Answered from ETFIQ data as of .
Do crypto ETFs actually track the coin?
Mostly, and the gap is small. Of the 41 spot crypto ETFs ETFIQ can measure on Sep 11, 2026, 30 finished within a point of the coin they hold over their longest window. The difference carries the fee, the custody cost and whatever the market paid for the shares rather than for the coin, all together.
A spot crypto ETF holds the coin through a custodian and trades like a share, so a holder gets the coin’s return inside a brokerage account instead of a wallet. What that convenience costs shows up in one number: the fund’s total return minus the coin’s over exactly the same days.
It is not only the fee. Creating and redeeming shares happens in blocks, the custodian charges, and the shares trade at whatever the market pays rather than at what the coin is worth that second. All of it lands in the same difference, which is why ETFIQ measures the difference rather than reading the fee off a prospectus.
Two things make a number here misleading and both are marked on the page. A fund whose price sits unchanged on more than one trading day in twenty is quoted rather than traded, and its difference describes the days somebody did trade: 3 are in that state. And over a long window two returns cannot simply be subtracted, because the subtraction is dominated by compounding rather than by tracking.
On ETFIQ today
| Ticker | Fund | Holds | The fund | The coin | Difference |
|---|---|---|---|---|---|
| LTCC | Canary Litecoin ETF | Litecoin | −46.0% | −44.9% | −1.1 pts |
| XRPZ | Franklin XRP Trust | XRP | −39.9% | −39.1% | −0.8 pts |
| MSOL | Morgan Stanley Solana Trust | Solana | +38.1% | +38.9% | −0.8 pts |
| GDOG | Grayscale Dogecoin Trust ETF | Dogecoin | −45.0% | −44.5% | −0.6 pts |
| GXRP | Grayscale XRP Trust ETF | XRP | −39.7% | −39.1% | −0.6 pts |
| GBTC | Grayscale Bitcoin Trust ETF | Bitcoin | −33.5% | −33.2% | −0.4 pts |
| MSBT | Morgan Stanley Bitcoin Trust | Bitcoin | +8.3% | +8.6% | −0.3 pts |
| BWOW | Bitwise Dogecoin ETF | Dogecoin | −45.8% | −45.5% | −0.2 pts |
| XRP | Bitwise XRP ETF | XRP | −32.2% | −32.1% | −0.1 pts |
| TDOG | 21Shares Dogecoin ETF | Dogecoin | −32.2% | −32.2% | 0.0 pts |
| ETHE | Grayscale Ethereum Staking ETF | Ether | −43.3% | −43.6% | +0.3 pts |
| BTCW | WisdomTree Bitcoin Fund | Bitcoin | −32.8% | −33.2% | +0.4 pts |
Where to next
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
ETFIQ is an independent publisher of exchange-traded fund data and makes no recommendations. Every figure is stated arithmetic on published data. Standards and sources
Cite this page. ETFIQ, Do crypto ETFs actually track the coin?, data as of Sep 11, 2026. https://etfiq.com/questions/do-crypto-etfs-track-the-coin Free to use with attribution; the underlying files are at Open data.