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BTCW vs MSBT

WisdomTree Bitcoin Fund

BTCWCCboe

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

Expense ratio

MSBT −0.11pt a year

BTCW0.25%MSBT0.14%

Avg volume · 30D

MSBT 32.2×the volume

BTCW18.7KMSBT602K

BTCW vs MSBT Performance

Aug 6, 2026 – Nov 6, 2026

+17.5%BTCW+17.7%MSBT

Aug 6, 2026 to Nov 6, 2026. BTCW +17.5%. MSBT +17.7%. Use the arrow keys to read each point.0%30%Aug 2026Sep 2026Nov 2026
Expense ratio
BTCW 0.25%
MSBT 0.14%, better
Fund size
BTCW $156M
MSBT $825M
1Y total return
BTCW −25.2%
MSBT No data
Holdings
BTCW 1
MSBT 1
Avg volume (30D)
BTCW 18.7K sh
MSBT 602K sh, better
NAV per share
BTCW $82.04
MSBT $21.71
52W range

ETF.net Grade

BTCW: Cost 35, Risk 52, Mission 100, Tradability 19, Holdings 100, Durability 42. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for BTCW, MSBT, with each pillar’s weight
PillarBTCWMSBT
Cost30% weightD35A98Higher
Mission25% weightA100Not scored
Risk15% weightC52A79Higher
Tradability15% weightF19B56Higher
Holdings10% weightA100A100
Durability5% weightC42HigherD37

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. BTCW 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 BTCW 11th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 81
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 3ABITBBitwise Bitcoin ETF TrustScore 72
  4. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54
  5. Rank 11CBTCWWisdomTree Bitcoin FundScore 53
  6. Rank 12CBRRRCoinShares Bitcoin ETFScore 51

Our read on each fund

ETF.net Research

BTCWCWisdomTree Bitcoin Fund

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

BTCW WisdomTree filed for a spot bitcoin ETF in 2021, absorbed an SEC rejection, refiled, and was in the first batch to list in January 2024. BTCW is the plain-vanilla version: real bitcoin in institutional custody, priced off the CME CF reference rate.

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

BTCW The Fund seeks exposure to bitcoin’s price, net of the Trust’s expenses and liabilities. It holds bitcoin and values its shares using the CME CF Bitcoin Reference Rate – New York Variant.

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

  • BTCW Simple plumbing: the trust holds actual bitcoin at Coinbase Custody and values shares off the CME CF Bitcoin Reference Rate (New York Variant). No futures, no roll costs, no leverage.sec.gov
  • One asset, one job. The portfolio is bitcoin and nothing else, tracking the reference rate net of expenses, so the mandate and the holdings say the same thing.
  • The 0.25% sponsor fee is the trust's only expected recurring expense, and it sits right at the middle of the spot bitcoin field rather than the expensive end.sec.gov
  • 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

  • BTCW Thinly traded next to the category's giants, so spreads and limit orders carry more weight here.
  • Cheaper shelf-mates exist for the same underlying asset, including Grayscale's Mini Trust (BTC), Franklin's EZBC and VanEck's HODL.
  • Not registered under the Investment Company Act of 1940, so the usual fund-style protections don't apply and bitcoin's full price swings pass through.wisdomtree.com
  • 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 BTCW profile⁠

Full MSBT profile⁠

BTCW vs MSBT Holdings

As of
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.

BTCW vs MSBT Cost

Overpaying BTCW vs MSBT

$2,227

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

  • BTCW 0.25%

    $5,159

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • BTCW 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$6K051015202530BTCW $5,159MSBT $2,932

Year by year

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

Expense ratio

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

MSBT cheapest of 12 funds

BTCW 7th cheapest of 12 funds

BTCW vs MSBT Dividends

Last 12 months to Nov 6, 2026
Payout (12M)
BTCW None
MSBT None

Distribution history

BTCWAll BTCW payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

BTCW vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BTCW 53.6%since Feb 2024MSBT No data
Return per unit of riskSharpe ratio, 3 years
BTCW 0.56since Feb 2024MSBT No data
Worst fallMax drawdown, 5 years
BTCW −53.4%since Jan 2024MSBT No data
Market sensitivityBeta, 5 years
BTCW 2.19MSBT 1.01

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