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EZBC vs MSBT

Franklin Bitcoin ETF

EZBCBCboe

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

Expense ratio

MSBT −0.05pt a year

EZBC0.19%MSBT0.14%

Avg volume · 30D

MSBT 4.8×the volume

EZBC128KMSBT615K

EZBC vs MSBT Performance

Jul 31, 2026 – Oct 30, 2026

+21.8%EZBC+22.0%MSBT

Jul 31, 2026 to Oct 30, 2026. EZBC +21.8%. MSBT +22.0%. Use the arrow keys to read each point.0%10%30%Jul 2026Sep 2026Oct 2026
Expense ratio
EZBC 0.19%
MSBT 0.14%, better
Fund size
EZBC $439M
MSBT $830M
1Y total return
EZBC −30.3%
MSBT No data
Holdings
EZBC 1
MSBT 1
Avg volume (30D)
EZBC 128K sh
MSBT 615K sh, better
NAV per share
EZBC $44.16
MSBT $21.91
52W range

ETF.net Grade

EZBC: Cost 75, Risk 46, Mission 100, Tradability 39, Holdings not scored, Durability 48. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for EZBC, MSBT, with each pillar’s weight
PillarEZBCMSBT
Cost30% weightA75A98Higher
Mission25% weightA100Not scored
Risk15% weightC46A79Higher
Tradability15% weightD39B56Higher
Holdings10% weightNot scoredA100
Durability5% weightC48HigherD37

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. EZBC 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 EZBC 5th 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 4ABITBBitwise Bitcoin ETF TrustScore 72
  5. Rank 5BEZBCFranklin Bitcoin ETFScore 69
  6. Rank 6BARKBARK 21Shares Bitcoin ETFScore 68

Our read on each fund

ETF.net Research

EZBCBFranklin Bitcoin ETF

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

EZBC Franklin Templeton's entry in the day-one spot bitcoin class of January 2024: plain bitcoin in a trust, a 0.19% sponsor fee, Coinbase custody, priced below the category median.

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

EZBC The fund seeks to reflect the performance of bitcoin's price.

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

  • EZBC Sponsor fee of 0.19%, below the spot bitcoin category median and below BTCW at 0.25%, which tracks the same reference rate.franklintempleton.com
  • Prices off the CME CF Bitcoin Reference Rate New York Variant, a once-a-day 4:00 p.m. ET fix drawn from a one-hour window of major-exchange trades.govinfo.govcfbenchmarks.com
  • No futures stack, no yield overlay: the trust holds bitcoin and aims to reflect its price, with Coinbase Custody on the coin and BNY Mellon on cash and admin.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

  • EZBC Two peers price lower: MSBT at 0.14% and BTC at 0.15%. Thin margins, but they compound in a one-asset fund.
  • Moderately traded next to the category's giants, so spread and premium/discount costs can weigh more on round trips.
  • Pays nothing out, and the trust sells bitcoin monthly to cover the sponsor fee, so bitcoin per share grinds lower over time.sec.gov
  • 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 EZBC profile⁠

Full MSBT profile⁠

EZBC 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.

EZBC vs MSBT Cost

Overpaying EZBC vs MSBT

$1,020

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

  • EZBC 0.19%

    $3,952

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • EZBC 0.19%
  • MSBT 0.14%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530EZBC $3,952MSBT $2,932

Year by year

YearEZBCMSBTOverpaying
10$347$256$91
20$1,351$1,000$351
30$3,952$2,932$1,020

Expense ratio

  • 0.19%EZBC
  • 0.14%MSBT, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

MSBT cheapest of 12 funds

EZBC 3rd cheapest of 12 funds

EZBC vs MSBT Dividends

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

Distribution history

EZBCAll EZBC payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

EZBC vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
EZBC 53.4%since Feb 2024MSBT No data
Return per unit of riskSharpe ratio, 3 years
EZBC 0.56since Feb 2024MSBT No data
Worst fallMax drawdown, 5 years
EZBC −53.3%since Jan 2024MSBT No data
Market sensitivityBeta, 5 years
EZBC 2.13MSBT 1.01

EZBC and MSBT in the news

All news⁠

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