A share of a Bitcoin or Ether ETF is not the coin itself. It is a claim on the coin, wrapped in a fee, held in custody somewhere, and traded through the normal mechanics of creating and redeeming blocks of shares. Across the 43 spot crypto ETFs ETFIQ can measure as of October 2, 2026, 36 finished within a point of the coin they hold, and the typical fund differed from its coin by 0.60%. That gap is the only number here the sponsor itself does not publish. It is what the market charged, in total, for holding the paper instead of the asset.
The clearest way to read the gap is coin by coin, since the coin's own move is identical for every fund that holds it. Bitcoin has 13 funds tracking it, a median difference of −0.6%, and 11 of 12 measurable within a point; the coin itself returned −29.9% over the window shown. Ether has 11 funds, a tighter median difference of −0.3%, with all 11 within a point, against a coin return of −40.5%. Solana's 8 funds show a median difference of +0.4%, 7 of 8 within a point, with the coin up 47.1%. XRP is the widest of the well-populated groups: a median difference of −1.0%, only 3 of 5 within a point, against a coin return of +36.6%. Avalanche's 3 funds cluster tightly, a median difference of −0.6%, all 3 within a point, coin return +59.0%. Dogecoin is the outlier in the table: a median difference of −2.4%, and none of its 3 funds land within a point of the coin, which itself moved +25.4%.
At the fund level the closest trackers sit near the top of the full list: BSOL at +1.0%, ETH (Grayscale's Ethereum Staking Mini) at +0.7%, and a run of Solana funds clustered between +0.1% and +0.6%. The widest gaps sit at the other end: GBTC at −1.5%, and the three Dogecoin funds TDOG, GDOG and BWOW at −2.1%, −2.4% and −2.5% respectively.
Two trusts, not singled out by name beyond this note, are quoted too thinly to compare on these terms, closing unchanged on more than one day in twenty. Their difference against the coin reflects the days someone happened to trade rather than what the fund did day to day, so they appear in the data without being ranked against the rest.
Separately, 34 fund-windows cannot state their gap by simple subtraction at all, because once returns compound over a long enough span, subtracting one from the other produces a number that means nothing. ETHE since January 2020 returned +627.8% against Ether's own +1,854.4%; subtracting gives −1,227 points, which is not a real number. The method instead compounds the two growth factors and takes the gap between them, which for that fund and window comes to −62.8%. That compounded number, not the raw subtraction, is what is published wherever this applies.
Readers can check any single ticker on the live desk to see its current fund return, coin return, and difference side by side, updated to the same close used here.