The long-anticipated launch of spot Ethereum exchange-traded funds (ETFs) has finally arrived in the United States. After years of regulatory hesitation, the U.S. Securities and Exchange Commission (SEC) approved multiple Ethereum ETF applications in May 2025, paving the way for these investment products to begin trading on major stock exchanges. On July 23, 2025, several spot Ethereum ETFs officially started trading—marking a pivotal moment for both traditional finance and the crypto industry.
An ETF, or exchange-traded fund, is an investment vehicle that tracks the price of an underlying asset—such as gold, stocks, or cryptocurrencies—while being traded like a stock on public exchanges. The approval of spot Bitcoin ETFs in January 2025 was a watershed event, unlocking billions in institutional capital. Now, Ethereum—the second-largest cryptocurrency by market cap—is following a similar path.
👉 Discover how Ethereum ETFs are reshaping digital asset investing.
Major Ethereum ETFs Now Live in the U.S.
With Ethereum’s growing role in decentralized finance (DeFi), smart contracts, and real-world asset tokenization, demand for accessible investment vehicles has surged. Below are the key Ethereum ETFs currently available to U.S. investors.
BlackRock iShares Ethereum Trust (ETHA)
BlackRock, the world’s largest asset manager, launched its iShares Ethereum Trust (ETHA) on the Nasdaq. The firm first filed its S-1 registration form in November 2024, signaling early confidence in Ethereum’s long-term potential.
CEO Larry Fink has publicly expressed enthusiasm about Ethereum’s technology, particularly its role in the future of tokenized assets. He previously stated there is “value in having an Ethereum ETF,” reinforcing BlackRock’s strategic positioning in the digital asset space.
Grayscale Ethereum Trust (ETHE) and Grayscale Ethereum Mini Trust (ETH)
Grayscale played a foundational role in pushing the SEC toward ETF approvals. After successfully converting its Bitcoin Trust into a spot ETF in January 2025, Grayscale repeated the feat with its Ethereum Trust (ETHE), now trading on NYSE Arca.
Additionally, Grayscale launched a mini Ethereum ETF under the ticker ETH, designed to offer lower barriers to entry. This product carries a management fee of just 0.15%, which will be waived for six months or until assets under management (AUM) reach $2 billion.
Greg Cipolaro, Global Head of Research at NYDIG, described this move as a “strategic advantage” in attracting retail and institutional inflows. Unlike during the Bitcoin ETF rollout, where low-cost options were initially limited, Grayscale is entering the Ethereum market with competitive pricing and diversified offerings.
21Shares Core Ethereum ETF (CETH)
Originally developed in partnership with ARK Invest, the 21Shares Core Ethereum ETF (CETH) launched independently after ARK ended their collaboration in June 2025. Coinbase serves as the custodian, ensuring secure storage of the underlying ETH.
CETH charges a 0.21% management fee, fully waived for the first six months or until AUM hits $500 million. This aggressive pricing strategy positions 21Shares as a strong contender in the race for market share.
Fidelity Ethereum Fund (FETH)
Fidelity entered the crypto ETF space with its Fidelity Ethereum Fund (FETH), now trading on Cboe. The fund charges a 0.25% fee, which will remain waived through the end of 2025—a move aimed at accelerating adoption among conservative investors.
Fidelity’s entry underscores growing mainstream acceptance of digital assets as a legitimate asset class.
VanEck Ethereum ETF (ETHV)
VanEck was one of the earliest filers for an Ethereum ETF, submitting its initial proposal back in 2021. Though it temporarily withdrew its application, it refiled and ultimately secured approval.
The VanEck Ethereum ETF (ETHV) trades on Cboe with a base fee of 0.20%, waived for the first year or until AUM reaches $1.5 billion. This mirrors VanEck’s successful strategy with its Bitcoin ETF, where fee waivers helped capture early investor interest.
Franklin Templeton Ethereum ETF (EZET)
Franklin Templeton, another Wall Street heavyweight, launched its Franklin Ethereum ETF (EZET) with a competitive 0.19% fee. The waiver extends until January 31, 2025, or until AUM reaches $10 billion—whichever comes first.
Given Franklin’s success with its Bitcoin ETF (EZBC), EZET is well-positioned to attract long-term investors seeking exposure to both major cryptocurrencies.
Invesco Galaxy Ethereum ETF (QETH)
Invesco partnered with Mike Novogratz’s Galaxy Digital to launch the Invesco Galaxy Ethereum ETF (QETH). While it does not offer a fee waiver, it charges a standard 0.25% management fee.
Galaxy Digital acts as the “execution agent,” selling ETH when necessary to cover fund expenses—a model that ensures transparency and operational efficiency.
Bitwise Ethereum ETF (BITW)
Bitwise, known for its data-driven approach to digital assets, launched the Bitwise Ethereum ETF (BITW) with a 0.20% fee, waived for six months or until AUM exceeds $500 million.
Despite earlier predictions that ETH ETFs might not launch until late 2025, Bitwise adapted quickly to regulatory developments and is now actively trading.
Ethereum ETFs Not Yet Trading
While most major players have launched their products, some approved ETFs are not yet available on exchanges.
ProShares Spot Ethereum ETF
ProShares received SEC approval recently but has not yet launched its spot Ethereum ETF. Details including ticker symbol and fee structure remain undisclosed. The fund will track a Bloomberg index, according to NYDIG reports.
Hashdex Nasdaq Ethereum ETF
Hashdex withdrew its application for a standalone spot Ethereum ETF in May 2025 after several competitors gained approval. Originally planning a hybrid model combining spot ETH and futures contracts, Hashdex shifted focus to a combined Bitcoin and Ethereum spot ETF—the Hashdex Nasdaq Crypto Index—filed in June 2025.
Market Impact and Price Outlook
👉 See how institutional adoption is influencing Ethereum’s price trajectory.
The arrival of multiple spot Ethereum ETFs introduces new dynamics to ETH’s market behavior. Analysts remain divided on short-term price impact:
- BRN’s Valentin Fournier believes much of the optimism is already priced in, forecasting a temporary dip to $2,800–$3,100 due to initial selling pressure before a rebound toward $4,000 by September.
- Bernstein Research highlights that Ethereum remains undervalued relative to Bitcoin, noting BTC has surged 3x from its 2023 low while ETH has only doubled.
Still, Bernstein emphasizes that Ethereum is “probably the only other digital asset likely to get a spot ETF approval by SEC” besides Bitcoin—underscoring its unique regulatory standing.
Frequently Asked Questions
Q: What is a spot Ethereum ETF?
A: A spot Ethereum ETF directly holds actual ETH tokens and tracks their market price in real time, unlike futures-based ETFs that rely on derivatives contracts.
Q: How do I invest in an Ethereum ETF?
A: You can buy shares through any brokerage account that supports stock trading—no crypto wallet required.
Q: Are Ethereum ETFs safer than buying crypto directly?
A: For many investors, yes. ETFs offer regulatory oversight, custodial security, and integration with traditional financial systems.
Q: Will more Ethereum ETFs launch soon?
A: Possibly. While nine firms received approval, not all have launched yet. Others may introduce new structures, such as leveraged or actively managed funds.
Q: Do Ethereum ETFs pay dividends?
A: No. These funds do not generate yield from staking; they simply reflect price movements of ETH.
Q: How do fee waivers affect returns?
A: Waivers reduce expense ratios temporarily, increasing net returns for investors during promotional periods.
👉 Learn how low fees can boost your long-term crypto investment returns.
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The debut of spot Ethereum ETFs marks a transformative chapter in digital finance—bridging institutional capital with blockchain innovation. As competition intensifies among asset managers, investors gain more choice, transparency, and access than ever before.