Como assim Renda Passiva em ETF?
Não entendi porque tu imagina isso. Não tem renda passiva no ETF de BTC pelo que eu entendo.
Mas.... podemos ter no ETF de ETH devido aos stake/re-stake. Ai sim acho que vai ser algo que os investidores poupançudos vão gostar bastante de aproveitar e talvez sua tese possa ter sentido.
Não tem ainda, mas algumas gestoras estão com planos.
Dá uma olhada no site da canadense Purpose:
https://www.purposeinvest.com/funds/crypto/knowledge-base/covered-calls-and-cryptocurrency-the-potential-we-seeJá nos EUA, a Grayscale está planejando a mesma coisa (talvez isso salve eles, porque continuando sangrando bitcoin diariamente)..
O texto da Grayscale é um "pouco" longo e técnico já que foi enviado para a SEC.. talvez valha a pena ver a proposta da Purpose que pelo menos tem umas imagens, mas aqui está o trecho caso queira ler:
Expense Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver in the first year and the Total Annual Fund Operating Expenses for periods thereafter. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
XX
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time.
Principal Investment Strategy
The Fund will not invest in digital assets directly. The Fund also will not invest in initial coin offerings. The Fund will, however, have indirect exposure to digital assets by virtue of its investments in exchange-traded vehicles (such as exchange-traded products) that hold digital assets as investments or its investments in derivatives to synthetically seek to track the price of such exchange-traded products. Because the Fund will not invest directly in any digital assets, it may not track price movements of any digital assets.
The Fund seeks to achieve its investment objective primarily through actively-managed exposure to Grayscale Bitcoin Trust (BTC) (“GBTC”) and the purchase and sale of a combination of call and put option contracts that utilize GBTC as the reference asset. GBTC is a grantor trust, sponsored by an affiliate of the Fund’s Adviser, with the sole purpose to hold Bitcoin (“BTC”).
The Fund seeks to gain exposure to GBTC by investing through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is a limited company operating under Cayman Islands law. It is wholly-owned and controlled by the Fund and is advised by the Adviser. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure to GBTC within the limits of the federal tax laws, which may limit the ability of investment companies like the Fund to invest directly in such instruments. The Subsidiary will follow the same general investment policies and restrictions except that, unlike the Fund, the Subsidiary may invest without limit in the GBTC. The Fund generally expects to invest approximately 25% of its total assets in this Subsidiary. The Subsidiary’s investments also will be subject to limits on leverage imposed by the Investment Company Act of 1940, as amended (the “1940 Act”). Except as noted, for purposes of this Prospectus, references to the Fund’s investment strategies and risks include those of its Subsidiary.
In implementing its investment strategy, the Fund will invest in traditional exchange-traded options contracts that utilize GBTC as the reference asset. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, GBTC) the option at a specified exercise price. The writer of an option has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (call) or to pay the exercise price upon delivery of the underlying security (put). The Fund intends to primarily utilize [___] style options. An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. While options contracts may trade “over-the-counter,” the Fund intends to only utilize exchange-traded options. Traditional exchange-traded options have standardized terms, such as the style (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”).
In a traditional covered call strategy, an investor (such as the Fund) sells a call option on a security it already owns. However, although the Fund will own shares of GBTC through its Subsidiary, it will also derive its exposure to GBTC through the use of options contracts that use GBTC as the reference asset. The Fund’s synthetic exposure to the GBTC is achieved through the combination of purchasing a call and selling a put generally at the same strike price which synthetically creates the upside and downside participation in the price returns of GBTC. The Fund will primarily gain exposure to increases in value experienced by GBTC through the purchase of call options. As a buyer of these call options, the Fund pays a premium to the seller of the options. The Fund will primarily gain exposure to decreases in value experienced by GBTC through the sale of the put options. As the seller of these put options, the Fund receives a premium from the buyer of the put options. In combination, the purchased call and sold put options generally provide exposure to price returns of GBTC both on the upside and downside. This synthetic exposure to GBTC causes the Fund’s strategy to have a “synthetic covered call strategy” component, in addition to a “traditional covered call strategy” component associated with the Fund’s ownership of GBTC shares through the Subsidiary. The Fund does not invest in, or seek direct exposure to, the current “spot” or cash price of bitcoin. Investors seeking direct exposure to the price of bitcoin should consider an investment other than the Fund.
As the primary means by which the Fund intends to generate income, the Fund will sell call options that reference GBTC at a strike price either at-the-money or out-of-the-money, depending upon market conditions. In return for the payment of a premium to the Fund, a purchaser of the call options written by the Fund is entitled to receive a cash payment from the Fund equal to the difference between the value of GBTC and the exercise price of the option if the value of the option on the expiration date is above its exercise price. However, it is important to note that the sale of these call options to generate income will limit the Fund’s ability to participate in increases in value of GBTC’s share price beyond a certain point. If the share price of GBTC increases, the above-referenced synthetic long exposure would allow the Fund to experience similar percentage gains. However, if GBTC’s share price appreciates in value beyond the strike price of one or more of the call option contracts that the Fund has sold to generate income, the Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Fund’s synthetic long exposure. As a result, the Fund’s overall strategy (i.e., the combination of the traditional and synthetic long exposure to GBTC and the sold GBTC call options) will limit the Fund’s participation in gains of the GBTC’s share price beyond a certain point. This strategy effectively converts a portion of the potential upside price return growth of GBTC into current income. It is expected that the call options the Fund will sell to generate options premiums will have expirations of [one month or less and will be held to or close to expiration]. The Fund intends to make [monthly] distribution payments to shareholders.
