The Franklin Bitcoin ETF operates by releasing shares that signify fractional undivided beneficial interests in Bitcoin held by a custodian on behalf of the fund. Its goal is generally mimicking Bitcoin's price performance, excluding the fund's expenses. This ETF provides a convenient and cost-effective entry point to Bitcoin, with Coinbase as the custodian. Registered under the Securities Act of 1933, the Trust was established on September 6, 2023.