# Fidelity Physical Bitcoin ETP (FBTG)

**Page:** https://fundology.uk/fund/fbtg · ISIN XS2434891219

## 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, FBTG (Fidelity Physical Bitcoin ETP, ISIN XS2434891219) closed at £5.07 on the London Stock Exchange. Its ongoing charge is 0.75% a year (about £75 on £10,000). Over the three years to 13/11/2026 its total return was −30.3%, or −37.1% after UK CPIH inflation.

## Summary

Fidelity Physical Bitcoin ETP is an exchange-traded product from Fidelity, launched in 2022. It tracks the Fidelity Bitcoin Index - 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 0.75% a year — about £75 a year on every £10,000 invested, taken from the fund's value rather than billed 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: **£5.07** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | FBTG |
| ISIN | XS2434891219 |
| Also listed as | FBTC (London Stock Exchange, US dollars) |
| Category | Crypto |
| Type | ETN / ETP |
| Provider | Fidelity |
| Tracks | Fidelity Bitcoin Index - Benchmark Price Return |
| Ongoing charge | 0.75% a year (£75 per £10,000) |
| Launched | 2022 |
| Domicile | Germany |

## 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 | -33.37% | -35.73% | income reinvested |
| 3 years | -30.34% | -37.06% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Fidelity Physical Bitcoin ETP in pounds (price only; the fund pays no income): 2025 −15.8%; 2026 to 13/11/2026 −22.4%. Returns of Fidelity Physical Bitcoin ETP in pounds (price only; the fund pays no income) over the 12 months to 30/09/2026: −30.1%; to 30/09/2025: +81.1%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2025 | -15.8% | -18.7% | Price |
| 2026 to 13/11/2026 | -22.4% | -24.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 44.41% | -41.16% |

## Largest fall

Volatility of Fidelity Physical Bitcoin ETP in pounds, annualised from weekly returns to 13/11/2026: 44.4% over 1 year. Largest fall in the price of Fidelity Physical Bitcoin ETP since August 2024, in pounds: −49.7% from 03/10/2025 to 05/06/2026. The lowest 12-month return of Fidelity Physical Bitcoin ETP in pounds (price only; the fund pays no income) since August 2024 was −46.5% (12 months to 17/07/2026); the highest was +100.1% (12 months to 05/09/2025). On 13/11/2026 the price of Fidelity Physical Bitcoin ETP was 42.5% below its highest weekly close since August 2024 (03/10/2025), in pounds.

## Charges compared with similar funds

Ongoing charge of Fidelity Physical Bitcoin ETP 0.75% a year. Compared on 14/11/2026, 8 of the 19 other crypto products charge more, 0 the same and 11 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.75%** 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 FBTG?**

The ongoing charge of FBTG is 0.75% a year — about £75 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 Fidelity Physical Bitcoin ETP 0.75% a year. Compared on 14/11/2026, 8 of the 19 other crypto products charge more, 0 the same and 11 less (share classes counted once).

**What does FBTG track?**

FBTG tracks the Fidelity Bitcoin Index - Benchmark Price Return.

**What is the ISIN of FBTG?**

The ISIN of FBTG is XS2434891219. An ISIN identifies one exact share class of a fund; FBTG is its ticker on the London Stock Exchange. The same share class is also listed as FBTC (London Stock Exchange, US dollars).

**What were FBTG’s returns in each of the last five years?**

Calendar-year returns of FBTG in pounds (price only; the fund pays no income): 2025 −15.8%; 2026 to 13/11/2026 −22.4%. Past performance is not a guide to future returns.

**How has FBTG done after inflation?**

Over the three years to 13/11/2026 FBTG’s total return was −30.3%, or −37.1% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.