Help
Simplify Asset Management is seeking approval from the United States SEC for approval of a Web 3.0 exchange-traded fund or ETF, the first of its kind. The firm had filed for the ETF on Wednesday, which aims to focus on Web 3.0, a decentralized version of the World Wide Web.
Simplify focused on Web 3.0
The Web 3.0 ETF will be the first of its kind and is named “The Simplify Volt Web3 ETF” as per the filing on Wednesday. The ticker of the ETF will be ‘WIII’ and aims to track all the Web 3.0 firms that benefit from the technology.
As per the filing, the fee and expenses that investors will have to pay include ‘Management Fees’ (0.95) and might also include other expenses.
“The adviser and sub-adviser seek to achieve the Fund’s investment objective by investing primarily in equity securities of U.S. and foreign Web3 companies,” said Simplify’s filing.
ETF won’t invest in BTC directly
The Simplify Web 3.0 ETF won’t invest any part of its funds into Bitcoin directly but would invest around 10% of its total asset in the Grayscale Bitcoin Trust (GBTC), a unit of Digital Currency Group.
The management of the Simplify Volt Web3 ETF will be the responsibility of Simplify Asset Management CEO and co-founder Paul Kim and Chief Investment Officer and co-founder David Berns. If and when the ETF is approved, it will be listed on the New York Stock Exchange or NYSE, like the ProShares Bitcoin Futures ETF.
The Web 3.0 and metaverse craze doesn’t seem to stop as recently ProShares also filed for a metaverse ETF with the SEC, which will track the Solactive Metaverse Theme Index. This ETF will be called ProShares Metaverse Theme ETF.
Post a Comment