ETF Evaluator:
Fidelity Wise Origin Bitcoin Fund (FBTC)
Follow This ETF
(as of Aug 07)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
Index
Risk
Index
ETF Details
Fidelity Wise Origin Bitcoin Fund Overview
Fidelity Wise Origin Bitcoin Fund (FBTC) is a passively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2024.
The investment seeks to track the performance of bitcoin, as measured by the Fidelity Bitcoin Reference Rate, adjusted for the trust’s expenses and other liabilities.
The index is constructed using bitcoin price feeds from eligible bitcoin spot markets and a volume-weighted median price (“VWMP”) methodology, calculated every 15 seconds based on VWMP spot market data over rolling sixty-minute increments. In seeking to achieve its investment objective, the trust will hold bitcoin and will value its shares daily as of 4:00 p.m. EST using the same methodology used to calculate the index. All of the trust’s bitcoin will be held by the custodian.
About Fidelity Wise Origin Bitcoin Fund (FBTC)
There are 1 members of the management team with an average tenure of 2.56 years: Management Team (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Fidelity Bitcoin Reference Rate PR USD index with a weighting of 100%. Fidelity Wise Origin Bitcoin Fund has 4 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Wise Origin Bitcoin Fund is part of the Other global asset class and is within the Miscellaneous ETF group. Fidelity Wise Origin Bitcoin Fund has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Wise Origin Bitcoin Fund has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $10 billion in total assets, which is above the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FBTC Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Wise Origin Bitcoin Fund expense ratio is below average compared to funds in the Digital Assets category. Fidelity Wise Origin Bitcoin Fund has an expense ratio of 0.25%, which is 74% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Wise Origin Bitcoin Fund has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, Fidelity Wise Origin Bitcoin Fund returned 7.5%, which earned it a grade of B, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fidelity Wise Origin Bitcoin Fund has a trailing yield of 0.00%, which is below the 15.12% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Wise Origin Bitcoin Fund Grades
Year to date, the ETF has returned -28.0%, 2.7 percentage points better than the category, which translates into a grade of B. The fund has returned -46.4% over the past year (grade of C).
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FBTC Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FBTC Return (NAV) | 7.5% | -17.7% | -46.4% | na | na | na |
| FBTC Return (Price) | 7.2% | -17.8% | -46.3% | na | na | na |
| NAV +/- Price Return | 0.283% | 0.107% | -0.094% | na | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| FBTC Grade (NAV) | B | C | C | na | na | na |
| +/- Category (NAV) | 4.5% | -0.9% | -14.2% | na | na | na |
| FBTC Tax-Cost Ratio | na | na | 0.0% | na | na | na |
FBTC Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FBTC Return (NAV) | -28.0% | -7.0% | na | na | na | na | na | na | na | na | na |
| FBTC Return (Price) | -28.2% | -6.6% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.008% | -0.060% | na | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| FBTC Grade (NAV) | B | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 2.7% | 2.9% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 10,814 Mil |
| Share Class Assets: | $ 10,814 Mil |
| Turnover: | na |
| Expense Ratio: | 0.25% |
| Index Fund: | Yes |
| Index Tracked: | Fidelity Bitcoin Reference Rate PR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.6 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Team Management (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Grantor Trust |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | |
| Inception Date: | January 10, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.97% |
