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ETHA vs MSSE

iShares Ethereum Trust ETF

ETHABNasdaq

Morgan Stanley Ethereum Trust

MSSEANYSE Arca

Overlap

Expense ratio

MSSE −0.11pt a year

ETHA0.25%MSSE0.14%

Avg volume · 30D

ETHA 84.6×the volume

ETHA11.6MMSSE137K

ETHA vs MSSE Performance

Jul 31, 2026 – Oct 30, 2026

+19.5%ETHA+19.9%MSSE

Jul 31, 2026 to Oct 30, 2026. ETHA +19.5%. MSSE +19.9%. Use the arrow keys to read each point.0%30%40%50%Jul 2026Sep 2026Oct 2026
Expense ratio
ETHA 0.25%
MSSE 0.14%, better
Fund size
ETHA $6.98B
MSSE $48M
1Y total return
ETHA −42.8%
MSSE No data
Holdings
ETHA 2
MSSE 1
Avg volume (30D)
ETHA 11.6M sh, better
MSSE 137K sh
NAV per share
ETHA $50.42
MSSE $24.00
52W range

ETF.net Grade

ETHA: Cost 30, Risk 38, Mission 100, Tradability 59, Holdings not scored, Durability 87. MSSE: Cost 96, Risk 95, Mission not scored, Tradability 38, Holdings 100, Durability 31.
Pillar letters and Scores for ETHA, MSSE, with each pillar’s weight
PillarETHAMSSE
Cost30% weightD30A96Higher
Mission25% weightA100Not scored
Risk15% weightD38A95Higher
Tradability15% weightB59HigherD38
Holdings10% weightNot scoredA100
Durability5% weightA87HigherD31

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. ETHA 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 ›

MSSE ranks 2nd and ETHA 8th 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 7BFETHFidelity Ethereum FundScore 59
  5. Rank 8BETHAiShares Ethereum Trust ETFScore 58
  6. Rank 9CQETHInvesco Galaxy Ethereum ETFScore 54

Our read on each fund

ETF.net Research

ETHABiShares Ethereum Trust ETF

MSSEAMorgan Stanley Ethereum Trust

In short

ETHA The iShares take on ether: hold the actual coin, track its price, skip the wallet and the seed phrase. Launched in 2024, it has grown into a multi-billion-dollar fund and one of the most heavily traded ways to own ether in a brokerage account.

MSSE No data

Stated mandate

ETHA The fund seeks to track the price performance of ether, the native token of the Ethereum network.

MSSE No data

Why people hold it

  • ETHA Spot, not futures. The trust holds ether itself and tracks the ETHUSDNY reference rate, so there is no futures roll and no self-custody to manage.ishares.com
  • A multi-billion-dollar fund that trades very actively, which generally translates into tight spreads and easy entries and exits.
  • It has stayed tight to the ether price it targets. Tracking is the entire product here, and this one delivers it about as closely as the category gets.
  • The 0.25% fee is a fraction of what Grayscale's legacy ETHE trust (2.50%) charges for the same spot ether exposure.

MSSE No data

Worth knowing

  • ETHA That 0.25% sits right at the category median. The same ether exposure costs less at EZET (0.00%), ETH (0.15%) and ETHW (0.20%).
  • No income. The trust holds ether and nothing else, so it makes no distributions and moves with a notoriously volatile asset in both directions.
  • Short history: trading began in 2024, so the record does not yet span a full crypto cycle.

MSSE No data

Full ETHA profile⁠

Full MSSE profile⁠

ETHA 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.

ETHA vs MSSE Cost

Overpaying ETHA vs MSSE

$2,227

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

  • ETHA 0.25%

    $5,159

  • MSSE 0.14%

    $2,932

$10,000
30 years

Cost over time

  • ETHA 0.25%
  • MSSE 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530ETHA $5,159MSSE $2,932

Year by year

YearETHAMSSEOverpaying
10$455$256$199
20$1,769$1,000$769
30$5,159$2,932$2,227

Expense ratio

  • 0.25%ETHA
  • 0.14%MSSE, cheaper
  • Middle half of Spot Ether funds
  • Median 0.21%

MSSE cheapest of 11 funds

ETHA 7th cheapest of 11 funds

ETHA vs MSSE Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
ETHA None
MSSE None

Distribution history

ETHAAll ETHA payments⁠

No distribution history available.

MSSEAll MSSE payments⁠

No distribution history available.

ETHA vs MSSE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHA 75.4%since Aug 2024MSSE No data
Return per unit of riskSharpe ratio, 3 years
ETHA 0.06since Aug 2024MSSE No data
Worst fallMax drawdown, 5 years
ETHA −67.9%since Jul 2024MSSE No data
Market sensitivityBeta, 5 years
ETHA 2.54MSSE 0.00

ETHA and MSSE in the news

All news⁠

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