What are cryptocurrency ETFs?
Cryptocurrency ETFs let investors own digital currencies through an ordinary brokerage account. Most of the money sits in funds that hold one coin, not a basket of stocks, so the largest funds share no stock holdings. Seven of the largest hold only bitcoin, including IBIT from iShares, FBTC from Fidelity, Grayscale's GBTC and BTC, and Bitwise's BITB. Four, led by ETHA, hold only ether, the coin of the Ethereum network. These funds are grantor trusts: the trust holds the coins, and each share represents a slice of them.
Other funds get their exposure in different ways. ProShares' BITO launched in October 2021. It holds bitcoin futures (contracts that lock in a price for a later date) and cash-like repurchase agreements, not bitcoin itself. NEOS's BTCI is an option-income fund that aims for high monthly income. It holds Treasury bills plus shares of IBIT and VanEck's bitcoin ETF. Fourteen of the 59 funds are leveraged or inverse. Examples are BITX and ETHU, which aim for twice the daily move of bitcoin and ether. A few funds, such as STCE and FDIG, own crypto-related company stocks instead of coins.
Fees vary widely, even among funds that hold the same coin. The median expense ratio (the yearly fee, taken as a share of assets) is 0.85%. Grayscale's BTC and ETH mini trusts charge 0.15%, and IBIT, FBTC and ETHA charge 0.25%. Grayscale's GBTC charges 1.5% and its ETHE charges 2.5%. The 2x ether fund ETHU costs the most, at 2.97%.
The money is heavily concentrated. Of about $88.4 billion across these funds, 78.4% sits in the five largest: IBIT, FBTC, GBTC, ETHA and BTC. IBIT alone holds about $43.4 billion, roughly half the total.
The largest cryptocurrency ETFs, side by side
Swipe the table to see all 5 funds.
| IBIT | FBTC | GBTC | ETHA | BTC | |
|---|---|---|---|---|---|
| Net assets | $43.40B | $10.31B | $8.14B | $4.29B | $3.19B |
| Expense ratio | 0.25% | 0.25% | 1.5% | 0.25% | 0.15% |
| Holdings | 1 | 1 | 1 | 1 | 1 |
| In the 10 largest | — | — | — | — | — |
| Biggest holding | — | — | — | — | — |
| Yield | — | — | — | — | — |
| 1-year return | -30.4% | -30.0% | -30.8% | -44.4% | -29.9% |
| 3 years, a year | — | — | — | — | — |
| 5 years, a year | — | — | — | — | — |
| Worst drop, past year | -49.0% | -49.5% | -49.5% | -63.0% | -49.0% |
| Launched | 2024 | 2024 | 2024 | 2024 | 2024 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Nov 2, 2026.
Head to head
IBIT vs FBTC
IBIT from iShares and FBTC from Fidelity are both grantor trusts that hold only bitcoin, so they own the same asset. Both charge 0.25% a year. The main difference is size: IBIT holds about $43.4 billion and FBTC about $10.3 billion. Their results were nearly identical. As of November 2, 2026, IBIT lost 30.4% over one year and FBTC lost 30%. Their worst drops were 49% and 49.5%. Either may suit investors who want plain bitcoin exposure. The choice often comes down to fund size or the brokerage an investor already uses.
GBTC vs BTC
Both come from Grayscale and both hold only bitcoin, but their fees differ sharply. GBTC charges 1.5% a year, while the Mini Trust, BTC, charges 0.15%. GBTC is larger, at about $8.1 billion against $3.2 billion. As of November 2, 2026, GBTC lost 30.8% over one year and BTC lost 29.9%, with worst drops of 49.5% and 49%. Higher fees come straight out of returns. BTC may suit cost-focused investors. GBTC holders in taxable accounts may weigh the capital gains tax a switch could trigger against the lower fee.
IBIT vs ETHA
Both are iShares grantor trusts charging 0.25% a year, but they hold different coins. IBIT owns bitcoin and ETHA owns ether, so they share no holdings. Ether swung harder. As of November 2, 2026, ETHA lost 44.4% over one year against 30.4% for IBIT, and its worst drop was 63% against 49%. IBIT is also far larger, at about $43.4 billion versus $4.3 billion. IBIT may suit investors focused on bitcoin alone, and ETHA those who want exposure to the Ethereum network. Some investors hold both to spread exposure across two coins.
How have cryptocurrency ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing cryptocurrency ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | SPBC Simplify US Equity PLUS Bitcoin Strategy ETF | $43.6M | 0.53% | -0.9% | +13.3% | +10.2% | +29.6% |
| 2 | HECO SPDR Galaxy Hedged Digital Asset Ecosystem ETF | $81.9M | 0.9% | -23.3% | +29.8% | +9.1% | — |
| 3 | CEPI REX Crypto Equity Premium Income ETF | $110.1M | 0.85% | -8.1% | +16.2% | -0.3% | — |
| 4 | BTCI NEOS Bitcoin High Income ETF | $1.03B | 0.99% | -3.4% | -9.1% | -28.6% | — |
| 5 | BITQ Bitwise Crypto Industry Innovators ETF | $411.1M | 0.85% | -22.6% | +4.8% | -29.1% | +46.5% |
| 6 | HODL VanEck Bitcoin ETF | $958.8M | 0.2% | -4.0% | -7.8% | -29.8% | — |
| 7 | ARKB ARK 21Shares Bitcoin ETF | $1.89B | 0.21% | -4.0% | -7.9% | -29.9% | — |
| 8 | BTC Grayscale Bitcoin Mini Trust ETF | $3.19B | 0.15% | -4.0% | -7.9% | -29.9% | — |
| 9 | BITB Bitwise Bitcoin ETF Trust | $2.13B | 0.2% | -3.9% | -7.9% | -30.0% | — |
| 10 | BRRR Coinshares Valkyrie Bitcoin Fund | $342.4M | 0.25% | -3.9% | -8.0% | -30.0% | — |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
What drives cryptocurrency ETFs?
Unlike most ETFs, the largest crypto funds own coins, not companies, so no profits or sales sit behind their prices. Bitcoin and ether move on supply and demand. That includes how many investors want to hold them, money flowing into and out of funds like IBIT, and interest rates (higher rates make cash and bonds more appealing next to assets that pay no income). Rules set by regulators and how widely the networks are used matter too. Funds that hold crypto-related stocks, such as STCE, FDIG or the Coinbase-linked CONL, also depend on company earnings. Those earnings tend to rise and fall with coin prices and trading activity.
The largest funds are too new to show how they held up in past crashes. IBIT, FBTC, GBTC, ETHA and BTC all launched as ETFs in 2024. So they have no record from the 2008 financial crisis, when the S&P 500 fell 55.2%, the 2020 COVID crash (down 33.7%) or the 2022 bear market (down 24.5%). Their one-year record gives a sense of scale instead. As of November 2, 2026, IBIT's worst drop over the past year was 49% and ETHA's was 63%. Both were deeper than the S&P 500's fall in 2022.
Cryptocurrency ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | BTC Grayscale Bitcoin Mini Trust ETF | 0.15% | $15 a year | $3.19B |
| 2 | ETH Grayscale Ethereum Mini Trust ETF | 0.15% | $15 a year | $1.35B |
| 3 | EZBC Franklin Bitcoin ETF | 0.19% | $19 a year | $334.7M |
| 4 | BITB Bitwise Bitcoin ETF Trust | 0.2% | $20 a year | $2.13B |
| 5 | HODL VanEck Bitcoin ETF | 0.2% | $20 a year | $958.8M |
Ordinary funds with at least $10 million in net assets. The median ordinary cryptocurrency ETF charges 0.7% a year; leveraged and inverse funds usually charge more.
Do cryptocurrency ETFs pay dividends?
23 of the 45 ordinary cryptocurrency ETFs with a page here paid distributions over the last 12 months, with a median yield of 8%.
| Highest yields | Yield | Net assets |
|---|---|---|
| BITO ProShares Bitcoin ETF | 22.89% | $1.66B |
| LFGY YieldMax Crypto Industry & Tech Portfolio Opt… | 22.71% | $91.3M |
| STCE Schwab Crypto Thematic ETF | 2.21% | $269.5M |
| FDIG Fidelity Crypto Industry and Digital Payments… | 1.77% | $263.0M |
| ETHE Grayscale Ethereum Trust ETF | 1.54% | $1.22B |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets. Some of these yields come from selling options, which gives up some of the gains.
How to choose a cryptocurrency ETF
- Bitcoin or ether. IBIT, FBTC, BTC and BITB hold bitcoin; ETHA, ETH and FETH hold ether. Ether funds swung more: as of November 2, 2026, ETHA's worst one-year drop was 63%, against 49% for IBIT.
- Fees for the same coin differ. Grayscale's BTC and ETH charge 0.15%, Franklin's EZBC 0.19%, BITB and HODL 0.2%, and IBIT, FBTC and ETHA 0.25%. GBTC charges 1.5% and ETHE 2.5% for similar holdings, a gap that comes straight out of returns.
- Coins, futures or company stocks. Trusts like IBIT hold bitcoin itself. BITO holds bitcoin futures and charges 0.95%; replacing expiring contracts can cost money over time. STCE and FDIG own crypto-related company stocks, which add business risk alongside coin prices.
- Option income trades upside for payouts. NEOS's BTCI holds Treasury bills and bitcoin ETF shares and uses options to pay monthly income, at 0.99% a year. That approach typically limits gains in sharp rallies. Its share price fell 28.6% over one year to November 2, 2026.
- 2x and inverse funds reset daily. BITX and ETHU aim for twice bitcoin's or ether's daily move; SBIT and ETHD aim for twice the opposite. Daily resets make longer results drift: BITX lost 64.4% over one year to November 2, 2026, against 30.4% for IBIT.
- Fund size and trading costs. IBIT holds about $43.4 billion; Franklin's EZBC about $335 million. Larger funds tend to have narrower bid-ask spreads (the gap between prices to trade in and out), though smaller trusts holding the same coin can still track it closely.
What are the risks of cryptocurrency ETFs?
- Everything rides on one coin. IBIT, FBTC, ETHA and most other large funds hold a single asset, so there is no diversification inside the fund. When bitcoin or ether falls, no other holdings soften the drop.
- Deep, fast price swings. As of November 2, 2026, IBIT's one-year volatility, a measure of how widely prices swing, was 45.5% and its worst drop 49%; ETHA's were 63.1% and 63%. The median fund lost 30.8% over the year.
- Leveraged funds can lose most of their value. Daily resets compound losses in falling or choppy markets. As of November 2, 2026, ETHU lost 81.8% over one year, with a worst drop of 91.1%, and the Coinbase-linked CONL lost 90%.
- High yields can hide falling value. BITO's yield was 22.89%, yet its share price fell 31.8% over one year to November 2, 2026. Big payouts from futures or option-income funds can come alongside a shrinking share price, so yield alone says little about total return.
- Trust structure and custody. Spot funds like IBIT and GBTC are grantor trusts, not registered investment companies like most ETFs, so some investor protections differ. Their coins sit with a custodian, adding the risk of theft or operational failure.
Leveraged and inverse cryptocurrency ETFs (2x)
These funds aim for a multiple, or the opposite, of one day’s return, and reset every day. Held for longer than a day, their results can drift far from that multiple, especially when prices swing. They are trading tools, not long-term holdings. Why leveraged ETFs decay →
| Fund | Daily aim | Net assets | 1-year return |
|---|---|---|---|
| BITX 2x Bitcoin Strategy ETF | 2× | $1.21B | -64.4% |
| ETHU 2x Ether ETF | 2× | $1.12B | -81.8% |
| CONL GraniteShares 2x Long COIN Daily ETF | 2× | $549.4M | -90.0% |
| BITU ProShares Ultra Bitcoin ETF | 2× | $514.3M | -65.2% |
| ETHT ProShares Ultra Ether ETF | 2× | $256.6M | -83.2% |
| SBIT ProShares UltraShort Bitcoin ETF | −2× | $152.6M | +22.6% |
| BITI ProShares Short Bitcoin ETF | −2× | $122.6M | +25.4% |
| ETHD ProShares UltraShort Ether ETF | −2× | $53.1M | +4.7% |
| CONI GraniteShares 1x Short COIN Daily ETF | −1× | $39.3M | -8.2% |
| COIW Roundhill COIN WeeklyPay ETF | 2× | $33.3M | -65.2% |
| RIOX Defiance Daily Target 2X Long RIOT ETF | 2× | $15.1M | — |
| SETH ProShares Short Ether ETF | −2× | $11.6M | +29.5% |
List of all cryptocurrency ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | IBIT iShares Bitcoin Trust ETF | $43.40B | 0.25% | — | -12.7% | -30.4% | — |
| 2 | FBTC Fidelity Wise Origin Bitcoin Fund | $10.31B | 0.25% | — | -7.9% | -30.0% | — |
| 3 | GBTC Grayscale Bitcoin Trust ETF | $8.14B | 1.5% | — | -8.8% | -30.8% | — |
| 4 | ETHA iShares Ethereum Trust ETF | $4.29B | 0.25% | — | -21.3% | -44.4% | — |
| 5 | BTC Grayscale Bitcoin Mini Trust ETF | $3.19B | 0.15% | — | -7.9% | -29.9% | — |
| 6 | BITB Bitwise Bitcoin ETF Trust | $2.13B | 0.2% | — | -7.9% | -30.0% | — |
| 7 | ARKB ARK 21Shares Bitcoin ETF | $1.89B | 0.21% | — | -7.9% | -29.9% | — |
| 8 | BITO ProShares Bitcoin ETF | $1.66B | 0.95% | 22.89% | -10.3% | -31.8% | +1.3% |
| 9 | ETH Grayscale Ethereum Mini Trust ETF | $1.35B | 0.15% | 0.31% | -20.1% | -43.2% | — |
| 10 | ETHE Grayscale Ethereum Trust ETF | $1.22B | 2.5% | 1.54% | -21.6% | -44.6% | — |
Questions investors ask about cryptocurrency ETFs
What is the largest cryptocurrency ETF?
The largest is the iShares Bitcoin Trust ETF (IBIT), with about $43.4 billion in net assets. That is roughly half the money in all US-listed crypto ETFs. It holds only bitcoin and charges 0.25% a year. Next come Fidelity's FBTC at about $10.3 billion and Grayscale's GBTC at about $8.1 billion. The largest ether fund is ETHA, also from iShares, at about $4.3 billion.
What is the cheapest bitcoin ETF?
Grayscale's Bitcoin Mini Trust ETF (BTC) and Ethereum Mini Trust ETF (ETH) are the lowest-cost funds, at 0.15% a year. Franklin Bitcoin ETF (EZBC) charges 0.19%, and Bitwise's BITB and VanEck's HODL charge 0.2%. IBIT and FBTC charge 0.25%. By contrast, Grayscale's GBTC charges 1.5% for the same bitcoin exposure. The 2x ether fund ETHU charges 2.97%, the highest in the group.
IBIT vs FBTC: what's the difference?
Very little in what they own. Both are grantor trusts holding only bitcoin, and both charge 0.25% a year. IBIT, from iShares, is far larger at about $43.4 billion, against about $10.3 billion for Fidelity's FBTC. As of November 2, 2026, IBIT lost 30.4% over one year and FBTC lost 30%, with worst drops of 49% and 49.5%. The choice often comes down to fund size or the brokerage an investor already uses.
Do crypto ETFs pay dividends?
Some do, but the large bitcoin trusts such as IBIT and FBTC show no yield, since bitcoin itself pays no income. Of 45 funds with yield data, 23 paid distributions, and their median yield was 8%. The highest yields came from BITO at 22.89% and the option-income fund LFGY at 22.71%. The stock-based funds STCE and FDIG yielded 2.21% and 1.77%. A high payout doesn't guarantee gains: BITO's share price fell 31.8% over one year to November 2, 2026.
Do crypto ETFs own Coinbase stock?
The largest ones don't. IBIT, FBTC, GBTC, ETHA and BTC hold only bitcoin or ether, not company shares. Coinbase exposure comes from single-stock funds such as GraniteShares' CONL, which aims for twice the daily move of Coinbase shares (ticker COIN). Its sister fund CONI aims for the opposite of that daily move. CONL lost 90% over one year to November 2, 2026. Funds such as STCE and FDIG own crypto-related companies more broadly.
How many cryptocurrency ETFs are there?
This guide covers 59 US-listed cryptocurrency ETFs with about $88.4 billion in combined net assets. Most of the large ones hold bitcoin or ether directly through grantor trusts, while 14 are leveraged or inverse funds built for short-term trading. The money is concentrated: the five largest, IBIT, FBTC, GBTC, ETHA and BTC, hold 78.4% of it. Most of the large spot trusts launched in 2024. ProShares' BITO, a futures fund, dates from October 2021.
What are 2x and inverse bitcoin ETFs?
They are short-term trading tools that reset every day. BITX and BITU aim for twice bitcoin's daily return and ETHU and ETHT for twice ether's. SBIT and ETHD aim for twice the opposite of bitcoin's and ether's daily moves. Because returns compound daily, results over longer periods can stray from the multiple. As of November 2, 2026, BITX lost 64.4% and ETHU 81.8% over one year. Over the same year, SBIT gained only 22.6%, even though bitcoin funds such as IBIT fell about 30%. They are built for active traders, not long-term holders.
What Ethereum ETFs are there?
Four large funds hold ether directly. They are iShares' ETHA (about $4.3 billion, 0.25% a year), Grayscale's ETH mini trust (0.15%), Grayscale's ETHE (2.5%) and Fidelity's FETH (0.25%). Their results were close because they hold the same coin. As of November 2, 2026, one-year losses ranged from 43.2% for ETH to 44.6% for ETHE, the highest-fee fund. Ether has swung more than bitcoin, and ETHA's worst one-year drop was 63%.
Is there a Vanguard, Fidelity or Schwab cryptocurrency ETF?
Yes. Fidelity offers one: FDIG (Fidelity Crypto Industry and Digital Payments ETF). Schwab offers one: STCE (Schwab Crypto Thematic ETF). Vanguard doesn’t have a cryptocurrency ETF.
