# Bitwise Physical Bitcoin ETP (BTCE) **Page:** https://fundology.uk/fund/btce · ISIN DE000A27Z304 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 13/11/2026, BTCE (Bitwise Physical Bitcoin ETP, ISIN DE000A27Z304) closed at £45.56 on the London Stock Exchange. Its ongoing charge is 2.00% a year (about £200 on £10,000). Over the five years to 13/11/2026 its total return was −29.4%, or −44.9% after UK CPIH inflation. ## Summary Bitwise Physical Bitcoin ETP is an exchange-traded product from Bitwise, launched in 2020. It tracks the Bloomberg Cryptocurrency Fixing for Bitcoin - USD - Benchmark Price Return. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 2.0% a year — about £200 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. > **Crypto:** Cryptoassets are high-risk and largely unregulated in the UK. Prices can rise and fall very sharply, and you could lose all the money you put in. Latest close: **£45.56** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | BTCE | | ISIN | DE000A27Z304 | | Also listed as | BTCF (London Stock Exchange, US dollars) | | Category | Crypto | | Type | ETN / ETP | | Provider | Bitwise | | Tracks | Bloomberg Cryptocurrency Fixing for Bitcoin - USD - Benchmark Price Return | | Income | Accumulating | | Ongoing charge | 2.00% a year (£200 per £10,000) | | Fund size | £588m | | Launched | 2020 | | Domicile | Germany | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 08/06/2020 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -30.53% | -32.99% | income reinvested | | 5 years | -29.45% | -44.93% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Bitwise Physical Bitcoin ETP in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 −23.6%. Returns of Bitwise Physical Bitcoin ETP in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −31.3%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2026 to 13/11/2026 | -23.6% | -26.0% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 44.28% | -41.75% | ## Largest fall Volatility of Bitwise Physical Bitcoin ETP in pounds, annualised from weekly returns to 13/11/2026: 44.3% over 1 year. Largest fall in the price of Bitwise Physical Bitcoin ETP since April 2025, in pounds: −50.3% from 03/10/2025 to 05/06/2026. On 13/11/2026 the price of Bitwise Physical Bitcoin ETP was 43.7% below its highest weekly close since April 2025 (03/10/2025), in pounds. ## Charges compared with similar funds Ongoing charge of Bitwise Physical Bitcoin ETP 2.00% a year. Compared on 14/11/2026, 3 of the 19 other crypto products charge more, 0 the same and 16 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **2.00%** per year (as of 13/11/2026) - Stocks and shares ISA eligible: no (crypto ETN). Since 06/04/2026 crypto ETNs cannot be added to a stocks and shares ISA (or a Junior ISA). HMRC rules allow them in an Innovative Finance ISA, where a provider offers one, and in a SIPP. Crypto ETNs bought into a stocks and shares ISA before that date may stay there. - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## Questions people ask **What is the ongoing charge of BTCE?** The ongoing charge of BTCE is 2.00% a year — about £200 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Bitwise Physical Bitcoin ETP 2.00% a year. Compared on 14/11/2026, 3 of the 19 other crypto products charge more, 0 the same and 16 less (share classes counted once). **What does BTCE track?** BTCE tracks the Bloomberg Cryptocurrency Fixing for Bitcoin - USD - Benchmark Price Return. **Is BTCE accumulating or distributing?** BTCE is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of BTCE?** The ISIN of BTCE is DE000A27Z304. An ISIN identifies one exact share class of a fund; BTCE is its ticker on the London Stock Exchange. The same share class is also listed as BTCF (London Stock Exchange, US dollars). **What were BTCE’s returns in each of the last five years?** Calendar-year returns of BTCE in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 −23.6%. Past performance is not a guide to future returns. **How has BTCE done after inflation?** Over the five years to 13/11/2026 BTCE’s total return was −29.4%, or −44.9% after UK CPIH inflation. Past performance is not a guide to future returns. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.