16 Ethereum ETFs and Their Fees + Holdings

Two years after the SEC greenlit spot Ethereum ETFs in July 2024, the dust has settled enough to see which funds are actually worth your attention and which ones are quietly eating your returns through fees. If you’ve been sitting on the sidelines waiting for clarity, 2026 is giving you plenty of data to work with: fee wars have cooled, assets under management have sorted winners from losers, and a staking-enabled ETF has finally entered the picture. Here’s a practical breakdown of every Ethereum ETF available right now, what each one actually costs, and where the smart money seems to be flowing.

Why 2026 Is a Turning Point for Ethereum ETF Investors

The first spot Ethereum ETFs launched in July 2024, and the initial months were chaotic. Issuers were slashing fees daily, filing amended registrations just to undercut each other by a few basis points. Promotional zero-fee periods muddied the waters even further.

Now, nearly two years in, the picture is much cleaner. Promotional fee waivers are expiring (or have already expired), meaning you’re seeing the real cost of ownership for the first time. Fund flows have also revealed which products investors actually trust with serious capital, and which ones are struggling to attract assets.

The biggest 2026 development? The launch of the REX-Osprey ETH + Staking ETF (ESK), which offers something no other Ethereum ETF does: staking rewards. That’s a meaningful shift, and it changes the calculus for anyone comparing these funds.

Every Spot Ethereum ETF: Fees at a Glance

Nine spot Ethereum ETFs are trading right now. Each one holds actual Ether (not futures contracts), which means they track the cryptocurrency’s price more directly. Here’s the full lineup, sorted from cheapest to most expensive:

Data current as of March 2026. Fees may change; check fund websites for the latest.

How the Math Actually Works on These Fees

A 0.10% difference in expense ratio sounds trivial until you run the numbers over a few years. Here’s a concrete example:

• $10,000 invested in the Grayscale Mini Trust (0.15% fee): You’d pay roughly $15 per year in fees
• $10,000 invested in the original Grayscale Ethereum Trust (2.50% fee): That’s $250 per year

Over five years, assuming your investment stays flat (just to isolate the fee impact), you’d pay $75 in the Mini Trust versus $1,250 in the original Grayscale fund. That’s a $1,175 difference on a $10,000 position, doing absolutely nothing.

If your Ether position grows, the gap widens even faster because fees are charged as a percentage of assets. A $50,000 position in ETHE costs you $1,250 annually. The same position in the Grayscale Mini Trust costs $75.

The original Grayscale Ethereum Trust (ETHE) exists largely as a legacy product from before spot ETFs were approved. Unless you’re already locked into it for tax reasons, there’s rarely a compelling argument for paying 2.50% when identical exposure costs 0.15% to 0.25%.

The Fee Waiver Trap: What Happens When Promos Expire

Keep an eye on 21Shares Core Ethereum ETF (TETH). Its fee is currently waived entirely, but that waiver expires in October 2026. Once it kicks in, you’ll be paying 0.21%, which is competitive but not the cheapest.

Several strategy ETFs from ProShares also have promotional fee reductions expiring September 30, 2026. If you hold any of these, mark your calendar:

• ProShares Ultra Ether ETF (ETHT): Drops from 0.94% back to 1.02%
• ProShares Short Ether ETF (SETH): Drops from 0.95% back to 1.02%
• ProShares Ether Strategy ETF (EETH): Drops from 0.95% back to 1.03%
• ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE): Drops from 0.95% back to 1.03%

These aren’t dramatic jumps, but they’re worth knowing about before they show up on your statement.

Ethereum Strategy ETFs: The Futures-Based Alternatives

Not every Ethereum ETF holds actual Ether. Strategy ETFs use futures contracts to gain exposure, and they serve different purposes: some offer leverage, others let you bet against Ether’s price.

Data current as of March 2026.

A few things jump out from this list:

1. Every strategy ETF costs significantly more than spot ETFs. The cheapest futures-based fund (0.99%) costs nearly seven times more than the cheapest spot fund (0.15%).
2. Leveraged and inverse products are designed for short-term trading, not buy-and-hold investing. Daily rebalancing causes performance to drift from the underlying asset over time.
3. VolatilityShares’ 2x Ether ETF at 2.67% is the most expensive Ethereum ETF on the market. That fee compounds aggressively on a volatile asset like Ether.

The Staking Question: A Red Flag You Might Be Missing

Here’s something most Ethereum ETF comparisons skip entirely: staking rewards.

When you hold Ether directly in a wallet, you can stake it to help validate transactions on the Ethereum network (which switched to proof-of-stake back in 2022). In return, you earn additional Ether, similar to earning interest or dividends. Staking yields have fluctuated, but they’ve generally hovered in the 3% to 5% range.

Almost none of the current Ethereum ETFs pass staking rewards through to investors. That means you’re leaving potential yield on the table by choosing an ETF over direct ownership.

The one exception in 2026 is the REX-Osprey ETH + Staking ETF (ESK), which was designed specifically to capture staking income. If staking yield matters to you, this fund is worth researching, though you’ll want to compare its total costs (including any performance fees or operational drag) against simply staking Ether yourself through an exchange or personal wallet.

Should You Buy an Ethereum ETF or Just Buy Ether Directly?

This is the question that matters most, and the answer depends on your situation:

An Ethereum ETF makes more sense if you:

• Want Ether exposure inside a retirement account (IRA, 401k)
• Don’t want to deal with crypto wallets, private keys, or exchange accounts
• Prefer the regulatory protections that come with traditional brokerage accounts
• Want simplified tax reporting through standard brokerage 1099 forms

Buying Ether directly makes more sense if you:

• Want to earn staking rewards (3-5% annually in recent periods)
• Plan to use Ether for decentralized applications or NFTs
• Want full control over your holdings without a fund manager as intermediary
• Are comfortable managing your own security and storage

Neither approach is universally better. A retirement account investor who can’t hold crypto directly gets enormous value from a low-cost spot ETF. An experienced crypto user who already stakes their Ether might find the ETF structure unnecessarily expensive, especially when you factor in the lost staking income.

Warning Signs: When an Ethereum ETF Isn’t Worth It

Watch for these red flags before committing money to any of these funds:

• Expense ratios above 1% on a simple long position. You can get spot exposure for 0.15% to 0.25%, so paying 1%+ for futures-based funds only makes sense if you specifically need leverage or inverse exposure.
• Promotional fee waivers about to expire. Check the expiration date before you buy. A fund that looks free today might cost 0.21% next quarter.
• Leveraged ETFs held longer than a few days. Daily rebalancing means a 2x Ether ETF won’t deliver 2x returns over weeks or months. These are trading tools, not investment vehicles.
• Legacy products with outdated fee structures. The original Grayscale Ethereum Trust (ETHE) at 2.50% is a holdover from an era when it had no competition. There’s almost no reason to choose it over the Grayscale Mini Trust at 0.15%.

How Ethereum ETFs and Their Fee Structures Stack Up Against Bitcoin ETFs

Ethereum ETF fees have largely converged with their Bitcoin counterparts. The cheapest Bitcoin spot ETFs charge around 0.15% to 0.25%, which mirrors the Ethereum spot ETF range almost exactly. This wasn’t guaranteed: Ethereum’s smaller market cap and more complex blockchain could have justified higher costs, but competitive pressure kept fees tight.

One key difference: Bitcoin ETFs have attracted significantly more assets under management, which gives them better liquidity and tighter bid-ask spreads. Ethereum ETFs are catching up, but if you’re trading large positions, check the average daily volume of your chosen fund before placing orders.

Frequently Asked Questions

What is the cheapest Ethereum ETF available in 2026?

The Grayscale Ethereum Mini Trust (ETH) charges just 0.15%, making it the lowest-cost option among spot Ethereum ETFs. The 21Shares Core Ethereum ETF (TETH) is technically free until its fee waiver expires in October 2026, after which it rises to 0.21%.

Can I hold Ethereum ETFs in my IRA or 401(k)?

Yes, and this is one of the biggest advantages of the ETF structure. Since these funds trade on standard stock exchanges, they fit into any brokerage account that supports ETF trading, including traditional IRAs, Roth IRAs, and many 401(k) plans.

Do Ethereum ETFs pay staking rewards or dividends?

The vast majority do not. The REX-Osprey ETH + Staking ETF (ESK) is currently the only Ethereum ETF designed to pass staking income to shareholders. All other spot and strategy ETFs forgo staking entirely, which means you miss out on potential yield in the 3% to 5% range.

What’s the difference between a spot Ethereum ETF and a strategy ETF?

Spot ETFs hold actual Ether, giving you direct price exposure at low cost (0.15% to 0.25%). Strategy ETFs use futures contracts and typically cost 1% or more. Strategy funds are useful for leveraged or inverse bets, but for straightforward long-term exposure, spot ETFs are generally more cost-effective and track prices more accurately.

Cryptocurrency investments carry significant risk, including the potential for total loss of principal. Past performance does not guarantee future results. Consider consulting a financial advisor before making investment decisions. Take 15 minutes this week to compare the fees on any crypto ETFs you currently hold against the options listed above: you might be overpaying without realizing it.