ETFIQ Research · rebuilt every trading night

What a coin costs in a brokerage account

Of the 43 spot crypto ETFs ETFIQ can measure on Sep 25, 2026, 32 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 number on this desk the sponsor does not publish itself.

9 coins are represented across 48 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. 2 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. 39 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.

Within a point of the coin, by coin
Bitcoin
11 of 13
Ether
10 of 11
Solana
3 of 8
XRP
6 of 6
Dogecoin
1 of 3
Chainlink
1 of 1
Polkadot
0 of 1

32 of 43 spot crypto ETPs finished within a point of the coin they hold on Sep 25, 2026.

ETFIQ Narrative

On September 25, 2026, ETFIQ measured 43 spot crypto ETFs against the coins they hold. Thirty-two of them closed within a point of their coin's move, and the typical gap across the group was 0.70%. That gap is not a single named cost. It is the fee, the custody arrangement, the mechanics of creating and redeeming shares in blocks, and whatever the market happened to pay for the shares that day rather than for the coin itself, all folded together. It is also the one number here that no sponsor publishes on its own fact sheet.

Nine coins sit under 48 funds in total, and Bitcoin and Ether each carry more than ten of them. That crowding is where the difference is worth reading, because the coin's own move is identical for every fund that holds it. Bitcoin's median difference across its 13 funds was −0.5%, with 11 of them landing within a point. Ether's 11 funds showed a median difference of −0.7%, with 10 of 11 within a point. Individual results ranged from Osprey Bitcoin Trust (OBTC), which closed +3.0% ahead of Bitcoin's −22.9% move, and iShares Staked Ethereum Trust ETF (ETHB), +1.0% ahead of Ether's +70.7%, down to 21shares Polkadot Staking ETF (TDOT), which finished −3.2% behind Polkadot's +42.5%, the widest single gap on the list and the one Polkadot fund that missed the one-point mark entirely.

Solana's eight funds show the widest spread as a group: a median difference of −1.5%, with only 3 of 8 within a point of Solana's +70.0% move. XRP sits at the other end, with a median difference of +0.4% and all six of its funds within a point of the coin's +49.7% return. Dogecoin's three funds posted a median difference of −1.2%, with only one of three within a point.

Two trusts are quoted too thinly for this comparison to mean much: they closed unchanged on more than one trading day in twenty, so their difference reflects the days somebody happened to trade rather than what the fund actually did over the period. They are shown here with that caveat rather than placed alongside the rest.

Thirty-nine fund-windows could not be measured by simple subtraction at all. Once a return compounds far enough, subtracting two percentages stops meaning anything. Grayscale Ethereum Staking ETF (ETHE), for instance, returned +627.8% since January 2020 against Ether's own +1,854.4%. Subtracting those numbers gives −1,227 points, a number with no real-world interpretation. The compounded gap between the two growth factors is −62.8%, and that is the number the desk publishes for windows like this one.

Readers can look up any fund's own ticker on the live desk to see its current difference against the coin it holds, updated as new closes come in.

By coin, most funds first

CoinFundsMedian differenceWithin a pointMedian coin return
Bitcoin13−0.5%11 of 13−22.9%
Ether11−0.7%10 of 11−30.6%
Solana8−1.5%3 of 8+70.0%
XRP6+0.4%6 of 6+49.7%
Avalanche3···
Dogecoin3−1.2%1 of 3+30.8%
Litecoin2···
Chainlink1+0.2%1 of 1+89.7%
Polkadot1−3.2%0 of 1+42.5%

Every measurable fund, closest to its coin first

TickerFundSponsorHoldsThe fundThe coinDifference
OBTCOsprey Bitcoin TrustOspreyBitcoin−19.9%−22.9%+3.0%
ETHBiShares Staked Ethereum Trust ETFiSharesEther+71.7%+70.7%+1.0%
MSBTMorgan Stanley Bitcoin TrustMorgan StanleyBitcoin+40.6%+40.1%+0.5%
XRPBitwise XRP ETFBitwiseXRP+50.2%+49.7%+0.5%
XRPZFranklin XRP TrustFranklinXRP+50.2%+49.7%+0.5%
ETHGrayscale Ethereum Staking Mini ETFGrayscaleEther−30.1%−30.6%+0.5%
GXRPGrayscale XRP Trust ETFGrayscaleXRP+50.1%+49.7%+0.4%
TOXR21Shares XRP ETF21SharesXRP+50.0%+49.7%+0.3%
XRPCCanary XRP ETFCanaryXRP+50.0%+49.7%+0.3%
CLNKBitwise Chainlink ETFBitwiseChainlink+89.9%+89.7%+0.2%
MSSEMorgan Stanley Ethereum TrustMorgan StanleyEther+40.2%+40.2%−0.0%
MSOLMorgan Stanley Solana TrustMorgan StanleySolana+65.5%+65.5%−0.0%
TETH21Shares Ethereum Staking ETF21SharesEther−30.8%−30.6%−0.2%
HODLVanEck Bitcoin ETFVanEckBitcoin−23.2%−22.9%−0.3%
BTCGrayscale Bitcoin Mini Trust ETFGrayscaleBitcoin−23.2%−22.9%−0.4%
EZBCFranklin Templeton Digital Holdings Trust ShFranklinBitcoin−23.3%−22.9%−0.4%
ARKBArk 21Shares Bitcoin ETFArkBitcoin−23.3%−22.9%−0.5%
BITBBitwise Bitcoin ETFBitwiseBitcoin−23.4%−22.9%−0.5%
BRRRCoinShares Bitcoin ETFCoinSharesBitcoin−23.4%−22.9%−0.5%
IBITiShares Bitcoin Trust ETFiSharesBitcoin−23.4%−22.9%−0.5%
FBTCFidelity Wise Origin Bitcoin FundFidelityBitcoin−23.4%−22.9%−0.5%
BTCOInvesco Galaxy Bitcoin ETFInvescoBitcoin−23.4%−22.9%−0.5%
BTCWWisdomTree Bitcoin FundWisdomTreeBitcoin−23.4%−22.9%−0.6%
EZETFranklin Ethereum TrustFranklinEther−31.2%−30.6%−0.7%
ETHVVanEck Ethereum ETFVanEckEther−31.3%−30.6%−0.7%
QETHInvesco Galaxy Ethereum ETFInvescoEther−31.3%−30.6%−0.7%
FETHFidelity Ethereum FundFidelityEther−31.3%−30.6%−0.8%
XRPRREX-Osprey XRP ETFREX-OspreyXRP−43.6%−42.9%−0.8%
BSOLBitwise Solana Staking ETFBitwiseSolana+69.2%+70.0%−0.8%
ETHAiShares Ethereum Trust ETFiSharesEther−31.3%−30.6%−0.8%
ETHWBitwise Ethereum ETFBitwiseEther−31.5%−30.6%−0.9%
FSOLFidelity Solana FundFidelitySolana+69.1%+70.0%−0.9%
GDOGGrayscale Dogecoin Trust ETFGrayscaleDogecoin+29.8%+30.8%−0.9%
TDOG21Shares Dogecoin ETF21SharesDogecoin+29.6%+30.8%−1.2%
SOLCCanary Marinade Solana ETFCanarySolana+68.7%+70.0%−1.3%
ETHEGrayscale Ethereum Staking ETFGrayscaleEther−31.9%−30.6%−1.3%
BWOWBitwise Dogecoin ETFBitwiseDogecoin+29.4%+30.8%−1.4%
GBTCGrayscale Bitcoin Trust ETFGrayscaleBitcoin−24.3%−22.9%−1.4%
VSOLVanEck Solana ETFVanEckSolana+68.4%+70.0%−1.6%
SOEZFranklin Solana TrustFranklinSolana+68.3%+70.0%−1.7%
TSOL21Shares Solana Staking ETF21SharesSolana+68.3%+70.0%−1.7%
QSOLInvesco Galaxy Solana ETFInvescoSolana+67.8%+70.0%−2.2%
TDOT21shares Polkadot Staking ETF21SharesPolkadot+39.2%+42.5%−3.2%
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 realized 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. Rebuilt every trading night.

Data file: crypto.json. 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 25, 2026. https://etfiq.com/research/2026-09-26/crypto-tracking

Open data →

Free to use with attribution; the underlying files are at Open data.