ETP (Exchange Traded Product)

ETP stands for Exchange Traded Product. The term covers funds (ETFs), securities on commodities (ETCs) and debt securities on other underlying assets (ETNsGlossaryETN (Exchange Traded Note)An exchange-traded debt security whose value tracks an underlying asset such as bitcoin. Unlike an ETF, an ETN is not a separately protected pool of assets: if the issuer fails, you risk a loss despite the collateral.On the learning path: Stage 6 · Step 3 – Bitcoin & tax →In the glossary →×).^[1]

Bitcoin ETPs in Europe

In the EU, an ETF needs a minimum level of diversification. A fund that holds only bitcoin doesn’t meet it. Bitcoin ETPs in the EU are therefore almost always debt securities (ETNs), even if some carry ‘ETC’ in their name, and are usually backed by real bitcoin.^[2]

What that means for you:

• Convenient: you buy through your securities account, often via a savings planGlossarySavings plan (Bitcoin savings plan)Automatically buying bitcoin at fixed intervals with a fixed amount, for example $50 a month. A savings plan takes the question of the right moment off your hands, but doesn’t promise a higher return.On the learning path: Stage 4 · Step 4 – Setting up a savings plan →In the glossary →× too – no wallet or seed phrase needed.
• No bitcoin of your own: you own a security and can’t send bitcoin to your own wallet through your broker. ‘Not your keys, not your coinsGlossaryNot your keys, not your coinsA guiding principle of the Bitcoin community: if you don’t hold the private keys yourself, you don’t own your bitcoin directly – you only have a claim against the custodian. Exchange collapses such as Mt. Gox and FTX show why.On the learning path: Stage 5 · Step 1 – Understanding custody →In the glossary →×’ applies here in particular.
• Issuer risk and tax: if the issuer fails, you risk a loss despite the collateral.^[1] In Germany, whether the one-year holding periodGlossaryHolding period (speculation period)In Germany, the gain from selling privately held bitcoin is tax-free if more than one year passes between purchase and sale (§ 23 EStG, as of September 2026). Each purchase has its own holding period.On the learning path: Stage 6 · Step 3 – Bitcoin & tax →In the glossary →× applies depends on the product – more under ETNGlossaryETN (Exchange Traded Note)An exchange-traded debt security whose value tracks an underlying asset such as bitcoin. Unlike an ETF, an ETN is not a separately protected pool of assets: if the issuer fails, you risk a loss despite the collateral.On the learning path: Stage 6 · Step 3 – Bitcoin & tax →In the glossary →×. Other countries have their own rules.
• Ongoing costs: the annual expense ratio (TER) ranges from 0.05% to 2.00% (as of September 2026), and can differ even between products from the same provider.^[2] On $10,000 invested, that’s between $5 and $200 a year. So always check the ISIN and the key information document.

We deliberately don’t name individual products. Bitcoin ETPs in your securities account explains what to look for when choosing.