purchases at cost totaling $23,895,889, with an ending balance of $20,376,180. The valuation of ether is determined using FASB ASC Topic 820, based on current sale prices in the principal market.

The Trust's financial operations are supported by various service providers, including Coinbase Custody Trust Company, LLC as the Ethereum Custodian, and The Bank of New York Mellon, which calculates the Trust's NAV daily. The Trust's structure allows it to operate as a grantor trust for U.S. federal income tax purposes, meaning it is not subject to federal income tax, with income flowing through to beneficial owners.