Ethereum ETFs: Compare Spot Funds, Staking and Fees — October 2026

Annual charges are the ongoing rates before temporary waivers. Waivers can have expiry dates and asset limits, detailed in the fund summaries. Other fund expenses and trading costs may still apply.

Six of the eleven funds have staking arrangements. Their ongoing annual charges range from 0.14% to 2.50%, before any waiver. The staking reward cut is a separate deduction, so the lowest headline fee does not establish the lowest combined cost.

Compare the eleven funds using their dated fees, staking allocations, reward deductions, and custody terms. Check the exact listing and account eligibility before choosing a fund.

Compare the published trading spreads, staking allocations, and reward deductions below. Each market or staking figure carries its own observation date.

Spread dates and staked-share dates are separate observations. ETHV uses labeled third-party spread data because the issuer does not publish a 30-day median. Reward deductions are the stated shares of gross staking rewards on the dates shown and may change. A higher staked percentage is not a promised yield.

The published spread is a historical median, not the quote for your next trade. Some staked percentages include activation or exit queues and should not be read as identical measures of reward-earning ether.

The distinction between custody and staking responsibility matters across these funds. A contract can protect ownership and provide recovery for negligent safekeeping while offering no public terms for recovering a validator’s slashing loss. Compare those obligations alongside the fee, not just the provider’s name.

Morgan Stanley Ethereum Trust (MSSE)

Morgan Stanley’s Ethereum Trust states a 0.14% annual delegated sponsor fee and a 5% deduction from gross staking rewards. Its prospectus targets staking 50–80% of ether under normal conditions, but that policy does not establish an actual daily allocation. Rewards and cash distributions are variable, and investors should compare the reward deduction alongside trading costs and custody terms.

CryptoSlate’s Ethereum ETF score considers fund fees, the published trading spread, fund size, staking and reward retention, custody terms, and reporting. It compares fund characteristics rather than forecasting ether prices or shareholder returns.

Staking carries 20% of the overall score. A fund that does not stake receives zero for that pillar and can score no more than 8.0/10. That weighting does not mean staking is suitable for every investor. Investors who prefer to avoid validator exposure can compare non-staking funds on fees, trading costs, and custody terms.

Custody terms can protect fund ownership and provide claims for negligent safekeeping without guaranteeing recovery of a validator’s slashing loss. Contract limits and reimbursement scope remain important when selecting a fund. Published spreads are historical measures and can differ from the quotes available for a particular trade.

Ethereum and Bitcoin ETF scores use different weights and should be compared within their own categories. CryptoSlate’s approach to review ratings explains the wider editorial framework.

A spot Ethereum ETF holds ether and issues shares that trade on a securities exchange. Its shares give investors exposure through a brokerage account. Ether is the asset used to pay for transactions on the Ethereum network and its applications.

The U.S. spot products in this comparison are exchange-traded trusts. Although commonly called ETFs, they are not investment companies registered under the Investment Company Act of 1940. Exchange listing does not give them all the protections that apply to funds registered under that Act.

A futures fund gets exposure through derivatives. A leveraged or inverse product targets a different return pattern. Neither is interchangeable with the unleveraged spot funds compared here. Funds holding multiple crypto assets or liquid staking tokens also fall outside this comparison.

A staking fund commits some of its ether to validators that help process and confirm Ethereum transactions. Rewards earned by that ether accrue to the fund, subject to the fees and distribution terms in its documents. The shareholder does not choose validators or control their keys.

Three figures answer different questions. The staked share tells you how much ether is committed. The reward cut tells you how much of the gross staking reward goes to service providers or the sponsor. The net amount received by the fund depends on both, as well as the rewards actually earned.

For example, assume a fund stakes 70% of its ether and retains 90% of gross rewards. It would retain 63% of the reward that staking all its ether at the same gross rate would produce. This simplified illustration excludes downtime and other expenses. It is not a promised yield.

Rewards, Distributions and Exit Queues

A quoted network staking rate is not the yield shareholders receive. Funds can leave ether unstaked to meet liquidity needs, and their reward deductions differ. Check whether a published rate is gross or net, its measurement period and whether it has been annualized.

Distribution policy is a separate question. Net rewards may be held within the fund or sold for cash distributions under its terms. A cash distribution is not an extra return on top of the fund’s total return, and a distribution schedule does not guarantee a payment.

Some reported staked percentages include ether waiting to activate or exit. That amount is not necessarily all earning rewards. Leaving staking can also require a network queue, so a fund may be unable to sell that ether immediately even while its shares continue trading.

What Slashing Means for Shareholders

Slashing is a protocol penalty for certain validator violations that can destroy part of the staked ether. Ordinary downtime can cause other penalties or missed rewards. The fund’s loss can pass through to shareholders if its contracts do not provide recovery.

A custodian’s duty to safeguard ether does not automatically cover a validator’s staking failure. Check the responsible party, the conduct that triggers reimbursement and any monetary cap. A high custody score assesses specified contract terms. It is not a guarantee that every loss would be repaid.

Start with the ongoing annual charge. A waiver can temporarily reduce it, but the rate after expiry matters for a holding that continues beyond the offer. The stated fee may also use a different assessment base across trusts, such as net assets or ether holdings.

A 0.20% annual charge is about $20 on a constant $10,000 fee base for a year. Actual charges change as that base changes. A 10% staking reward cut means 10% of rewards, not a 10% annual charge on the investment.

The combined-cost illustrations discussed here add the ongoing fee to the reward deduction expressed as a share of ether holdings. They use a common network reference rate of 2.6178%, dated September 23, 2026. They are not realized expense ratios, actual yields or total ownership costs. Temporary waivers, broker charges and trading costs are excluded.

For frequent trades, the spread and order conditions can matter more than a small difference in annual fees. A published median cannot tell you the price available for a particular order. A limit order controls the worst price you accept, but it may not execute.

The share structure removes personal key management, but it adds dependence on the fund and its service providers. Direct ownership gives more control and brings responsibility for recovery, transaction signing and address checks. Our comparison of crypto wallets for self-custody covers that choice separately.

Authorized participants may create or redeem large baskets under a fund’s arrangements. Permission for in-kind baskets does not give an ordinary shareholder a right to exchange individual shares for ether.

Sources include issuer fund disclosures, SEC filings, prospectuses, custody and staking agreements, and published market statistics. Market and staking figures are dated observations, and current trading quotes can differ.

TETH’s 0.21% annual sponsor fee is waived through October 8, 2027. Its 25% deduction from gross staking rewards still applies. The combined-cost illustration uses the ongoing fee before the waiver.

ETHA completed a 1-for-3 reverse share split on October 6, 2026. Each three shares became one. The split did not change proportional ownership except where fractional interests were redeemed for cash.