The Morgan Stanley Bitcoin Trust (MSBT) offers the lowest annual expense ratio at 0.14%, with a temporary waiver to 0.00% on the first $5 billion in assets for six months. The Grayscale Bitcoin Mini Trust (BTC) has the next lowest at 0.15%, followed by VanEck Bitcoin Trust (HODL) at 0.20% after its fee waiver expired on July 31, 2026.