YieldMax Plans to Launch Bitcoin ETF in the United States
As the United States shows strong acceptance of Bitcoin ETFs, the exploration of innovative products continues. YieldMax has applied to the U.S. Securities and Exchange Commission (SEC) to introduce an ETF named YBIT. The ETF includes a Bitcoin options income strategy and is planned to be listed on the New York Stock Exchange around April 10, 2024.
In the application submitted to the U.S. Securities and Exchange Commission, YieldMax stated that the fund aims to indirectly access several exchange-traded products (ETPs) traded on specific U.S. exchanges, with the goal of generating current income.
The ETF operates within a synthetic options strategy framework called "Fund." The design of this strategy aims to generate income and provide indirect exposure to the price performance of one or more underlying ETPs related to BTC.
It is worth noting that the options strategy implemented by the fund sets a cap on potential investment returns. The ETF uses a synthetic options strategy derived from other spot Bitcoin ETFs. Its objectives include generating current income, accessing the performance of the TBD spot Bitcoin ETF, and increasing returns during periods of high underlying asset volatility.
Importantly, it is emphasized that the fund will not directly invest in Bitcoin or other digital assets. Furthermore, it avoids direct investment in derivatives that track the performance of Bitcoin or other digital assets. The fund specifically emphasizes avoiding exposure to the current spot or cash price of Bitcoin.
Bitcoin ETF Market Continues to Be Hot
Nearly 20 days after the launch of spot Bitcoin ETFs in the market, these ETFs continue to attract strong investment. According to the latest developments, U.S. financial giant Charles Schwab is reportedly considering entering the Bitcoin ETF market. Interestingly, other market participants are also aligning with these developments. It is reported that Google will start allowing advertisements related to spot Bitcoin ETFs at the end of this month.
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