Global asset manager Franklin Templeton has filed registration statements with the US Securities and Exchange Commission (SEC) for two novel exchange-traded funds that would automatically convert dividends from U.S. stocks into Bitcoin exposure. The proposed products — the Franklin U.S. Equity Bitcoin DRIP Index ETF and the Franklin U.S. Innovation Bitcoin DRIP Index ETF — mark a creative twist on the classic dividend reinvestment plan (DRIP).

Instead of using cash payouts to buy more shares of the underlying companies, these funds would systematically direct dividend income toward Bitcoin-related investments.

The first fund would track a custom VettaFi index built on a broad basket of large-capitalization U.S. equities (roughly…