At a glance
EZBC charges 0.19% a year, below the 0.37% average of the 7 funds most like it (the 3rd cheapest of 8). It has $334.7M in assets, the 8th largest of that group. Over the past year it returned −30.0% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
Franklin Bitcoin ETF (EZBC) holds bitcoin directly and aims to track its price, less expenses. It is a grantor trust, which means it is not registered under the Investment Company Act of 1940, the law that covers most mutual funds and ETFs. Its 0.19% annual sponsor fee is lower than most spot bitcoin funds, including iShares Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund at 0.25%. By assets, it is the smallest fund in its peer group.
Price history
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EZBC -30.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EZBC price data to Oct 27, 2026 | -7.9% | -30.0% | — | — | — | +21.5% |
- Over the year to Oct 27, 2026, EZBC returned -30.0%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (-6.6%); its best was 2025 (-6.6%).
- The deepest fall in its price history was 53.3% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.9% |
| 2025 | -6.6% |
| 2024 | +100.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The trust holds bitcoin directly, worth $334.7M as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
EZBC does not pick or trade investments. It holds only bitcoin, and its sponsor, Franklin Templeton, does not try to buy low or sell high. The fund uses no leverage, futures or other derivatives. It sells bitcoin only to pay expenses, meet redemptions, wind down the fund or comply with the law. Each of these sales is a taxable event for shareholders, even those who sold no shares.
Each business day after 4:00 p.m. Eastern time, BNY Mellon, the fund's administrator, values the fund's bitcoin using the CF Benchmarks Index. The index combines trades from several major bitcoin exchanges between 3:00 and 4:00 p.m. into one U.S. dollar price. That price sets the net asset value (NAV), which is what each share's holdings are worth.
Coinbase Custody holds the bitcoin, and the private keys that control it, in a vault account. Some bitcoin may sit briefly in shared wallets at Coinbase Inc., the prime broker, while trades settle. Large institutions called authorized participants create and redeem shares in blocks of 50,000, paying or receiving bitcoin or cash. This helps keep the share price close to NAV. Because it is a grantor trust, the fund lacks some protections that 1940 Act funds have, and shareholders get no vote.
What it really costs
- EZBC charges 0.19% a year, versus an average of 0.37% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
EZBC holds a single, highly volatile asset that produces no income, so it fits best as a small position alongside core holdings.
EZBC adds bitcoin price exposure to a portfolio. It launched in January 2024, so it has no record from the 2008, 2020 or 2022 market declines. Its own short history has big swings. It gained about 100% from launch through the end of 2024, lost 6.6% in 2025, and lost 7.9% in 2026 through October 27. Its deepest drop was 53.3%, from October 6, 2025, to June 30, 2026, and it had not recovered as of October 27, 2026. Volatility, a measure of how widely returns swing, was 48.5% over the past year. The fund has paid no distributions, so getting cash from it means selling shares, possibly at a loss in a bad year. Its 0.19% fee is below the 0.37% peer average. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want bitcoin price exposure in an ordinary brokerage or retirement account without handling wallets or private keys.
- Cost-conscious holders: its 0.19% sponsor fee is below the 0.25% at IBIT and FBTC and far below GBTC's 1.50%.
- People who can keep a small position through deep drops, such as the 53.3% fall from October 2025 to June 2026.
Look elsewhere if
- Anyone seeking income: EZBC has paid no distributions, and bitcoin pays no interest or dividends.
- Investors who want 1940 Act fund protections or shareholder voting rights. This grantor trust offers neither.
- Those who prefer the largest fund or the lowest fee. EZBC had $334.7 million as of June 30, 2026, and BTC charges 0.15%.
Close alternatives
Matched by other funds that hold bitcoin directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| EZBC this fund | 0.19% | $334.7M | -30.0% | — |
| IBIT iShares Bitcoin Trust ETF | 0.25% | $43.40B | -30.4% | — |
| FBTC Fidelity Wise Origin Bitcoin Fund | 0.25% | $10.31B | -30.0% | — |
| GBTC Grayscale Bitcoin Trust ETF | 1.5% | $8.14B | -30.8% | — |
| ARKB ARK 21Shares Bitcoin ETF | 0.21% | $1.89B | -29.9% | — |
| BTC Grayscale Bitcoin Mini Trust ETF | 0.15% | $3.19B | -29.9% | — |
| BITB Bitwise Bitcoin ETF Trust | 0.2% | $2.13B | -30.0% | — |
| BRRR Coinshares Valkyrie Bitcoin Fund | 0% | $342.4M | -30.0% | — |
Questions investors ask
Does EZBC pay dividends?
No. Franklin Bitcoin ETF has recorded no distributions. It holds bitcoin, which pays no interest or dividends. The fund sells bitcoin only to cover expenses and redemptions. Any return comes from changes in the bitcoin price, minus the 0.19% sponsor fee. To get cash from the position, an investor has to sell shares, which may mean selling at a loss after prices fall.
What's the difference between EZBC and IBIT?
Both hold bitcoin directly and track its price. The main differences are cost and size. EZBC's sponsor fee is 0.19%, compared with 0.25% for iShares Bitcoin Trust ETF. IBIT is much larger, with about $43.4 billion in net assets as of June 30, 2026, compared with about $334.7 million for EZBC. One-year returns were -30.0% for EZBC as of October 27, 2026, and -28.2% for IBIT as of October 30, 2026. Because those dates differ, the returns aren't directly comparable.
Is EZBC good for retirement?
That depends on how much risk a portfolio can take. EZBC holds only bitcoin and produces no income. It fell 53.3% from October 6, 2025, to June 30, 2026, and had not recovered as of October 27, 2026. Its one-year return was -30% as of that date. For many retirement plans, that profile fits a small, higher-risk side position better than a core holding. The low 0.19% fee lowers cost, but it does nothing to soften the price swings.
Who holds the bitcoin in the Franklin Bitcoin ETF?
Coinbase Custody Trust Company holds the fund's bitcoin, and the private keys that control it, in a vault account. Its affiliate Coinbase Inc., the prime broker, may hold some bitcoin for short periods in shared wallets. This happens when shares are created or redeemed or when bitcoin is sold to pay expenses. BNY Mellon holds the fund's cash and calculates its daily value. Depending on one custodian group adds operational risk on top of bitcoin's price risk.
Is EZBC an ETF or a trust?
It is an exchange-traded trust. Its shares trade on the Cboe BZX Exchange like any ETF. But the fund is a grantor trust, and it is not registered under the Investment Company Act of 1940, the law that covers most mutual funds and ETFs. As a result, it has fewer fund-specific protections, and shareholders have no voting rights. The sponsor can close the fund with at least 30 days' notice. Bitcoin sold to pay expenses is a taxable event for shareholders.