Franklin Ethereum ETF (EZET) Tracks Ether’s -21% Slide Over the Past Month

Key Takeaways

• The Franklin Ethereum ETF (EZET) declined roughly 21% over the past 30 days, tracking a sharp pullback in the spot price of ether.
• Over the last quarter the fund is essentially flat, up about 1.6%, after a late-summer rally that peaked in late September fully unwound.
• EZET is a single-asset fund holding essentially only ether, so its price is driven almost entirely by the ether spot price.
• Hot inflation data, rising interest-rate expectations, and sustained outflows from U.S. spot ether exchange-traded funds (ETFs) weighed on the digital asset.
• For additional detail on valuation levels and forward estimates, explore the fund's Price Targets and Forecast pages.
• Investors can also explore Trending AI Robots for automated, data-driven trading ideas.

Overview of the Franklin Ethereum ETF (EZET)

The Franklin Ethereum ETF (EZET) is a spot ether ETF sponsored by Franklin Holdings, LLC, an affiliate of Franklin Templeton, and listed on the Cboe BZX Exchange. Launched in July 2024, the fund seeks to reflect the performance of the price of ether—the native token of the Ethereum network—before the payment of fund expenses, using the CME CF Ether-Dollar Reference Rate (New York Variant) as its benchmark.

EZET is a passively managed, single-asset grantor trust rather than a diversified basket of securities. The fund holds essentially only ether, representing roughly 100% of net assets, alongside minimal cash, with Coinbase Custody Trust Company serving as custodian. Its net expense ratio is 0.19%, and assets under management (AUM) remain modest, in the tens of millions of dollars.

This structure explains the fund's recent performance. Because there is no sector diversification, industry rotation, or individual-stock dispersion to cushion moves, EZET's price tracks the ether spot price in near lockstep—adjusting only for the small premium or discount at which shares trade relative to their net asset value (NAV). When ether falls, the fund falls with it. I also checked this using Tickeron’s AI Screener to see how the fund compares to others in the industry.

Franklin Ethereum ETF (EZET) Price Performance: Last 30 Days vs. Quarter

Over the last 30 days, EZET declined approximately 21%, falling from around $18.38 to roughly $14.53. The move was not a single-day shock but a persistent grind lower punctuated by sharper one-day selloffs, consistent with a risk-asset repricing rather than an isolated event.

The broader three-month picture is more nuanced. Over the last quarter, the fund is essentially flat—up about 1.6% from roughly $14.30 to about $14.53. That headline stability masks considerable volatility: EZET rallied roughly 46% from its mid-August level to a closing peak near $20.94 in late September, before surrendering essentially all of those gains through October and November. In short, the quarter delivered a sharp rally followed by an equally sharp reversal, leaving the ETF roughly back where it started. From what I see, this round-trip behavior is typical for single-asset crypto vehicles.

What Drove EZET Price in the Last 30 Days

The recent decline reflects a combination of macroeconomic and crypto-specific pressures acting on the ether price.

• Macro backdrop: A hotter-than-expected consumer price index (CPI) report rekindled expectations that the Federal Reserve could raise interest rates again, with market-implied odds of a December rate hike climbing above 90%. Rising Treasury yields and a firmer U.S. dollar tightened financial conditions, weighing on high-beta, rate-sensitive assets including ether.
• ETF outflows: U.S. spot ether ETFs recorded roughly $1.6 billion of net outflows in October alone, extending a long streak of redemptions into November. Persistent institutional selling compounded spot-market pressure.
• Leverage unwinding: Hundreds of millions of dollars in leveraged long positions were liquidated as prices fell, amplifying the downturn.
• Regulatory uncertainty: The U.S. midterm elections shifted the political landscape, reviving concern about potentially tighter cryptocurrency regulation and weighing on digital-asset sentiment.
• Softer on-chain activity: Ethereum network metrics—including active addresses and transaction-fee revenue—retreated to multi-month lows, weakening one of the token's fundamental demand signals.

What Drove EZET Performance Over the Last Quarter

The quarter's near-flat result is the product of two opposing phases. From mid-August through late September, ether and EZET rallied sharply, helped by improving U.S. regulatory sentiment, expectations of greater fiscal-market liquidity, and a resurgence of institutional inflows—U.S. spot ether ETFs gathered more than $1 billion in August. Short-covering and a broad recovery in risk appetite added momentum.

That upswing reversed in October and November as the macro picture turned less favorable. Renewed inflation concerns and higher rate expectations reduced the appeal of duration-sensitive, high-beta assets, while ETF flows swung from inflows to sustained redemptions. Deleveraging in futures markets and weaker on-chain activity reinforced the pullback. The result was a full round trip: a powerful rally followed by a nearly complete retracement, leaving EZET little changed for the quarter despite substantial interim volatility.

EZET ETF Outlook: What Investors Should Watch Next

Because EZET is a single-asset ether vehicle, its forward path depends on a concentrated set of factors. Investors should monitor the trajectory of U.S. inflation data and Federal Reserve policy, since higher-for-longer interest rates and elevated Treasury yields tend to pressure ether and other risk assets. ETF flow data will remain a key signal: a durable shift from redemptions back to inflows would indicate that institutional demand is returning.

Regulatory developments also matter, including the direction of U.S. crypto legislation and the stance of financial regulators, which can shift sentiment quickly. On the network level, Ethereum's on-chain activity, transaction-fee trends, staking dynamics, and the timing of planned protocol upgrades will influence the token's fundamentals. Finally, investors should account for the asset's historically high volatility and the leverage embedded in crypto derivatives markets, which can magnify moves in both directions. These themes—rather than any single data point—are likely to shape EZET's performance over the coming months. I’m watching this closely as the macro picture evolves.

Using Tickeron’s AI Screener for Broader Context

In my own research process, I frequently turn to Tickeron’s AI Screener to scan for comparable ETFs and spot potential patterns across the crypto and broader market space. The platform helps surface ideas based on technical indicators, fundamentals, and performance metrics that complement a focused review of a single holding like EZET.

Disclaimer

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