ETF Evaluator:
Grayscale Ethereum Covered Call ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
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Risk
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ETF Details
Grayscale Ethereum Covered Call ETF Overview
Grayscale Ethereum Covered Call ETF (ETCO) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Grayscale launched the ETF in 2025.
The investment seeks to provide and deliver current income; also, to provide exposure to the return of one or more exchange-traded products that provide exposure to Ether, including, but not limited to, Grayscale Ethereum Trust ETF (Ticker: ETHE) and Grayscale Ethereum Mini Trust ETF (Ticker: ETH) (the “Ethereum ETPs”).
Under normal circumstances, the fund will invest at least 80% of its net assets (including investment borrowings) in options contracts that utilize an Ethereum ETP as the reference asset or other instruments that have economic characteristics and provide investment exposure similar to such investments. The fund is non-diversified.
About Grayscale Ethereum Covered Call ETF (ETCO)
There are 3 members of the management team with an average tenure of 0.91 years: Rafael Zayas (2025), Austin Wen (2025) and Yin Bhuyan (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Grayscale Ethereum Covered Call ETF has 7 securities in its portfolio. The top 10 holdings constitute 142.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Grayscale Ethereum Covered Call ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Grayscale Ethereum Covered Call ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 48.6% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Grayscale Ethereum Covered Call ETF has 51.4% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ETCO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Grayscale Ethereum Covered Call ETF expense ratio is above average compared to funds in the Digital Assets category. Grayscale Ethereum Covered Call ETF has an expense ratio of 0.65%, which is 33% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Grayscale Ethereum Covered Call ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, Grayscale Ethereum Covered Call ETF returned 8.9%, which earned it a grade of A, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Grayscale Ethereum Covered Call ETF has a trailing yield of 0.00%, which is below the 15.12% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Grayscale Ethereum Covered Call ETF Grades
Year to date, the ETF has returned -37.9%, 7.2 percentage points worse than the category, which translates into a grade of D.
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ETCO Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ETCO Return (NAV) | 8.9% | -23.2% | na | na | na | na |
| ETCO Return (Price) | 6.3% | -22.9% | na | na | na | na |
| NAV +/- Price Return | 2.533% | -0.285% | na | na | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| ETCO Grade (NAV) | A | D | na | na | na | na |
| +/- Category (NAV) | 5.9% | -6.5% | na | na | na | na |
| ETCO Tax-Cost Ratio | na | na | na | na | na | na |
ETCO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ETCO Return (NAV) | -37.9% | na | na | na | na | na | na | na | na | na | na |
| ETCO Return (Price) | -37.7% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.006% | na | na | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| ETCO Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -7.2% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 4 Mil |
| Share Class Assets: | $ 4 Mil |
| Turnover: | na |
| Expense Ratio: | 0.65% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.9 years | |||
| Average Tenure: 0.9 years | |||
| Managers (Year): Zayas Rafael (2025), Wen Austin (2025), Bhuyan Yin (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 142.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 48.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 51.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Grayscale |
| Phone Number: | 866-775-0131 |
| Website: | |
| Inception Date: | September 3, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.97% |
