Franklin Crypto Trust

Previous wording

The Fund’s only ordinary recurring expense is the Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Marketing Agent, the Custodians and the Trustee, Cboe BZX Exchange listing fees, Index Provider Fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor will also pay the costs of the Trust’s and the Fund’s organization and the initial offering costs, and may not seek reimbursement of such costs.

Current wording

The Fund’s only ordinary recurring expense is the Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Marketing Agent, the Custodians and the Trustee, Cboe BZX Exchange listing fees, Index Provider Fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor paid the costs of the Trust’s and the Fund’s organization and the initial offering costs, and may not seek reimbursement of such costs.

Previous wording

Sponsor’s fee, which is compensation for the Sponsor’s services rendered to the Fund, is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Fund will sell Digital Asset as needed to pay the Sponsor’s fee and will buy and sell Digital Assets to adjust the Fund’s investments to correspond with a rebalancing and/or reconstitution of the Underlying Index (including, in the case of a rebalancing, trading bitcoin for ether and vice versa). The Fund bears transaction costs, including any Digital Asset network fees or other similar transaction fees, in connection with any sales of Digital Assets necessary to pay the Sponsor’s fee, or in connection with any purchases or sales of Digital Assets to adjust the Fund’s investments to correspond with a rebalancing and/or reconstitution of the Underlying Index as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any Digital Assets network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For a period from February 20, 2025 (the day the Shares were initially listed on the Exchange) to August 29, 2025, the Sponsor has agreed to waive the entire Sponsor’s Fee on the first $10.0 billion of the Fund’s assets. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement, in the Fund’s periodic reports, and/or on the Fund’s website.

Current wording

Sponsor’s fee, which is compensation for the Sponsor’s services rendered to the Fund, is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Fund will sell Digital Asset as needed to pay the Sponsor’s fee and will buy and sell Digital Assets to adjust the Fund’s investments to correspond with a rebalancing and/or reconstitution of the Underlying Index (including, in the case of a rebalancing, trading bitcoin for ether and vice versa). The Fund bears transaction costs, including any Digital Asset network fees or other similar transaction fees, in connection with any sales of Digital Assets necessary to pay the Sponsor’s fee, or in connection with any purchases or sales of Digital Assets to adjust the Fund’s investments to correspond with a rebalancing and/or reconstitution of the Underlying Index as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any Digital Assets network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For a period from February 20, 2025 (the day the Shares were initially listed on the Exchange) to August 29, 2025, the Sponsor agreed to waive the entire Sponsor’s Fee on the first $10.0 billion of the Fund’s assets. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement, in the Fund’s periodic reports, and/or on the Fund’s website.

Previous wording

At June 30, 2025, the Digital Asset Custodian held 33.2484 bitcoins on behalf of the Fund, with a market value of $3,609,446 (cost: $3,028,405) based on the price of bitcoin (as measured by the Principal Market Price) and Digital Asset Custodian held 182.6831 ether on behalf of the Fund, with a market value of $456,764 (cost: $435,991) based on the price of ether (as measured by the Principal Market Price) at period end.

Current wording

At September 30, 2025, the Digital Asset Custodian held 55.4156 bitcoins on behalf of the Fund, with a market value of $6,329,737 (cost:$5,627,003) and Digital Asset Custodian held 304.3726 ether on behalf of the Fund, with a market value of $1,257,314 (cost: $898,420).

Previous wording

Results of Operations for the three months ended June 30, 2025*

Current wording

For the three months ended September 30, 2025*

Previous wording

For the quarter ended June 30, 2025, no Shares were issued or redeemed. The Fund’s NAV per Share began the period at $20.61 and ended the period at $27.11. The 31.54% increase in the Fund's NAV per share from $20.61, at March 31, 2025 to $27.11 at June 30, 2025 is directly related to the 30.86% increase in the price of bitcoin and 36.27% increase in the price of ether over the same period.

Current wording

For the three months ended September 30, 2025, 100,000 Shares were issued in exchange for 22.1644 bitcoin and 121.7607 ether. No shares were redeemed. The Fund’s NAV per Share began the period at $27.11 and ended the period at $30.34. The 11.91% increase in the Fund's NAV per share from $27.11, at June 30, 2025 to $30.34 at September 30, 2025 is directly related to the 5.22% increase in the price of bitcoin and 65.21% increase in the price of ether.

Previous wording

Net realized and change in unrealized appreciation (depreciation) on investment in Digital Assets for the period ended June 30, 2025, was approximately $974,203 which includes a net realized gain (loss) on investments in Digital Assets sold for rebalancing of $1,146 and net change in unrealized appreciation (depreciation) on investment in Digital Assets of approximately $973,057. Net realized and unrealized gain (loss) on investments in Digital Assets for the period was driven by bitcoin price appreciation from $82,956 per bitcoin at March 31, 2025 to $108,560.00 per bitcoin as of June 30, 2025 and ether price appreciation from $1,834.80 per ether at March 31, 2025 to $2,500.31 per ether as of June 30, 2025. Net assets increased to approximately $4,066,210 on June 30, 2025. The increase in net assets primarily resulted from the aforementioned Digital Assets price movement.

Current wording

Net realized and change in unrealized appreciation (depreciation) on investment in Digital Assets for the period ended September 30, 2025, was approximately $459,930 which includes a net realized gain (loss) on investments in Digital Assets sold for rebalancing of $116 and net change in unrealized appreciation (depreciation) on investment in Digital Assets of approximately $459,814. Net realized and change in unrealized loss on investments in Digital Assets for the period was driven by bitcoin price appreciation from $108,560.00 per bitcoin at June 30, 2025 to $114,223.01 per bitcoin as of September 30, 2025. Net realized and change in unrealized loss on investments in Digital Assets for the period was also driven by ether price appreciation from $2,500.31 per ether at June 30, 2025 to $4,130.84 per ether as of September 30, 2025. Net assets increased to approximately $7,586,042 on September 30, 2025. The increase in net assets primarily resulted from the aforementioned Digital Assets price movement and net capital share transactions of approximately $3,060,911.

Previous wording

For the period from February 20, 2025 (Date of Commencement of operations) to June 30, 2025, 50,000 Shares were issued in exchange for 33.0623 bitcoin and 190.3706 ether. No shares were redeemed during the period. The Fund’s NAV per Share began the period at $25.13 and ended the period at $27.11. The 7.88% increase in the Fund's NAV per share from $25.13, from the period from February 20, 2025 (Date of Commencement of operations) to $27.11 at June 30, 2025 is directly related to the 10.51% increase in the price of bitcoin and offset by 9.15% decrease in the price of ether over the same period.

Current wording

For the period from February 20, 2025 (Date of Commencement of operations) to September 30, 2025, 150,000 Shares were issued in exchange for 33.1851 bitcoin and 185.2175 ether. No shares were redeemed. The Fund’s NAV per Share began the period at $25.13 and ended the period at $30.34. The 20.73% increase in the Fund's NAV per share from $25.13, from the period from February 20, 2025 (Date of Commencement of operations) to $30.34 at September 30, 2025 is directly related to the 16.28% increase in the price of bitcoin and 50.10% increase in the price of ether.

Previous wording

Net realized and change in unrealized appreciation (depreciation) on investment in Digital Assets for the period ended June 30, 2025, was approximately $569,094 which includes a net realized gain (loss) on investments in Digital Assets sold for rebalancing of $209 and net change in unrealized appreciation (depreciation) on investment in Digital Assets of approximately $568,885. Net realized and unrealized gain (loss) on investments in Digital Assets for the period was driven by bitcoin price appreciation from $98,231.15 per bitcoin as of February 20, 2025 (Date of Commencement of operations) to $108,560.00 per bitcoin as of June 30, 2025 and ether price depreciation from $2,752.09 per ether as of February 20, 2025 to $2,500.31 per ether as of June 30, 2025. Net assets increased to approximately $4,066,210 on June 30, 2025. The increase in net assets primarily resulted from the aforementioned Digital Assets price movement and net capital share transactions of approximately $983,738.

Current wording

Net realized and change in unrealized appreciation (depreciation) on investment in Digital Assets for the period ended September 30, 2025, was approximately $1,029,014 which includes a net realized gain (loss) on investments in Digital Assets sold for rebalancing of $315 and net change in unrealized appreciation (depreciation) on investment in Digital Assets of approximately $1,028,699. Net realized and change in unrealized gain on investments in Digital Assets for the period was driven by bitcoin price appreciation from $98,231.15 per bitcoin for the period from February 20, 2025 (Date of Commencement of operations) to $114,223.01 per bitcoin as of September 30, 2025. Net realized and change in unrealized gain on investments in Digital Assets for the period was also driven by ether price appreciation from $2,752.09 per ether as of February 20, 2025 to $4,130.84 per ether as of September 30, 2025. Net assets increased to approximately $7,586,042 on September 30, 2025. The increase in net assets primarily resulted from the aforementioned Digital Assets price movement and net capital share transactions of approximately $4,044,659.

Previous wording

The Sponsor’s fee, which is compensation for the Sponsor’s services rendered to the Fund, is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. For a period from February 20, 2025 (the day the Shares were initially listed on the Exchange) to August 29, 2025, the Sponsor agreed to waive the entire Sponsor’s Fee on the first $10.0 billion of the Fund’s assets. For the period February 20, 2025 to June 30, 2025, the Fund accrued the Sponsor’s Fee of $(2,303) less waiver of $2,303. The net Sponsor’s Fee payable for the period post waiver was $0. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement or on the Sponsor’s website for the Fund.

Current wording

The Sponsor’s fee, which is compensation for the Sponsor’s services rendered to the Fund, is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. For a period from February 20, 2025 (the day the Shares were initially listed on the Exchange) to August 29, 2025, the Sponsor agreed to waive the entire Sponsor’s Fee on the first $10.0 billion of the Fund’s assets. For the period February 20, 2025 to September 30, 2025, the Fund accrued the Sponsor’s Fee of $(5,053) less waiver of $4,044. The net Sponsor’s Fee payable for the period post waiver was $(1,009). In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement or on the Sponsor’s website for the Fund.