Ethereum ETF Comparison — ETHA vs Grayscale Mini vs ETHE

Spot ETH ETFs launched July 2024. Compare iShares ETHA, Grayscale Mini ETH, and legacy ETHE on fees, AUM, custody, and the staking-yield gap.

Updated June 2026 · Educational only, not financial advice

Spot ETH ETFs are the easiest way to hold ether in a brokerage — but none of them stake, so holders forgo ~3–4%/yr in staking yield

The SEC approved spot ETH ETFs in July 2024 explicitly without staking. ETHA charges 0.25%; Grayscale Mini ETH 0.15%; the legacy ETHE is still 2.5% — pick on fee AND mandate.

Read the primary source →

About this topic

ETHA (BlackRock iShares Ethereum Trust) and the Grayscale Ethereum Mini Trust (ticker ETH on NYSE Arca, sometimes searched as "ETHT") are two of the cheapest spot Ethereum ETFs available to US investors in 2026. ETHA charges 0.25% per year. The Grayscale Mini Trust charges 0.15%. Neither fund stakes its ETH, so holders give up roughly 3-4% in annual staking yield that direct ETH owners can earn.

The ticker "ETHT" does not match any major US-listed spot ETH ETF. Most searches for "NASDAQ:ETHA NYSEARCA:ETHT" are really comparing ETHA to either the Grayscale Ethereum Mini Trust (NYSEARCA: ETH) or the legacy Grayscale Ethereum Trust (NYSEARCA: ETHE). This page covers the comparison that actually matters: ETHA vs the Grayscale Mini Trust.

The SEC approved spot ether ETFs on July 23, 2024. Eight products launched the same day from BlackRock, Fidelity, Grayscale, Bitwise, Franklin, Invesco/Galaxy, VanEck, and 21Shares. All eight launched without staking rights because the SEC's approval order explicitly excluded staking activity from the trusts.

This page is educational only and not financial advice. Crypto ETFs are volatile and unsuitable for short-term capital you cannot afford to lose. If you are choosing between these wrappers, your account type (brokerage vs IRA vs taxable), your view on staking yield, and your custody preference matter more than the 10-basis-point fee gap.

For US investors using Fidelity, Vanguard, or Schwab who want ETH exposure inside a retirement account, either ETHA or the Grayscale Mini Trust gets the job done. The honest verdict: the cheaper Grayscale Mini Trust wins on cost, BlackRock wins on liquidity, and direct ETH on Coinbase or a Ledger wins on yield and optionality.

How it actually works

Both ETHA and ETH work by holding actual ether in cold storage at Coinbase Custody and issuing shares that track the price of that ETH minus fees. When you buy a share, an authorized participant either creates new shares by delivering cash to the trust (which is then used to buy ETH) or redeems shares for cash from sold ETH. This is the same creation-redemption mechanic used by spot bitcoin ETFs like IBIT and FBTC, which launched in January 2024.

Neither fund stakes its ETH. The SEC's July 23, 2024 approval order for spot ether ETFs required all eight issuers to amend their 19b-4 filings to remove staking language. That means the ETH sitting in Coinbase Custody for ETHA and ETH does not run a validator, does not earn block rewards, and does not participate in Ethereum's proof-of-stake consensus. Direct ETH holders on Coinbase, Kraken, or via Lido can earn roughly 3-4% APY by staking.

The expense ratios eat into returns differently. ETHA charges 0.25% per year (the 12-month 0.12% introductory waiver on the first $2.5B AUM has expired). Grayscale Ethereum Mini Trust (ETH) charges 0.15%. The legacy Grayscale Ethereum Trust (ETHE) still charges 2.5% and exists mostly as a tax-locked legacy product for early holders who do not want to realize gains by switching.

Custody is concentrated. Coinbase Custody Trust Company holds the ETH for ETHA, ETH, ETHE, and most other US spot ETH ETFs. That single-custodian concentration is a structural risk that does not exist when you self-custody on a hardware wallet, but it is offset by the trust's NYDFS regulation and the segregated cold-storage setup documented in each fund's prospectus.

Trading happens on US exchanges during US market hours. ETHA trades on Nasdaq, and ETH trades on NYSE Arca. Both settle T+1 like any other US-listed ETF, which means weekend ETH price moves are absorbed in Monday's open and can create gaps you do not see when holding ETH directly on a 24/7 exchange.

Step by step

1Confirm your brokerage supports spot crypto ETFs in the account type you plan to use (taxable, IRA, or 401(k) self-directed brokerage window).
2Decide whether you need staking yield: if yes, neither ETF works and you should hold ETH directly on a regulated exchange or hardware wallet instead.
3Compare expense ratios at the current published rate (ETHA 0.25%, Grayscale ETH 0.15%, ETHE 2.5%) and project the fee drag over your expected holding period.
4Check intraday volume and bid-ask spread for both tickers in your broker before placing a large order, since ETHA generally has tighter spreads.
5Place a limit order rather than a market order during US market hours (9:30 AM-4 PM ET), since after-hours ETH price moves can create wide spreads at open.
6Set up cost-basis tracking with your broker's 1099-B, which automatically handles tax lots, unlike direct ETH where you track every transaction yourself.
7Review your position annually against direct ETH custody to confirm the fee and yield tradeoff still matches your goals.

What works in your favor

Both ETFs hold actual ETH in segregated cold storage at Coinbase Custody, so the share price tracks spot ETH closely with no futures roll cost.
Both settle in any standard US brokerage or IRA at Fidelity, Schwab, or Vanguard, giving retirement accounts true spot ETH exposure for the first time.
Grayscale Ethereum Mini Trust at 0.15% is the cheapest mainstream spot ETH ETF in 2026, undercutting ETHA's 0.25% sticker rate by 10 basis points.
ETHA is the most liquid spot ETH ETF by volume, which means tighter bid-ask spreads and lower slippage for large orders.
Both wrap ETH inside a familiar 1099-B tax form, eliminating the per-transaction cost-basis tracking that direct crypto ownership requires.

Watch out for

Neither ETF stakes its ETH, so holders forgo the roughly 3-4% annual staking yield you would earn holding ETH directly on Coinbase or Lido.
ETHA's 0.25% expense ratio is more than double ETH's 0.15% after fee waivers expire, which compounds against you over multi-year holds.
Both ETFs trade only during US market hours (9:30 AM-4 PM ET) while ETH itself trades 24/7, so weekend price gaps can be sharp.
ETF shares give you no on-chain ETH, no DeFi access, no self-custody, and no ability to move coins to a hardware wallet like a Ledger.
Spot ETH ETFs are taxed as ordinary securities, which means short-term trades are taxed at your ordinary income rate, not the 0% long-term crypto rate.

Common questions

Is the ticker ETHT real?

There is no major US-listed spot ETH ETF with the ticker ETHT as of 2026. Investors searching 'ETHT' are almost always looking for one of two products: BlackRock's iShares Ethereum Trust (NASDAQ: ETHA) or Grayscale's Ethereum Mini Trust (NYSE Arca: ETH). The legacy Grayscale Ethereum Trust trades as ETHE. This page compares ETHA and ETH, the two cheapest mainstream choices. This is educational only, not financial advice.

Do ETHA or ETH stake the Ethereum they hold?

No. Neither ETHA nor ETH stakes any of its ETH as of 2026. The SEC approved spot ETH ETFs on July 23, 2024 under 19b-4 orders that explicitly excluded staking. That means the underlying ETH in both trusts sits idle and earns zero validator rewards, while ETH held directly on Coinbase or via Lido can earn roughly 3-4% APY through staking.

Which is cheaper, ETHA or ETH?

Grayscale Ethereum Mini Trust (ETH) is cheaper at 0.15% per year versus ETHA at 0.25%. BlackRock waived ETHA's fee to 0.12% on the first $2.5 billion of assets through a 12-month introductory period that has now expired, so the sticker rate of 0.25% is what most new buyers pay in 2026. Grayscale's legacy ETHE charges 2.5%, which is why Grayscale spun off the cheaper Mini Trust.

Can I hold these ETFs in a Fidelity, Schwab, or Vanguard IRA?

Yes. Both ETHA and ETH trade like any other US-listed ETF and settle in standard brokerage and retirement accounts at Fidelity, Schwab, Vanguard, and most major brokers. That is the main reason investors choose them over a Coinbase account: IRAs and 401(k)s generally cannot hold spot crypto directly, but they can hold a spot ETF wrapper. Check your plan documents for any product restrictions before buying.

Who custodies the ETH inside these funds?

Coinbase Custody Trust Company holds the ETH for both ETHA and the Grayscale Ethereum Mini Trust. That creates a real concentration risk: a single qualified custodian secures the majority of US spot ETH ETF assets. Coinbase Custody is a New York State-chartered trust company regulated by NYDFS, and the holdings are segregated from Coinbase's exchange assets, but the single-custodian exposure is worth knowing.

What is the tax treatment of spot ETH ETFs?

Spot ETH ETFs are taxed as ordinary securities under US tax law, which means standard short-term and long-term capital gains rates apply. Shares held over a year qualify for long-term capital gains rates (0%, 15%, or 20% depending on income). Direct ETH held in a self-custody wallet follows the same capital-gains framework per IRS Notice 2014-21, but staking rewards are taxed as ordinary income at receipt under Rev. Rul. 2023-14.

Should I buy ETHA, ETH, or just hold ETH directly?

It depends on the account and what you give up. If you want exposure inside an IRA or 401(k) and never plan to stake or use DeFi, ETH (the Grayscale Mini Trust) is the cheapest at 0.15%. If you want staking yield, on-chain access, or self-custody on a Ledger, direct ETH on a regulated exchange is the only path. This is educational only, not financial advice.

Sources

More in ETFs

💵 BITO dividend explained →⚖️ Spot ETF vs buying bitcoin →⚡ Bitcoin 2x leveraged ETF →🚫 Crypto ETFs on Vanguard →

New to crypto?

Beginner guides to bitcoin, ethereum, wallets, gas, and KYC.

See the basics →