Franklin Templeton EZBC has the lowest expense ratio of any major spot Bitcoin ETF at 0.19%. Full review of fees, AUM, liquidity, custody, and how it compares to IBIT and FBTC.
Franklin Templeton's EZBC is the Bitcoin spot ETF that most people overlook — and that might make it worth a second look. It has the lowest expense ratio of any major spot Bitcoin ETF at 0.19%, is backed by a 77-year-old asset manager with $1.5 trillion in AUM, and custodies Bitcoin with Coinbase. Here is a full breakdown of whether EZBC belongs in your portfolio.
| Feature | Detail |
|---|---|
| Ticker | EZBC |
| Issuer | Franklin Templeton |
| Expense Ratio | 0.19% |
| Custodian | Coinbase Custody |
| Launch Date | January 11, 2024 |
| AUM | ~$800M (as of early 2026) |
| Bitcoin Held | ~8,000 BTC |
| Exchange | NYSE Arca |
| Minimum Investment | 1 share (~$80–100 at typical prices) |
Franklin Templeton was one of the 11 issuers approved by the SEC on January 10, 2024, in the landmark spot Bitcoin ETF approvals. EZBC launched the following day alongside BlackRock's IBIT, Fidelity's FBTC, and the rest of the cohort.
The expense ratio war among spot Bitcoin ETFs has been fierce. Here is where EZBC lands:
| ETF | Expense Ratio | AUM |
|---|---|---|
| EZBC (Franklin Templeton) | 0.19% | ~$800M |
| ARKB (ARK 21Shares) | 0.21% | ~$3.5B |
| BITB (Bitwise) | 0.20% | ~$3.8B |
| FBTC (Fidelity) | 0.25% | ~$18B |
| IBIT (BlackRock) | 0.25% | ~$55B |
| GBTC (Grayscale) | 1.50% | ~$19B |
EZBC's 0.19% expense ratio is the lowest of any major spot Bitcoin ETF. On a $100,000 investment, that is $190/year in fees versus $250/year for IBIT or FBTC — a meaningful difference over time.
For long-term holders who plan to hold for 10+ years, the compounding effect of a 0.06% fee difference is real, though not dramatic.
Franklin Templeton entered the Bitcoin ETF race earlier than most large legacy asset managers. The company had already launched a blockchain fund and filed for a Bitcoin ETF long before the SEC approved spot products. This is not a firm grudgingly entering crypto because clients demanded it — they've been advocating for the product for years.
Notably, Franklin Templeton has also developed its own blockchain infrastructure. The Franklin OnChain U.S. Government Money Fund (BENJI) runs on the Stellar blockchain and Polygon, making EZBC part of a broader digital asset strategy rather than a one-off product.
EZBC uses Coinbase Custody to hold its Bitcoin — the same custodian used by BlackRock's IBIT, Bitwise's BITB, and several others. This is the industry standard for spot Bitcoin ETFs and provides:
The concentration risk — most major ETFs using the same custodian — is a systemic concern worth acknowledging, but it applies equally to IBIT and BITB, not just EZBC.
Here is where EZBC falls short: scale.
With roughly $800 million in AUM, EZBC is dramatically smaller than IBIT ($55B+) and FBTC ($18B+). This matters for two reasons:
Bid-ask spreads: Smaller ETFs tend to have wider bid-ask spreads, meaning you pay slightly more to buy and receive slightly less when you sell. For large trades, this can offset the fee advantage.
Liquidity: Institutional investors moving tens of millions of dollars need deep liquidity. EZBC is not the right vehicle for a $50M single trade.
For most individual investors buying $1,000-$100,000 at a time, EZBC's liquidity is perfectly adequate. The spreads are still tight. But for institutions or anyone doing large single trades, IBIT's liquidity is unmatched.
| Factor | EZBC | IBIT | FBTC |
|---|---|---|---|
| Expense Ratio | 0.19% ✓ | 0.25% | 0.25% |
| AUM | ~$800M | ~$55B ✓ | ~$18B |
| Liquidity | Good | Best ✓ | Great |
| Custodian | Coinbase | Coinbase | Fidelity DTC |
| Issuer Track Record | 77 years | 36 years | 77 years |
| Underlying Bitcoin | Same | Same | Same |
All spot Bitcoin ETFs hold the same underlying asset — Bitcoin — in the same proportion. The differences are purely operational: fees, liquidity, and counterparty.
Choose EZBC if: You are a buy-and-hold individual investor prioritizing the lowest possible fees and do not need IBIT-level liquidity.
Choose IBIT if: You need maximum liquidity, are trading large amounts, or want the backing of the world's largest asset manager.
Choose FBTC if: You prefer Fidelity's integrated custody (they custody their own Bitcoin rather than using Coinbase) and are already a Fidelity customer.
Best fit for EZBC:
Not the best fit:
EZBC trades on NYSE Arca and is available through any brokerage that supports US equity trading:
EZBC is available in taxable accounts and, importantly, in IRAs. For Bitcoin IRA holders, EZBC in a traditional brokerage IRA is far simpler than using a specialized Bitcoin IRA custodian.
Several Bitcoin ETFs launched with temporary fee waivers to attract initial AUM. EZBC launched at 0.19% and has maintained that rate. It did not require a waiver because it was already competitive from day one.
Watch for fee changes: as competition intensifies and some smaller ETFs struggle to grow AUM, further fee cuts are possible. Franklin Templeton has room to cut if needed to defend market share.
The eternal ETF vs. self-custody debate:
| Factor | EZBC | Direct Bitcoin |
|---|---|---|
| Annual Cost | 0.19% | ~0% (one-time setup) |
| Self-custody | No | Yes |
| Tax simplicity | High (standard brokerage) | Medium |
| IRA eligible | Yes | Via specialized custodian |
| Counterparty risk | Coinbase + Franklin Templeton | Yourself |
| Inheritance | Standard brokerage account | Requires key planning |
For amounts under $50,000, EZBC's simplicity often wins. Above $100,000, the 0.19% annual fee — $190 per $100K per year — becomes a meaningful long-term cost versus zero-cost self-custody on a hardware wallet.
For long-term holders of significant Bitcoin, consider a hybrid: EZBC in retirement accounts (where ETF structure has tax advantages) and hardware wallet storage for taxable holdings.
EZBC is a well-constructed, genuinely cheap Bitcoin ETF from a credible 77-year-old asset manager. Its 0.19% expense ratio is the lowest of any major spot Bitcoin ETF. Its primary weakness is smaller AUM and liquidity compared to IBIT and FBTC — a concern for large trades but irrelevant for most individual investors.
For long-term accumulators who buy and hold, EZBC is worth serious consideration alongside IBIT and FBTC. The fee difference compounds meaningfully over a decade. The underlying Bitcoin is identical.
Recommendation: EZBC is a Buy for cost-conscious long-term holders. If you are choosing between EZBC and IBIT/FBTC purely on economics for regular purchases under six figures, EZBC wins on fees.
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