ETHB vs ETHA comes down to one number: BlackRock’s staked ether fund listed a 1.80% 30-day staking rewards rate on November 6, 2026, and ETHA pays nothing. Both charge 0.25%. That same Friday, ETHA lost $90.76 million to redemptions while ETHB took in $1.15 million, per SoSoValue. On a $10,000 position, staking is worth about $193 a year before tax.
Key takeaways
- ETHB listed a 1.80% 30-day staking rewards rate on Nov. 6; ETHA earns no staking income.
- ETHB’s fee is waived to 0.12% on its first $2.5 billion until March 12, 2027.
- ETHA trades about 38x more dollar volume per day, with a 0.02% median spread vs 0.06%.
What happened to ether ETF flows this week?
Spot ether ETFs lost roughly $365 million in the week of November 2–6, 2026, according to SoSoValue data compiled by CryptoTicker. BlackRock’s ETHA led the exits. Its staked sibling, ETHB, was the only fund with an inflow on Friday, November 6.
The Friday split was lopsided. ETHA shed $90.76 million. Grayscale’s ETH fund lost $1.91 million and Fidelity’s FETH $1.67 million. ETHB added $1.15 million.
Ether itself traded near $2,235 on Saturday, November 7, down 7.4% over 30 days, per CoinGecko figures in the same report. Total ether ETF assets stood at $12.84 billion. It was the sixth straight week of net outflows.
One skeptical note up front: a $1.15 million inflow is noise next to a $90.76 million exit. Nobody is rotating from ETHA to ETHB at scale. But the gap between the two funds is real money, and most ETHA holders never run the numbers.
ETHB vs ETHA: how do the two funds compare?
ETHA and ETHB hold the same asset, carry the same 0.25% sponsor fee and use the same Coinbase custody. The difference is staking. ETHB stakes most of its ether and pays the rewards out monthly. ETHA holds unstaked ether and pays nothing. ETHA is far bigger and far more liquid.
All figures below come from the iShares fund pages for ETHA and ETHB, as of the November 6, 2026 close, unless noted.
| Metric (as of Nov. 6, 2026) | ETHA | ETHB |
|---|---|---|
| Sponsor fee | 0.25% | 0.25% (0.12% on first $2.5B until Mar. 12, 2027) |
| Net assets | $6.64 billion | $886.6 million |
| NAV per share | $50.43 | $28.71 |
| Staking | None | Targets 70%–95% of ether staked |
| 30-day staking rewards rate | 0% | 1.80% |
| Cut of staking rewards kept by sponsor and agents | n/a | 10% of gross |
| Distributions | None | Monthly |
| 30-day median bid/ask spread | 0.02% | 0.06% |
| 30-day average volume (shares) | 9,847,837 | 449,541 |
| Premium/discount | -0.18% | -0.21% |
| Inception | June 24, 2024 | Feb. 18, 2026 |
Track ETHB and ETHA yourself
Put iShares Staked Ethereum Trust ETF and iShares Ethereum Trust ETF on one free chart and set a price alert before ETHB goes ex-distribution on November 9, 2026.
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Where does ETHB’s income come from?
ETHB locks part of its ether into Ethereum’s proof-of-stake system and collects validator rewards. The prospectus says the trust seeks to stake “70% – 95%” of its ether under normal conditions. It keeps a 5%–30% unstaked liquidity sleeve for redemptions.
The September 30 fact sheet showed 76.38% staked and 23.62% unstaked. That unstaked slice earns nothing, so it dilutes the fund-level rate.
How big is the staking cut?
BlackRock and its execution agent keep 10% of gross staking rewards. Supplement No. 1, dated April 15, 2026, cut that from the original 18%. The cut is the best change in the fund’s short life. It also stacks on top of the 0.25% sponsor fee, which many investors miss.
How much does ETHB actually pay you?
About 1.8% a year at current rates. iShares listed a 1.80% 30-day staking rewards rate on November 6, 2026. The newest distribution, $0.044481 a share going ex on November 9, annualizes to about 1.86% of the $28.71 NAV. The two figures agree closely.
The arithmetic: $0.044481 × 12 = $0.5338 a year. Divide by $28.71 and you get 1.86%. Six monthly payouts from June to November total $0.1962 a share, per the ETHB distribution table.
Backing out the gross rate is a useful sanity check. With about 76% staked and 10% of rewards withheld, a 1.80% fund rate implies the staked ether itself earned roughly 2.6%. That is our estimate, not an iShares figure.
The income shows up in performance. Through September 30, ETHB’s NAV returned 38.34% since inception versus 37.62% for its CME CF ether benchmark, per the fact sheet. ETHA has no income to offset its fee.
What does a $10,000 position cost in ETHB vs ETHA?
ETHB wins by about $193 a year before tax and roughly $150 after tax in the 24% bracket, at current staking rates and while the fee waiver lasts. After March 12, 2027, the pre-tax edge narrows to about $180. ETHA only wins on trading costs, and only for frequent traders.
Here is the math on $10,000, using the 1.80% rate and the published fees:
- ETHA: fee $10,000 × 0.25% = $25. Staking income $0. Net: −$25 a year.
- ETHB during the waiver: fee $10,000 × 0.12% = $12. Staking income $10,000 × 1.80% = $180. Net: +$168 before tax.
- ETHB after the waiver: fee $25. Income $180. Net: +$155 before tax.
- Tax on the $180: $43.20 at a 24% rate, $66.60 at 37%. ETHB’s net during the waiver falls to $124.80 or $101.40.
- Trading cost: a round trip costs roughly one full spread: $2 for ETHA (0.02%) and $6 for ETHB (0.06%).
Gap before tax: +$168 vs −$25, or $193. Gap after tax at 24%: $124.80 + $25 = $149.80. You would need to round-trip ETHB dozens of times a year for the extra $4 in spread to erase that.
Is staking income from ETHB taxable?
Yes. The prospectus says staking rewards are treated as “giving rise to taxable income” under current IRS guidance. Shareholders are taxed as if they own their share of the trust’s assets. In a taxable account you owe tax on rewards every year, even in a year when ether falls.
That is the biggest hidden cost. ETHA defers all tax until you sell. ETHB hands you a small, steady tax bill. In an IRA or other tax-advantaged account, the drag disappears and ETHB’s edge widens. Confirm your own situation with a tax professional.
Is ETHA more liquid than ETHB?
Much more. ETHA traded about $496 million a day on average over 30 days to November 6, against about $12.9 million for ETHB, roughly 38 times more. ETHA’s median spread is 0.02%, ETHB’s 0.06%. For a buy-and-hold investor, the gap costs a few dollars. For a trader moving millions, it matters.
Those dollar figures are 30-day average share volume times the November 6 closing price: 9,847,837 × $50.33 for ETHA and 449,541 × $28.65 for ETHB. ETHA is also 7.5 times larger by net assets.
There is a second liquidity issue inside ETHB. Staked ether cannot be sold during exit and withdrawal. iShares warns that validator queues “may extend for days, weeks, or months.” The liquidity sleeve exists to cover redemptions, but a long run of heavy outflows would test it. ETHA has no such risk.
Which ether ETF fits which investor?
Long-term holders, especially in tax-advantaged accounts, get the most from ETHB. Active traders, options users and anyone who wants zero taxable income until a sale are better served by ETHA. The deciding factors are holding period, account type and trade size.
| Investor profile | Better fit | Why |
|---|---|---|
| Buy-and-hold in an IRA or 401(k) | ETHB | ~1.8% staking income with no annual tax drag |
| Buy-and-hold in a taxable account | ETHB, narrowly | ~$150 a year ahead per $10,000 after 24% tax |
| Wants no taxable income until sale | ETHA | No distributions, gains deferred |
| Short-term or tactical trader | ETHA | 0.02% spread, ~38x the dollar volume |
| Large block trades | ETHA | $6.64B in assets and deeper market |
| Worried about staking or slashing risk | ETHA | No validators, no exit queue |
If you are weighing ETHB against running your own validator, we broke down that trade in Ethereum Staking ETF vs Staking ETH. For how ether funds stack up against bitcoin funds, see Ethereum ETF vs Bitcoin ETF.
What are the risks of a staked ether ETF?
ETHB carries every risk ETHA does, plus staking risk. The prospectus warns of losing ether through validator failure, delays in exits, and “no guarantee” of rewards. Distributions can stop during activation, stressed redemptions or service outages. The 1.8% income does nothing to cushion a 30% ether drawdown.
- Slashing and validator failure: staked ether can be penalized.
- Exit queues: staked ether is illiquid while exiting.
- Fee reset: the 0.12% waiver ends March 12, 2027.
- Rate drift: staking rewards vary with network activity and participation.
Remember the price context. Ether is about 55% below its August 2025 high of $4,946, per CoinGecko data cited by CryptoTicker. Yield on a falling asset is still a loss. For how crypto held up as a hedge this week, see Bitcoin vs Gold.
What to watch next
Three dated events could move the ETHB vs ETHA math: ETHB’s November distribution, the Fed’s December decision and the end of ETHB’s fee waiver. Each one changes either the income ETHB pays or the cost of holding it.
- November 9–10, 2026: ETHB’s $0.044481 distribution goes ex on November 9 and pays November 10, per iShares.
- December 8–9, 2026: the next FOMC meeting, per the Federal Reserve calendar. Cash yields set the bar a 1.8% staking rate has to clear.
- March 12, 2027: ETHB’s 0.12% fee waiver ends and the fee reverts to 0.25%.
FAQ
What is the difference between ETHB and ETHA?
Both hold ether and charge 0.25%. ETHB stakes 70%–95% of its ether and pays monthly staking income. ETHA does not stake and pays nothing.
What yield does ETHB pay?
iShares listed a 1.80% 30-day staking rewards rate on November 6, 2026. The latest monthly payout annualizes to about 1.86%.
How much of the staking rewards does BlackRock keep?
10% of gross rewards go to the sponsor and execution agent, down from 18% after an April 15, 2026 prospectus supplement.
Is ETHB cheaper than ETHA?
Yes, for now. ETHB charges 0.12% on its first $2.5 billion until March 12, 2027. After that, both charge 0.25%.
Are ETHB distributions taxed?
Yes. The prospectus says staking rewards create taxable income under current IRS guidance, so taxable accounts owe tax each year.
Which fund had inflows on November 6, 2026?
ETHB took in $1.15 million while ETHA lost $90.76 million, according to SoSoValue data.
The bottom line
On measurable attributes, ETHB is the better ether fund for a buy-and-hold investor. Same custody, a lower fee until March 2027, and about 1.8% in staking income ETHA simply gives up. On $10,000 that is roughly $193 a year before tax.
ETHA keeps three real advantages: 38 times the trading volume, no annual tax bill and no staking risk. If you trade often, hold large blocks or invest in a taxable account and hate small tax bills, ETHA still makes sense. Otherwise, the money left on the table in ETHA is hard to justify, and the week’s flows suggest few holders have noticed.
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This article is journalism, not investment advice. Do your own research before investing.
Sources
- iShares Ethereum Trust ETF (ETHA) fund page, data as of Nov. 6, 2026
- iShares Staked Ethereum Trust ETF (ETHB) fund page, data as of Nov. 6, 2026
- ETHB prospectus with Supplements No. 1 and No. 2
- ETHB fact sheet, as of Sept. 30, 2026
- ETHB product brief (fee waiver terms)
- CryptoTicker: Ethereum price and ETF outflows, week of Nov. 2–6, 2026 (SoSoValue and CoinGecko data)
- Federal Reserve: December 2026 calendar
Wealth Engine researches and drafts with AI tools and checks every figure against the sources above. How we report.
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