The long-anticipated launch of spot Ethereum exchange-traded funds (ETFs) has finally arrived. After years of regulatory hesitation, the U.S. Securities and Exchange Commission (SEC) approved multiple spot Ethereum ETF applications in a surprising policy shift—mirroring its earlier green light for Bitcoin ETFs. As of July 23, 2025, several major financial institutions have officially launched their Ethereum ETFs on U.S. stock exchanges, marking a pivotal moment for crypto adoption in traditional finance.
An ETF allows investors to gain exposure to an underlying asset—such as gold, equities, or cryptocurrencies—without directly owning it. Spot Ethereum ETFs hold actual ETH tokens, offering a secure and regulated way for retail and institutional investors to participate in Ethereum’s price movements through familiar brokerage platforms.
This approval follows the SEC’s landmark decision in January 2024 to authorize spot Bitcoin ETFs, which triggered a massive influx of capital into the digital asset space. While many expected a slower rollout for Ethereum products due to regulatory uncertainty, the commission quietly cleared the path—leading to today’s market debut.
Key Ethereum ETFs Now Live in the U.S.
BlackRock iShares Ethereum Trust (ETHA)
Trading on: Nasdaq
Management fee: Not publicly disclosed at launch
BlackRock, the world’s largest asset manager, entered the Ethereum ETF race with its iShares Ethereum Trust (ETHA). The firm first filed its S-1 registration form in November 2023, signaling early confidence in Ethereum’s long-term value. CEO Larry Fink has been vocal about Ethereum’s potential, particularly around the tokenization of real-world assets. He recently emphasized that “there is value in having an Ethereum ETF,” reinforcing institutional belief in blockchain-based financial innovation.
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Grayscale Ethereum Trust (ETHE) & Grayscale Ethereum Mini Trust (ETH)
Trading on: NYSE Arca
Management fees: 0.15% (waived for six months or until $2B AUM for mini ETF)
Grayscale played a pivotal role in forcing regulatory change. After winning a landmark court case against the SEC over its Bitcoin Trust conversion, the firm set a precedent that ultimately opened doors for both Bitcoin and Ethereum ETFs. Its original Grayscale Ethereum Trust (ETHE) has now transitioned into a fully regulated spot ETF.
In addition, Grayscale launched a mini Ethereum ETF under the ticker ETH, designed to attract smaller investors with lower fees and reduced entry barriers. This strategic move positions Grayscale to compete aggressively on distribution and accessibility—not just cost.
Greg Cipolaro, Global Head of Research at NYDIG, noted this reflects a maturing market: “Unlike the launch of Bitcoin ETFs, where a low-cost ‘accumulation’ fund was lacking, Grayscale is now positioned to compete for inflows.”
21Shares Core Ethereum ETF (CETH)
Trading on: Cboe
Management fee: 0.21% (waived for six months or until $500M AUM)
Originally developed in partnership with ARK Invest, the 21Shares Core Ethereum ETF went solo after ARK ended their collaboration in June 2024. Backed by Coinbase as custodian, CETH ensures secure storage of underlying ETH holdings. With a competitive fee structure and temporary waivers, 21Shares aims to capture significant market share early.
Fidelity Ethereum Fund (FETH)
Trading on: Cboe
Management fee: 0.25% (waived until end of 2025)
Fidelity filed its initial proposal via Cboe in November 2023 and submitted its S-1 form in March 2024. Now live as FETH, the fund offers investors a trusted brand name with deep integration into existing brokerage systems. The fee waiver through 2025 enhances its appeal during the critical early adoption phase.
VanEck Ethereum Trust (ETHV)
Trading on: Cboe
Management fee: 0.20% (waived for first year or until $1.5B AUM)
VanEck was among the earliest filers for an Ethereum ETF, submitting its initial proposal back in 2021. Though it temporarily withdrew, it re-entered the race with persistence. Known for its aggressive pricing strategy in the Bitcoin ETF market, VanEck is applying the same playbook here—using fee waivers to drive adoption and asset accumulation.
Franklin Templeton Ethereum ETF (EZET)
Trading on: NYSE Arca
Management fee: 0.19% (waived until January 2026 or $10B AUM)
Franklin Templeton, a Wall Street powerhouse, entered the crypto ETF space with both Bitcoin and Ethereum offerings. Its Franklin Ethereum ETF (EZET) benefits from strong distribution networks and investor trust. The extended fee waiver underscores its long-term commitment to capturing institutional flows.
Invesco Galaxy Ethereum ETF (QETH)
Trading on: Nasdaq
Management fee: 0.25% (no waiver)
Jointly developed by Invesco and Galaxy Digital, QETH takes a unique operational approach: Galaxy acts as the “execution agent,” selling ETH when needed to cover fund expenses. While it doesn’t offer a fee discount, its structure provides transparency and efficiency in portfolio management.
Bitwise Ethereum ETF (BITW)
Trading on: NYSE Arca
Management fee: 0.20% (waived for six months or until $500M AUM)
Bitwise, known for its data-driven investment strategies, launched BITW with a clear focus on cost efficiency and investor accessibility. Despite earlier predictions that ETH ETFs wouldn’t arrive until late 2025, Bitwise adapted quickly to regulatory developments and is now live.
Not Yet Trading: What’s Pending?
ProShares Spot Ethereum ETF
Status: Approved but not yet trading
ProShares received SEC approval alongside Grayscale’s mini ETF but has not yet launched. Details remain limited—the ticker symbol and fee structure have not been announced. However, reports indicate it will track a Bloomberg index, suggesting alignment with established financial benchmarks.
Hashdex Nasdaq Ethereum ETF
Status: Withdrawn
Hashdex, a Brazilian fund manager with existing crypto ETFs in Latin America, withdrew its U.S.-based spot Ethereum ETF application in May 2025 after other issuers gained approval. Its proposed product would have combined spot ETH with futures contracts—a novel approach that may resurface in future filings.
Instead, Hashdex shifted focus to a combined Bitcoin and Ethereum spot ETF—the Hashdex Nasdaq Crypto Index—indicating growing interest in multi-asset crypto exposure.
How Will Ethereum ETFs Impact ETH Price?
Market analysts are divided on the near-term price impact of these new ETFs.
- BRN’s Valentin Fournier suggests much of the bullish sentiment is already priced in, forecasting a short-term pullback to $2,800–$3,100 due to potential selling pressure from early traders cashing out.
- Conversely, Bernstein Research believes Ethereum remains undervalued relative to Bitcoin. In a July 2025 note, they highlighted that while BTC is up 3x from its 2023 lows, ETH has only doubled—making it a compelling “Ethereum trade” ahead of broader institutional adoption.
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Frequently Asked Questions (FAQ)
Q: What is a spot Ethereum ETF?
A: A spot Ethereum ETF holds actual ETH tokens and tracks their market price directly, allowing investors to gain exposure without managing private keys or using crypto exchanges.
Q: Why are these ETFs important?
A: They bring crypto investing into mainstream financial markets—offering regulatory oversight, ease of access through brokers, and integration with retirement accounts like IRAs.
Q: Which company launched the first Ethereum ETF?
A: While Grayscale had the first approved structure, multiple firms—including BlackRock, Fidelity, and VanEck—launched simultaneously on July 23, 2025.
Q: Are there fees associated with these ETFs?
A: Yes, but most issuers are waiving fees temporarily to attract assets. Fees range from 0.15% to 0.25%, with waivers lasting between six months and one year or until certain AUM thresholds are met.
Q: Can I buy these ETFs through my regular brokerage?
A: Yes—these funds trade on major U.S. exchanges like Nasdaq and NYSE Arca just like any other stock or ETF.
Q: Is more competition expected in the future?
A: Likely. With Bitcoin and Ethereum now approved, issuers may push for ETFs tied to other digital assets—though none are currently close to approval.
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