At a glance
ETH charges 0.15% a year, below the 0.16% average of the 7 funds most like it (the 3rd cheapest of 7). It has $1.35B in assets, the 2nd largest of that group; it paid 0.31% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −43.2% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds.
The short version
Grayscale Ethereum Mini Trust ETF (ETH) holds ether, the digital currency of the Ethereum network. It holds the ether directly, through a grantor trust rather than a standard fund. Its 0.15% annual sponsor fee is lower than most funds that hold ether directly, though two list 0%. Like ether itself, it swings sharply: it fell 43.2% in the year to October 27, 2026.
Price history
The interactive chart needs JavaScript.
ETH -43.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ETH price data to Oct 27, 2026 | -20.1% | -43.2% | — | — | — | -15.3% |
- Over the year to Oct 27, 2026, ETH returned -43.2%, 1st of 7 among similar funds.
- Its worst full calendar year was 2025 (-10.9%); its best was 2025 (-10.9%).
- The deepest fall in its price history was 67.5% (Aug 22, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -20.1% |
| 2025 | -10.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0700 |
What's inside
The trust holds ether directly, worth $1.35B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
ETH does not track a stock index or pick holdings. It is a grantor trust that owns one asset: ether. Each share is a small slice of the ether the trust holds, so its value rises and falls with the price of ether, minus expenses. As of June 30, 2026, the trust's quarterly report valued its ether at about $1.35 billion. There is nothing to rebalance, because there is nothing else in the portfolio.
The trust is registered under the Securities Act of 1933. It is not an investment company under the Investment Company Act of 1940, so it lacks some of the investor protections that cover ordinary funds. The 0.15% sponsor fee comes out of the trust's assets, which slowly shrinks the amount of ether behind each share over time. Shares trade on an exchange. Large dealers can create or redeem shares, which helps keep the market price close to the value of the ether held, though gaps can open.
The trust's value depends entirely on the Ethereum network. Its annual report, filed February 25, 2026, lists risks that include software "forks" that split the network into separate chains, flaws in smart contracts (programs that run automatically on the blockchain), changes to how new ether is issued, and limited use of ether for everyday payments.
What it really costs
- ETH charges 0.15% a year, versus an average of 0.16% for the similar funds below (3rd of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
ETH holds a single, highly volatile cryptocurrency, produces almost no income and has a short track record, so it fits only as a small add-on.
ETH can add ether exposure to a portfolio, but it brings very large price swings and almost no income. It launched July 23, 2024, so it did not exist during the 2008, 2020 or 2022 market declines, and there is no record of how it would have held up. Its own history is rough. From a peak on August 22, 2025, it fell 67.5% by June 25, 2026, and it had not recovered as of October 27, 2026. Its only full calendar year, 2025, ended down 10.9%. Anyone who had to sell shares during a slump like that would lock in deep losses. Payouts came to a 0.31% yield over the 12 months to October 27, 2026, paid twice a year, which is too little to count on. The 0.15% fee is low for an ether fund. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want ether exposure in a regular brokerage account without buying ether on a crypto trading platform and storing it themselves.
- Cost-conscious investors comparing ether funds: ETH's 0.15% sponsor fee is below the 0.25% charged by ETHA, FETH and QETH.
- Investors keeping a small, high-risk slice who can sit through drops like the 67.5% fall from August 2025 to June 2026.
Look elsewhere if
- Investors who need income: the yield was 0.31% as of October 27, 2026, and the trust holds no income-producing assets.
- Anyone who may need to sell within a few years: the 1-year return was -43.2% as of October 27, 2026.
- Investors who want the protections of a 1940 Act fund and a long track record; this grantor trust has neither, having launched in July 2024.
Close alternatives
Matched by other funds that hold ether directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ETH this fund | 0.15% | $1.35B | -43.2% | — |
| ETHA iShares Ethereum Trust ETF | 0.25% | $4.29B | -44.4% | — |
| FETH Fidelity Ethereum Fund ETF | 0.25% | $758.8M | -44.2% | — |
| ETHW Bitwise Ethereum ETF | 0% | $168.5M | -44.3% | — |
| ETHV VanEck Ethereum ETF | 0.2% | $77.8M | -44.3% | — |
| QETH Invesco Galaxy Ethereum ETF | 0.25% | $15.6M | -44.3% | — |
| CETH 21Shares Core Ethereum ETF | 0% | $8.4M | — | — |
| ETHE Grayscale Ethereum Trust ETF | — | $1.22B | -44.6% | — |
Questions investors ask
Is ETH a good investment for retirement?
ETH is a high-risk holding, not a core one. It holds only ether, and its price swings were about 65% a year (annualized volatility) in the year to October 27, 2026. It fell 67.5% from August 2025 to June 2026 and had not recovered by October 27, 2026. It pays almost no income. It may suit retirement savers who want a small slice of crypto and can live with deep, long drops.
What's the difference between ETH and ETHA?
Both hold ether directly, and the main differences are cost and size. ETH, from Grayscale, charges a 0.15% sponsor fee. The iShares Ethereum Trust ETF (ETHA) charges 0.25%. ETHA is much larger, with about $4.29 billion in assets as of June 30, 2026, compared with about $1.35 billion for ETH. Over the year to October 27, 2026, ETH returned -43.2% and ETHA returned -44.4%.
What's the difference between ETH and ETHE?
Both are Grayscale trusts that hold ether directly, but they are separate funds with separate fees and assets. ETH, the "Mini" trust, charges a 0.15% sponsor fee. Grayscale Ethereum Trust ETF (ETHE) held about $1.22 billion as of June 30, 2026, compared with about $1.35 billion for ETH. Over the year to October 27, 2026, ETHE returned -44.6% and ETH returned -43.2%. ETHE's fee is worth checking before comparing the two.
Does ETH pay dividends?
ETH has made small payouts, but it is not an income fund. Distributions came to about $0.07 per share over the 12 months to October 27, 2026, a yield of 0.31%, paid twice a year. Ether itself pays no interest or dividends, and the trust holds no income-producing assets. The fund's value comes almost entirely from changes in the price of ether.
What is the expense ratio of ETH?
ETH charges a 0.15% annual sponsor fee, or about $15 a year for every $10,000 invested. The fee comes out of the trust's assets, not out of your account. Among seven funds that hold ether directly, ETH's cost ranks 3rd lowest. The group averages 0.16%. ETHA, FETH and QETH charge 0.25%, VanEck's ETHV charges 0.20%, and Bitwise's ETHW and 21Shares' CETH list 0%.