Franklin Bitcoin ETF

Franklin Bitcoin ETF is an exchange-traded fund that seeks to reflect the performance of the price of bitcoin before payment of the fund's expenses. It provides investors with convenient exposure to bitcoin through shares representing fractional interests in the fund's net assets, which consist primarily of bitcoin held by a custodian and cash. The fund operates as a passive investment vehicle within the Franklin Templeton Digital Holdings Trust, a Delaware statutory trust formed in 2023 and headquartered in the United States. Shares are issued and redeemed in creation units of 50,000 shares or multiples thereof exclusively to authorized participants in exchange for cash, which the fund uses to acquire bitcoin via a prime broker. Coinbase serves as the bitcoin custodian, while Bank of New York Mellon handles cash custody, administration, and transfer services. The fund tracks the CME CF Bitcoin Reference Rate - New York Variant as its benchmark and may utilize short-term trade credit for bitcoin or cash. Designed for those seeking a cost-effective alternative to directly acquiring, holding, and trading bitcoin, it simplifies access to this emerging digital asset class while removing operational complexities associated with peer-to-peer or digital platform transactions. The fund holds only bitcoin and cash, operates without leverage, derivatives, or active management, and belongs to the Digital Assets category.