BlackRock's iShares Staked Ethereum Trust ETF (ETHB) has gathered more than $650 million in assets since its March launch, outpacing all other US-listed Ethereum products. The fund currently holds roughly $872 million, a figure that dwarfs the $85 million in net inflows recorded for the iShares Ethereum Trust ETF (ETHA) this year.
The performance of ETHB stands in contrast to the broader market, where the iShares Bitcoin Trust ETF (IBIT) is down 11.6% in 2026 and ETHA has fallen 18.1%. Despite a recent rally in crypto prices, net inflows into US-listed spot crypto ETFs have remained meager, totaling just $565 million so far this year. ETHB has emerged as a primary beneficiary of investor interest in yield-generating digital assets.
| Fund | Assets Under Management | Expense Ratio | Staking Feature |
|---|---|---|---|
| iShares Ethereum Trust ETF (ETHA) | $8.6 billion | 0.25% | No |
| iShares Staked Ethereum Trust ETF (ETHB) | $872 million | 0.25% | Yes |
| Grayscale Ethereum Staking Mini ETF (ETH) | $2.2 billion | 0.15% | Yes |
| Grayscale Ethereum Staking ETF (ETHE) | $1.9 billion | 2.5% | Yes |
| Fidelity Ethereum Fund (FETH) | $1.4 billion | N/A | No |
ETHB and ETHA are nearly identical on paper, as both track the price of ether and charge a 0.25% expense ratio. The distinction lies in staking, a process where holders lock up ether to validate transactions on the Ethereum network in exchange for rewards. ETHA simply holds ether, while ETHB stakes between 70% and 95% of its holdings, currently around 77%. The fund pays resulting rewards to shareholders as cash each month, with BlackRock retaining 18% of those rewards as a fee. Based on the issuer's latest 30-day figure, the ETF's net rewards rate sits around 1.72%.
On a total return basis since ETHB began trading, the fund is up about 18%, edging out ETHA's 17.5% over the same period. The staking income accounts for this difference in performance.
BlackRock was not the first to offer staking in a US-listed Ethereum ETF. Grayscale activated the feature last October on the Grayscale Ethereum Staking ETF (ETHE) and the Grayscale Ethereum Staking Mini ETF (ETH). ETHE, which charges a 2.5% fee, distributes rewards as cash similar to ETHB. In contrast, the Grayscale Ethereum Staking Mini ETF (ETH), at a 0.15% fee, retains rewards and folds them back into the fund to increase the ether backing each share.
Investors may prefer a separate fund over a staking-enabled version of ETHA due to the risk of slashing, a penalty where a validator loses part of its staked ether for misbehaving or suffering technical failure. If institutional investors view staking as secure and dependable, funds that generate this yield are likely to outperform passive holders of ether. ETHB's early flows suggest a significant number of investors have already decided that the extra yield makes these funds the default choice.