Multiple Newsletters with one being paid

I’m setting up newsletters and subscriptions and wanted to check my understanding of the functionality is correct.

I am looking at setting up a free newsletter for all content and a paid newsletter for a weekly post while utilising the ability to name and brand each newsletter differently. However, this doesn’t seem possible (in a logical way) and since it appears to be the most basic execution of multiple newsletters I wanted to make sure I wasn’t missing something obvious.

The only option appears to be to subscribe everyone to both newsletters, and then when sending the paid newsletter only send it to paid members of the “paid” newsletter and hope members don’t get confused by being subscribed to a newsletter they never receive.

Am I understanding the situation correctly as it currently stands? Or is there a way to add paid members to specific newsletters?