Ethereum ETF list: every US spot fund, fee and staking arrangement

The full list of US spot Ethereum ETFs

Every fund below holds ether itself with a qualified custodian. None of them uses futures, and none holds its exposure through another fund. They are ordered by size, because size drives the spread you cross each time you trade — and in this group the spread between the largest fund and the smallest is far wider than it is among the spot bitcoin funds.

The same warning applies to the assets column as everywhere else on this site. These trusts are one asset in a wrapper, so their dollar assets move with the ether price rather than with investor behaviour. A figure from a month ago can be badly wrong today.

Which funds stake, and how you get paid

Ether is a proof-of-stake asset. Lock it up as validator collateral and the network pays you for helping to secure it. That is the whole reason this page needs a second table: an ETF that stakes is harvesting a yield an unstaked fund simply forgoes, and the difference compounds. But the mechanism by which that yield reaches you varies enormously, and in one case the fund keeps a slice big enough to swamp the headline fee.

Grayscale got there first, and it deserves the credit. ETHE began staking on 6 October 2025 and became the first US crypto exchange-traded product to actually distribute staking rewards in cash to shareholders — $0.08318 per share, ex-date 5 January 2026, and monthly since. Everyone else was still writing filings. The catch is the sticker: ETHE charges 2.50%, and at that rate a plausible staking yield does not obviously cover the fee differential against a 0.15% fund that also stakes.

21Shares' TETH takes the middle road, staking 40% to 70% of holdings with at least quarterly cash distributions. Its 0.21% fee is fully waived until 8 October 2026, which makes it the only fund on this page that currently costs nothing to hold. Read that date carefully rather than the "0%" in a screener — waivers expire, and VanEck's bitcoin fund showed last year what that feels like when it happens.

Grayscale's Mini Trust (ETH) stakes too, but the rewards appear to accrue into net asset value rather than being paid out. That is not worse — arguably it is better, because nothing is taxable until you sell — but it means you will never see a distribution line on your statement and you should not expect one.

Staked and unstaked

Why BlackRock built a second fund instead of converting the first

This is the most interesting decision in the category, and it is widely misreported. BlackRock did not turn ETHA into a staking fund. It launched ETHB, the iShares Staked Ethereum Trust, as an entirely separate wrapper, and left the $8.4bn original alone.

ETHB stakes 70% to 95% of its holdings through three providers — Figment, Galaxy and Attestant — and distributes 82% of gross staking rewards to shareholders monthly. It keeps the other 18%.

Why not just convert ETHA? Four reasons, all of them sound. Slashing risk is the obvious one: a validator that misbehaves or double-signs can have collateral confiscated by the protocol, and BlackRock had no appetite for introducing a novel loss vector into an existing fund. Validator exit queues are the subtler and more important one: staked ether cannot be withdrawn instantly, and the queue lengthens precisely when everyone wants out at once. Redemption liquidity follows directly from that — an ETF must be able to meet authorised participant redemptions on demand, and a fund that has locked most of its assets into a queue with an unpredictable exit time has a genuine structural problem in a stress event.

And fourth, the plainest reason of all: you do not change the terms of an $8.4bn fund mid-life. Every existing ETHA holder bought a pure spot product. Rewriting what it does, under them, would have handed each of them a different investment than the one they chose. Building a second wrapper lets investors opt in, and it is the more honest route even if it splits the issuer's liquidity across two tickers.

The amendments still waiting

Five funds have staking amendments on file that we could not confirm as effective as of 2 September 2026. We are saying that plainly rather than implying otherwise, because several trackers list these funds as staking on the strength of the filing alone.

• Fidelity's FETH — filed 11 August 2026, seeking permission to stake up to 100% of holdings with quarterly cash distributions. The most aggressive proposal of the five by staking share.
• Franklin Templeton's EZET — amendment pending.
• Invesco Galaxy's QETH — amendment pending.
• VanEck's ETHV — amendment pending.
• BlackRock's own ETHA — pending, despite ETHB already running. If it ever goes effective, BlackRock would have two staking wrappers and an awkward conversation about which one an adviser should recommend.

None of these has been confirmed live. If you are buying one of these funds today, buy it as an unstaked fund and treat any future staking as upside rather than as part of the thesis. The regulation guide explains why an amendment can sit at the SEC for months without a public decision.

What these funds cost

Strip out staking for a moment and this is a commodity product. Every fund here holds the same token with a qualified custodian and tracks the same price, which leaves cost as the durable difference — and the spread runs from 0.14% to 2.50%.

Morgan Stanley's MSSE launched on 27 July 2026 at 0.14% and moved the fee floor for the asset class below Grayscale's Mini Trust at 0.15%. It is a small fund — about $44m — and it has named Figment as a staking provider without confirming that staking is operational, so it is cheap and incomplete rather than cheap and finished. The same sponsor did the same thing to the bitcoin category in April 2026 with MSBT, also at 0.14%.

At the other end, ETHE at 2.50% costs $625 a year on a $25,000 position against $35 for MSSE. Grayscale's answer to its own pricing is the same answer it gave in bitcoin: run a cheap Mini Trust alongside the expensive original and let holders move at their own pace. Both stake, and one costs roughly seventeen times the other.

How staking rewards are taxed

Briefly, because this deserves its own page rather than a paragraph. Under Revenue Ruling 2023-14, published by the IRS, the fair market value of staking rewards is included in gross income when the taxpayer gains dominion and control over them, and that value becomes the basis for a later disposal. A fund that pays rewards out in cash — ETHE, ETHB, TETH — is handing you something you have dominion over. A fund that accrues rewards into net asset value is not distributing anything, so nothing happens until you sell.

That is a real difference in an ordinary taxable account and largely irrelevant inside an IRA or a 401(k), which is one of the more concrete arguments for holding these funds in a retirement wrapper. Our tax guide works through the grantor-trust mechanics, the wash sale rule, and why the widely repeated 28% collectibles rate does not apply to these products.

Choosing between them

The decision is narrower than eleven funds makes it look, because the first question rules out most of the list.

1. Decide whether you want staking at all

   Staking adds yield and adds slashing risk, validator queue risk and a second layer of counterparty exposure to the staking providers. If you want the cleanest possible ether price exposure, ETHA is the largest and most liquid unstaked fund on the page.

2. If you want staking, compare net reward participation, not the fee

   ETHB keeps 18% of gross rewards. TETH pays out at least quarterly and stakes a smaller share. Grayscale's Mini Trust accrues into NAV. These are three different products wearing similar labels.

3. Check whether you want cash or compounding

   A monthly cash distribution is taxable income in a taxable account and cash you have to reinvest. Accrual into net asset value defers both problems. Neither is universally better; it depends on the account.

4. Read the waiver expiry date

   TETH is free until 8 October 2026 and 0.21% the day after. ETHB's promotional 0.12% runs to the first $2.5bn over twelve months. A screener showing 0% today is not showing you what you will pay next year — the fee page tracks the standing rates.

5. Use a limit order

   Several of these funds hold under $100m and quote accordingly, particularly in the first and last fifteen minutes of the session. Our order types guide covers the mechanics.

If you want ether alongside the rest of the market rather than on its own, the crypto ETF list covers every asset and structure, including the multi-asset index funds — though be warned that those are 77% to 80% bitcoin, so they are a poor substitute for a dedicated ether position. And if you would rather compare our actual picks than raw data, the best crypto ETFs page takes a view.