Spot Bitcoin ETF
An exchange-traded fund that holds actual bitcoin and whose shares track the spot price one-to-one, minus a small annual expense ratio. Examples include BlackRock's IBIT (0.25% fee), Fidelity's FBTC, and others. A spot ETF gives bitcoin price exposure inside an ordinary brokerage or retirement account without self-custody, in exchange for the fund fee and trusting the custodian.
Spot ETFs differ from a Bitcoin treasury company like MSTR: an ETF tracks spot with no leverage or premium, while a treasury equity adds operating leverage and trades at an mNAV premium or discount. The /ibit-vs-mstr page compares the two live.