Holds ether directly, so each share tracks the value of the trust's ether less its expenses, without the buyer having to store the coins. As its name indicates, it also stakes its ether.
ETH, the Grayscale Ethereum Staking Mini ETF, is a $2.5 billion ETF whose main story is crypto conviction. Over the past year it returned −39.8%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
Its main narrative, at 0.7 of its exposure.
Crypto conviction →
Bitcoin, ether and the companies around them, held through ETFs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | IBIT | 49.5% | $67.06bn | −30.6% | 0.25% |
| 2 | FBTC | 11.4% | $15.45bn | −30.5% | 0.25% |
| 3 | GBTC | 7.8% | $10.61bn | −31.4% | 1.50% |
| 4 | ETHA | 7.2% | $9.83bn | −40.9% | 0.25% |
| 5 | BTC | 3.9% | $5.27bn | −30.5% | 0.15% |
| 171 other ETFs | 20.2% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 176 ETFs on the narrative page →
Also carries: Onchain infrastructure →
Network tokens such as Solana, and the blockchain companies building payment and trading systems on them.
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| ETH | +11.6% | +57.6% | −9.1% | −39.8% | – | – |
| Crypto convictionits narrative | +9.5% | +39.0% | −2.9% | −29.5% | +50.5% | +10.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on July 23, 2024: −10.7% a year.
$10,000 invested July 31, 2024
Year by year
Total return in each calendar year; this year is year to date. A year appears only if ETH traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
ETH moves largely apart from the market. When the market has moved 1%, ETH has tended to move 1.51%.
ETH moves closely with crypto conviction. When crypto conviction has moved 1%, ETH has tended to move 1.24%.
Weekly returns over 114 weeks. The narrative is measured without ETH in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Crypto conviction
Each dot is one of 62 unlevered ETFs whose main narrative is crypto conviction, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
ETH is the 5th cheapest of 81 ETFs in crypto conviction. The dashed line is the middle of the group, 0.69% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Second narrative: read in the ETF’s own filing.
Common questions
What story is ETH selling?
ETH’s main story is crypto conviction, which covers bitcoin, ether and the companies around them, held through ETFs. Its second is onchain infrastructure.
Which ETFs compete with ETH?
The ETFs whose weekly returns move most like ETH’s over the past 3 years are ETHE (1.00), FETH (1.00) and ETHW (1.00).
How has ETH performed against its story?
Over the past year ETH returned −39.8%, the ETFs carrying crypto conviction −29.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.86 with the story. Past performance only.
Run an ETF in crypto conviction? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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