ETCO Fees and Costs — Grayscale Ethereum Covered Call ETF
Data updated: 2026-08-31
The net expense ratio is 0.65%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $125K in broker commissions, 2.1920% of average net assets, and portfolio turnover was 0%.
ETCO Fees and Expenses
Annual operating expenses and sales charges of ETCO. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.65% |
| Fee waiver | — |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ETCO Costs Over Time
On $10,000 invested in ETCO, assuming 5% a year before costs, total costs come to $1,713 over 5 years, cutting the return by 2.98% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.65%) | $68 | $209 | $355 |
| Trading costs (broker commissions) | $230 | $704 | $1,198 |
| Lost growth on money paid in costs | $0 | $46 | $160 |
| Total costs | $298 | $959 | $1,713 |
| Value after costs | $10,202 | $10,617 | $11,049 |
| Impact on return, per year | 2.98% | 2.98% | 2.98% |
ETCO Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 2.1920%
- Total broker commissions: $125K
- Bought from dealers (principal trades, not a cost): $41.8M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
ETCO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $110K | 87.86% |
| WILLIAM BLAIR & COMPANY L.L.C. | $15K | 12.14% |
ETCO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $22.3M | 53.26% |
| GOLDMAN SACHS & CO. LLC | $17.8M | 42.64% |
| BOFA SECURITIES INC. | $1.7M | 4.10% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.