At a glance
ETHA charges 0.25% a year, above the 0.14% average of the 7 funds most like it (the 4th cheapest of 6). It has $4.29B in assets, the largest of that group. Over the past year it returned −44.4% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds.
The short version
iShares Ethereum Trust ETF (ETHA) is a grantor trust, sponsored by a BlackRock subsidiary, that holds ether directly and aims to track its price before expenses. It is the largest of the eight ether funds compared here, with $4.29 billion in assets as of June 30, 2026. Its 0.25% sponsor fee is above the 0.14% average for similar funds, and it earns no staking rewards or income.
Price history
The interactive chart needs JavaScript.
ETHA -44.4% 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 | |
|---|---|---|---|---|---|---|
| ETHA price data to Oct 27, 2026 | -21.3% | -44.4% | — | — | — | -16.1% |
- Over the year to Oct 27, 2026, ETHA returned -44.4%, 6th of 7 among similar funds.
- Its worst full calendar year was 2025 (-11.3%); its best was 2025 (-11.3%).
- The deepest fall in its price history was 67.9% (Aug 22, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.3% |
| 2025 | -11.3% |
| 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 |
What's inside
The trust holds ether directly, worth $4.29B 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
ETHA does not follow a stock or bond index. It aims to track the price of ether, the cryptocurrency of the Ethereum network, before fees. No one manages the holdings, and the trust makes no attempt to profit from price swings or to soften them. Each share is a small, equal slice of the trust's assets, and those assets are almost entirely ether.
New shares are created in blocks of 40,000, called Baskets, by Authorized Participants (large broker-dealers). They pay in cash, and the trust then acquires ether through approved trading firms or through Coinbase, Inc., its prime execution agent. Coinbase Custody Trust Company keeps the ether, and the private keys, in segregated accounts. Anchorage Digital Bank is a backup custodian. The Bank of New York Mellon holds the trust's cash and runs its administration. The trust pays its 0.25% fee by giving up small amounts of ether, so the ether behind each share shrinks slowly over time.
The trust will not stake its ether (lock it up to help run the network in return for rewards). It is not registered under the Investment Company Act of 1940, so it lacks some protections that ordinary mutual funds and ETFs have, such as limits on dealings with affiliates. Shares trade on Nasdaq until 4 p.m. Eastern, but ether trades around the clock. The share price can drift above or below the value of the ether it holds, called net asset value (NAV), especially after big moves overnight.
What it really costs
- ETHA charges 0.25% a year, versus an average of 0.14% for the similar funds below (4th of 6, 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
ETHA holds a single, very volatile cryptocurrency and pays no income, so at most it fits a small slice next to a broader core portfolio.
ETHA launched in June 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its own short history has been rough. From a peak on August 22, 2025 to a low on June 25, 2026, it fell 67.9%, and it had not recovered as of October 27, 2026. Its only full calendar year, 2025, returned -11.3%. Its 1-year return was -44.4% and its 1-year volatility was 63.1% as of October 27, 2026. Anyone who may need cash from it during a bad stretch could be taking that cash after a deep loss. It pays no income, so all returns come from price changes. Its 0.25% fee is above the 0.14% average for similar funds. Past results don't predict future ones, 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 price exposure in an ordinary brokerage account, without managing crypto wallets, private keys or trading platforms themselves.
- People who prefer the largest ether fund in its peer group, $4.29 billion as of June 30, 2026, with Coinbase Custody holding the ether.
- Investors willing to keep a small position that can swing hard: 1-year volatility was 63.1% as of October 27, 2026.
Look elsewhere if
- Anyone who needs income: the trust has recorded no distributions and does not stake its ether for rewards.
- Cost-focused investors: the 0.25% fee is above the 0.14% peer average, and Bitwise Ethereum ETF (ETHW) lists a 0% expense ratio.
- People who can't tolerate deep losses: it fell 67.9% from August 2025 to June 2026 and hadn't recovered by October 27, 2026.
Close alternatives
Matched by other funds that hold ether directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ETHA this fund | 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 | — | — |
| ETH Grayscale Ethereum Mini Trust ETF | — | $1.35B | -43.2% | — |
| ETHE Grayscale Ethereum Trust ETF | — | $1.22B | -44.6% | — |
Questions investors ask
Does ETHA pay dividends?
No. ETHA has recorded no distributions. The trust holds ether and a little cash, and ether pays no interest or dividends. The trust also does not stake its ether, so it earns no staking rewards. It pays its 0.25% sponsor fee by giving up small amounts of ether. Any return comes only from changes in ether's price, which could matter to anyone hoping to draw regular income from a holding.
What's the difference between ETHA and FETH?
Very little in strategy. Both iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund ETF (FETH) hold ether directly and charge 0.25%. As of October 27, 2026, their 1-year returns were -44.4% for ETHA and -44.2% for FETH. The main differences are the sponsor and size. As of June 30, 2026, ETHA held $4.29 billion and FETH about $759 million. Larger funds may trade more heavily, which can mean tighter gaps between buy and sell prices.
Does ETHA earn staking rewards?
No. ETHA's annual report says neither the trust nor its sponsor or custodians will use its ether for staking, which means locking up ether to help run the Ethereum network in return for rewards. Someone who holds ether directly and stakes it may earn returns that ETHA does not. In exchange, ETHA holders skip managing wallets and keys, and Coinbase Custody Trust Company holds the ether for them.
What is ETHA's expense ratio?
ETHA charges a 0.25% sponsor fee, based on its annual report. That is above the 0.14% average for similar ether funds. It matches Fidelity Ethereum Fund ETF (FETH) and Invesco Galaxy Ethereum ETF (QETH). VanEck Ethereum ETF (ETHV) lists 0.20%, and Bitwise Ethereum ETF (ETHW) and 21Shares Core Ethereum ETF (CETH) list 0%. Because all these funds hold the same asset, cost is one of the few ways they differ.
Is ETHA a safe investment for retirement?
No. ETHA is high risk and does not fit a safety role. It fell 67.9% between August 22, 2025 and June 25, 2026, and it had not recovered as of October 27, 2026. It pays no income. It is also a grantor trust, not a 1940 Act fund, so it lacks some standard fund protections. At most it may suit a small satellite slice for someone who can wait out deep drops. Past results don't predict future ones.