Source: Warhammer Armies Project: Unofficial 9th Edition

Spectral Steeds
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A model mounted upon (or pulled by) a model with this special rule gains the Ethereal special rule for the purposes of movement only. They do not suffer the movement penalty for being barded. Whilst a unit with this special rule is joined by a character without the Spectral Steeds or Ethereal special rules, it loses this special rule.

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