A Gotham ETF Shop Combines Bitcoin and Income
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Monday, October 3, 2022

A Gotham ETF Shop Combines Bitcoin and Income

A New York City-based shop's teaming is rolling out a fund that is designed to combine bitcoin exposure with income generation.

Paul Sang Jin Kim
Simplify Asset Management Inc.
CEO, Co-Founder
On Friday, Paul Kim, CEO and co-founder of Simplify Asset Management Inc. [profile], unveiled the launch of the Simplify Bitcoin Strategy PLUS Income ETF (MAXI on the Nasdaq). The new fund is an actively managed, non-diversified fund and a series of Simplify Exchange Traded Funds.

MAXI comes with an expense ratio of 97 basis points. Its inception date was Thursday, and it had $250,000 in AUM as of Friday.

Simplify serves as the fund's investment advisor. Kim, David Berns (chief investment officer), and Michael Green (managing director and chief strategist) serve as the new fund's PMs.

According to Kim, MAXI offers investors "for the first time ... a capital efficient way to simultaneously gain exposure to bitcoin while potentially adding significant income to a portfolio." The fund invests in bitcoin futures and sells short-dated put or call spreads on equity indices.

"Whatever directional call an investor may want to make on bitcoin, MAXI can play a key role, as the Fund's income component can help add to returns on the upside while also acting as a downside hedge by virtue of the 'padding' such income may deliver during potential drawdowns for bitcoin," Kim states.

The new fund's other service providers include: BNY Mellon as administrator, custodian, fund accountant, and transfer agent; Cohen & Company, Ltd. as independent accounting firm; Foreside Financial Services, LLC as distributor; and Thompson Hine LLP as counsel.

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