At a glance
FETH charges 0.25% a year, above the 0.14% average of the 7 funds most like it (the 4th cheapest of 6). It has $758.8M in assets, the 4th largest of that group. Over the past year it returned −44.2% with distributions reinvested (S&P 500: +11.5%), 2nd of those 7 funds.
The short version
Fidelity Ethereum Fund ETF (FETH) is a grantor trust that holds ether directly. It aims to track the Fidelity Ethereum Reference Rate, minus expenses. Fidelity's own digital asset custodian holds the ether, and the trust does not stake it or use derivatives. The 0.25% fee matches iShares' larger ETHA but is above the 0.14% average of similar ether funds. Price swings have been extreme.
Price history
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FETH -44.2% 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 | |
|---|---|---|---|---|---|---|
| FETH price data to Oct 27, 2026 | -21.1% | -44.2% | — | — | — | -16.0% |
- Over the year to Oct 27, 2026, FETH returned -44.2%, 2nd of 7 among similar funds.
- Its worst full calendar year was 2025 (-11.4%); its best was 2025 (-11.4%).
- 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) | -21.1% |
| 2025 | -11.4% |
| 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 $758.8M as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
What it really costs
- FETH 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
FETH is a single-asset bet on ether with no income, one-year volatility of 65.5% and a 67.9% peak-to-trough drop, so it fits only as a small, high-risk slice.
FETH gives a portfolio direct exposure to ether through a regular brokerage account. That exposure has come with severe swings. The fund launched on July 23, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned -11.4%, and it was down 21.1% for 2026 through October 27. Its deepest drop was 67.9%, from August 22, 2025, to June 25, 2026, and it had not recovered as of October 27, 2026. Anyone forced to sell during that stretch would have locked in large losses. The fund pays no income, so drawing cash from it means selling shares. Its 0.25% fee is above the 0.14% average of similar ether funds. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want ether price exposure through an ordinary brokerage account, without holding or transferring ether themselves.
- Those who prefer ether held by a sponsor affiliate, Fidelity Digital Assets, N.A., a national trust bank, rather than a third-party custodian.
- Investors who keep the position small and can sit through drops like the 67.9% fall from August 2025 to June 2026.
Look elsewhere if
- Income seekers: FETH has paid no distributions and does not stake its ether, so it earns nothing beyond price changes.
- Cost-focused buyers: its 0.25% fee is above VanEck's ETHV at 0.20% and the 0.14% average of similar ether funds.
- Anyone wanting 1940 Act fund protections or a long track record; FETH is a grantor trust that launched in July 2024.
Close alternatives
Matched by other funds that hold ether directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FETH this fund | 0.25% | $758.8M | -44.2% | — |
| ETHA iShares Ethereum Trust ETF | 0.25% | $4.29B | -44.4% | — |
| 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 FETH pay dividends?
No. FETH has recorded no distributions since it launched on July 23, 2024. The trust holds only ether, which pays no interest or dividends. Its annual report also says it will not stake its ether, so it collects no staking rewards. Any return comes from changes in ether's price, minus the 0.25% sponsor fee. An investor who needs cash from the position has to sell shares.
What's the difference between FETH and ETHA?
Very little in what they hold. Both are trusts that hold ether directly, and both charge a 0.25% fee. The main difference is size. iShares Ethereum Trust ETF (ETHA) had about $4.29 billion in assets, versus about $759 million for FETH, as of June 30, 2026. Their one-year returns were nearly identical as of October 27, 2026: -44.2% for FETH and -44.4% for ETHA. FETH's ether is held by Fidelity's affiliated custodian.
What is FETH's expense ratio?
FETH charges a 0.25% yearly sponsor fee, taken out of the trust's assets. That ranks fourth of six among similar ether funds with a listed fee. VanEck Ethereum ETF (ETHV) charges 0.20%. Bitwise Ethereum ETF (ETHW) and 21Shares Core Ethereum ETF (CETH) were listed at 0%. The group average was 0.14%. Small fee gaps add up for long-term holders.
Is FETH a good investment for retirement?
That depends on how much risk a portfolio can absorb. FETH is a single-asset bet on ether that pays no income. Its one-year volatility, a measure of how widely prices swing, was 65.5%. It fell 67.9% from August 22, 2025, to June 25, 2026, and had not recovered as of October 27, 2026. It may suit investors who hold a small, high-risk slice and won't need to sell in a downturn. Its short history says little about future results.
Who holds the ether in FETH?
Fidelity Digital Assets, N.A., a national trust bank affiliated with the sponsor, FD Funds Management LLC, holds all of the trust's ether. State Street Bank and Trust Company is the transfer agent and holds the trust's cash. Because the custodian is an affiliate, one corporate family handles both sponsorship and custody. FETH is a grantor trust under the Securities Act of 1933, not a 1940 Act fund, so it lacks some fund-specific investor protections.