Simplify Files Application With SEC for Web 3 ETF

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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