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BRRR vs MSBT

CoinShares Bitcoin ETF

BRRRCNasdaq

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

Expense ratio

MSBT −0.11pt a year

BRRR0.25%MSBT0.14%

Avg volume · 30D

MSBT 9.6×the volume

BRRR64.1KMSBT615K

BRRR vs MSBT Performance

Jul 31, 2026 – Oct 30, 2026

+22.0%BRRR+22.0%MSBT

Jul 31, 2026 to Oct 30, 2026. BRRR +22.0%. MSBT +22.0%. Use the arrow keys to read each point.0%10%30%Jul 2026Sep 2026Oct 2026
Expense ratio
BRRR 0.25%
MSBT 0.14%, better
Fund size
BRRR $462M
MSBT $830M
1Y total return
BRRR −30.3%
MSBT No data
Holdings
BRRR 2
MSBT 1
Avg volume (30D)
BRRR 64.1K sh
MSBT 615K sh, better
NAV per share
BRRR $22.75
MSBT $21.91
52W range

ETF.net Grade

BRRR: Cost 35, Risk 46, Mission 100, Tradability 14, Holdings not scored, Durability 37. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for BRRR, MSBT, with each pillar’s weight
PillarBRRRMSBT
Cost30% weightD35A98Higher
Mission25% weightA100Not scored
Risk15% weightC46A79Higher
Tradability15% weightF14B56Higher
Holdings10% weightNot scoredA100
Durability5% weightD37D37

Rank among Spot Bitcoin funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BRRR and MSBT are both graded against the same 12 Spot Bitcoin funds, so their Grades compare head to head.

Spot Bitcoin⁠

Category · 12 funds
See all 12 ›

MSBT ranks 2nd and BRRR 12th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 80
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 3AHODLVanEck Bitcoin ETFScore 74
  4. Rank 11CBTCWWisdomTree Bitcoin FundScore 53
  5. Rank 12CBRRRCoinShares Bitcoin ETFScore 51

Our read on each fund

ETF.net Research

BRRRCCoinShares Bitcoin ETF

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

BRRR Live since January 2024, CoinShares' spot bitcoin fund keeps it simple: hold the coin, value shares off the CME CF New York reference rate, charge the category's median fee. Same index the household names use, smaller nameplate.

MSBT Morgan Stanley's own spot bitcoin vehicle, arriving late to a crowded field and competing on price: 0.14% a year, well under the category median. Plain plumbing, bitcoin held outright, no leverage and no derivatives.

Stated mandate

BRRR The Trust seeks to track bitcoin’s value as represented by the CME CF Bitcoin Reference Rate – New York Variant, after expenses and liabilities. It holds bitcoin and values its shares using that index.

MSBT The Trust is a passive ETF designed to track bitcoin’s performance, as measured by its Pricing Benchmark, after expenses and liabilities. It will hold bitcoin and does not use leverage or derivatives.

Why people hold it

  • BRRR Narrow mandate, cleanly executed: hold bitcoin, value shares off the CME CF Bitcoin Reference Rate (New York Variant), less expenses. Tracking of that index has been very close.
  • The 0.25% fee sits right at the cohort median and matches what several of the biggest US spot bitcoin funds charge, including IBIT and BTCO.
  • Spot bitcoin in a grantor trust: no futures to roll, no crypto exchange account, no private keys to guard. It trades in a brokerage account like any other ticker.
  • MSBT At 0.14% a year, it prices under the 0.25% median of the spot bitcoin group and below shelf staples like BITB, HODL and ARKB.
  • No clever wrapper: the trust holds bitcoin itself and tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, after expenses.
  • Sits in the upper half of a 13-fund spot bitcoin cohort, helped by a clean single-asset portfolio and a fee near the low end of the group.

Worth knowing

  • BRRR Same benchmark, cheaper doors: BTC, BITB and HODL track the identical reference rate at a lower headline fee.
  • Smaller and less heavily traded than the category's giants, which can show up as wider spreads when bitcoin is moving fast.
  • Pure price exposure. It holds bitcoin and pays no distributions, so the coin's full volatility comes through with no income to soften it.
  • MSBT Bitcoin, straight up. The price moves with the coin, with no buffer or hedge, and the trust has made no distributions.
  • It is a grantor trust, not a registered fund, so the governance and shareholder rulebook differ from a conventional ETF.
  • Launched in 2026, so there is only a short record behind its tracking and trading behavior.

Full BRRR profile⁠

Full MSBT profile⁠

BRRR vs MSBT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BRRR vs MSBT Cost

Overpaying BRRR vs MSBT

$2,227

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BRRR 0.25%

    $5,159

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • BRRR 0.25%
  • MSBT 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BRRR $5,159MSBT $2,932

Year by year

YearBRRRMSBTOverpaying
10$455$256$199
20$1,769$1,000$769
30$5,159$2,932$2,227

Expense ratio

  • 0.25%BRRR
  • 0.14%MSBT, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

MSBT cheapest of 12 funds

BRRR 7th cheapest of 12 funds

BRRR vs MSBT Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BRRR None
MSBT None

Distribution history

BRRRAll BRRR payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

BRRR vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BRRR 53.4%since Feb 2024MSBT No data
Return per unit of riskSharpe ratio, 3 years
BRRR 0.56since Feb 2024MSBT No data
Worst fallMax drawdown, 5 years
BRRR −53.3%since Jan 2024MSBT No data
Market sensitivityBeta, 5 years
BRRR 2.11MSBT 1.01

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