Amplify debuts BNAV tactical Bitcoin ETF

Amplify ETFs launched the Amplify Fairlead Tactical Bitcoin ETF (BNAV) on Cboe on July 29. The fund is actively managed by Amplify with Fairlead Asset Management acting as sub‑advisor. BNAV targets long-term capital appreciation by changing its Bitcoin exposure based on a predefined technical model.

The fund’s model reviews price, momentum and volatility across short, intermediate and long timeframes. It uses those measures to label market conditions as higher-conviction (risk-on) or lower-conviction (risk-off). BNAV begins at a baseline exposure of 70% under normal conditions, reduces exposure when indicators show weaker conviction and can increase exposure above 100% in stronger trend environments, with a maximum potential allocation of 150% when technical signals are highly favorable.

BNAV does not hold physical Bitcoin. To gain its targeted exposure, the fund allocates at least 80% of net assets to Bitcoin-linked instruments such as exchange-traded product options and futures contracts. The remaining assets are placed in U.S. Treasuries and cash or cash-like instruments for liquidity and risk management. The use of derivatives means the fund provides synthetic exposure tied to Bitcoin’s price movements rather than direct custody of the asset.

The new ETF expands Amplify’s Bitcoin-focused lineup. It joins the Amplify Bitcoin 2% Monthly Option Income ETF (BITY) and the Amplify Bitcoin Max Income Covered Call ETF (BAGY), both introduced in 2025. Those funds use Bitcoin ETPs and active weekly options strategies; BITY targets roughly 24% in annual option premium income, while BAGY seeks 30%–60% in annualized option premium with modest weekly price upside potential.

BNAV’s technical approach is derived from the methodology used in Fairlead’s Tactical Sector ETF (TACK). TACK applies multi-timeframe technical analysis to identify trends and potential reversals and can rotate into sector and defensive ETFs such as SPDR sector funds, the SPDR Gold MiniShares Trust (GLDM) and State Street long- and short-term Treasury ETFs (SPTL and SPTS) when signals favor moving out of equities.

The fund’s stated objective is long-term capital appreciation; its rules-based model and derivative allocations are intended to adjust exposure in response to shifting technical conditions while managing liquidity and downside risk through allocation changes.