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ETHV vs ETHW

VanEck Ethereum ETF

ETHVBCboe

Bitwise Ethereum ETF

ETHWBNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

ETHV0.20%ETHW0.20%

Avg volume · 30D

ETHW 17.4×the volume

ETHV43.3KETHW754K

ETHV vs ETHW Performance

Oct 31, 2025 – Oct 30, 2026

−42.6%ETHV−42.6%ETHW

Oct 31, 2025 to Oct 30, 2026. ETHV −42.6%. ETHW −42.6%. Use the arrow keys to read each point.−60%−30%−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
ETHV 0.20%
ETHW 0.20%
Fund size
ETHV $101M
ETHW $244M
1Y total return
ETHV −42.6%
ETHW −42.6%
Holdings
ETHV 1
ETHW 1
Avg volume (30D)
ETHV 43.3K sh
ETHW 754K sh, better
NAV per share
ETHV $32.56
ETHW $16.66
52W range

ETF.net Grade

ETHV: Cost 70, Risk 38, Mission 100, Tradability 41, Holdings not scored, Durability 61. ETHW: Cost 70, Risk 38, Mission 100, Tradability 38, Holdings not scored, Durability 47.
Pillar letters and Scores for ETHV, ETHW, with each pillar’s weight
PillarETHVETHW
Cost30% weightA70A70
Mission25% weightA100A100
Risk15% weightD38D38
Tradability15% weightC41HigherD38
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. ETHV 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 ›

ETHV ranks 3rd 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

ETHVBVanEck Ethereum ETF

ETHWBBitwise Ethereum ETF

In short

ETHV A plain wrapper for spot ether: no overlay, no side strategy, just the coin's price minus a fee that undercuts the typical spot-ether fund. Part of the 2024 class that first brought ether into ordinary brokerage accounts.

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

ETHV The Trust passively seeks to track the price of Ether, less its operating expenses, without pursuing a separate investment strategy.

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

  • ETHV Charges 0.20% a year against a 0.25% median for spot-ether funds. On a pure price tracker, the fee is one of the few levers an issuer actually controls.
  • Mechanically simple: a grantor trust holding ether that passively tracks the coin's price, less expenses, with no separate investment strategy layered on top.vaneck.com
  • Tracking has stayed tight to spot ether, and the fund sits in the upper half of its spot-ether peer group on our review.
  • Launched in 2024 alongside the first US spot-ether ETFs, so it has run through a full cycle of crypto's mood swings rather than arriving after the fact.
  • 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

  • ETHV Ether swings hard, and this tracks it down as faithfully as up. The trust isn't built to pay income, so total return is price movement alone.
  • Trades moderately rather than heavily next to the category's largest funds, which can mean wider spreads, especially away from busy market hours.
  • Same coin, cheaper shelf-mates: ETH lists 0.15% and EZET 0.00%, so price isn't this fund's whole case.
  • 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 ETHV profile⁠

Full ETHW profile⁠

ETHV 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.

ETHV vs ETHW Cost

Same expense ratio

$4,155

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

  • ETHV 0.20%

    $4,155

  • ETHW 0.20%

    $4,155

$10,000
30 years

Cost over time

  • ETHV 0.20%
  • ETHW 0.20%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530ETHV $4,155ETHW $4,155

Year by year

YearETHVETHW
10$365$365
20$1,421$1,421
30$4,155$4,155

Expense ratio

  • 0.20%ETHV
  • 0.20%ETHW
  • Middle half of Spot Ether funds
  • Median 0.21%

ETHV 4th cheapest of 11 funds

ETHW 4th cheapest of 11 funds

ETHV vs ETHW Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
ETHV None
ETHW None

Distribution history

ETHVAll ETHV payments⁠

No distribution history available.

ETHWAll ETHW payments⁠

No distribution history available.

ETHV vs ETHW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHV 75.4%since Aug 2024ETHW 75.5%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
ETHV 0.06since Aug 2024ETHW 0.06since Aug 2024Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
ETHV −67.9%since Jul 2024ETHW −67.9%since Jul 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
ETHV 2.55ETHW 2.55Same figure. Both funds show the same value, so neither comes out ahead.

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