Simplify US Equity PLUS Bitcoin Strategy ETF
SPBC
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- Simplify U.S. Equity PLUS GBTC ETF (SPBC) is an exchange-traded fund that seeks to provide investment results corresponding to a rules-based index combining exposure to U.S. large-cap equities with the Grayscale Bitcoin Trust (GBTC); it tracks the Simplify U.S. Equity PLUS GBTC Index, which allocates approximately 90% to the S&P 500 Index and 10% to GBTC shares, offering investors equity market participation enhanced by indirect bitcoin exposure through a regulated ETF structure. The fund's core offerings include daily total return performance aligned with the index before fees and expenses; swap-based replication for GBTC exposure to mitigate direct custody risks; and institutional-grade portfolio management focused on low-cost, tax-efficient access to diversified U.S. stocks and cryptocurrency-linked assets. Launched in 2024 by Simplify Asset Management, a boutique firm specializing in derivatives-based ETFs, SPBC operates primarily in the U.S. market, targeting sophisticated investors, financial advisors, and institutions seeking alternative beta strategies blending traditional equities with digital assets. The ETF's primary segments encompass equity-plus-convexity strategies within the broader asset management industry, serving retail and institutional clients through major U.S. broker-dealers and platforms; it maintains a headquarters alignment with Simplify Asset Management in New York, with global investor reach via NYSE Arca listing. Recent developments include the fund's official launch in mid-2024 amid surging demand for bitcoin-linked products following SEC approvals for spot bitcoin ETFs, enabling SPBC to capitalize on GBTC's established infrastructure post-Grayscale's legal victory; a strategic index adjustment in late 2024 to optimize the 90/10 allocation for volatility targeting and enhanced returns; and Simplify's announcement of expanded PLUS ETF suite in Q4 2025, incorporating SPBC as a flagship hybrid equity-crypto vehicle amid President Trump's pro-crypto policies boosting digital asset inflows. No major acquisitions or name changes have occurred, but the fund benefited from a 2025 partnership with leading custodians for improved swap counterparty diversification.