Franklin Templeton's New ETFs Could Create a Bitcoin Buying Machine

Franklin Templeton has filed for two Nasdaq-listed funds that would each begin with 95% in stocks and 5% in Bitcoin exposure, though neither has launched. One fund would hold the 500 largest US companies; the other would hold the 100 largest Nasdaq-listed firms excluding finance companies. The funds would reinvest regular and special dividends into Bitcoin the day after the dividend ex-date, and the larger fund would charge 0.09% a year. Quarterly, Bitcoin exposure above 5% would be cut to 4.5%, or reset within two business days if it exceeds 20% between reviews. They would not hold Bitcoin directly, instead buying Bitcoin funds, futures and options.