Franklin Crypto Index ETF

What they do

The Trust operates one series, the Franklin Crypto Index ETF, which invests in digital assets to track the CF Institutional Digital Asset Index US Settlement Price. As of December 31, 2025, the index constituents were Bitcoin, Ether, XRP, Solana, Dogecoin, Cardano, Chainlink, and Stellar Lumens. The Fund issues and redeems shares in Creation Units of 50,000 shares, exclusively through Authorized Participants, and shares trade on the Cboe BZX Exchange under the ticker 'EZPZ'. The Sponsor is Franklin Holdings, LLC; BNY Mellon serves as Administrator, Transfer Agent, and Cash Custodian; Coinbase Custody Trust Company is the Digital Asset Custodian; and Coinbase Inc. is the Prime Broker.

Revenue drivers

• Creation Unit sales to Authorized Participants — The Fund generates capital inflows by issuing Creation Units in exchange for digital assets or cash; initial seed creation units in February 2025 raised $2.48 million.
• Digital asset holdings — The Fund's value is directly tied to the market value of its digital asset portfolio, which as of the latest balance sheet supported total assets of $10.4 million.
• Index replication — Performance is tied to the Underlying Index; the Fund holds digital assets in approximately the same weights as the index, and index rebalancing can affect asset mix and trading activity.

Recent performance

For fiscal year 2025, the Trust reported a net loss of $1.5 million and operating cash flow of -$9.2 million. As of March 31, 2026, total assets were $10.4 million, total liabilities were just $1,663, and shareholder equity was $14.4 million, with zero cash and equivalents. The Trust launched operations in early 2025; seed capital of $100,000 was purchased on January 22, 2025, and the Seed Creation Units were purchased on February 10, 2025, for $2,480,449. The Fund's net asset value per share is calculated by BNY Mellon, and market price can differ from NAV.

Strategy

The Fund pursues a passive indexing strategy, aiming to replicate the performance of the Underlying Index before expenses. The Underlying Index expanded from Bitcoin and Ether to eight digital assets on December 1, 2025, but as of March 31, 2026, Chainlink was no longer a constituent, indicating ongoing index rebalancing. The Sponsor monitors index composition and adjusts holdings to match index weights. The Fund is not leveraged and does not employ active management. No forward-looking strategy statements were provided in the excerpts beyond the passive replication approach.

Risks

• Extreme digital asset volatility — The trading prices of digital assets have been extremely volatile; further declines could cause shares to lose all or substantially all of their value.
• Custody and security risk — Digital assets are bearer instruments; loss, theft, or compromise of private keys could result in permanent loss of assets.
• Regulatory uncertainty — The Trust is not registered as an investment company or commodity pool, and changes in the regulatory status of digital assets could adversely affect the Fund.
• Index composition and rebalancing — The Underlying Index can add or remove constituents, and such changes may affect the Fund's holdings and tracking performance.

Outlook

Management's outlook is not explicitly stated in the provided excerpts. The Fund continues to operate as a passive vehicle, and the Underlying Index is subject to quarterly rebalancing, which may affect future holdings. The Trust's forward-looking statements caution that actual results could differ materially from expectations. No specific guidance on future performance or capital plans was provided.