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    What are Ethereum ETFs? Spot ether funds, flows and staking

    Spot Ethereum ETFs are exchange-traded products that hold ether. US funds began trading on July 23, 2024.[1] By late September 2026 they held about $17.7 billion to $17.8 billion.[2] Since October 2025 some funds also stake their ether to earn network rewards.[3]

    Editor reviewedStrict sourcingUpdated CryptoMarkets and trading

    A spot Ethereum ETF holds ether, the token of the ethereum network. Its shares trade on a stock exchange, so you can buy and sell them through a brokerage account.[1] This page explains how the funds work and what their flow data shows. It is not financial advice.

    How they work

    A spot ether ETF buys and holds real ether. In the US, the SEC approved the exchange rules for these funds on May 23, 2024, and they began trading on July 23, 2024.[4][1] Sponsor fees among the funds we checked range from 0.15% to 2.5% a year.[5][6]

    The SEC’s May 2024 order approved exchange rules for NYSE Arca, Nasdaq and Cboe BZX to list the first funds. Since September 2025, generic listing standards let exchanges list qualifying products without a separate SEC rule change.[4][7] The funds are not registered under the Investment Company Act of 1940.[8] Grayscale’s ETHE began as an older trust and uplisted on July 23, 2024. It still charges 2.5%, against 0.15% for Grayscale’s Mini Trust.[1][6][5]

    Reading flow data

    “Flows” are the net money going into or out of the funds each day. In the week of September 21-25, 2026, US ether ETFs took in about $690 million.[9] Over the next three trading days, about $118 million flowed out.[10]

    Daily figures come from aggregators such as SoSoValue and Farside, and monthly totals can differ: August 2026 is reported as anywhere from about $1.75 billion to $1.85 billion.[11] Fund assets can exceed cumulative inflows when ether’s price rises. In late September 2026, the funds held about $17.7 billion to $17.8 billion, against about $13.8 billion to $13.9 billion of net inflows since launch.[2] 24/7 Wall St. linked the early-October 2026 outflows to quarter-end rebalancing after a strong third quarter for ether.[12]

    Staking ETFs

    Ethereum uses “proof of stake”: holders lock up ether to help secure the network and earn rewards.[13][14] Until 2025, most US ether ETFs did not stake.[15] Grayscale’s two funds began staking on October 6, 2025.[3] BlackRock launched a separate staked fund, ETHB, on March 12, 2026.[16]

    A May 2025 SEC staff statement said certain protocol staking activities do not require Securities Act registration.[17] Staking funds pass most rewards to shareholders and keep a portion as fees. At Grayscale, the sponsor, custodian and staking provider together take 6% of gross rewards.[18] ETHB charges a 0.25% sponsor fee plus a share of staking rewards.[19] Staked ether is locked for a variable period, so funds hold some unstaked ether for redemptions. Grayscale calls this a “liquidity sleeve,” and ETHB had 86.9% of its ether staked at the end of June 2026.[20][21][22]

    Where to go next

    The ether ETF flows tracker records the dated flow milestones. Our ether ETF comparison sets out fees and features by fund. Bitcoin’s equivalent funds are covered on spot-crypto-etfs.

    Questions readers ask

    What is a spot Ethereum ETF?

    It is an exchange-traded product that holds ether and trades on a stock exchange. US funds have traded since July 23, 2024.[1]

    Who issues Ethereum ETFs in the US?

    Issuers include BlackRock (ETHA and the staked ETHB), Fidelity (FETH), Grayscale (ETHE and the Mini Trust, ETH), Bitwise (ETHW), VanEck (ETHV), Franklin Templeton (EZET), Invesco Galaxy (QETH) and 21Shares (TETH).[23][16][24][6][5][25][26][27][28][29]

    Do Ethereum ETFs pay staking rewards?

    Some do. Grayscale's two ether ETFs began staking on October 6, 2025, and BlackRock's ETHB, listed in March 2026, had 86.9% of its ether staked at the end of June 2026.[3][22]

    What do ETF flows mean?

    Flows are the net money entering or leaving the funds. For example, US ether ETFs took in about $690 million in the week of September 21-25, 2026, then lost about $118 million over the next three trading days.[9][10]

    Are Ethereum ETFs protected like mutual funds?

    No. They are not registered under the Investment Company Act of 1940, so they are not subject to the same regulations and protections as registered funds.[8]

    Sources

    Each numbered claim is a statement we checked against the sources listed with it. Status shows how well established it is.

    1. [1]

      US spot ether ETFs began trading on July 23, 2024, including Grayscale's converted Ethereum Trust (ETHE) and its Ethereum Mini Trust (ETH) on NYSE Arca. confirmedas of 2024-07-23

    2. [2]

      As of late September 2026, US spot ether ETFs held about $17.7 billion to $17.8 billion in net assets, roughly 5.4% of ether's market value, against cumulative net inflows of about $13.8 billion to $13.9 billion since launch, according to SoSoValue data. confirmedas of 2026-10-01

    3. [3]

      Grayscale's Ethereum Trust ETF and Ethereum Mini Trust ETF began staking ether on October 6, 2025, the first US spot crypto ETFs from a major issuer to do so. confirmedas of 2025-10-06

    4. [4]

      On May 23, 2024, the SEC approved exchange rule changes allowing NYSE Arca, Nasdaq and Cboe BZX to list shares of ether-based exchange-traded products, including the Grayscale Ethereum Trust, Bitwise Ethereum ETF and iShares Ethereum Trust. confirmedas of 2024-05-23

    5. [5]

      Grayscale's Ethereum Mini Trust ETF (ticker ETH) charges a sponsor fee of 0.15% a year. confirmedas of 2026-02-25

    6. [6]

      Grayscale's Ethereum Trust ETF (ETHE), converted from an older closed trust, charges a sponsor fee of 2.5% a year. confirmedas of 2026-02-25

    7. [7]

      On September 17, 2025, the SEC approved generic listing standards that let exchanges list spot commodity ETPs, including digital asset funds, without filing a separate rule change for each product. confirmedas of 2025-09-17

    8. [8]

      Spot ether ETFs such as TETH are exchange-traded products not registered under the Investment Company Act of 1940, so they lack some protections that apply to registered funds. confirmedas of 2026-10-09

    9. [9]

      US spot ether ETFs took in about $690 million of net inflows in the week of September 21-25, 2026, led by ETHA with $326 million and FETH with $174 million, after about $140 million of outflows the week before. confirmedas of 2026-09-25

    10. [10]

      Spot ether ETFs had net outflows of about $3 million on September 29, $60 million on September 30 and $55 million on October 1, 2026, while spot bitcoin ETFs took in about $103 million on October 1. confirmedas of 2026-10-01

    11. [11]

      US spot ether ETFs drew roughly $1.75 billion to $1.85 billion of net inflows in August 2026, their best month in about a year; figures differ by data provider. confirmedas of 2026-10-02

    12. [12]

      24/7 Wall St. noted that the late-September outflows coincided with quarter-end rebalancing after ether gained about 57% in the third quarter; the funds shed another $55.4 million on October 1. reportedas of 2026-10-04· interpretation

    13. [13]

      Ethereum completed "the Merge" on September 15, 2022, moving from proof of work to proof of stake; issuance of new ether can be partly or fully offset by a fee-burning mechanism introduced by EIP-1559. confirmedas of 2026-02-25

    14. [14]

      An Ethereum validator must deposit 32 ether to activate a validator key, and staking services such as Lido can run many validators on behalf of depositors, which raises centralisation concerns. confirmedas of 2026-06-29

    15. [15]

      Until 2025-26 most US ether ETFs offered only price exposure without staking; by March 2026 Grayscale, 21Shares and REX-Osprey offered staking ether ETFs. confirmedas of 2026-03-12

    16. [16]

      BlackRock's iShares Staked Ethereum Trust ETF (ETHB) had its registration declared effective on March 11, 2026 and listed on Nasdaq on March 12, 2026. confirmedas of 2026-03-12

    17. [17]

      In a May 29, 2025 staff statement, the SEC's Division of Corporation Finance said participants in certain protocol staking activities do not need to register those transactions under the Securities Act. confirmedas of 2025-05-29

    18. [18]

      For Grayscale's ether ETFs, the sponsor's staking fee, custodian fee and staking provider's share together take 6% of gross staking rewards; the trusts keep the rest. confirmedas of 2025-10-06

    19. [19]

      ETHB charges a 0.25% sponsor fee, which BlackRock waived to 0.12% on the first $2.5 billion of assets for the first year, plus a share of staking rewards. confirmedas of 2026-03-12

    20. [20]

      Grayscale's filings warn that staking can cause loss of ether and that staked ether is inaccessible for a variable period. confirmedas of 2026-02-25

    21. [21]

      Grayscale keeps a portion of each staking trust's ether unstaked as a "liquidity sleeve" so it can meet redemptions without waiting for staked ether to unlock. confirmedas of 2026-02-25

    22. [22]

      As of June 30, 2026, ETHB had 250,585 ether, 86.9% of its position, staked with third-party counterparties. confirmedas of 2026-06-30

    23. [23]

      BlackRock's iShares Ethereum Trust ETF (ETHA) charges a 0.25% sponsor fee and had net assets of about $8.69 billion as of October 9, 2026. confirmedas of 2026-10-09

    24. [24]

      The Fidelity Ethereum Fund (FETH) pays a unified sponsor fee of 0.25% and held 476,311 ether worth about $758.8 million as of June 30, 2026. confirmedas of 2026-06-30

    25. [25]

      The Bitwise Ethereum ETF (ETHW) charges a 0.20% sponsor fee and had net assets of about $270 million as of October 8, 2026. confirmedas of 2026-10-08

    26. [26]

      The VanEck Ethereum ETF (ETHV) pays a unified sponsor fee of 0.20% of average daily net assets. confirmedas of 2026-06-30

    27. [27]

      The Franklin Ethereum ETF (EZET) charges a sponsor fee of 0.19% a year of daily net asset value. confirmedas of 2026-06-29

    28. [28]

      The Invesco Galaxy Ethereum ETF (QETH) pays a unified sponsor fee of 0.25% a year and had net assets of about $15.6 million as of June 30, 2026. confirmedas of 2026-06-30

    29. [29]

      The 21shares Ethereum Staking ETF (TETH) has a 0.21% management fee, which the sponsor is waiving in full from October 9, 2025 until October 8, 2027. confirmedas of 2026-10-09

    Revision history (1)
    1. Page created.

    Created Oct 10, 2026. Last reviewed by an editor on Oct 10, 2026. Next scheduled review: Jan 10, 2027.

    Cite this page

    "What are Ethereum ETFs? Spot ether funds, flows and staking." ContentLora, updated Oct 10, 2026. https://contentlora.com/explain/what-are-ethereum-etfs

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