Franklin Templeton has filed prospectuses for two new bitcoin exchange-traded funds, FBEQ (0.09% expense ratio) and FIBT (0.19%), that will gain bitcoin exposure without directly holding the underlying asset. The filings outline a strategy using bitcoin ETPs, futures and options contracts, and depositary receipts to track the cryptocurrency's price. Some of the fund holdings may be structured through a Cayman Islands subsidiary, adding an offshore layer to the investment vehicle. The dual-filing approach offers investors two fee tiers while relying entirely on derivative and indirect instruments rather than spot bitcoin custody.