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Finance

Simplify Files for Bitcoin ETF Mixing Treasurys and Options Strategies

The company earlier this year applied with the SEC to list a Web 3 ETF.

By Michael Bellusci
AccessTimeIconApr 20, 2022 at 5:27 p.m. UTC
Updated May 11, 2023 at 7:11 p.m. UTC
Hand writing ETF - Exchange Traded Fund with white chalk on blackboard.
Hand writing ETF - Exchange Traded Fund with white chalk on blackboard.

Simplify Asset Management has submitted paperwork to the U.S. Securities and Exchange Commission (SEC) for its Simplify Bitcoin Strategy Risk-Managed Income ETF under the ticker symbol, MAXI.

  • As with other SEC-approved bitcoin exchange-traded funds (ETFs), this fund will hold bitcoin (BTC) futures, rather than the crypto itself. In addition, Simplify intends to layer on an income strategy and an options overlay strategy.
  • For the income strategy, the fund will hold short-dated U.S. Treasury paper and ETFs that mostly invest in Treasurys. For the options strategy, MAXI will sell (write) call options and buy put options on bitcoin futures or related ETFs.
  • The fund’s management fee will be 0.85%.
  • In January, Simplify filed to launch the Simplify Volt Web 3 ETF aimed at tracking Web 3 companies that are expected to benefit from technology infrastructure.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter
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