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Man Target
Spot Bitcoin and Ether ETFs: How They Work and What They Cost
Crypto & Currencies

Spot Bitcoin and Ether ETFs: How They Work and What They Cost

Crypto in a brokerage account, no keys required. What a spot ETF holds, who offers one, what the fees are and how Brazil got there first.

MAN TARGET EditorsOctober 29, 2026 3 min read

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For years, owning bitcoin meant opening an account at a crypto exchange or managing your own private keys. Spot ETFs changed that. They let you buy exposure to the price of bitcoin or ether through the same brokerage account you use for shares, with familiar statements, tax forms and custody arranged by the issuer. They do not change what the asset is. They change how you hold it.

How a spot ETF works

  • The fund buys the coins. A spot ETF holds real bitcoin or ether, kept by a regulated custodian, rather than futures contracts.
  • Shares track the price. Large market makers create and redeem shares so the market price stays close to the value of the coins held. Since July 2025 the SEC has allowed this to be done in kind, with coins instead of cash.
  • You pay an annual fee. The expense ratio is deducted from the fund's assets every day, so you never see a bill.
  • Trading hours apply. The ETF trades only when the stock exchange is open, while crypto itself trades around the clock.
An ETF removes the hassle of keys, not the volatility of the asset inside.
Spot ETFs bring crypto into the same account as your shares.
Spot ETFs bring crypto into the same account as your shares.

Who offers them and what they cost

The US SEC approved eleven spot bitcoin ETFs on 10 January 2024 and cleared spot ether ETFs on 23 May 2024; the ether funds began trading on 23 July 2024. Issuers include BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), ARK and 21Shares (ARKB) and Grayscale. Published expense ratios for the bitcoin funds run from 0.15% for the Grayscale Bitcoin Mini Trust to 0.25% for IBIT and FBTC and 1.50% for the older Grayscale Bitcoin Trust (GBTC). In September 2025 the SEC approved generic listing standards that let exchanges list qualifying crypto ETPs without a separate rule change.

Brazil got there first

  • HASH11, from Hashdex, debuted on B3 in April 2021 as Brazil's first crypto ETF, tracking the Nasdaq Crypto Index.
  • Bitcoin-only options include QBTC11 from QR Asset and BITH11 from Hashdex; ether options include QETH11 and ETHE11.
  • In 2025 Hashdex listed XRPH11 on B3, reported as the world's first spot XRP ETF.
  • Brazilian ETFs trade in reais through any local brokerage account, so currency moves add a second layer of risk.

Risk note: this is general information, not investment advice or a recommendation of any fund. Fees change, so read each fund's latest prospectus. A crypto ETF can fall as sharply as the coins it holds and is not covered by deposit guarantees. Speak to a licensed adviser before investing.

Key takeaways

  • A spot ETF holds the actual coins with a custodian and trades like a share.
  • The SEC approved spot bitcoin ETFs in January 2024 and spot ether ETFs in May 2024.
  • Headline fees range from about 0.15% to 1.50% a year; check the prospectus.
  • Brazil listed its first crypto ETF, HASH11, on B3 in April 2021.
#bitcoin etf#ether etf#crypto etf brazil#fees#investing basics

FAQ

What is the difference between a spot and a futures bitcoin ETF?

A spot ETF holds actual bitcoin with a custodian. A futures ETF holds futures contracts, which can make its returns drift from the coin's price over time.

When were spot bitcoin and ether ETFs approved in the US?

The SEC approved spot bitcoin ETFs on 10 January 2024 and spot ether ETFs on 23 May 2024; the ether funds started trading on 23 July 2024.

Are there crypto ETFs in Brazil?

Yes. Several trade on B3, starting with Hashdex's HASH11 in April 2021, plus bitcoin, ether and XRP funds.

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