Franklin Bitcoin ETF is a passive investment fund that provides retail and institutional investors with convenient exposure to bitcoin through exchange-traded shares listed on the Cboe BZX Exchange, eliminating the operational complexities of direct bitcoin ownership such as private key management and wallet administration. The Fund holds bitcoin in segregated cold storage with Coinbase Custody Trust Company and values its holdings daily using the CF Benchmarks Index, calculated from aggregated spot trading activity across major bitcoin exchanges. Revenue is generated through a flat annual sponsor fee of 0.19% that covers administration, custody, trading, and regulatory expenses, while shares are created and redeemed continuously by authorized broker-dealers at net asset value through the DTC settlement system.