At a glance
ETHE charges 2.5% a year, above the 0.16% average of the 7 funds most like it (the most expensive of 7). It has $1.22B in assets, the 3rd largest of that group; it paid 1.54% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −44.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds.
The short version
Grayscale Ethereum Trust ETF (ETHE) is a grantor trust that holds ether, the cryptocurrency of the Ethereum network, directly. Its shares trade on an exchange like a stock. What sets it apart is cost: its 2.5% annual sponsor fee is the highest among seven similar ether funds, whose stated fees run from 0% to 0.25%. With $1.22 billion in assets as of June 30, 2026, it is one of the larger ones.
Price history
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ETHE -44.6% 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 | |
|---|---|---|---|---|---|---|
| ETHE price data to Oct 27, 2026 | -21.6% | -44.6% | — | — | — | -16.5% |
- Over the year to Oct 27, 2026, ETHE returned -44.6%, 7th of 7 among similar funds.
- Its worst full calendar year was 2025 (-13.0%); its best was 2025 (-13.0%).
- The deepest fall in its price history was 68.2% (Aug 22, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.6% |
| 2025 | -13.0% |
| 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) | $0.2900 |
What's inside
The trust holds ether directly, worth $1.22B 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
ETHE does not track a stock index or pick investments. It is a grantor trust that holds one asset: ether. Each share stands for a slice of the trust's ether, so the share value rises and falls with ether's price. In a grantor trust, investors are treated as owning their share of the trust's assets directly. The trust is registered under the Securities Act of 1933, not the Investment Company Act of 1940, which covers mutual funds and most ETFs. That means it lacks some protections that apply to ordinary funds.
The trust charges a 2.5% yearly sponsor fee, according to its 10-K annual report. Trusts like this one usually pay the fee by selling small amounts of the asset they hold, so the ether behind each share tends to shrink over time. The trust holds nothing that pays interest or dividends.
Since the trust owns only ether, holders take on the risks of the Ethereum network itself. The 10-K warns that software upgrades can split the network into separate chains (a "fork"). It also notes that Ethereum has changed how new ether is created, including its move to a proof-of-stake system. And it describes past failures in smart contracts, the programs that run on the network. After a 2016 hack drained about $60 million in ether from a project called The DAO, ether's price fell about 35%.
What it really costs
- ETHE charges 2.5% a year, versus an average of 0.16% for the similar funds below (7th 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
ETHE holds a single, highly volatile cryptocurrency with a short track record and a high fee, so at most it fits as a small, speculative slice next to a diversified core.
ETHE launched in July 2024, so it has no record through the 2008, 2020 or 2022 market downturns. Its own record is rough. It lost 13% in 2025, its only full calendar year, and 21.6% in 2026 through October 27. From its peak on August 22, 2025, to its low on June 25, 2026, it fell 68.2%. As of October 27, 2026, it had not recovered. Anyone forced to sell during that stretch would have locked in deep losses. Over the year to that date, its swings were about 2.5 times as large as the overall stock market's. Payouts over the prior 12 months came to a 1.54% yield, paid quarterly. Ether itself pays no interest or dividends, so these payouts may not be dependable. The 2.5% fee compares with a 0.16% average for similar ether funds. 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 a small, high-risk slice of ether, held directly by a trust, inside an ordinary brokerage account.
- Holders who could ride out a drop like the 68.2% fall from August 2025 to June 2026 without needing to sell.
- Existing ETHE holders weighing the taxes they'd owe on switching against paying 2.5% a year when similar funds charge 0% to 0.25%.
Look elsewhere if
- Cost-focused investors: ETHA, FETH and ETHV charge 0.2% to 0.25% and ETHW lists 0%, while ETHE charges 2.5%.
- Retirees looking for steady income: ether pays no interest or dividends, so ETHE's 1.54% trailing payout has no income-producing assets behind it.
- Investors who want the protections of a 1940 Act fund, or a long track record. ETHE's history only goes back to July 2024.
Close alternatives
Matched by other funds that hold ether directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ETHE this fund | 2.5% | $1.22B | -44.6% | — |
| 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 | — | — |
| ETH Grayscale Ethereum Mini Trust ETF | — | $1.35B | -43.2% | — |
Questions investors ask
Is ETHE an ETF or a trust?
It's a trust that trades like an ETF. ETHE's shares change hands on a stock exchange, but legally it is a grantor trust that holds ether, the cryptocurrency of the Ethereum Network, directly. Shareholders in effect own a slice of the trust's ether. ETHE is registered under the Securities Act of 1933, not the Investment Company Act of 1940 that covers most funds, so it lacks some fund-specific investor protections. It uses no leverage and makes no bets against ether.
How much does ETHE cost compared with other Ethereum ETFs?
Much more. ETHE charges a 2.5% annual sponsor fee, which is what its manager takes for running the trust, according to its 10-K annual report. That makes it the most expensive of the seven ether funds ranked on cost. The iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund ETF (FETH) each charge 0.25%, and the average for the other funds compared is 0.16%. The fee comes out of the trust's assets, so it trims returns every year whether ether rises or falls.
What's the difference between ETHE and ETHA?
Mainly cost and size. Both hold ether directly, so their returns have tracked closely. Over the year to October 27, 2026, ETHE lost 44.6% and the iShares Ethereum Trust ETF (ETHA) lost 44.4%. But ETHE's sponsor fee is 2.5% a year, against 0.25% for ETHA. ETHA is also much larger, with about $4.29 billion in assets versus ETHE's $1.22 billion as of June 30, 2026. Over long periods, a higher fee tends to widen the return gap.
How much has ETHE gone down?
Sharply. ETHE lost 44.6% over the year to October 27, 2026. It was down 21.6% for 2026 through that date, after a 13.0% loss in calendar 2025. Its largest drop, from August 22, 2025 to June 25, 2026, was 68.2%, and the shares had not regained that peak as of October 27, 2026. Over the same year, its volatility (a measure of how widely the price swings) was 63.1%, and its return ranked last among seven similar ether funds.
Is ETHE good for retirement?
It is a high-risk holding, not a retirement-income fund. ETHE holds ether rather than income-producing assets such as stocks or bonds. Its beta of 2.48 over the year to October 27, 2026 means it tended to move about 2.5 times as much as the stock market. At its worst, it fell 68.2%. It may suit investors who want a small, speculative stake in ether and can sit through deep losses. Ether funds charging 0.25% are worth comparing on cost.