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 play.The fund would not invest directly in cryptocurrencies but will allocate up to 10% of its total assets in the Grayscale Bitcoin Trust, which 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 its CIO and co-founder David Berns.If approved, the actively managed ETF would be listed and traded on the NYSE.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.”

Read more: ProShares Files Application With SEC for a Metaverse ETF

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