Guide to Ethereum spot ETF options and BlackRock yield funds

Ethereum’s yield-generating funds

BlackRock manages over $130 billion across its crypto-related exchange-traded products. The iShares Staked Ethereum Trust, which trades under the ticker ETHB on Nasdaq, stakes between 70% and 95% of its ether holdings via Coinbase Prime to provide investors with monthly rewards. This fund launched on March 12 with $100 million in initial assets and $15.5 million in first-day trading volume. On March 11, BlackRock’s iShares Bitcoin Trust pulled in $115.51 million in net inflows, while Ethereum spot ETFs added $57 million separately. The following day, the firm launched ETHB, its first crypto ETF to generate yield. Investors receive approximately 82% of gross staking rewards. These rewards run at roughly 3.1% annually. BlackRock and Coinbase retain 18% as a staking fee. The GENIUS Act, a federal stablecoin framework passed in July 2025, cleared the regulatory path for yield-generating products. The departure of SEC Chair Gary Gensler also allowed for these filings. Under Chair Paul Atkins, the SEC approved the ETHB structure without objection. The non-staking version, ETHA, launched in July 2024 and holds $6.5 billion in assets. BlackRock’s IBIT holds over $55 billion in assets.

BlackRock dominates.

ETHB trades on Nasdaq.

Weekly distributions and option strikes

Global X listed the Global X Ethereum Covered Call ETF (EHCC) on the Cboe BZX Exchange on April 2, 2026. EHCC obtains synthetic exposure to Ether ETPs by purchasing a call option and selling a put option at the same strike prices. The fund writes weekly call options on about 50% of its portfolio. These are near the money FLEXible Exchange ("FLEX") call options. The fund harvests option premiums to provide weekly distributions. It expects to distribute 75% of the premium. The fund keeps roughly 50% of the potential upside price appreciation. The fund remains subject to 100% of the downside of the price of Ether. The fund uses time decay to boost premium values.

The IBIT options market shows activity.

The highest open interest for IBIT calls sits at the $43.00 strike with 12,712 contracts. Total call open interest for IBIT reaches 37,567. Put open interest for IBIT totals 28,143 contracts. The ratio of puts to calls stays at 0.75. Will high volatility increase the premium enough to offset price drops?

Expense ratios and fund choices

Different funds charge fees.

Institutional investors favor low-cost options. Morgan Stanley Ethereum Trust (MSSE) has a 0.14% expense ratio. Grayscale’s ETHE carries a much higher fee of 2.50%. BlackRock’s ETHB offers a 0.25% sponsor fee, but the firm waives this fee until March 12, 2027, for the first $2.5 billion in assets. The Morgan Stanley Ethereum Trust has the lowest expense ratio among the 11 spot Ethereum ETFs. You should compare the ETHA price exposure to the ETHB yield. Direct Ethereum ownership avoids these expense ratios. Ethereum prices may reach $11,000.