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ETH vs ETHW

Grayscale Ethereum Mini Trust ETF

ETHANYSE Arca

Bitwise Ethereum ETF

ETHWBNYSE Arca

Overlap

Expense ratio

ETH −0.05pt a year

ETH0.15%ETHW0.20%

Avg volume · 30D

ETH 3.5×the volume

ETH2.67METHW754K

ETH vs ETHW Performance

Oct 31, 2025 – Oct 30, 2026

−41.6%ETH−42.6%ETHW

Oct 31, 2025 to Oct 30, 2026. ETH −41.6%. ETHW −42.6%. Use the arrow keys to read each point.−60%−30%−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
ETH 0.15%, better
ETHW 0.20%
Fund size
ETH $2.09B
ETHW $244M
1Y total return
ETH −41.6%, better
ETHW −42.6%
Holdings
ETH 1
ETHW 1
Avg volume (30D)
ETH 2.67M sh, better
ETHW 754K sh
NAV per share
ETH $21.34
ETHW $16.66
52W range

ETF.net Grade

ETH: Cost 88, Risk 50, Mission 100, Tradability 87, Holdings not scored, Durability 61. ETHW: Cost 70, Risk 38, Mission 100, Tradability 38, Holdings not scored, Durability 47.
Pillar letters and Scores for ETH, ETHW, with each pillar’s weight
PillarETHETHW
Cost30% weightA88HigherA70
Mission25% weightA100A100
Risk15% weightC50HigherD38
Tradability15% weightA87HigherD38
Holdings10% weightNot scoredNot scored
Durability5% weightB61HigherC47

Rank among Spot Ether funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ETH and ETHW are both graded against the same 11 Spot Ether funds, so their Grades compare head to head.

Spot Ether⁠

Category · 11 funds
See all 11 ›

ETH ranks 1st and ETHW 4th of 11 funds in the Spot Ether Category.

  1. Rank 1AETHGrayscale Ethereum Mini Trust ETFScore 83
  2. Rank 2AMSSEMorgan Stanley Ethereum TrustScore 77
  3. Rank 3BETHVVanEck Ethereum ETFScore 67
  4. Rank 4BETHWBitwise Ethereum ETFScore 66
  5. Rank 5BEZETFranklin Ethereum ETFScore 63

Our read on each fund

ETF.net Research

ETHAGrayscale Ethereum Mini Trust ETF

ETHWBBitwise Ethereum ETF

In short

ETH The cheap seat in spot ether. A grantor trust that does one thing (hold ether, track its index price) for 0.15% a year, well under the going rate for the category, from a 2024 launch class that is still finding its pecking order.

ETHW Spot 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

ETH The Trust passively seeks to have Shares, measured by Ether per Share, reflect the value of its Ether holdings using the Index Price, after expenses and other liabilities.

ETHW 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

  • ETH 0.15% a year, versus 0.25% for the typical spot-ether fund. Among funds tracking the same reference, only EZET lists less at 0.00%.
  • The mandate is narrow and it is honored: hold ether, reflect the Index Price after expenses. One of the tightest implementations in its spot-ether peer group.
  • Assets run into the billions and shares trade actively, which puts it among the easier names to get into and out of in a young category.
  • ETHW Holds ether outright and values it off an ether pricing benchmark. No futures, no swaps, no leverage layered on top.
  • The 0.20% fee undercuts the 0.25% that is typical across spot-ether ETFs.
  • Bitwise 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
  • Launched 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

  • ETH This is spot ether, undiluted. Price swings are large in both directions and the trust is built to pass them straight through, not to cushion them.
  • No distributions. Whatever happens here comes from ether's price, less the 0.15% fee, with nothing paid out along the way.
  • Launched in 2024, so the history is thin and our risk read leans on roughly a year of data rather than a full market cycle.
  • ETHW Cheaper spot-ether options exist: Franklin's EZET at 0% and Grayscale's ETH at 0.15%.
  • Structured as a grantor trust, not a registered fund, so the usual fund-level protections do not apply.
  • Ether is a volatile asset, and this is a single-asset fund with no diversification and no income distributions.

Full ETH profile⁠

Full ETHW profile⁠

ETH vs ETHW Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ETH vs ETHW Cost

Overpaying ETHW vs ETH

$1,018

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ETH 0.15%

    $3,137

  • ETHW 0.20%

    $4,155

$10,000
30 years

Cost over time

  • ETH 0.15%
  • ETHW 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530ETHW $4,155ETH $3,137

Year by year

YearETHETHWOverpaying
10$274$365$91
20$1,071$1,421$350
30$3,137$4,155$1,018

Expense ratio

  • 0.15%ETH, cheaper
  • 0.20%ETHW
  • Middle half of Spot Ether funds
  • Median 0.21%

ETH 2nd cheapest of 11 funds

ETHW 4th cheapest of 11 funds

ETH vs ETHW Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
ETH No data
ETHW None
Last payment
ETH $0.04
ETHW No data
Ex-dividend
ETH Oct 5, 2026
ETHW No data
Paid on
ETH Oct 6, 2026
ETHW No data
Frequency
ETH Monthly
ETHW No data

Distribution history

Per share, 2026, same scale for both

ETHMonthly · 2 paymentsAll ETH payments⁠
One bar per payment. 2 payments in 2026 YTD. Sep 3, 2026 $0.04; Oct 5, 2026 $0.04. Use the arrow keys to read each point.$0$0.032026YTD
ETHWAll ETHW payments⁠

No distribution history available.

ETH vs ETHW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETH 75.5%since Aug 2024ETHW 75.5%since Aug 2024Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
ETH 0.07since Aug 2024ETHW 0.06since Aug 2024
Worst fallMax drawdown, 5 years
ETH −67.5%since Jul 2024ETHW −67.9%since Jul 2024
Market sensitivityBeta, 5 years
ETH 2.54ETHW 2.55

ETH and ETHW in the news

All news⁠

Popular comparisons

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