VanEck Ethereum ETFETHV

The VanEck Ethereum ETF (ETHV) lists on Nasdaq under the ticker ETHV and is structured as a trust that holds Ethereum, not the token itself. The fund’s mandate is straightforward: track the MarketVector Ethereum Benchmark Rate, an index whose constituents trade on Crypto.com and OKX after the sponsor swapped Bitstamp and Bullish in late 2025. The filing confirms the index is the price engine for the trust’s daily valuation, not a spot ETH price on a single exchange.

VanEck charges an expense ratio of 0.25% on the fund, deducted from the net asset value. At the close on 25 July 2026, the ETF had $1.37 billion in assets under management and a daily volume of $72 million on Nasdaq, giving it liquidity on a major US exchange. The fund is physically backed by Ethereum stored in custody, with VanEck Digital Assets, LLC acting as the sponsor and the Authorized Agent that links investors to the custody interface 97% of the time, excluding defined downtime.

The trust’s 10-K for the fiscal year ended 30 March 2026 confirms seed creation baskets were delivered on 26 June 2024 and notes the trust pays fees or costs related to Ethereum purchases and sales because clearing services are provided without charge to the trust. The filing also records the trust’s ownership structure and the MarketVector Ethereum Benchmark Rate as the valuation source when the index is available; otherwise, the trust applies other valuation policies set out in the registration statement.

Nasdaq’s live quote for ETHV on 26 July 2026 sits at $3,428.00 with a bid-ask spread of 0.06% and 24-hour volume of $72.1 million, indicating institutional and retail interest in a wrapper that holds Ethereum directly. The top holdings page shows the trust’s portfolio is 100% ETH by design, with no derivatives or leverage, and the fee is the only active ingredient outside the code.

What remains unproven is any promise that the fund’s custody or index changes will improve tracking precision versus spot ETH prices, given the index’s reliance on two new trading venues and the trust’s fee layer. The fund’s SEC filings do not disclose historical tracking error, nor do they guarantee the index’s constituents will remain the most liquid venues. A deeper data set-daily tracking error versus spot ETH on major exchanges-would clarify how closely the wrapper tracks the underlying asset.

The fund’s 8-K from December 2025 confirms the index sponsor’s venue switch, effective 30 November 2025, replacing Bitstamp and Bullish with Crypto.com and OKX. The change is documented but not back-tested in the filings; the source requires readers to infer its impact from the new venue mix and trading volumes.