ETH vs EZET

ETHAGrayscale Ethereum Mini Trust ETF

EZETBFranklin 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.

EZET One of the nine spot ether funds that opened the category on July 23, 2024. Franklin holds the coin directly at Coinbase Custody and charges 0.19%, mid-pack pricing from a 75-year-old fund house.

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.

EZET The fund is described as an actively managed exchange-traded fund.

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.

• EZET Plain plumbing: the trust holds ether itself, custodied by Coinbase, with share value struck off the CME CF Ether-Dollar Reference Rate.franklintempleton.com
• At 0.19% it sits mid-pack: below ETHV and ETHW at 0.20%, TETH at 0.21% and ETHA at 0.25%, above ETH at 0.15% and MSSE at 0.14%.
• Day-one vintage. It listed on Cboe BZX with the first US spot ether cohort in July 2024 and sits in the upper half of that peer group.sec.gov

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.

• EZET It trades far less than the category's largest ether funds, which can mean wider spreads and more price impact on bigger orders.
• No cash yield: the grantor trust simply holds ether and has paid no distributions, so return tracks the ether price less the 0.19% fee.
• Ether is volatile and the fund does nothing to cushion that; it carries the full move in either direction.

Full ETH profile⁠

Full EZET profile⁠