What a coin costs in a brokerage account
Of the 38 spot crypto ETFs ETFIQ can measure on Sep 10, 2026, 23 finished within a point of the coin they hold, and the typical difference is 0.70%. That difference is the fee, the custody, the friction of creating and redeeming shares in blocks and whatever the market paid for the shares rather than for the coin, all together, and it is the only figure on this desk the sponsor does not publish itself.
8 coins are represented across 43 exchange traded funds. A coin with several funds on it is where the difference is worth reading: the coin's own move is the same for all of them, so what separates the funds is what each one costs to hold.
3 trusts are quoted too thinly to compare, closing unchanged on more than one trading day in twenty. Their difference against the coin describes the days somebody traded rather than what the fund did, and they are published with that said rather than ranked.
30 fund-windows cannot state their gap by subtraction at all. Once either return has compounded, the difference of two returns is dominated by the compounding: $ETHE since January 2020 returned +627.8% against Ether's +1,854.4%, which subtracts to -1,227 points and means nothing. The compounded gap is -62.8%, and that is what the site prints for those windows.
A brokerage account and a coin wallet do not quite agree on what a coin is worth, and the gap between them is small enough to overlook until it is set beside the same gap on a dozen other funds. On Sep 10, 2026, ETFIQ can measure 38 spot crypto ETFs against the coin each one holds. Of those, 23 finished within a point of the coin, and the typical difference across all 38 is 0.70%. That figure is not one thing. It is the fee, the cost of custody, the friction of creating and redeeming shares in blocks, and whatever the market happened to pay for the shares rather than the coin, all folded together. It is also the only number on this desk that no sponsor publishes itself.
Eight coins sit behind 43 funds, and where a coin has several funds attached to it, the difference is the part worth reading. The coin's own move that day is identical for every fund that holds it, so what separates one fund from another sharing the same coin is purely what it costs to hold. Bitcoin shows this most cleanly: 12 funds, a median difference of +0.5%, and 11 of 11 measurable funds landing within a point of the coin's −32.8% median return. Ether follows a similar pattern, 11 funds and a median difference of +0.7%, with 8 of 10 within a point. Solana looks different. Its 8 funds carry a median difference of +2.7%, and none of the 6 measurable funds came within a point of the coin's +47.5% median return. Avalanche and XRP show the same pattern of wider, non-trivial gaps, at +3.3% and +1.3% median difference respectively, with none of their funds within a point either.
Individual fund lines show where the wider gaps come from. Among Avalanche funds, VAVX finished +3.5% from the coin, GAVA +3.3%, and BAVA +3.2%. Among Solana funds, SOEZ finished +3.1% from the coin, down through QSOL at +2.6%. Bitcoin funds, by contrast, cluster tightly: HODL, ARKB, BITB, BTC, IBIT, BRRR, BTCO and FBTC all sit at +0.5% or +0.6%, with GBTC the outlier at −0.3%.
Three trusts are quoted too thinly to compare at all, closing unchanged on more than one trading day in twenty. Their difference against the coin they hold describes the days somebody happened to trade them, not what the fund itself did over the period, and ETFIQ publishes those figures with that caveat rather than placing them alongside the rest.
A separate set of 30 fund-windows cannot state a gap by subtraction once either return has compounded far enough. $ETHE since January 2020 returned +627.8% against Ether's own +1,854.4%; subtracting one from the other gives −1,227 points, a number that means nothing. The gap that actually describes the difference in growth is −62.8%, and that is the figure printed for those longer windows instead.
Readers can check any fund's current difference against its coin, and whether it falls within a point, on the live desk.
By coin, most funds first
| Coin | Funds | Median difference | Within a point | Median coin return |
|---|---|---|---|---|
| Bitcoin | 12 | +0.5% | 11 of 11 | −32.8% |
| Ether | 11 | +0.7% | 8 of 10 | −43.9% |
| Solana | 8 | +2.7% | 0 of 6 | +47.5% |
| XRP | 4 | +1.3% | 0 of 4 | +16.9% |
| Avalanche | 3 | +3.3% | 0 of 3 | +11.8% |
| Dogecoin | 3 | +0.6% | 3 of 3 | −3.6% |
| Chainlink | 1 | +0.7% | 1 of 1 | +45.3% |
| Litecoin | 1 | · | · | · |
Every measurable fund, closest to its coin first
| Ticker | Fund | Sponsor | Holds | The fund | The coin | Difference |
|---|---|---|---|---|---|---|
| VAVX | VanEck Avalanche ETF | VanEck | Avalanche | +15.3% | +11.8% | +3.5% |
| GAVA | Grayscale Avalanche Staking ETF | Grayscale | Avalanche | +15.1% | +11.8% | +3.3% |
| BAVA | Bitwise Avalanche ETF | Bitwise | Avalanche | +15.0% | +11.8% | +3.2% |
| SOEZ | Franklin Solana Trust | Franklin | Solana | +50.6% | +47.5% | +3.1% |
| TSOL | 21Shares Solana Staking ETF | 21Shares | Solana | +50.3% | +47.5% | +2.8% |
| FSOL | Fidelity Solana Fund | Fidelity | Solana | +50.2% | +47.5% | +2.7% |
| VSOL | VanEck Solana ETF | VanEck | Solana | +50.2% | +47.5% | +2.7% |
| QSOL | Invesco Galaxy Solana ETF | Invesco | Solana | +50.1% | +47.5% | +2.6% |
| TOXR | 21Shares XRP ETF | 21Shares | XRP | +18.4% | +16.9% | +1.5% |
| XRPZ | Franklin XRP Trust | Franklin | XRP | +18.3% | +16.9% | +1.4% |
| MSOL | Morgan Stanley Solana Trust | Morgan Stanley | Solana | +35.0% | +33.7% | +1.2% |
| GXRP | Grayscale XRP Trust ETF | Grayscale | XRP | +18.1% | +16.9% | +1.2% |
| ETHB | iShares Staked Ethereum Trust ETF | iShares | Ether | +47.0% | +45.9% | +1.1% |
| XRP | Bitwise XRP ETF | Bitwise | XRP | +17.9% | +16.9% | +1.0% |
| MSSE | Morgan Stanley Ethereum Trust | Morgan Stanley | Ether | +28.1% | +27.1% | +1.0% |
| TETH | 21Shares Ethereum Staking ETF | 21Shares | Ether | −42.9% | −43.9% | +1.0% |
| MSBT | Morgan Stanley Bitcoin Trust | Morgan Stanley | Bitcoin | +21.4% | +20.4% | +0.9% |
| ETHW | Bitwise Ethereum ETF | Bitwise | Ether | −43.2% | −43.9% | +0.8% |
| CLNK | Bitwise Chainlink ETF | Bitwise | Chainlink | +46.0% | +45.3% | +0.7% |
| ETHV | VanEck Ethereum ETF | VanEck | Ether | −43.2% | −43.9% | +0.7% |
| FETH | Fidelity Ethereum Fund | Fidelity | Ether | −43.2% | −43.9% | +0.7% |
| ETHA | iShares Ethereum Trust ETF | iShares | Ether | −43.2% | −43.9% | +0.7% |
| EZET | Franklin Ethereum Trust | Franklin | Ether | −43.2% | −43.9% | +0.7% |
| BWOW | Bitwise Dogecoin ETF | Bitwise | Dogecoin | −3.0% | −3.6% | +0.7% |
| HODL | VanEck Bitcoin ETF | VanEck | Bitcoin | −32.2% | −32.8% | +0.6% |
| QETH | Invesco Galaxy Ethereum ETF | Invesco | Ether | −43.3% | −43.9% | +0.6% |
| ARKB | Ark 21Shares Bitcoin ETF | Ark | Bitcoin | −32.2% | −32.8% | +0.6% |
| GDOG | Grayscale Dogecoin Trust ETF | Grayscale | Dogecoin | −3.0% | −3.6% | +0.6% |
| BITB | Bitwise Bitcoin ETF | Bitwise | Bitcoin | −32.3% | −32.8% | +0.6% |
| BTC | Grayscale Bitcoin Mini Trust ETF | Grayscale | Bitcoin | −32.3% | −32.8% | +0.5% |
| IBIT | iShares Bitcoin Trust ETF | iShares | Bitcoin | −32.3% | −32.8% | +0.5% |
| TDOG | 21Shares Dogecoin ETF | 21Shares | Dogecoin | −3.1% | −3.6% | +0.5% |
| BRRR | CoinShares Bitcoin ETF | CoinShares | Bitcoin | −32.3% | −32.8% | +0.5% |
| BTCO | Invesco Galaxy Bitcoin ETF | Invesco | Bitcoin | −32.3% | −32.8% | +0.5% |
| FBTC | Fidelity Wise Origin Bitcoin Fund | Fidelity | Bitcoin | −32.3% | −32.8% | +0.5% |
| BTCW | WisdomTree Bitcoin Fund | WisdomTree | Bitcoin | −32.4% | −32.8% | +0.5% |
| ETHE | Grayscale Ethereum Staking ETF | Grayscale | Ether | −43.7% | −43.9% | +0.2% |
| GBTC | Grayscale Bitcoin Trust ETF | Grayscale | Bitcoin | −33.1% | −32.8% | −0.3% |
Method. ETFIQ calculations from Tiingo end-of-day closes for each fund and Tiingo crypto closes for the coin it holds, read at the same two dates so that a weekend move belongs to the day it is realised on. The difference is the fund’s total return minus the coin’s. Where either return has compounded far enough that subtraction no longer states the gap, the gap between the two growth factors is published instead. Thinly quoted trusts are shown and not ranked. Medians across funds. Data file: https://etfiq.com/data/crypto.json. Rebuilt every trading night. ETFIQ is an independent publisher and makes no recommendations. Standards
Cite this page. ETFIQ Research, What a coin costs in a brokerage account, data as of Sep 10, 2026. https://etfiq.com/research/2026-09-10/crypto-tracking Free to use with attribution; the underlying file is at https://etfiq.com/data/crypto.json.