Goldman Sachs Bitcoin ETF trades price appreciation for monthly yield

Investors will receive monthly income distributions in exchange for giving up a portion of Bitcoin's price appreciation above a set strike price. This is the mechanism of the Bitcoin Premium Income ETF filed for by Goldman Sachs on April 14, 2026. The fund will invest at least 80% of its net assets in BTC-exposed instruments, primarily shares of existing spot Bitcoin exchange-traded products. To generate this income, the fund the fund will sell call options covering between 25% and 100% of the fund's Bitcoin exposure. The resulting income is the fund's collection of premiums from the buyers of those call options. Investors benefit when Bitcoin trades sideways or modestly rises. The model mirrors existing Goldman funds GPIX and GPIQ, which apply the same approach to the following indices: the S&P 500 and the Nasdaq-100.