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Asset manager and financial firm Goldman Sachs filed a registration statement with the Securities and Exchange Commission (SEC) on Tuesday for a new actively managed fund, the Goldman Sachs Bitcoin Premium Income ETF.
The $3.6 trillion firm submitted Form N-1A under the Goldman Sachs ETF Trust, listing post-effective amendment No. 717. The filing proposes that the offering become effective 75 days after submission, placing the earliest possible launch in late June or early July 2026.
The fund’s stated objective is to generate current income while maintaining prospects for capital appreciation. It will not hold bitcoin directly. Instead, it will seek exposure through spot bitcoin exchange-traded products (ETPs) and options tied to those products.
Under normal conditions, at least 80% of the fund’s net assets will be invested in instruments that provide bitcoin exposure, including shares of spot bitcoin ETPs and bitcoin ETP options. The filing describes bitcoin ETP options as derivatives that provide the right to buy or sell shares of a spot bitcoin ETP at a predetermined price within a set timeframe.
To generate income, the fund will sell, or write, call options on Bitcoin ETP Options. This covered call approach collects premiums from option buyers in exchange for capping the fund’s participation in bitcoin price gains above the option’s strike price.
The prospectus states the overwrite level will typically range between 40% and 100% of the value of the fund’s bitcoin exposure.
The strategy is designed to perform well when bitcoin prices are flat or falling. In those conditions, the income collected from option premiums can offset losses or outperform a comparable portfolio without the options overlay.
In a sharply rising bitcoin market, the fund is expected to trail a straightforward bitcoin ETP because premiums collected may not compensate for gains the fund cannot capture above the strike price.
GSAM, L.P., will serve as the fund’s investment adviser. The preliminary prospectus names Raj Garigipati (Managing Director) and Oliver Bunn (Managing Director) as portfolio managers, along with Sergio Calvo de Leon (Vice President).
The fund may also route up to 25% of its total assets through a wholly owned subsidiary organized under Cayman Islands law, called the Goldman Sachs Bitcoin Premium Income Portfolio CFC. The subsidiary can invest directly in spot bitcoin ETPs and related instruments without the same percentage limits that apply to the main fund, while still following the same derivatives rules on a consolidated basis.
Fixed income holdings are limited to cash equivalents, money market funds, and U.S. Treasury securities. The fund is classified as non-diversified under the Investment Company Act of 1940, allowing it to concentrate a larger share of assets in fewer issuers than a diversified fund.
The filing highlights risks tied to the covered call structure. Because the fund sells call options, shareholders may not fully participate in bitcoin price gains. The filing also notes that distributions may be treated as a return of capital for tax purposes rather than ordinary income, which would reduce shareholders’ cost basis in their shares without an immediate tax bill.
Additional risks listed in the prospectus include bitcoin price volatility, the relative immaturity of the bitcoin ETP options market, FLEX options liquidity, custody and security threats at the bitcoin ETP level, and regulatory uncertainty in the digital asset sector.
The fund’s shares will trade on a stock exchange at market prices, which may differ from the fund’s net asset value. Performance information will be made available on Goldman Sachs’ asset management website once the fund begins operations.
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