The Invesco Galaxy Ethereum ETF is an exchange-traded fund that offers investors direct exposure to ether, the second-largest cryptocurrency by market capitalization, which serves as a medium of exchange and unit of account on the Ethereum network. The Trust holds ether directly in segregated cold storage through Coinbase Custody Trust Company and is passively managed with a unified sponsor fee of 0.25% per annum, with daily share valuations based on ether's fair market value as determined by independent pricing data from multiple eligible trading platforms. Shares are offered exclusively to eligible financial institutions in creation baskets, and the Trust's value fluctuates with supply and demand dynamics in digital asset markets rather than being government-backed.