Skip to content
etf.net

ETHW

GradeBNew York Stock Exchange Arca

Bitwise Ethereum ETF

Crypto · Bitwise · Inception 2024-07-22 · SEC filings

$19.07−0.61 (−3.12%)

As of Sep 23, 2026, 3:10 PM EDT

History starts Jul 23, 2024.
Intraday session: down, 69 prints from 19.69 to 19.07. Range 18.95 to 19.45. Use the arrow keys to read each point.$19.00$19.20$19.4010 AM12 PM2 PM4 PM
Expense ratio
0.20%
Fund size
$307M
1Y return
−33.6%
Yield · Last 12 months
—
Holdings
1
Volume · 30D
0.9M sh
NAV per share
$18.81
52W range
low $10.93high $34.11

The ETF.net ETHW Grade

B

66/ 100

Rank 3 of 11 in Spot Ether⁠

Confidence Medium

Six-pillar profile for ETHW. Scores out of 100: Cost 70, Risk 41, Mission 100, Tradability 36, Holdings not scored, Durability 47. Strongest: Mission (100). Weakest: Tradability (36). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 66 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 70
    Category rank4/11 · top 36%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank5/9 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 41
    Category rank7/10 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 36
    Category rank9/11 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 47
    Category rank7/11 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on ETHW

ETF.net Research

BSpot ether with a conscience clause: Bitwise pledged 10% of the fund's profits to Ethereum's open-source developers. It holds ether directly, no derivatives, at a fee below the spot-ether norm.

Stated mandate

The Trust seeks exposure to the value of ether held by it, less operating expenses and liabilities. It holds ether directly, values its assets using an ether pricing benchmark, and does not use derivatives.

Why people hold it

  1. 01Holds ether outright and values it off an ether pricing benchmark. No futures, no swaps, no leverage layered on top.
  2. 02The 0.20% fee undercuts the 0.25% that is typical across spot-ether ETFs.
  3. 03Bitwise committed to donating 10% of the fund's profits to Ethereum open-source developers and to publishing the trust's blockchain addresses.bitwiseinvestments.combusinesswire.com
  4. 04Launched July 2024 in the first wave of US spot-ether ETFs, and it grades in the upper half of that peer group.bitwiseinvestments.com

Worth knowing

  1. 01Cheaper spot-ether options exist: Franklin's EZET at 0% and Grayscale's ETH at 0.15%.
  2. 02Structured as a grantor trust, not a registered fund, so the usual fund-level protections do not apply.
  3. 03Ether is a volatile asset, and this is a single-asset fund with no diversification and no income distributions.

ETHW Holdings

As of Sep 20, 2026, 9:29 AM
Asset class
Other
Holdings
1
Top-10 weight
100%
Largest holding
ETHEREUM100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—ETHEREUM100.00%109,694$289M7

Showing 1–1 of 1 holdings

ETHW Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ETHW$6,643
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. ETHW $6,643. SPY $11,723. Use the arrow keys to read each point.$3,118$7,760$12,402Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for ETHW. Periods over one year show the average yearly return.
PeriodETHW
Year to date−7.4%
1 month+14.1%
3 months+58.8%
1 year−33.6%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ETHW
YearReturn barETHW
2026 YTD−7.4%
2025−11.3%
2024−3.5%

History from Jul 23, 2024

ETHW in the news

ETF.net Research hasn’t filed on ETHW yet — coverage lands here as it’s written.

ETHW Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

ETHW Risk

How much the fund’s monthly returns vary, scaled to a year.
77.5%
Annualised · 25 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.12
vs 3-month T-bills · 25 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−67.9%
25 months · trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.61
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ETHW Cost

Expense ratio0.20%
  • The middle half of Spot Ether funds
  • Median 0.21%

3 of the 11 Spot Ether funds charge less.

ETHW costs $20.00 a year on $10,000. The median Spot Ether fund costs $21.00.