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%.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.