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ETHW vs TETH

Bitwise Ethereum ETF

ETHWBNYSE Arca

21Shares Ethereum ETF

TETHBCboe

Overlap

Expense ratio

ETHW −0.01pt a year

ETHW0.20%TETH0.21%

Avg volume · 30D

TETH 1.6×the volume

ETHW735KTETH1.17M

ETHW vs TETH Performance

Nov 7, 2025 – Nov 9, 2026

−38.8%ETHW−38.3%TETH

Nov 7, 2025 to Nov 9, 2026. ETHW −38.8%. TETH −38.3%. Use the arrow keys to read each point.−30%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
ETHW 0.20%, better
TETH 0.21%
Fund size
ETHW $244M
TETH $25M
1Y total return
ETHW −38.8%
TETH −38.3%, better
Holdings
ETHW 1
TETH 1
Avg volume (30D)
ETHW 735K sh
TETH 1.17M sh, better
NAV per share
ETHW $15.93
TETH $11.14
52W range

ETF.net Grade

ETHW: Cost 70, Risk 39, Mission 100, Tradability 38, Holdings not scored, Durability 47. TETH: Cost 52, Risk 39, Mission 100, Tradability 41, Holdings 100, Durability 29.
Pillar letters and Scores for ETHW, TETH, with each pillar’s weight
PillarETHWTETH
Cost30% weightA70HigherC52
Mission25% weightA100A100
Risk15% weightD39D39
Tradability15% weightD38C41Higher
Holdings10% weightNot scoredA100
Durability5% weightC47HigherD29

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 TETH 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 TETH 6th 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 6BTETH21Shares Ethereum ETFScore 60
  7. Rank 7BETHAiShares Ethereum Trust ETFScore 59

Our read on each fund

ETF.net Research

ETHWBBitwise Ethereum ETF

TETHB21Shares 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.

TETH 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.

TETH 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

TETH 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.

TETH No data

Full ETHW profile⁠

Full TETH profile⁠

ETHW vs TETH 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 TETH Cost

Overpaying TETH vs ETHW

$202

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

  • ETHW 0.20%

    $4,155

  • TETH 0.21%

    $4,357

$10,000
30 years

Cost over time

  • ETHW 0.20%
  • TETH 0.21%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530TETH $4,357ETHW $4,155

Year by year

YearETHWTETHOverpaying
10$365$383$18
20$1,421$1,491$70
30$4,155$4,357$202

Expense ratio

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

ETHW 4th cheapest of 11 funds

TETH 6th cheapest of 11 funds

ETHW vs TETH Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
ETHW None
TETH No data
Last payment
ETHW No data
TETH $0.03
Ex-dividend
ETHW No data
TETH Sep 29, 2026
Paid on
ETHW No data
TETH Sep 30, 2026
Frequency
ETHW No data
TETH Quarterly

Distribution history

Per share, 2026, same scale for both

ETHWAll ETHW payments⁠

No distribution history available.

TETHQuarterly · 4 paymentsAll TETH payments⁠
One bar per payment. 4 payments in 2026 YTD. Jan 8, 2026 $0.01; Mar 30, 2026 $0.01; Jun 29, 2026 $0.009; Sep 29, 2026 $0.03. Use the arrow keys to read each point.$0$0.032026YTD

ETHW vs TETH 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 2024TETH 59.5%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
ETHW 0.06since Aug 2024TETH −0.46since Aug 2025
Worst fallMax drawdown, 5 years
ETHW −67.9%since Jul 2024TETH −67.7%since Jul 2025
Market sensitivityBeta, 5 years
ETHW 2.63TETH 2.62

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