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HODL vs MSBT

VanEck Bitcoin ETF

HODLACboe

Morgan Stanley Bitcoin Trust ETF

MSBTANYSE Arca

Overlap

Expense ratio

MSBT −0.06pt a year

HODL0.20%MSBT0.14%

Avg volume · 30D

HODL 1.6×the volume

HODL996KMSBT615K

HODL vs MSBT Performance

Jul 31, 2026 – Oct 30, 2026

+21.8%HODL+22.0%MSBT

Jul 31, 2026 to Oct 30, 2026. HODL +21.8%. MSBT +22.0%. Use the arrow keys to read each point.0%10%30%Jul 2026Sep 2026Oct 2026
Expense ratio
HODL 0.20%
MSBT 0.14%, better
Fund size
HODL $1.12B
MSBT $830M
1Y total return
HODL −30.2%
MSBT No data
Holdings
HODL 1
MSBT 1
Avg volume (30D)
HODL 996K sh, better
MSBT 615K sh
NAV per share
HODL $21.61
MSBT $21.91
52W range

ETF.net Grade

HODL: Cost 75, Risk 60, Mission 100, Tradability 48, Holdings not scored, Durability 68. MSBT: Cost 98, Risk 79, Mission not scored, Tradability 56, Holdings 100, Durability 37.
Pillar letters and Scores for HODL, MSBT, with each pillar’s weight
PillarHODLMSBT
Cost30% weightA75A98Higher
Mission25% weightA100Not scored
Risk15% weightB60A79Higher
Tradability15% weightC48B56Higher
Holdings10% weightNot scoredA100
Durability5% weightB68HigherD37

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. HODL 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 HODL 3rd 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

Our read on each fund

ETF.net Research

HODLAVanEck Bitcoin ETF

MSBTAMorgan Stanley Bitcoin Trust ETF

In short

HODL VanEck's spot bitcoin fund does exactly one thing: hold bitcoin. No futures, no yield story, no cleverness. It is priced below the category median and splits the coins across two named custodians instead of one.

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

HODL The Trust seeks to track the price of bitcoin, net of its operating expenses, through a passive strategy that does not pursue returns beyond bitcoin’s price performance.

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

  • HODL A 0.20% sponsor fee, under the median for spot bitcoin funds, on a product whose entire job is holding coins.vaneck.com
  • Deliberately plain mandate: track bitcoin's price net of expenses, full stop. Nothing reaching for returns beyond the coin, and it has followed that mandate very closely.vaneck.com
  • VanEck names two crypto custodians for the trust's bitcoin, Gemini and Coinbase Custody, rather than routing every coin through a single vault.vaneck.com
  • Listed options trade on HODL, so collars and covered-call structures are available in a normal brokerage account.vaneck.com
  • 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

  • HODL Bitcoin sets the whole ride. The design follows the coin down as faithfully as up, and there is no hedge or buffer in the wrapper.
  • No distributions. Price is the entire story here, and the sponsor fee accrues against the trust's bitcoin whatever the market does.vaneck.com
  • Fees in this cohort are a moving target: BTC and EZBC list lower headline rates, and temporary waivers keep reshuffling who is cheapest.vaneck.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 HODL profile⁠

Full MSBT profile⁠

HODL 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.

HODL vs MSBT Cost

Overpaying HODL vs MSBT

$1,223

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

  • HODL 0.20%

    $4,155

  • MSBT 0.14%

    $2,932

$10,000
30 years

Cost over time

  • HODL 0.20%
  • 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$4K$5K051015202530HODL $4,155MSBT $2,932

Year by year

YearHODLMSBTOverpaying
10$365$256$109
20$1,421$1,000$421
30$4,155$2,932$1,223

Expense ratio

  • 0.20%HODL
  • 0.14%MSBT, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

MSBT cheapest of 12 funds

HODL 4th cheapest of 12 funds

HODL vs MSBT Dividends

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

Distribution history

HODLAll HODL payments⁠

No distribution history available.

MSBTAll MSBT payments⁠

No distribution history available.

HODL vs MSBT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HODL 63.2%since Feb 2024MSBT No data
Return per unit of riskSharpe ratio, 3 years
HODL −0.12since Feb 2024MSBT No data
Worst fallMax drawdown, 5 years
HODL −93.7%since Jan 2024MSBT No data
Market sensitivityBeta, 5 years
HODL 2.13MSBT 1.01

HODL and MSBT in the news

All news⁠

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