Fidelity International has entered Europe’s digital asset ETP arena by launching a directly backed bitcoin product that is cheaper than all its rivals.

The Fidelity Physical Bitcoin ETP is 20 basis points cheaper than its closest rivals.

The Fidelity Physical Bitcoin ETP has been listed on Xetra in euros (Ticker: FBTC GY) as well as on SIX Swiss Exchange in US dollars (FBTC SW) and Swiss francs (FBTCCHF SW).

The ETP tracks price movements in the world’s largest cryptocurrency by following the proprietary Fidelity Bitcoin Index. The index uses volume-weighted bitcoin price data from eligible trading platforms based on the 5-minute window immediately prior to the 4:00 p.m. (ET) close.

Every ETP share is 100% collateralized with actual bitcoin holdings that are stored using institutional-grade custody solutions provided by Fidelity Digital Assets, Fidelity’s crypto custody and trade execution business which was granted official registration status by the UK’s Financial Conduct Authority last year.

Similar to other bitcoin ETPs, Fidelity’s product is aimed at providing institutional investors with access to bitcoin through a liquid, regulated vehicle without the complexity of keys, digital wallets, or cryptocurrency exchanges. In alignment with the requirements of institutional investors, FBTC will be centrally cleared by Eurex Clearing.

The ETP comes with a fixed annual fee of 0.75% which is 20 basis points less than the next-cheapest directly backed bitcoin ETPs – the €230m WisdomTree Bitcoin ETP (WBIT GY) and the €100m Invesco Physical Bitcoin ETP (BTIC GY).