At a glance
ETHW charges 0.2% a year, above the 0.19% average of the 7 funds most like it (the 2nd cheapest of 6). It has $168.5M in assets, the 5th largest of that group. Over the past year it returned −44.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds.
The short version
Bitwise Ethereum ETF (ETHW) is a grantor trust that holds ether, the cryptocurrency of the Ethereum network, and nothing else. A grantor trust is a trust that simply holds an asset on behalf of its shareholders. ETHW lets investors own ether through an ordinary brokerage account. Its 0.20% annual sponsor fee is below the 0.25% charged by the iShares, Fidelity and Invesco ether funds. However, it is much smaller, with about $168.5 million in assets as of June 30, 2026.
Price history
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ETHW -44.3% 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 | |
|---|---|---|---|---|---|---|
| ETHW price data to Oct 27, 2026 | -21.2% | -44.3% | — | — | — | -16.0% |
- Over the year to Oct 27, 2026, ETHW returned -44.3%, 3rd 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) | -21.2% |
| 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 $168.5M 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
ETHW is passively managed and has no basket of holdings to pick or weight. Its only assets are ether and cash. It values its ether each day using the CME CF Ether–Dollar Reference Rate – New York Variant. That is a 4:00 p.m. New York time price that CF Benchmarks calculates from trades on major ether trading platforms. The sponsor, Bitwise Investment Advisers, does not trade to time the market or hedge against price drops. It also does not use leverage or derivatives. The value of each share follows ether, minus the 0.20% sponsor fee, which builds up daily.
Large financial firms called authorized participants create and redeem shares in blocks of 10,000. They do this for cash, so the trust itself buys or sells ether through approved trading firms such as Coinbase, Cumberland DRW and Wintermute. Shares trade on NYSE Arca and can trade at a premium or discount to net asset value (NAV), the value of the trust's ether per share.
Coinbase Custody Trust Company holds the ether, and the sponsor expects all of it to stay in offline "cold storage." BNY Mellon administers the trust and holds its cash. If a blockchain split or giveaway (a fork or airdrop) delivers new coins, the trust passes them to the sponsor. The sponsor may sell them and return the cash to shareholders. Shareholders generally have no voting rights.
What it really costs
- ETHW charges 0.2% a year, versus an average of 0.19% for the similar funds below (2nd 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
It holds a single, very volatile cryptocurrency that produces no income, so any place in a portfolio is likely to be a small, higher-risk slice.
ETHW launched in July 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own short history has been rough. It lost 11.3% in 2025 and 21.2% in 2026 through October 27. From August 22, 2025 to June 25, 2026 it fell 67.9%, and it had not recovered as of October 27, 2026. Its annualized volatility, a measure of how widely the price swings, was 63.5% over the year to that date. Someone who had to sell shares during a slump like that would lock in deep losses. The trust has paid no distributions, so it cannot provide income. Its 0.20% fee is low among ether funds. Past results don't predict the future, 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 a regular brokerage account without managing crypto wallets, private keys or exchange accounts.
- Cost-conscious buyers comparing ether funds: its 0.20% sponsor fee is below the 0.25% at the iShares, Fidelity and Invesco ether ETFs.
- People who can keep it as a small slice and hold through drops like its 67.9% fall from August 2025 to June 2026.
Look elsewhere if
- Anyone who needs income: the trust holds no income-producing assets and has recorded no distributions.
- Retirees who may need to sell in a downturn; it lost 44.3% over the year to October 27, 2026.
- Investors who want 1940 Act fund protections, a larger ether fund like ETHA, or diversification beyond a single cryptocurrency.
Close alternatives
Matched by other funds that hold ether directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ETHW this fund | 0.2% | $168.5M | -44.3% | — |
| ETHA iShares Ethereum Trust ETF | 0.25% | $4.29B | -44.4% | — |
| FETH Fidelity Ethereum Fund ETF | 0.25% | $758.8M | -44.2% | — |
| 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
Is ETHW good for retirement?
It is a high-risk holding, not a core retirement fund. ETHW holds only ether and pays no distributions. It fell 67.9% from its August 22, 2025 peak to its June 25, 2026 low and had not recovered as of October 27, 2026. Over the year to that date it lost 44.3%. Some investors use a small slice of crypto as a higher-risk satellite. Anyone who may need to sell in a downturn could face deep losses.
What's the difference between ETHW and ETHA?
Mainly cost and size. Both are trusts that hold ether directly. Their one-year returns through October 27, 2026 were nearly identical: -44.3% for ETHW and -44.4% for iShares Ethereum Trust ETF (ETHA). ETHW charges a 0.20% sponsor fee, while ETHA charges 0.25%. ETHA is far larger, with about $4.29 billion in assets as of June 30, 2026, compared with about $168.5 million for ETHW. Larger funds often trade with tighter bid-ask spreads.
Does ETHW pay dividends?
No. ETHW has recorded no distributions. The trust holds only ether and cash, and it owns no income-producing assets. Any return comes from changes in ether's price, minus the 0.20% sponsor fee. There is one rare exception. If a fork or airdrop delivers new coins, the trust passes them to the sponsor. The sponsor may sell them and pass the cash on to shareholders. This is not a regular payout.
What is the ETHW expense ratio?
ETHW charges an annual sponsor fee of 0.20%, according to its annual report (10-K). That is lower than the 0.25% charged by the iShares (ETHA), Fidelity (FETH) and Invesco Galaxy (QETH) ether ETFs. It matches VanEck's ETHV and is above the 0% listed for 21Shares' CETH. It ranks 2nd of 6 similar funds on cost. The fee comes out of the trust's assets, so it shows up as slightly lower returns, not a separate bill.
Who holds the ether in ETHW and is it safe?
Coinbase Custody Trust Company holds the trust's ether. The sponsor expects all of it to be kept in cold storage, meaning offline, which is a common security precaution. BNY Mellon administers the trust and holds its cash. ETHW is a grantor trust registered under the Securities Act of 1933, not a 1940 Act fund. That means it lacks some protections that mutual funds and most ETFs have. Safe custody does not protect holders from ether's large price swings.