diff --git a/.changeset/chilly-rocks-hug.md b/.changeset/chilly-rocks-hug.md
new file mode 100644
index 000000000000..cccc87da3289
--- /dev/null
+++ b/.changeset/chilly-rocks-hug.md
@@ -0,0 +1,5 @@
+---
+"svelte": patch
+---
+
+feat: introduce `$host` rune, deprecate `createEventDispatcher`
diff --git a/packages/svelte/src/ambient.d.ts b/packages/svelte/src/ambient.d.ts
index a2ad6d63af9a..f923aace5ab1 100644
--- a/packages/svelte/src/ambient.d.ts
+++ b/packages/svelte/src/ambient.d.ts
@@ -211,3 +211,24 @@ declare function $bindable<T>(t?: T): T;
 declare function $inspect<T extends any[]>(
 	...values: T
 ): { with: (fn: (type: 'init' | 'update', ...values: T) => void) => void };
+
+/**
+ * Retrieves the `this` reference of the custom element that contains this component. Example:
+ *
+ * ```svelte
+ * <svelte:options customElement="my-element" />
+ *
+ * <script>
+ * 	function greet(greeting) {
+ * 		$host().dispatchEvent(new CustomEvent('greeting', { detail: greeting }))
+ * 	}
+ * </script>
+ *
+ * <button onclick={() => greet('hello')}>say hello</button>
+ * ```
+ *
+ * Only available inside custom element components, and only on the client-side.
+ *
+ * https://svelte-5-preview.vercel.app/docs/runes#$host
+ */
+declare function $host<El extends HTMLElement = HTMLElement>(): El;
diff --git a/packages/svelte/src/compiler/errors.js b/packages/svelte/src/compiler/errors.js
index 318225be95ae..c72a3bd0080c 100644
--- a/packages/svelte/src/compiler/errors.js
+++ b/packages/svelte/src/compiler/errors.js
@@ -187,6 +187,8 @@ const runes = {
 	'invalid-state-location': (rune) =>
 		`${rune}(...) can only be used as a variable declaration initializer or a class field`,
 	'invalid-effect-location': () => `$effect() can only be used as an expression statement`,
+	'invalid-host-location': () =>
+		`$host() can only be used inside custom element component instances`,
 	/**
 	 * @param {boolean} is_binding
 	 * @param {boolean} show_details
diff --git a/packages/svelte/src/compiler/phases/2-analyze/validation.js b/packages/svelte/src/compiler/phases/2-analyze/validation.js
index 69d879d021a9..ed840f530315 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/validation.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/validation.js
@@ -896,6 +896,9 @@ export const validation_runes_js = {
 		}
 	},
 	CallExpression(node, { state, path }) {
+		if (get_rune(node, state.scope) === '$host') {
+			error(node, 'invalid-host-location');
+		}
 		validate_call_expression(node, state.scope, path);
 	},
 	VariableDeclarator(node, { state }) {
@@ -1063,9 +1066,17 @@ export const validation_runes = merge(validation, a11y_validators, {
 		}
 	},
 	CallExpression(node, { state, path }) {
-		if (get_rune(node, state.scope) === '$bindable' && node.arguments.length > 1) {
+		const rune = get_rune(node, state.scope);
+		if (rune === '$bindable' && node.arguments.length > 1) {
 			error(node, 'invalid-rune-args-length', '$bindable', [0, 1]);
+		} else if (rune === '$host') {
+			if (node.arguments.length > 0) {
+				error(node, 'invalid-rune-args-length', '$host', [0]);
+			} else if (state.ast_type === 'module' || !state.analysis.custom_element) {
+				error(node, 'invalid-host-location');
+			}
 		}
+
 		validate_call_expression(node, state.scope, path);
 	},
 	EachBlock(node, { next, state }) {
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
index 8c88a405f114..83c32b01de20 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
@@ -401,15 +401,12 @@ export function client_component(source, analysis, options) {
 	}
 
 	if (analysis.uses_props || analysis.uses_rest_props) {
+		const to_remove = [b.literal('children'), b.literal('$$slots'), b.literal('$$events')];
+		if (analysis.custom_element) {
+			to_remove.push(b.literal('$$host'));
+		}
 		component_block.body.unshift(
-			b.const(
-				'$$sanitized_props',
-				b.call(
-					'$.rest_props',
-					b.id('$$props'),
-					b.array([b.literal('children'), b.literal('$$slots'), b.literal('$$events')])
-				)
-			)
+			b.const('$$sanitized_props', b.call('$.rest_props', b.id('$$props'), b.array(to_remove)))
 		);
 	}
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/javascript-runes.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/javascript-runes.js
index 25a2564453e0..7fcb9a92c690 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/javascript-runes.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/javascript-runes.js
@@ -381,6 +381,10 @@ export const javascript_visitors_runes = {
 	CallExpression(node, context) {
 		const rune = get_rune(node, context.state.scope);
 
+		if (rune === '$host') {
+			return b.id('$$props.$$host');
+		}
+
 		if (rune === '$effect.active') {
 			return b.call('$.effect_active');
 		}
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
index 19c626ae58a9..e9638ea17daf 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
@@ -767,6 +767,10 @@ const javascript_visitors_runes = {
 	CallExpression(node, context) {
 		const rune = get_rune(node, context.state.scope);
 
+		if (rune === '$host') {
+			return b.id('undefined');
+		}
+
 		if (rune === '$effect.active') {
 			return b.literal(false);
 		}
diff --git a/packages/svelte/src/compiler/phases/constants.js b/packages/svelte/src/compiler/phases/constants.js
index 822174d4dd1a..c61015e92a40 100644
--- a/packages/svelte/src/compiler/phases/constants.js
+++ b/packages/svelte/src/compiler/phases/constants.js
@@ -40,7 +40,8 @@ export const Runes = /** @type {const} */ ([
 	'$effect.active',
 	'$effect.root',
 	'$inspect',
-	'$inspect().with'
+	'$inspect().with',
+	'$host'
 ]);
 
 /**
diff --git a/packages/svelte/src/index-client.js b/packages/svelte/src/index-client.js
index 2b2203745712..215a3379ff90 100644
--- a/packages/svelte/src/index-client.js
+++ b/packages/svelte/src/index-client.js
@@ -80,6 +80,7 @@ function create_custom_event(type, detail, { bubbles = false, cancelable = false
  * ```
  *
  * https://svelte.dev/docs/svelte#createeventdispatcher
+ * @deprecated Use callback props and/or the `$host()` rune instead — see https://svelte-5-preview.vercel.app/docs/deprecations#createeventdispatcher
  * @template {Record<string, any>} [EventMap = any]
  * @returns {import('./index.js').EventDispatcher<EventMap>}
  */
diff --git a/packages/svelte/src/internal/client/dom/elements/custom-element.js b/packages/svelte/src/internal/client/dom/elements/custom-element.js
index 5ea42a962827..eb47d674c21d 100644
--- a/packages/svelte/src/internal/client/dom/elements/custom-element.js
+++ b/packages/svelte/src/internal/client/dom/elements/custom-element.js
@@ -138,7 +138,8 @@ if (typeof HTMLElement === 'function') {
 					target: this.shadowRoot || this,
 					props: {
 						...this.$$d,
-						$$slots
+						$$slots,
+						$$host: this
 					}
 				});
 
diff --git a/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/_config.js b/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/_config.js
new file mode 100644
index 000000000000..f848528c6c47
--- /dev/null
+++ b/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/_config.js
@@ -0,0 +1,8 @@
+import { test } from '../../test';
+
+export default test({
+	error: {
+		code: 'invalid-host-location',
+		message: '$host() can only be used inside custom element component instances'
+	}
+});
diff --git a/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/main.svelte b/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/main.svelte
new file mode 100644
index 000000000000..d4ac5ced65a1
--- /dev/null
+++ b/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/main.svelte
@@ -0,0 +1,3 @@
+<script>
+	$host();
+</script>
diff --git a/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/main.svelte.js b/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/main.svelte.js
new file mode 100644
index 000000000000..b7e4b4aee3cd
--- /dev/null
+++ b/packages/svelte/tests/compiler-errors/samples/runes-wrong-host-placement/main.svelte.js
@@ -0,0 +1 @@
+$host();
diff --git a/packages/svelte/tests/runtime-browser/custom-elements-samples/host-rune/_config.js b/packages/svelte/tests/runtime-browser/custom-elements-samples/host-rune/_config.js
new file mode 100644
index 000000000000..0c2625dc204e
--- /dev/null
+++ b/packages/svelte/tests/runtime-browser/custom-elements-samples/host-rune/_config.js
@@ -0,0 +1,24 @@
+import { test } from '../../assert';
+const tick = () => Promise.resolve();
+
+export default test({
+	async test({ assert, target }) {
+		target.innerHTML = '<custom-element></custom-element>';
+		/** @type {any} */
+		const el = target.querySelector('custom-element');
+
+		/** @type {string[]} */
+		const events = [];
+		const handle_evt = (e) => events.push(e.type, e.detail);
+		el.addEventListener('greeting', handle_evt);
+
+		await tick();
+
+		el.shadowRoot.querySelector('button').click();
+		assert.deepEqual(events, ['greeting', 'hello']);
+
+		el.removeEventListener('greeting', handle_evt);
+		el.shadowRoot.querySelector('button').click();
+		assert.deepEqual(events, ['greeting', 'hello']);
+	}
+});
diff --git a/packages/svelte/tests/runtime-browser/custom-elements-samples/host-rune/main.svelte b/packages/svelte/tests/runtime-browser/custom-elements-samples/host-rune/main.svelte
new file mode 100644
index 000000000000..080e7a2740ce
--- /dev/null
+++ b/packages/svelte/tests/runtime-browser/custom-elements-samples/host-rune/main.svelte
@@ -0,0 +1,9 @@
+<svelte:options customElement="custom-element" />
+
+<script>
+	function greet(greeting) {
+		$host().dispatchEvent(new CustomEvent('greeting', { detail: greeting }))
+	}
+</script>
+
+<button onclick={() => greet('hello')}>say hello</button>
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index 22406fe281b9..3abbe35d6951 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -263,6 +263,7 @@ declare module 'svelte' {
 	 * ```
 	 *
 	 * https://svelte.dev/docs/svelte#createeventdispatcher
+	 * @deprecated Use callback props and/or the `$host()` rune instead — see https://svelte-5-preview.vercel.app/docs/deprecations#createeventdispatcher
 	 * */
 	export function createEventDispatcher<EventMap extends Record<string, any> = any>(): EventDispatcher<EventMap>;
 	/**
@@ -2538,4 +2539,25 @@ declare function $inspect<T extends any[]>(
 	...values: T
 ): { with: (fn: (type: 'init' | 'update', ...values: T) => void) => void };
 
+/**
+ * Retrieves the `this` reference of the custom element that contains this component. Example:
+ *
+ * ```svelte
+ * <svelte:options customElement="my-element" />
+ *
+ * <script>
+ * 	function greet(greeting) {
+ * 		$host().dispatchEvent(new CustomEvent('greeting', { detail: greeting }))
+ * 	}
+ * </script>
+ *
+ * <button onclick={() => greet('hello')}>say hello</button>
+ * ```
+ *
+ * Only available inside custom element components, and only on the client-side.
+ *
+ * https://svelte-5-preview.vercel.app/docs/runes#$host
+ */
+declare function $host<El extends HTMLElement = HTMLElement>(): El;
+
 //# sourceMappingURL=index.d.ts.map
\ No newline at end of file
diff --git a/sites/svelte-5-preview/src/routes/docs/content/01-api/02-runes.md b/sites/svelte-5-preview/src/routes/docs/content/01-api/02-runes.md
index 3b24ad004e60..51ba3e2155fe 100644
--- a/sites/svelte-5-preview/src/routes/docs/content/01-api/02-runes.md
+++ b/sites/svelte-5-preview/src/routes/docs/content/01-api/02-runes.md
@@ -561,6 +561,26 @@ $inspect(stuff).with(console.trace);
 
 > `$inspect` only works during development.
 
+## `$host`
+
+Retrieves the `this` reference of the custom element that contains this component. Example:
+
+```svelte
+<svelte:options customElement="my-element" />
+
+<script>
+	function greet(greeting) {
+		$host().dispatchEvent(
+			new CustomEvent('greeting', { detail: greeting })
+		);
+	}
+</script>
+
+<button onclick={() => greet('hello')}>say hello</button>
+```
+
+> Only available inside custom element components, and only on the client-side
+
 ## How to opt in
 
 Current Svelte code will continue to work without any adjustments. Components using the Svelte 4 syntax can use components using runes and vice versa.
diff --git a/sites/svelte-5-preview/src/routes/docs/content/03-appendix/03-deprecations.md b/sites/svelte-5-preview/src/routes/docs/content/03-appendix/03-deprecations.md
index b498862c4737..b4a170ccb76e 100644
--- a/sites/svelte-5-preview/src/routes/docs/content/03-appendix/03-deprecations.md
+++ b/sites/svelte-5-preview/src/routes/docs/content/03-appendix/03-deprecations.md
@@ -40,6 +40,50 @@ These functions run indiscriminately when _anything_ changes. By using `$effect.
 
 Note that using `$effect` and `$effect.pre` will put you in [runes mode](/docs/runes) — be sure to update your props and state accordingly.
 
+## `createEventDispatcher`
+
+`createEventDispatcher` returns a function from which you can dispatch custom events. The usage is somewhat boilerplate-y, but it was encouraged in Svelte 4 due to consistency with how you listen to dom events (via `on:click` for example).
+
+Svelte 5 introduces [event attributes](/docs/event-handlers) which deprecate event directives (`onclick` instead of `on:click`), and as such we also encourage you to use callback properties for events instead:
+
+```diff
+<script>
+-	import { createEventDispatcher } from 'svelte';
+-	const dispatch = createEventDispatcher();
++	let { greet } = $props();
+
+-	function greet() {
+-		dispatch('greet');
+-	}
+</script>
+
+<button
+-	on:click={greet}
++	onclick={greet}
+>greet</button>
+```
+
+When authoring custom elements, use the new [host rune](/docs/runes#$host) to dispatch events (among other things):
+
+```diff
+<script>
+-	import { createEventDispatcher } from 'svelte';
+-	const dispatch = createEventDispatcher();
+
+	function greet() {
+-		dispatch('greet');
++		$host().dispatchEvent(new CustomEvent('greet'));
+	}
+</script>
+
+<button
+-	on:click={greet}
++	onclick={greet}
+>greet</button>
+```
+
+Note that using `$props` and `$host` will put you in [runes mode](/docs/runes) — be sure to update your props and state accordingly.
+
 ## `immutable`
 
 The `immutable` compiler option is deprecated. Use runes mode instead, where all state is immutable (which means that assigning to `object.property` won't cause updates for anything that is observing `object` itself, or a different property of it).