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TABLE OF CONTENTS

$5.7B Assets in Ethereum ETFs, Led by Europe With 81% Share

4.3 | by Lim Yu Qian

What Are the Top Ethereum ETFs in the World?

XBT Ethereum Tracker One (COINETH) is the global top Ethereum exchange-traded fund (ETF), with by far the biggest asset size of $3.34 billion. Another product from the same provider, XBT Ethereum Tracker Euro (COINETHE), is the second biggest Ethereum ETF with $510.93 million in total assets. Both COINETH and COINETHE are Ethereum futures ETFs traded in Europe.

COINETH and COINETHE were launched together in October 2017 as the world’s first Ethereum ETFs, just ahead of Grayscale’s Ethereum unit trust launch in December.

The top spot Ethereum ETF is Canada’s CI Galaxy Ethereum ETF (ETHX), which has $478.35 million in total assets. Europe’s 21Shares Ethereum Staking ETP (AETH) ranks as the second biggest spot Ethereum ETF. AETH holds $329.42 million in total assets, and launched in 2019 as the first spot Ethereum ETF worldwide.

All of the global top 10 Ethereum ETFs are traded in either Canada or Europe. In comparison, the US Ethereum ETFs ranked 14th or lower. This comes as the US SEC continues to delay its decision on spot Ethereum ETF applications, and it remains to be seen if the US can catch up to Canada and Europe.

How Many Ethereum ETFs Are There?

There are currently 27 active Ethereum ETFs worldwide, with a combined $5.70 billion in total assets. Their combined asset size is still smaller than Grayscale Ethereum Trust (ETHE) alone, which has $6.76 billion in total assets.

Notably, the top 10 biggest Ethereum ETFs account for a disproportionate $5.49 billion or 96.4% of assets. This suggests that a few players dominate the Ethereum ETF market, despite more products and providers entering the market.

Out of the 27 Ethereum ETFs globally, 20 are spot Ethereum ETFs and 7 are Ethereum futures ETFs. However, Ethereum futures ETFs represent a combined $3.91 billion in asset size (68.5%), or more than twice the $1.80 billion (31.5%) held in spot Ethereum ETFs. If the US SEC approves spot Ethereum ETFs and Grayscale’s Ethereum Trust conversion, it is possible that spot Ethereum ETFs may flip Ethereum futures ETFs.

2021, 2022 Most Popular Years for Ethereum ETF Launches

After the first Ethereum ETFs were launched in 2017, none followed in 2018 as the overall crypto market peaked and declined. 2019 and 2020 saw one Ethereum ETF launch each, in Europe and Canada respectively.

Amid the 2021 crypto bull market, Ethereum ETFs gained popularity and 12 were launched across Europe, Canada and Brazil. The momentum of TradFi adoption continued but at a slower pace, with 6 Ethereum ETFs in 2022 and 4 in 2023.

Year No. Ethereum ETFs Launched New ETFs' Geographical Market
2017 2 Europe
2018 0 -
2019 1 Europe
2020 1 Canada
2021 12 Europe, Canada, Brazil
2022 6 Europe, Canada, Australia, Hong Kong
2023 4 Europe, US

 

Which Countries Have Ethereum ETFs?

Ethereum ETFs are incorporated in 13 countries worldwide and traded in 7 geographical markets. Specifically, spot Ethereum ETFs are incorporated in 10 countries and traded in 5 markets, while Ethereum futures ETFs are incorporated in just 4 countries and traded in 3 markets. 

Europe and Canada are leading the Ethereum ETF market: Europe has 3 Ethereum futures ETFs and 10 spot Ethereum ETFs, with a combined $4.65 billion asset size or 81.45% global market share. Canada has 6 spot Ethereum ETFs with $949.25 million in combined assets, representing 16.64% global market share. 

Brazil ranks as the third largest Ethereum ETF market, with 2 spot Ethereum ETFs holding $47.30 million assets (0.83%), followed by US’ $43.04 million total assets across 3 Ethereum futures ETFs (0.75%). 

The smaller markets for Ethereum ETFs are Hong Kong (0.21%) and Australia (0.10%).

Notably, the US and Hong Kong only have Ethereum futures ETFs, whereas Canada, Brazil and Australia only have spot Ethereum ETFs. Europe is the sole market where both futures and spot ETFs are offered.

Countries Where Ethereum ETFs Are Incorporated

Country of Incorporation No. Ethereum ETFs Total Assets (USD)
Sweden 2 $3,851.53 million
Canada 6 $949.25 million
Switzerland 2 $335.63 million
Jersey 5 $257.61 million
Liechtenstein 2 $105.03 million
Germany 1 $84.72 million
United States 3 $43.04 million
Bermuda 1 $30.12 million
Brazil 1 $17.18 million
Hong Kong 1 $12.05 million
Guernsey 1 $10.71 million
Australia 1 $5.98 million

 

Global Ethereum Futures & Spot ETFs Ranked

All Ethereum-only futures and spot ETFs, ranked by total assets in USD as of February 2, 2024:

Rank Ethereum ETF Total Assets (USD)
1 XBT Provider Ethereum Tracker One (COINETH) $3,340.60 million
2 XBT Provider Ethereum Tracker Euro (COINETHE) $510.93 million
3 CI Galaxy Ethereum ETF (ETHX) $478.35 million
4 21Shares Ethereum Staking ETP (AETH) $329.42 million
5 Purpose Ether ETF (ETHH) $231.50 million
6 CoinShares Physical Staked Ethereum (ETHE) $196.60 million
7 3iQ The Ether Fund (QETH) $162.27 million
8 VanEck Ethereum ETN (VETH) $103.28 million
9 ETC Group Physical Ethereum (ZETH) $84.72 million
10 WisdomTree Physical Ethereum (ETHW) $57.25 million
11 Evolve Ether ETF (ETHR) $43.96 million
12 Hashdex Nasdaq Ethereum ETF (HETH.BH) $30.12 million
13 3iQ Ether Staking ETF (ETHQ) $28.54 million
14 ProShares Ether Strategy ETF (EETH) $22.29 million
15 QR CME CF Ether Reference Rate FDI (QETH11) $17.18 million
16 VanEck Ethereum Strategy ETF (EFUT) $16.81 million
17 CSOP Ether Futures ETF (3068) $12.05 million
18 AMINA Ethereum ETP (SETH) $10.71 million
19 21Shares Ethereum Core ETP (ETHC) $6.21 million
20 Global X 21 Shares Ethereum ETF (EETH) $5.98 million
21 Fidelity Advantage Ether ETF (FETH) $4.63 million
22 Bitwise Ethereum Strategy ETF (AETH) $3.93 million
23 Global X Ethereum ETP (ET0X) $3.44 million
24 DDA Physical Ethereum ETP (IETH) $1.74 million
25 Valour Ethereum Zero (ETH0) $0.24 million
26 1Valour Ethereum Physical Staking (1VET) $0.09 million

 

Methodology

The study examined Ethereum futures and spot exchange-traded funds (ETFs) or exchange-traded products (ETPs) based on Bloomberg and public data as of February 2, 2024. For the purpose of this study, ‘ETFs’ and ‘ETPs’ were used interchangeably; Grayscale Ethereum Trust was not included as an ETF due to its close-ended structure. If you notice any active Ethereum ETFs or ETPs missing from this list, please drop a note to the author via Twitter/X.

This study is for illustrative and informational purposes only, and is not financial advice. Always do your own research and be careful when putting your money into any crypto or financial asset.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with data-led content that you may find useful.

Curious to find out more about our previous research studies & statistics? Check out this one we did about the top Bitcoin ETFs.

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Lim Yu Qian
Lim Yu Qian

Yuqian is a cryptocurrency writer and marketer who specializes in mainstream cryptocurrency insights. She's especially fascinated by the philosophical and socioeconomic aspects of crypto and also goes by the name of Q. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt

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