US spot Ethereum ETFs launched in July 2024 without staking. Two years in, the products have performed solidly — smaller than Bitcoin ETFs in absolute terms but meaningful in their own right, with growing share from staking-inclusive structures.
2026 AUM snapshot
- ETHA (BlackRock) — ~$12B AUM, the leader by inflows.
- FETH (Fidelity) — ~$5B.
- ETHE (Grayscale, converted) — ~$3B, recovered from outflows post-conversion.
- Combined sector AUM — ~$25B for spot ETH ETFs in the US.
- Comparison: spot BTC ETFs aggregate ~$130B AUM.
Inflow patterns
Ethereum ETFs saw weaker initial inflows than Bitcoin ETFs (no staking yield helped explain), then steady accumulation through 2025 as ETH price recovered. Inflow ratio to spot trading volume now resembles Bitcoin ETFs' early-2024 pattern.
Staking-enabled ETFs
Several issuers launched staking-inclusive ETH ETFs in late 2025 after SEC clarification. These yield ~1.5–2.5% above non-staking equivalents. Demand has been strong, with several issuers running at capacity.
Hong Kong comparison
Hong Kong's ETH staking ETFs launched ahead of the US in 2024. Smaller AUM ($1B+ combined) but higher per-share yield because they include staking from launch. Demonstrated that staking ETFs work commercially before the SEC followed.
What the numbers signal
- Spot ETH ETFs are real, durable products — not a one-time spike.
- Staking-enabled versions are gaining share as approval clarified.
- Institutional ETH exposure is becoming routinely accessible alongside Bitcoin.
- Total ETH ETF AUM remains ~20% of BTC ETF AUM — a structural feature, not a temporary gap.
See our spot Bitcoin ETF deep-dive and our spot ETH ETF staking guide.
