ETF Evaluator:
Bitwise Ethereum Option Income Stgy ETF ()
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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
Bitwise Ethereum Option Income Stgy ETF Overview
Bitwise Ethereum Option Income Stgy ETF (IETH) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Bitwise Investments launched the ETF in 2025.
The investment seeks to provide current income. and to provide exposure to the price return of one or more exchange-traded products that provide exposure to ether, subject to a limit on potential investment gains.
The fund is an actively managed ETF that seeks to provide current income while providing exposure to the share price of one or more exchange-traded products that hold either directly or provide exposure to ether through investments in futures contracts that utilize ether as a reference asset, subject to a limit on potential investment gains. The fund is non-diversified.
About Bitwise Ethereum Option Income Stgy ETF (IETH)
There are 2 members of the management team with an average tenure of 0.83 years: Jennifer Thornton (2025) and Daniela Padilla (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Bitwise Ethereum Option Income Stgy ETF has 3 securities in its portfolio. The top 10 holdings constitute 99.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
Bitwise Ethereum Option Income Stgy ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Bitwise Ethereum Option Income Stgy ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% 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). Bitwise Ethereum Option Income Stgy ETF has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $371 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.
IETH 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 Bitwise Ethereum Option Income Stgy ETF expense ratio is high compared to funds in the Digital Assets category. Bitwise Ethereum Option Income Stgy ETF has an expense ratio of 0.96%, which is 1% lower than its category average, making the fund expense ratio grade a D. 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. Bitwise Ethereum Option Income Stgy 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, Bitwise Ethereum Option Income Stgy ETF returned 16.5%, 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.
Bitwise Ethereum Option Income Stgy 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.
Bitwise Ethereum Option Income Stgy ETF Grades
Year to date, the ETF has returned -32.4%, 1.7 percentage points worse than the category, which translates into a grade of C.
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IETH 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 |
|
| IETH Return (NAV) | 16.5% | -11.3% | na | na | na | na |
| IETH Return (Price) | 14.7% | -13.4% | na | na | na | na |
| NAV +/- Price Return | 1.770% | 2.020% | na | na | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| IETH Grade (NAV) | A | B | na | na | na | na |
| +/- Category (NAV) | 13.5% | 5.4% | na | na | na | na |
| IETH Tax-Cost Ratio | na | na | na | na | na | na |
IETH Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IETH Return (NAV) | -32.4% | na | na | na | na | na | na | na | na | na | na |
| IETH Return (Price) | -32.3% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.002% | 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% |
| IETH Grade (NAV) | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -1.7% | 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: | $ 0 Mil |
| Share Class Assets: | $ 0 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.96% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Thornton Jennifer (2025), Padilla Daniela (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 99.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Bitwise Investments |
| Phone Number: | 415-707-3663 |
| Website: | |
| Inception Date: | October 1, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.96% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
