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ETHW vs QETH

Bitwise Ethereum ETF

ETHWBNYSE Arca

Invesco Galaxy Ethereum ETF

QETHCCboe

Overlap

0.0%by weight

Expense ratio

ETHW −0.05pt a year

ETHW0.20%QETH0.25%

Avg volume · 30D

ETHW 20.8×the volume

ETHW735KQETH35.3K

ETHW vs QETH Performance

Nov 7, 2025 – Nov 9, 2026

−38.8%ETHW−38.8%QETH

Nov 7, 2025 to Nov 9, 2026. ETHW −38.8%. QETH −38.8%. Use the arrow keys to read each point.−30%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
ETHW 0.20%, better
QETH 0.25%
Fund size
ETHW $244M
QETH $19M
1Y total return
ETHW −38.8%
QETH −38.8%
Holdings
ETHW 1
QETH 1
Avg volume (30D)
ETHW 735K sh, better
QETH 35.3K sh
NAV per share
ETHW $15.93
QETH $22.13
52W range

ETF.net Grade

ETHW: Cost 70, Risk 39, Mission 100, Tradability 38, Holdings not scored, Durability 47. QETH: Cost 30, Risk 39, Mission 100, Tradability 43, Holdings not scored, Durability 43.
Pillar letters and Scores for ETHW, QETH, with each pillar’s weight
PillarETHWQETH
Cost30% weightA70HigherD30
Mission25% weightA100A100
Risk15% weightD39D39
Tradability15% weightD38C43Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC47HigherC43

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 QETH 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 QETH 9th of 11 funds in the Spot Ether Category.

  1. Rank 1AETHGrayscale Ethereum Mini Trust ETFScore 82
  2. Rank 2AMSSEMorgan Stanley Ethereum TrustScore 77
  3. Rank 3BETHVVanEck Ethereum ETFScore 68
  4. Rank 4BETHWBitwise Ethereum ETFScore 66
  5. Rank 5BEZETFranklin Ethereum ETFScore 63
  6. Rank 7BFETHFidelity Ethereum FundScore 59
  7. Rank 9CQETHInvesco Galaxy Ethereum ETFScore 53
  8. Rank 10CETHEGrayscale Ethereum Staking ETFScore 52

Our read on each fund

ETF.net Research

ETHWBBitwise Ethereum ETF

QETHCInvesco Galaxy Ethereum ETF

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.

QETH Invesco paired with crypto specialist Galaxy for a no-frills spot ether trust: it holds the coin and marks it against the Lukka Prime reference rate. True to its mandate, priced at the category median, smaller than the field's heavyweights.

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.

QETH The Trust seeks to reflect the performance of ether’s spot price, measured using the Lukka Prime Ethereum Reference Rate.

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
  • QETH One job, tightly defined: hold ether and reflect its spot price via the Lukka Prime Ethereum Reference Rate. One of the closest mandate matches in the spot ether group.invesco.com
  • At 0.25% it sits right at the median fee for spot ether funds, the same sticker as Fidelity's FETH and BlackRock's ETHA.
  • Ether exposure through a brokerage account. It's a grantor trust holding the coin itself, so no exchange logins, wallets or private keys on your end.invesco.com

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.
  • QETH One of the smaller, less-traded names in a ten-fund cohort. Thinner volume can mean wider spreads and more price impact on bigger orders.
  • Several rivals tracking the same thing list lower fees, including Grayscale's mini trust ETH at 0.15%.
  • Straight ether price exposure with no distributions, and a track record that only starts at the 2024 launch.

Full ETHW profile⁠

Full QETH profile⁠

ETHW vs QETH Holdings

How ETHW and QETH differ

Overlap by weight

0.0%

Level by level

  • Holdings0 in both0.0%
  • Asset classAlternatives100%

Sector

No Sector split for ETHW and QETH.

Country, concentration and asset class

Country by domicile

No country split for ETHW and QETH.

Concentration

Weight in the 10 largest Holdings

  • ETHW100.0%
  • QETH100.0%

Securities held

  • ETHW1
  • QETH1

Asset class

ETHW
Alternatives
QETH
Alternatives

Holdings

  • Only in ETHW1
  • In both0
  • Only in QETH1

Only in ETHW

1 security, 100% of ETHW by weight

  • Ethereum100.00%

Only in QETH

1 security, 100% of QETH by weight

  • Physical Ether100.00%

Weight gaps

ETHW and QETH share no securities.

All 1 ETHW holdings⁠All QETH 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 QETH Cost

Overpaying QETH vs ETHW

$1,004

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

  • ETHW 0.20%

    $4,155

  • QETH 0.25%

    $5,159

$10,000
30 years

Cost over time

  • ETHW 0.20%
  • QETH 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530QETH $5,159ETHW $4,155

Year by year

YearETHWQETHOverpaying
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%QETH
  • Middle half of Spot Ether funds
  • Median 0.21%

ETHW 4th cheapest of 11 funds

QETH 7th cheapest of 11 funds

ETHW vs QETH Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
ETHW None
QETH None

Distribution history

ETHWAll ETHW payments⁠

No distribution history available.

QETHAll QETH payments⁠

No distribution history available.

ETHW vs QETH 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 2024QETH 75.3%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
ETHW 0.06since Aug 2024QETH 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 2024QETH −67.9%since Jul 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
ETHW 2.63QETH 2.62

Popular comparisons

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