[DigitalToday reporter Yoonseo Lee] Asset manager Goldman Sachs has submitted to the U.S. Securities and Exchange Commission an application for an income-type exchange-traded fund that does not directly hold spot bitcoin.

On April 15 (local time), blockchain media outlet Coinpost reported that the product is structured to secure indirect bitcoin exposure by using spot bitcoin ETFs and related options, and to generate returns through option selling.

The product Goldman Sachs submitted to the SEC on April 14 is called the Goldman Sachs Bitcoin Premium Income ETF. The fund does not invest directly in bitcoin. It is designed to take exposure to bitcoin price moves through spot bitcoin ETFs and options linked to them.

The core is selling call options. Premiums paid by investors to buy the options become the source of the fund’s regular income. Goldman Sachs set the size of call options to be sold at 40 to 100 percent of the portfolio’s bitcoin exposure.

The structure differs from a typical spot bitcoin ETF. While BlackRock and Fidelity spot bitcoin ETFs hold bitcoin directly and closely track price moves, Goldman Sachs puts more weight on generating income through an options strategy in exchange for giving up some tracking that comes with direct holdings.

However, the product limits gains from bitcoin price increases because of its structure. Fund documents state that if the value of a spot bitcoin ETF and a bitcoin ETF index exceeds the strike price of call options sold by the fund, the fund would incur losses on its short call positions. They add that such losses limit upside gains arising from long exposure. This means that if bitcoin rises sharply, losses on short calls could exceed premium income earned from selling the options.

If the price moves within a certain range, option premiums can serve as a source of returns for the fund. This shows Goldman Sachs is effectively targeting an income ETF rather than a price-tracking ETF.

The market is also drawing comparisons with other recent products. Morgan Stanley’s spot bitcoin ETF MSBT, launched recently, recorded trading volume of about $34 million on its first day of listing. While existing spot products focus on tracking bitcoin prices, Goldman Sachs’ new filing puts cash-flow generation using option premiums at the forefront.

That could change how investors choose products. For demand seeking to follow bitcoin’s upside as it is, existing spot ETFs may be more suitable. For investors who want options-based income even if they accept capped upside in a sharp rally, it could be a new alternative.

Against this backdrop, market attention is focused on whether Goldman Sachs’ strategy will translate into actual inflows. While spot bitcoin ETFs have highlighted direct holdings and price-tracking as strengths, Goldman Sachs is seeking differentiation with a call-selling strategy. The key point to watch is how much this structure can draw investment demand that differs from existing spot bitcoin ETFs.