Data as of Oct 28, 2026.
ETHW vs MSSE: Tracking, Returns & Fees
Over the three months to Oct 28, 2026, ETHW finished 0.07 of a percentage point behind Ether and MSSE 0.09 ahead.
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Net assets: $258m on Oct 28, 2026 for Bitwise Ethereum ETF, beside Morgan Stanley Ethereum Trust.
ETHW over 1 year: fund −41.43%, Ether −41.34%, 0.09 pts behind Ether. Data to Oct 28, 2026.
Data to Oct 28, 2026.MSSE since launch: fund +23.59%, Ether +23.43%, 0.16 pts ahead of Ether. Data to Oct 28, 2026.
Data to Oct 28, 2026.Pair scorecard
MSSE costs 0.06 points a year less.
| Measure | ETHW | MSSE |
|---|---|---|
| Return | ||
| Total return, 1 year | −41.4% | not published |
| Against its benchmark | ||
| What it tracks | Ether | Ether |
| Against Ether, same days | 0.1% behind | 0.2% ahead of |
| Cost and size | ||
| Expense ratio | 0.20% | 0.14% |
| Net assets | $258m | not read by ETFIQ |
| Reports to the SEC on | 10-K, not N-PORT | |
| Holdings | ||
| Holdings in common | not published | |
ETHW among the 26 spot crypto trusts with a full year
How much of its coin's move it captured, after costs, ranked against 26 spot crypto trusts with a full year and 25 spot crypto trusts listed less than a year. 100 is best. How it is computed
MSSE among the 25 spot crypto trusts listed less than a year
A percentile among the 26 spot crypto trusts with a full year. MSSE is a percentile among the 25 spot crypto trusts listed less than a year, a different set, so the two marks are not on one scale. Share of the coin's own price growth a holder kept; funds on different coins are ranked together. All crypto ETFs ranked by it →
Side by side
As of Oct 28, 2026. Source: ETFIQ.
Window by window
| Total return | The coin over the same days | Difference, percentage points | ||||
|---|---|---|---|---|---|---|
| Window | ETHW | MSSE | ETHW | MSSE | ETHW | MSSE |
| 1 month | −11.3% | −11.2% | −11.3% | −11.3% | 0.0 pts | +0.1 pts |
| 3 months | +25.6% | +25.7% | +25.6% | +25.6% | −0.1 pts | +0.1 pts |
| 6 months | +6.1% | – | +6.1% | – | 0.0 pts | – |
| 1 year | −41.4% | – | −41.3% | – | −0.1 pts | – |
| Since each listedNot the same days: ETHW Jul 2024 · MSSE Jul 2026 | −31.8% | +23.6% | −31.5% | +23.4% | −0.3 pts | +0.2 pts |
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The same coin, two trusts
ETHW and MSSE hold the same asset. Both are 1933 Act trusts holding Ether through a custodian, so neither has a portfolio to compare: the whole of each fund is one line. Over the days each has traded, ETHW finished 0.09 of a percentage point behind Ether and MSSE 0.16 of a percentage point ahead, but the two windows are not the same days, so neither number is set against the other here. That gap is the fee, the custody, the creation and redemption friction and the market’s pricing of the shares, compounded into one number. ETHW has 735 more days of record than MSSE, and a longer record is a longer window over which a cost can show itself.
ETHW’s own filings say it does not (10-K, Mar 12, 2026).
ETHW holds Ether through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the year to Oct 28, 2026, Ether moved −41.3% and ETHW returned −41.4%. That leaves it 0.09 of a percentage point behind. That difference is the fee, the custody cost, the friction of creating and redeeming shares in blocks, and whatever the market paid for the shares rather than for the coin, all of it together. It is the only number on this page the sponsor does not publish itself. ETHW charges 0.20% a year and finished 0.1% behind Ether, so the fee is almost the whole of the difference. Ether is a proof of stake chain, so a fund holding it can stake. A spot trust is not a registered investment company. It files a 10-K rather than an N-PORT, and its holding is one line: the Ether it custodies.
MSSE’s own filings say it does (424B3, Jul 23, 2026). It charges 0.14% and finished only −0.2% behind Ether, so staking covered about 0.3% of that fee over these days.
MSSE holds Ether through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since launch to Oct 28, 2026, Ether moved +23.4% and MSSE returned +23.6%. That leaves it 0.16 of a percentage point ahead. MSSE charges 0.14% a year and finished 0.2% ahead of Ether, which a fee cannot do on its own.
Questions people ask
- Which tracked Ether more closely, ETHW or MSSE?
- Over the days each has traded, ETHW finished 0.09 of a percentage point behind Ether and MSSE 0.16 of a percentage point ahead. Those are not set against each other here, because the two windows are not the same days, so neither is nearer its coin than the other on this page. Each difference carries the fee, the custody cost, the friction of creating and redeeming shares in blocks and whatever the market paid for the shares rather than for the coin.
- Do ETHW or MSSE pay a staking yield?
- Ether is a proof of stake chain, so staking is possible. Whether either trust stakes, and what the sponsor keeps of it, is a term in its own filings and is read from those rather than assumed.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, ETHW against MSSE, data as of Oct 28, 2026. https://etfiq.com/compare/crypto/ethw-vs-msse
ETFIQ. (Oct 28, 2026). ETHW against MSSE. Retrieved from https://etfiq.com/compare/crypto/ethw-vs-msse
[ETHW against MSSE (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/crypto/ethw-vs-msse)
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