Franklin Templeton has filed SEC registration paperwork for two proposed Bitcoin DRIP index ETFs that would use dividend income from U.S. equity holdings to build Bitcoin-linked exposure. The proposed Franklin US Equity Bitcoin DRIP Index ETF and Franklin US Innovation Bitcoin DRIP Index ETF are designed to begin with roughly a 95% U.S. equity allocation and 5% Bitcoin exposure, creating a hybrid structure that differs from both traditional equity income funds and straightforward spot Bitcoin ETFs. The Bitcoin sleeve could include Bitcoin-backed exchange-traded products, futures, options or other permitted instruments. The filing also sets portfolio guardrails, including quarterly rebalancing toward 4.5% if Bitcoin exposure rises above 5% and a 20% cap between rebalances. The products are preliminary filings rather than live funds, with an anticipated effective date no earlier than September 2026.