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Simplify Files Application With SEC for Web 3 ETF
The Web 3 ETF would be actively managed by Simplify co-founders Paul Kim and David Berns.
Simplify Asset Management has filed an application with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) focused on Web 3.
- In a filing Wednesday, Simplify said the “Simplify Volt Web 3 ETF” would trade under the ticker symbol “WIII” and track Web 3 companies that are expected to benefit from technology infrastructure.
- The fund would not invest directly in cryptocurrencies but will allocate up to 10% of its total assets in the Grayscale Bitcoin Trust. Grayscale is a unit of Digital Currency Group, which is also the parent of CoinDesk.
- The ETF would be actively managed by Simplify Asset Management CEO and co-founder Paul Kim and Chief Investment Officer and co-founder David Berns.
- If approved, the actively managed ETF would be listed and traded on the New York Stock Exchange.
- There has been growing interest in Web 3, which is the third generation of internet services that has been made possible by decentralized networks.
- Most recently, Block Inc. CEO Jack Dorsey publicly sparred with venture capitalists (VCs) over Web 3, stating in a tweet on Dec. 20 that VCs, not users, control Web 3, thus making it a “centralized entity with a different label.”
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Read more: ProShares Files Application With SEC for a Metaverse ETF
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
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