Franklin Templeton Bitcoin ETF (EZBC) Review
Franklin EZBC is the cheapest mainstream US spot Bitcoin ETF at 0.19%. A look at what you get from the 78-year-old asset manager — and what you trade off for the lowest fee.
TL;DR. Franklin Templeton's EZBC is the lowest-fee mainstream US spot Bitcoin ETF at 0.19% — 6 bp below IBIT/FBTC, 1 bp below Bitwise BITB. Custody at Coinbase Custody Trust, $2B AUM, modest but adequate liquidity. The case for EZBC is simple: cheapest in the mainstream cohort. The case against: smaller AUM and thinner book than IBIT or FBTC, with no other meaningful differentiator. For a cost-driven default in a long-term position, EZBC is competitive. For most allocators, the 5 bp gap to IBIT is too small to outweigh IBIT's liquidity.
The basics
| Field | Value |
|---|---|
| Ticker | EZBC |
| Exchange | Cboe BZX |
| Inception | 11 Jan 2024 |
| Sponsor | Franklin Holdings, LLC (Franklin Templeton subsidiary) |
| Custodian | Coinbase Custody Trust Company |
| Expense ratio | 0.19% |
| AUM (Apr 2026) | ~$2 billion |
| Average daily volume | ~700k shares ($28M notional) |
Franklin Templeton as an issuer
Founded in 1947 and headquartered in San Mateo, Franklin Templeton manages roughly $1.6 trillion across mutual funds, ETFs and institutional separate accounts. EZBC is the firm's first major crypto product, but Franklin has been quietly building digital asset infrastructure since 2019 — including a money-market mutual fund that uses public blockchain for share registration.
This long-cycle approach to crypto distinguishes Franklin from issuers who entered the spot ETF race at the last minute. The infrastructure backing EZBC is real, even if the brand is less crypto-native than Bitwise.
The fee positioning
EZBC launched with a full 0% waiver until August 2024 or $10B AUM. The waiver expired on the date (Franklin didn't hit the AUM threshold) and the headline 0.19% has applied since. That makes EZBC the cheapest of the mainstream cohort and 1 bp below Bitwise BITB.
On a $100k position over 10 years, EZBC saves approximately $588 vs IBIT and $99 vs BITB. Real dollars, but small in the context of a bitcoin allocation. The Grayscale Bitcoin Mini Trust (BTC) is cheaper still at 0.15% — see expense ratios compared.
Tracking and liquidity
- Average bid-ask spread (US hours): 4–5 basis points.
- 30-day average premium/discount to NAV: ±10 bp.
- One-year tracking error vs spot BTC (2024): within −25 bp.
Materially wider than IBIT or FBTC. For typical retail orders the spread is invisible; for $100k+ orders it can erode the 5 bp fee advantage entirely. EZBC is best for buy-and-hold, not for active trading.
Custody and structure
Standard Coinbase Custody Trust setup — no diversification from the category's dominant custodian. See how Bitcoin ETF custody works for the full architecture.
The case for EZBC
- Lowest mainstream fee. 0.19% beats every other large-cap Bitcoin ETF except the Grayscale Mini.
- Established issuer. 78-year-old, trillion-AUM asset manager — operationally conservative.
- Existing Franklin investors — if you already have Franklin mutual funds or use Franklin platforms.
The case against
- Thin liquidity. Wider spreads can offset the 5 bp fee saving on larger orders.
- Coinbase custody. No diversification.
- No unique angle. No mission, no custody differentiator, no exotic structure. Just cheap.
FAQ
What is the expense ratio of Franklin EZBC?
0.19% per year, after the launch waiver expired in August 2024. This is the lowest fee in the mainstream US spot Bitcoin ETF cohort. Only the Grayscale Bitcoin Mini Trust (BTC, 0.15%) is cheaper.
Who custodies the bitcoin held by EZBC?
Coinbase Custody Trust Company, the same custodian used by most US spot Bitcoin ETFs. EZBC does not offer custody diversification.
Is EZBC available in a Roth IRA?
Yes — all major US brokerages support EZBC in Roth IRAs, traditional IRAs and 401(k)s where the menu allows.
How does EZBC compare to IBIT on cost?
EZBC charges 0.19% vs IBIT's 0.25% — a 6 bp annual saving. On a $100k position over 10 years that's roughly $588. The trade-off is wider bid-ask spreads on EZBC (smaller daily volume), which can offset the fee saving for larger orders.
Sources and further reading
- Franklin Bitcoin ETF prospectus — sec.gov/Archives/edgar.
- Franklin Templeton digital asset disclosures — franklintempleton.com.
- Internal: Bitwise BITB review, Expense ratios compared, Bitcoin ETF vs spot Bitcoin.