Simplify’s ETF seeks to gain long-term capital appreciation by investing in Grayscale’s Bitcoin (BTC) fund.
The Bank of New York Mellon will manage the trust and will act as transfer agent, custodian, and accountant.
Simplify Asset Management has filed an ETF application with the U.S. Securities and Exchange Commission (SEC) that is based in part on Bitcoin. According to the filing, the firm proposes to create the “Simplify U.S. Equity PLUS Bitcoin ETF.”
The investment firm intends to achieve “long-term capital appreciation” by investing 15% of total assets in the cryptocurrency. Under the investment strategy, the exposure will be indirect through the exclusive purchase of Grayscale’s Bitcoin Trust shares. The document explains the following:
(…) investing up to 15% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary, which is designed to enhance the ability of the Fund to obtain exposure to cryptocurrencies consistent
