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ETHW vs MSSE

Bitwise Ethereum ETF

ETHWBNYSE Arca

Morgan Stanley Ethereum Trust

MSSEANYSE Arca

Overlap

100%by weight

Expense ratio

MSSE −0.06pt a year

ETHW0.20%MSSE0.14%

Avg volume · 30D

ETHW 5.5×the volume

ETHW754KMSSE137K

ETHW vs MSSE Performance

Jul 31, 2026 – Oct 30, 2026

+19.7%ETHW+19.9%MSSE

Jul 31, 2026 to Oct 30, 2026. ETHW +19.7%. MSSE +19.9%. Use the arrow keys to read each point.0%30%40%50%Jul 2026Sep 2026Oct 2026
Expense ratio
ETHW 0.20%
MSSE 0.14%, better
Fund size
ETHW $244M
MSSE $48M
1Y total return
ETHW −42.6%
MSSE No data
Holdings
ETHW 1
MSSE 1
Avg volume (30D)
ETHW 754K sh, better
MSSE 137K sh
NAV per share
ETHW $16.66
MSSE $24.00
52W range

ETF.net Grade

ETHW: Cost 70, Risk 38, Mission 100, Tradability 38, Holdings not scored, Durability 47. MSSE: Cost 96, Risk 95, Mission not scored, Tradability 38, Holdings 100, Durability 31.
Pillar letters and Scores for ETHW, MSSE, with each pillar’s weight
PillarETHWMSSE
Cost30% weightA70A96Higher
Mission25% weightA100Not scored
Risk15% weightD38A95Higher
Tradability15% weightD38D38
Holdings10% weightNot scoredA100
Durability5% weightC47HigherD31

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 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 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

ETHWBBitwise Ethereum ETF

MSSEAMorgan Stanley Ethereum Trust

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.

MSSE No data

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.

MSSE No data

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

MSSE No data

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.

MSSE No data

Full ETHW profile⁠

Full MSSE profile⁠

ETHW vs MSSE Holdings

How ETHW and MSSE differ

Overlap by weight

100%

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

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for ETHW and MSSE.

Country, concentration and asset class

Country by domicile

No country split for ETHW.

Concentration

Weight in the 10 largest Holdings

  • ETHW100.0%
  • MSSE100.0%

Securities held

  • ETHW1
  • MSSE1

Asset class

ETHW
Alternatives
MSSE
Alternatives

Holdings

  • Only in ETHW0
  • In both1
  • Only in MSSE0

Only in ETHW

0 securities, 0.0% of ETHW by weight

Only in MSSE

0 securities, 0.0% of MSSE by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in ETHW and MSSE, widest gap first
HoldingMore in ETHWMore in MSSE
EthereumSame weight

All 1 ETHW holdings⁠All 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.

ETHW vs MSSE Cost

Overpaying ETHW vs MSSE

$1,223

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

  • ETHW 0.20%

    $4,155

  • MSSE 0.14%

    $2,932

$10,000
30 years

Cost over time

  • ETHW 0.20%
  • 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$4K$5K051015202530ETHW $4,155MSSE $2,932

Year by year

YearETHWMSSEOverpaying
10$365$256$109
20$1,421$1,000$421
30$4,155$2,932$1,223

Expense ratio

  • 0.20%ETHW
  • 0.14%MSSE, cheaper
  • Middle half of Spot Ether funds
  • Median 0.21%

MSSE cheapest of 11 funds

ETHW 4th cheapest of 11 funds

ETHW vs MSSE Dividends

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

Distribution history

ETHWAll ETHW payments⁠

No distribution history available.

MSSEAll MSSE payments⁠

No distribution history available.

ETHW vs MSSE 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 2024MSSE No data
Return per unit of riskSharpe ratio, 3 years
ETHW 0.06since Aug 2024MSSE No data
Worst fallMax drawdown, 5 years
ETHW −67.9%since Jul 2024MSSE No data
Market sensitivityBeta, 5 years
ETHW 2.55MSSE 0.00

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