REX-Osprey has unveiled the first US exchange-traded fund (ETF) that combines spot Ethereum exposure with staking rewards, trading under the ticker ESK. Announced on September 25, 2025, the product is registered under the Investment Company Act of 1940, providing investors with a familiar regulatory framework. The ESK fund blends direct ETH holdings with staking components, distributing rewards from Ethereum's proof-of-stake system to shareholders monthly. Unlike many staking products, REX-Osprey emphasized that it does not retain any share of the rewards, passing full proceeds to investors.
Greg King, CEO of REX Financial, stated, "With ESK, we're giving investors access to Ethereum plus staking rewards in the most broad-based US ETF format. This continues our work of introducing crypto staking through the ETF structure." This launch builds on the company's July debut of the first Solana Staking ETF (SSK), which has grown to over $300 million in assets under management and recently converted to a Regulated Investment Company (RIC) for tax efficiency.
However, the rollout comes as investor interest in spot Ethereum ETFs has cooled significantly. Data from SoSo Value shows September net inflows of just $110 million across nine US Ethereum spot products, compared to $3.8 billion in August and $5 billion in July. Cumulative flows stand at $13.62 billion, with $27.42 billion in assets under management. The SEC has extended its review period for allowing staking integration into existing ETFs, which could improve these numbers if approved.