What is a spot Ethereum ETF?
A spot Ethereum ETF is an exchange-traded fund that invests directly in Ethereum, the world’s second-largest cryptocurrency by market capitalization after Bitcoin. On July 23, 2024, the SEC allowed the first spot Ethereum ETFs to start trading — this followed approval of spot Bitcoin ETFs in January 2024.
Ethereum has many features that distinguish it from Bitcoin. Its blockchain doesn’t just host Ether coins; it’s also home to decentralized apps and non-fungible tokens (NFTs) that run on the Ethereum protocol. Ethereum also now uses a proof-of-stake system to create new coins — a more energy-efficient system than the proof-of-work process behind Bitcoin mining. (Ethereum also used a proof-of-work system until it switched to proof-of-stake in 2022.)
There were already Ethereum strategy ETFs on the market before the approval of spot ETFs, which indirectly track the price of Ether using futures contracts. However, these may not track the cryptocurrency’s price quite as accurately as a spot Ethereum ETF, and they may charge higher fees. The spot Ethereum ETFs approved in July 2024 are the first of their kind.
11 Spot Ethereum ETFs
To date, 11 different spot Ethereum ETFs have started trading since approval, with Morgan Stanley announcing the latest ETF, which also has the lowest expense ratio. All ETFs are listed below along with their ticker symbols and fees.
Fund name and symbol | Net Expense Ratio |
|---|---|
Morgan Stanley Ethereum Trust (MSSE) | 0.14% |
Grayscale Ethereum Staking Mini ETF (ETH) | 0.15% |
Franklin Ethereum ETF (EZET) | 0.19% |
VanEck Ethereum ETF (ETHV) | 0.20% |
Bitwise Ethereum ETF (ETHW) | 0.20% |
21Shares Ethereum Staking ETF (TETH) | 0.21% (Waived until Oct. 8, 2026) |
iShares Ethereum Trust ETF (ETHA) | 0.25% |
iShares Staked Ethereum Trust ETF (ETHB) | 0.25% (Waived until March 12, 2027, or until the fund exceeds $2.5 billion in assets) |
Fidelity Ethereum Fund (FETH) | 0.25% |
Invesco Galaxy Ethereum ETF (QETH) | 0.25% |
Grayscale Ethereum Staking ETF (ETHE) | 2.50% |
Source: SEC EDGAR database and fund websites. Data is current as of September 6, 2026, and is intended for informational purposes only. | |
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18 Ethereum strategy ETFs
We define an Ethereum strategy ETF as any ETF that invests at least 50% of its assets in Ether derivatives, or that rotates funds between Ether (or its derivatives) and a safe-haven investment like Treasury securities. The funds that meet this definition are listed below from lowest to highest fee. Leveraged ETFs are marked with an * asterisk, while inverse ETFs are marked with a ** double asterisk.
Fund name & symbol | Fee | Notes |
|---|---|---|
Grayscale Ethereum Covered Call ETF (ETCO) | 0.65% | Invested in Ether ETFs. Generates income by writing call options on Ether ETFs. |
Global X Ethereum Covered Call ETF (EHCC) | 0.75% | Invested in Ether ETFs. Generates income by writing weekly call options on Ether ETFs. |
Amplify Ethereum Max Income Covered Call ETF (EHY) | 0.75% | Invested in Ether ETFs. Generates income by writing weekly call options on Ether ETFs. |
Amplify Ethereum 3% Monthly Option Income ETF (ETTY) | 0.75% | Invested in Ether ETFs. Generates income by writing call options on a portion of the portfolio, targeting 3% monthly. |
T-Rex 2X Long Ether Daily Target ETF (ETU)* | 0.95% | Invested in swaps on Ether ETFs, targeting 2x the daily returns of Ether. |
Roundhill Ether Covered Call Strategy ETF (YETH) | 0.96% | Invested in Ether ETFs. Generates income by writing weekly call options on Ether ETFs. |
NEOS Ethereum High Income ETF (NEHI) | 0.98% | Invested in Ether ETFs. Generates monthly income by writing call options on Ether ETFs. |
ProShares UltraShort Ether ETF (ETHD)** | 0.99% | Invested in Ether futures and swaps on Ether ETFs, targeting 2x the inverse of the daily returns of Ether. |
ProShares Ultra Ether ETF (ETHT)* | 1.02% | Invested in swaps on Ether ETFs and Ether futures, targeting 2x the daily returns of Ether. Fee reduced to 0.94% until Sept. 30, 2026. |
ProShares Short Ether ETF (SETH)** | 1.02% | Invested in Ether futures, targeting the inverse of the daily returns of Ether. Fee reduced to 0.95% until Sept. 30, 2026. |
ProShares Bitcoin & Ether Equal Weight ETF (BETE) | 1.03% | Invested in an equal-weight mix of Bitcoin futures and Ether futures. Fee reduced to 0.95% until Sept. 30, 2026. |
ProShares Ether ETF (EETH) | 1.03% | Invested in Ether futures. Fee reduced to 0.95% until Sept. 30, 2026. |
ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) | 1.04% | Invested in a market-cap-weighted mix of Bitcoin futures and Ether futures. Fee reduced to 0.95% until Sept. 30, 2026. |
Direxion Daily Ether Bull 2X ETF (EVMU)* | 1.05% | Invested in swaps on Ether ETFs, targeting 2x the daily returns of Ether. Fee reduced to 1.03% until Sept. 1, 2027. |
GraniteShares YieldBOOST Ether ETF (XEY) | 1.07% | Generates weekly income by writing put options on a 2x Ether ETF. |
Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF (AETH) | 1.08% | Investment rotates between Ether futures and U.S. Treasuries. Gross fee 1.08%; reduced to 0.89% under a contractual expense cap running until May 1, 2027. |
CoinShares Bitcoin and Ether ETF (BTF) | 1.27% | Invested in Bitcoin futures and Ether futures. |
Volatility Shares 2x Ether ETF (ETHU)* | 2.97% | Invested in Ether futures, targeting 2x the daily returns of Ether. |
Source: SEC EDGAR database and fund websites. Data is current as of September 6, 2026, and is intended for informational purposes only. | ||
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Ethereum ETFs vs. Ethereum itself
Spot Ethereum ETFs may offer investors who cannot buy Ethereum directly (such as retirement account investors) a cheaper and more reliable way to invest in Ethereum than the pre-existing slate of Ethereum strategy ETFs.
But there are some advantages to buying Ethereum directly. While staking rewards (a sort of interest payment or dividend for Ether holders) have become more common among spot Ethereum ETFs, you'll dodge paying an expense ratio and get full control over staking by buying Ethereum outright.
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The editor owned Ether at the time of publication.
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