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ETHE vs MSSE

Grayscale Ethereum Staking ETF

ETHECNYSE Arca

Morgan Stanley Ethereum Trust

MSSEANYSE Arca

Overlap

Expense ratio

MSSE −2.36pt a year

ETHE2.50%MSSE0.14%

Avg volume · 30D

ETHE 17.1×the volume

ETHE2.34MMSSE137K

ETHE vs MSSE Performance

Jul 31, 2026 – Oct 30, 2026

+19.2%ETHE+19.9%MSSE

Jul 31, 2026 to Oct 30, 2026. ETHE +19.2%. MSSE +19.9%. Use the arrow keys to read each point.0%30%40%50%Jul 2026Sep 2026Oct 2026
Expense ratio
ETHE 2.50%
MSSE 0.14%, better
Fund size
ETHE $1.54B
MSSE $48M
1Y total return
ETHE −43.1%
MSSE No data
Holdings
ETHE 1
MSSE 1
Avg volume (30D)
ETHE 2.34M sh, better
MSSE 137K sh
NAV per share
ETHE $17.92
MSSE $24.00
52W range

ETF.net Grade

ETHE: Cost 4, Risk 38, Mission 100, Tradability 76, Holdings not scored, Durability 73. MSSE: Cost 96, Risk 95, Mission not scored, Tradability 38, Holdings 100, Durability 31.
Pillar letters and Scores for ETHE, MSSE, with each pillar’s weight
PillarETHEMSSE
Cost30% weightF4A96Higher
Mission25% weightA100Not scored
Risk15% weightD38A95Higher
Tradability15% weightA76HigherD38
Holdings10% weightNot scoredA100
Durability5% weightA73HigherD31

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. ETHE 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 ETHE 10th 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 9CQETHInvesco Galaxy Ethereum ETFScore 54
  5. Rank 10CETHEGrayscale Ethereum Staking ETFScore 51
  6. Rank 11CETHBiShares Staked Ethereum Trust ETFScore 50

Our read on each fund

ETF.net Research

ETHECGrayscale Ethereum Staking ETF

MSSEAMorgan Stanley Ethereum Trust

In short

ETHE The original Grayscale ether vehicle, launched as a trust in 2017 and now an ETF that stakes its coins. It was the first US spot crypto fund to pass staking proceeds to holders. The trade-off: a 2.5% fee.

MSSE No data

Stated mandate

ETHE The fund seeks to track the value of Ether held by the Trust, while also reflecting staking rewards after expenses and other liabilities.

MSSE No data

Why people hold it

  • ETHE Staking is written into the mandate: the fund tracks the value of the ether it holds and reflects staking rewards earned on it, after expenses.
  • It made the first staking-reward distribution by a US spot crypto ETP in January 2026, after Grayscale switched staking on for its ether funds in October 2025.investingnews.com
  • A multi-billion-dollar, actively traded fund with a lineage back to 2017, so shares are rarely hard to move.

MSSE No data

Worth knowing

  • ETHE Cost is the headline trade-off: 2.5% a year, while Grayscale's own Ethereum Mini (ETH) offers staked ether exposure at 0.15%.grayscale.com
  • Staking adds moving parts: ether can sit locked during bonding and unstaking windows, may earn nothing in those gaps, and depends on validators and custodians.grayscale.com
  • Reward payouts are irregular by design. The fund earns rewards and distributes proceeds when it sells them, not on a fixed schedule.grayscale.com

MSSE No data

Full ETHE profile⁠

Full MSSE profile⁠

ETHE 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.

ETHE vs MSSE Cost

Overpaying ETHE vs MSSE

$35,737

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

  • ETHE 2.50%

    $38,669

  • MSSE 0.14%

    $2,932

$10,000
30 years

Cost over time

  • ETHE 2.50%
  • MSSE 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530ETHE $38,669MSSE $2,932

Year by year

YearETHEMSSEOverpaying
10$4,142$256$3,886
20$14,580$1,000$13,580
30$38,669$2,932$35,737

Expense ratio

  • 2.50%ETHE
  • 0.14%MSSE, cheaper
  • Middle half of Spot Ether funds
  • Median 0.21%

MSSE cheapest of 11 funds

ETHE 11th cheapest of 11 funds

ETHE vs MSSE Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
ETHE No data
MSSE None
Last payment
ETHE $0.03
MSSE No data
Ex-dividend
ETHE Oct 5, 2026
MSSE No data
Paid on
ETHE Oct 6, 2026
MSSE No data
Frequency
ETHE Monthly
MSSE No data

Distribution history

Per share, 2026, same scale for both

ETHEMonthly · 10 paymentsAll ETHE payments⁠
One bar per payment. 10 payments in 2026 YTD. Jan 5, 2026 $0.08; Feb 3, 2026 $0.03; Mar 3, 2026 $0.02; Apr 7, 2026 $0.02; May 5, 2026 $0.02; Jun 3, 2026 $0.02; Jul 7, 2026 $0.02; Aug 4, 2026 $0.02; Sep 3, 2026 $0.03; Oct 5, 2026 $0.03. Use the arrow keys to read each point.$0$0.052026YTD
MSSEAll MSSE payments⁠

No distribution history available.

ETHE vs MSSE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHE 84.8%MSSE No data
Return per unit of riskSharpe ratio, 3 years
ETHE 0.42MSSE No data
Worst fallMax drawdown, 5 years
ETHE −89.8%MSSE No data
Market sensitivityBeta, 5 years
ETHE 3.38MSSE 0.00

ETHE and MSSE in the news

All news⁠

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