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ETH vs MSSE

Grayscale Ethereum Mini Trust ETF

ETHANYSE Arca

Morgan Stanley Ethereum Trust

MSSEANYSE Arca

Overlap

Expense ratio

MSSE −0.01pt a year

ETH0.15%MSSE0.14%

Avg volume · 30D

ETH 19.4×the volume

ETH2.67MMSSE137K

ETH vs MSSE Performance

Jul 31, 2026 – Oct 30, 2026

+20.0%ETH+19.9%MSSE

Jul 31, 2026 to Oct 30, 2026. ETH +20.0%. MSSE +19.9%. Use the arrow keys to read each point.0%30%40%50%Jul 2026Sep 2026Oct 2026
Expense ratio
ETH 0.15%
MSSE 0.14%, better
Fund size
ETH $2.09B
MSSE $48M
1Y total return
ETH −41.6%
MSSE No data
Holdings
ETH 1
MSSE 1
Avg volume (30D)
ETH 2.67M sh, better
MSSE 137K sh
NAV per share
ETH $21.34
MSSE $24.00
52W range

ETF.net Grade

ETH: Cost 88, Risk 50, Mission 100, Tradability 87, Holdings not scored, Durability 61. MSSE: Cost 96, Risk 95, Mission not scored, Tradability 38, Holdings 100, Durability 31.
Pillar letters and Scores for ETH, MSSE, with each pillar’s weight
PillarETHMSSE
Cost30% weightA88A96Higher
Mission25% weightA100Not scored
Risk15% weightC50A95Higher
Tradability15% weightA87HigherD38
Holdings10% weightNot scoredA100
Durability5% weightB61HigherD31

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 MSSE 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 MSSE 2nd 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

Our read on each fund

ETF.net Research

ETHAGrayscale Ethereum Mini Trust ETF

MSSEAMorgan Stanley Ethereum Trust

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.

MSSE No data

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.

MSSE No data

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.

MSSE No data

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.

MSSE No data

Full ETH profile⁠

Full MSSE profile⁠

ETH vs MSSE 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 MSSE Cost

Overpaying ETH vs MSSE

$205

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

  • ETH 0.15%

    $3,137

  • MSSE 0.14%

    $2,932

$10,000
30 years

Cost over time

  • ETH 0.15%
  • MSSE 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530ETH $3,137MSSE $2,932

Year by year

YearETHMSSEOverpaying
10$274$256$18
20$1,071$1,000$71
30$3,137$2,932$205

Expense ratio

  • 0.15%ETH
  • 0.14%MSSE, cheaper
  • Middle half of Spot Ether funds
  • Median 0.21%

MSSE cheapest of 11 funds

ETH 2nd cheapest of 11 funds

ETH vs MSSE Dividends

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

No distribution history available.

ETH vs MSSE 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 2024MSSE No data
Return per unit of riskSharpe ratio, 3 years
ETH 0.07since Aug 2024MSSE No data
Worst fallMax drawdown, 5 years
ETH −67.5%since Jul 2024MSSE No data
Market sensitivityBeta, 5 years
ETH 2.54MSSE 0.00

ETH and MSSE in the news

All news⁠

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