Skip to content
etf.net

ETHW vs FETH

Bitwise Ethereum ETF

ETHWBNYSE Arca

Fidelity Ethereum Fund

FETHBCboe

Overlap

100%by weight

Expense ratio

ETHW −0.05pt a year

ETHW0.20%FETH0.25%

Avg volume · 30D

FETH 2.6×the volume

ETHW754KFETH1.94M

ETHW vs FETH Performance

Oct 31, 2025 – Oct 30, 2026

−42.6%ETHW−42.7%FETH

Oct 31, 2025 to Oct 30, 2026. ETHW −42.6%. FETH −42.7%. Use the arrow keys to read each point.−60%−30%−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
ETHW 0.20%, better
FETH 0.25%
Fund size
ETHW $244M
FETH $1.59B
1Y total return
ETHW −42.6%, better
FETH −42.7%
Holdings
ETHW 1
FETH 2
Avg volume (30D)
ETHW 754K sh
FETH 1.94M sh, better
NAV per share
ETHW $16.66
FETH $22.19
52W range

ETF.net Grade

ETHW: Cost 70, Risk 38, Mission 100, Tradability 38, Holdings not scored, Durability 47. FETH: Cost 30, Risk 38, Mission 100, Tradability 70, Holdings not scored, Durability 67.
Pillar letters and Scores for ETHW, FETH, with each pillar’s weight
PillarETHWFETH
Cost30% weightA70HigherD30
Mission25% weightA100A100
Risk15% weightD38D38
Tradability15% weightD38A70Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC47B67Higher

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. ETHW and FETH 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 ›

ETHW ranks 4th and FETH 7th 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
  6. Rank 6BTETH21Shares Ethereum ETFScore 62
  7. Rank 7BFETHFidelity Ethereum FundScore 59
  8. Rank 8BETHAiShares Ethereum Trust ETFScore 58

Our read on each fund

ETF.net Research

ETHWBBitwise Ethereum ETF

FETHBFidelity Ethereum Fund

In short

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.

FETH Fidelity's spot ether fund keeps the coins in-house: the ether sits with Fidelity Digital Assets, a New York-chartered trust company, instead of being farmed out to a third-party custodian like most of the shelf.

Stated mandate

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.

FETH The Trust aims to track ether's performance through the Fidelity Ethereum Reference Rate, after accounting for the Trust's expenses and other liabilities.

Why people hold it

  • 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
  • FETH Fidelity custodies its own fund's ether through Fidelity Digital Assets, chartered by New York regulators since 2019, a setup no other digital-asset ETP issuer had at launch.fidelity.comfidelitydigitalassets.com
  • Plain ether, no derivatives: the trust holds the coin and tracks the Fidelity Ethereum Reference Rate after expenses, and it has stayed very close to that rate.fidelity.com
  • One of the original July 2024 spot ether launches and an actively traded name in the group, which tends to show up as tighter spreads for buyers.

Worth knowing

  • 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.
  • FETH The 0.25% sponsor fee sits at the top of this group: Grayscale's ETH charges 0.15% and Bitwise's ETHW 0.20% for the same spot exposure.
  • It is a grantor trust, not a 1940 Act fund, so the usual mutual fund and ETF investor protections do not apply.
  • No distributions here. It is pure price exposure to one volatile asset, and the ride reflects that.fidelity.com

Full ETHW profile⁠

Full FETH profile⁠

ETHW vs FETH Holdings

How ETHW and FETH differ

Overlap by weight

100%

Shared holdings make up 100% of FETH and 100% of ETHW.

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for ETHW and FETH.

Country, concentration and asset class

Country by domicile

No country split for ETHW and FETH.

Concentration

Weight in the 10 largest Holdings

  • ETHW100.0%
  • FETH100.0%

Securities held

  • ETHW1
  • FETH1

Asset class

ETHW
Alternatives
FETH
Alternatives

Holdings

  • Only in ETHW0
  • In both1
  • Only in FETH0

Only in ETHW

0 securities, 0.0% of ETHW by weight

Only in FETH

0 securities, 0.0% of FETH by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in ETHW and FETH, widest gap first
HoldingMore in ETHWMore in FETH
EthereumFETH +0.03 points

All 1 ETHW holdings⁠All FETH 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.

ETHW vs FETH Cost

Overpaying FETH vs ETHW

$1,004

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

  • ETHW 0.20%

    $4,155

  • FETH 0.25%

    $5,159

$10,000
30 years

Cost over time

  • ETHW 0.20%
  • FETH 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530FETH $5,159ETHW $4,155

Year by year

YearETHWFETHOverpaying
10$365$455$90
20$1,421$1,769$348
30$4,155$5,159$1,004

Expense ratio

  • 0.20%ETHW, cheaper
  • 0.25%FETH
  • Middle half of Spot Ether funds
  • Median 0.21%

ETHW 4th cheapest of 11 funds

FETH 7th cheapest of 11 funds

ETHW vs FETH Dividends

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

Distribution history

ETHWAll ETHW payments⁠

No distribution history available.

FETHAll FETH payments⁠

No distribution history available.

ETHW vs FETH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHW 75.5%since Aug 2024FETH 75.4%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
ETHW 0.06since Aug 2024FETH 0.06since Aug 2024Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
ETHW −67.9%since Jul 2024FETH −67.9%since Jul 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
ETHW 2.55FETH 2.54

ETHW and FETH in the news

All news⁠

Popular comparisons

  • ETHWBvsETHA

    Bitwise Ethereum ETF · Grayscale Ethereum Mini Trust ETF

    Expense ratio
    0.20% · 0.15%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FETHBvsETHA

    Fidelity Ethereum Fund · Grayscale Ethereum Mini Trust ETF

    Expense ratio
    0.25% · 0.15%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ETHWBvsMSSEA

    Bitwise Ethereum ETF · Morgan Stanley Ethereum Trust

    Expense ratio
    0.20% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FETHBvsMSSEA

    Fidelity Ethereum Fund · Morgan Stanley Ethereum Trust

    Expense ratio
    0.25% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ETHWBvsETHVB

    Bitwise Ethereum ETF · VanEck Ethereum ETF

    Expense ratio
    0.20% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FETHBvsETHVB

    Fidelity Ethereum Fund · VanEck Ethereum ETF

    Expense ratio
    0.25% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.