It's been a volatile stretch for Bitcoin. After hitting a new record high of over $126,000 in the fall, the world's largest cryptocurrency ended last year on a decline. That decline has only continued in 2026, with Bitcoin falling to less than half that price in early July. It has since began a tentative recovery, rising above $80,000 in late August.
Still, because some brokerage accounts don't allow users to invest directly in cryptocurrency (and many retirement accounts similarly restrict direct cryptocurrency investments), ETFs can provide an easy way to get exposure to Bitcoin.
What is a spot Bitcoin ETF?
A spot Bitcoin ETF is an exchange-traded fund — a highly liquid fund that changes price throughout the trading day, just like a stock — that directly tracks the price of Bitcoin, primarily by holding a large amount of the cryptocurrency itself. It’s similar to a spot gold ETF, which holds physical gold bullion on behalf of its shareholders.
But wait — weren’t there already Bitcoin ETFs on the market? Yes and no. There were already crypto-related ETFs and trusts out there, but there had never been a spot Bitcoin ETF on the market before the SEC approved the first spot Bitcoin ETFs in January 2024. These newer ETFs are the first cryptocurrency funds to trade on a major exchange and hold Bitcoin directly.
Top 13 spot Bitcoin ETFs by fee
Below is a list of the approved ETFs and their fees, in order from lowest to highest fee.
Fund name and symbol | Net Expense Ratio |
|---|---|
Morgan Stanley Bitcoin Trust (MSBT) | 0.14% |
Grayscale Bitcoin Mini Trust ETF (BTC) | 0.15% |
Franklin Bitcoin ETF (EZBC) | 0.19% |
Bitwise Bitcoin ETF (BITB) | 0.20% |
VanEck Bitcoin ETF (HODL) | 0.20% |
ARK 21Shares Bitcoin ETF (ARKB) | 0.21% |
iShares Bitcoin Trust ETF (IBIT) | 0.25% |
Fidelity Wise Origin Bitcoin Fund (FBTC) | 0.25% |
CoinShares Bitcoin ETF (BRRR) | 0.25% |
Invesco Galaxy Bitcoin ETF (BTCO) | 0.25% |
WisdomTree Bitcoin Fund (BTCW) | 0.25% |
Osprey Bitcoin Trust (OBTC) | 0.49% |
Grayscale Bitcoin Trust ETF (GBTC) | 1.50% |
Source: SEC EDGAR database and fund websites. Data is current as of September 15, 2026, and is intended for informational purposes only. | |
It's worth noting that although spot Bitcoin ETFs are designed to track the price of Bitcoin directly by holding it, there is no guarantee that they will deliver exactly the same returns as the cryptocurrency itself.
» Ready to start investing? See our list of the best brokers for ETFs
What is a Bitcoin strategy ETF?
Bitcoin strategy ETFs attempt to track the price of Bitcoin indirectly. Many started trading well before the first spot Bitcoin ETF approvals, and they're still available today.
Some invest in Bitcoin futures, while others invest in Bitcoin mining stocks, options on Bitcoin ETFs or various other proxies, and still others rotate between Bitcoin and safe-haven investments like Treasury securities. Due to the indirect nature of these investments, these funds' returns are especially prone to deviating from the returns of Bitcoin. Some target a multiple of Bitcoin's daily returns, or the opposite of its daily returns, or a multiple of the opposite.
Top 58 Bitcoin strategy ETFs by fee
Below is a list of Bitcoin strategy ETFs and their fees, in order from lowest to highest fee. Funds marked with an asterisk * are leveraged ETFs, and funds marked with a double asterisk ** are inverse ETFs.
Fund name & symbol | Fee | Notes |
|---|---|---|
Grayscale Bitcoin Miners ETF (MNRS) | 0.59% | Invested in Bitcoin mining stocks. |
Grayscale Bitcoin Adopters ETF (BCOR) | 0.59% | Invested in stocks of companies that hold Bitcoin on their balance sheets. |
Amplify Bitcoin Max Income Covered Call ETF (BAGY) | 0.65% | Invested in Bitcoin ETPs. Generates income by writing at-the-money weekly call options on Bitcoin ETPs. |
iShares Bitcoin Premium Income ETF (BITA) | 0.65% | Invested in Bitcoin and Bitcoin ETFs. Generates income by writing call options on Bitcoin ETFs. |
Amplify Bitcoin 2% Monthly Option Income ETF (BITY) | 0.65% | Invested in Bitcoin ETPs. Generates income by writing weekly call options on Bitcoin ETPs. |
Grayscale Bitcoin Premium Income ETF (BPI) | 0.65% | Invested in options on Bitcoin ETPs. Generates income by writing options on Bitcoin ETPs while keeping some upside. |
Grayscale Bitcoin High Income ETF (BTCC) | 0.65% | Invested in options on Bitcoin ETPs. Generates income by writing call options on Bitcoin ETPs. |
Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with 100% downside protection over a 12-month outcome period. |
Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with 100% downside protection over a 12-month outcome period. |
Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with 100% downside protection over a 12-month outcome period. |
Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with 100% downside protection over a 12-month outcome period. |
Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with a 90% downside floor. |
Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with a 90% downside floor. |
Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with a 90% downside floor. |
Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with a 90% downside floor. |
Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with an 80% downside floor. |
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with an 80% downside floor. |
Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with an 80% downside floor. |
Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) | 0.69% | Invested in Bitcoin ETF options, targeting Bitcoin upside to a cap with an 80% downside floor. |
Hedgeye Hedged Bitcoin ETF (HBIT) | 0.70% | Invested in spot Bitcoin ETFs. Reduces volatility by buying and writing options on those Bitcoin ETFs. |
Amplify Fairlead Tactical Bitcoin ETF (BNAV) | 0.74% | Investment rotates tactically into Bitcoin, holding roughly 70% to 150% exposure based on technical signals. |
Global X Bitcoin Covered Call ETF (BCCC) | 0.75% | Invested in Bitcoin ETP options. Generates income by writing call options on Bitcoin ETPs. |
CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | 0.75% | Invested in Bitcoin mining and digital-power stocks. |
Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) | 0.79% | Invested in FLEX options on a Bitcoin ETF index, targeting uncapped Bitcoin upside with a 20% floor. |
Calamos Laddered Bitcoin Structured Alt Protection ETF (CBOL) | 0.79% | Invested in a laddered portfolio of the four quarterly Calamos Bitcoin protection ETFs. |
Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL) | 0.79% | Invested in a laddered portfolio of the four quarterly Calamos Bitcoin 90 Series protection ETFs. |
Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL) | 0.79% | Invested in a laddered portfolio of the four quarterly Calamos Bitcoin 80 Series protection ETFs. |
Bitwise Bitcoin Standard Corporations ETF (OWNB) | 0.85% | Invested in stocks of corporations that hold large Bitcoin treasuries. |
Bitwise Crypto Industry Innovators ETF (BITQ) | 0.85% | Invested in Bitcoin miners and crypto-industry stocks. |
FT Vest Bitcoin Strategy & Target Income ETF (DFII) | 0.85% | Invested in Bitcoin futures and options. Generates income by writing call options on Bitcoin exposure. |
FT Vest Bitcoin Strategy Floor15 ETF - January (BFJA) | 0.90% | Invested in Bitcoin ETF options, targeting Bitcoin price returns with a 15% floor over a 12-month outcome period. |
FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) | 0.90% | Invested in Bitcoin ETF options, targeting Bitcoin price returns with a 15% floor over a 12-month outcome period. |
FT Vest Bitcoin Strategy Floor15 ETF - July (BFJL) | 0.90% | Invested in Bitcoin ETF options, targeting Bitcoin price returns with a 15% floor over a 12-month outcome period. |
FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC) | 0.90% | Invested in Bitcoin ETF options, targeting Bitcoin price returns with a 15% floor over a 12-month outcome period. |
ProShares Bitcoin ETF (BITO) | 0.95% | Invested in Bitcoin futures. |
Roundhill Bitcoin Covered Call Strategy ETF (YBTC) | 0.95% | Invested in Bitcoin ETFs. Generates income by writing weekly call options on Bitcoin ETFs. |
T-REX 2X Long Bitcoin Daily Target ETF (BTCL)* | 0.95% | Invested in various Bitcoin derivatives, targeting 2x the daily returns of Bitcoin. |
T-REX 2X Inverse Bitcoin Daily Target ETF (BTCZ)** | 0.95% | Invested in various Bitcoin derivatives, targeting 2x the inverse of the daily returns of Bitcoin. |
Global X Bitcoin Trend Strategy ETF (BTRN) | 0.95% | Investment rotates between Bitcoin futures and U.S. Treasuries. |
ProShares UltraShort Bitcoin ETF (SBIT)** | 0.97% | Invested in various Bitcoin derivatives, targeting 2x the inverse of the daily returns of Bitcoin. |
Nicholas Bitcoin Tail ETF (BHDG) | 0.97% | Invested in Bitcoin ETFs and Bitcoin options, with an options overlay intended to hedge tail risk. |
Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) | 0.97% | Investment rotates between Bitcoin exposure and U.S. Treasuries. |
ProShares Ultra Bitcoin ETF (BITU)* | 0.98% | Invested in various Bitcoin derivatives, targeting 2x the daily returns of Bitcoin. |
NEOS Boosted Bitcoin High Income ETF (XBCI) | 0.98% | Invested in Bitcoin ETPs and Bitcoin futures ETF options. Generates income by writing options, using option leverage to boost Bitcoin exposure. |
NEOS Bitcoin High Income ETF (BTCI) | 0.99% | Invested in Bitcoin ETFs. Generates income by writing call options on a Bitcoin futures ETF. |
ProShares Short Bitcoin ETF (BITI)** | 1.01% | Invested in various Bitcoin derivatives, targeting the inverse of the daily returns of Bitcoin. |
YieldMax Bitcoin Option Income Strategy ETF (YBIT) | 1.02% | Invested synthetically in Bitcoin ETPs. Generates income by writing call options on Bitcoin ETPs. |
ProShares Bitcoin & Ether Equal Weight ETF (BETE) | 1.03% | Invested in Bitcoin and Ether futures, equally weighted. Fee reduced to 0.95% until Sept. 30, 2026. |
ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) | 1.04% | Invested in Bitcoin and Ether futures, market-cap weighted, with Bitcoin the larger sleeve. Fee reduced to 0.95% until Sept. 30, 2026. |
STKd 100% Bitcoin & 100% Gold ETF (BTGD) | 1.09% | Invested in Bitcoin futures and ETPs alongside gold futures and ETPs, stacking 100% exposure to each. |
Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC) | 1.12% | Investment rotates between Bitcoin futures and U.S. Treasuries. Gross fee 1.12%; reduced to 0.88% under a contractual expense cap running until May 1, 2027. |
Direxion Daily Bitcoin Bull 2X ETF (BTCU)* | 1.15% | Invested in spot Bitcoin ETFs and swaps, targeting 2x the daily returns of Bitcoin. Gross fee 1.15%; reduced to 1.13% under a contractual expense cap running until Sept. 1, 2027. |
CoinShares Bitcoin and Ether ETF (BTF) | 1.27% | Invested in Bitcoin and Ether futures, approximately equally weighted. |
IncomeSTKd 1x Bitcoin & 1x Gold Premium ETF (ISBG) | 1.29% | Invested in Bitcoin and gold exposure. Generates income by writing options on both sleeves. Gross fee 1.29%; reduced to 1.14% under a contractual expense cap running until at least March 31, 2027. |
Simplify Bitcoin Strategy ETF (MAXI) | 1.31% | Invested in Bitcoin futures. Generates income by writing options. |
Fortuna Hedged Bitcoin ETF (HBTC) | 1.97% | Invested in options on spot Bitcoin ETPs, hedged to limit downside. |
2x Bitcoin ETF (BITX)* | 2.75% | Invested in Bitcoin futures through a Cayman subsidiary, targeting 2x the daily returns of Bitcoin. |
GraniteShares YieldBOOST Bitcoin ETF (XBTY) | 11.40% | Invested in options on leveraged Bitcoin ETFs. Generates income by writing put options, targeting 2x the option income from Bitcoin. Gross fee 11.40%; reduced to 1.15% under a contractual expense cap running until Dec. 31, 2026. |
Source: SEC EDGAR database and fund websites. Data is current as of September 14, 2026, and is intended for informational purposes only. | ||
Do spot Bitcoin ETFs have custodianship risk?
Most spot Bitcoin ETFs rely on a third-party custodian to actually store the Bitcoin they hold — much like how spot gold ETFs often keep their physical gold holdings in the vault of a third-party custodian.
In the early days of spot Bitcoin ETFs, almost all funds used the same custodian for all their Bitcoin holdings, specifically Coinbase. Since then, a few ETFs have emerged that use alternate custodians or a multi-custodian model, but Coinbase still holds the vast majority of spot Bitcoin ETF assets.
Coinbase's dominance in Bitcoin ETF custodianship has created concerns about custodianship risk. If Coinbase ran into severe financial trouble in the future — for example, due to a cyberattack, a government penalty, or a decline in its revenue — what would happen to the holdings of Bitcoin ETFs that exclusively rely on it for custodianship?
There are mechanisms by which ETFs — and investors themselves — could recover their holdings in the event of a Coinbase bankruptcy, but they wouldn't necessarily be instant or automatic. So custodianship risk may be something to consider while shopping for a spot Bitcoin ETF.
» Interested in more ETFs? Check out the best ETFs tracking popular indexes
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Disclosure: The author and editor owned Bitcoin at the time of publication.
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