Bitcoin ETF PIE Fund

Launched in 2021

The Bitcoin ETF PIE Fund has over $30 million of assets today on behalf of more than 2,500 investors.

Originally the Fund was called the Vault International Bitcoin Fund, with this name changing to the Bitcoin ETF PIE Fund in 2025.

The Bitcoin ETF PIE Fund is available through your investment adviser. If they are unable to access it, tell them to contact us. It is also available platforms like InvestNow and Snowball.

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The Fund’s investment philosophy is grounded in the belief that Bitcoin assets, represent an emerging asset class with the potential to provide diversification benefits and long-term value within a portfolio.

We believe that the market for Bitcoin is now both liquid and deeply traded and is therefore generally efficient, and that attempting to outperform through active management introduces unnecessary risk and cost.

Accordingly, the Fund adopts a passive investment philosophy, aiming to deliver returns that closely track the performance of Bitcoin rather than seeking to generate outperformance through active trading or discretionary decisions.

This approach reflects our conviction that transparent, rules-based exposure to Bitcoin offers investors a more reliable and cost-effective means of participating in the digital asset market.

Why people are investing in Bitcoin ETF PIE Fund

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Simple

The Bitcoin ETF PIE Fund is a managed fund in New Zealand, making it a simple process to invest via our trusted retail partners in New Zealand, without the challenges of buying, storing, and safekeeping digital assets directly.

Smart

Within the Bitcoin ETF PIE Fund investors are taxed using the Fair Dividend Rate method (FDR). For an investor on a 28% PIR rate this means their maximum tax in any given year is 1.4% (being 5% multiplied by 28%).

In contrast, when people invest directly in bitcoin, all realised capital gains may be taxable, plus investors will pay tax at their marginal tax rate which may be as high as 39%.

Trusted

The Bitcoin ETF PIE Fund is a managed investment scheme regulated under the Financial Markets Conduct Act 2013. It is a New Zealand managed fund.

The Fund invests in underlying funds and ETFs which are listed on global share markets.

A regulated New Zealand PIE Fund that provides investment exposure to bitcoin

The Bitcoin ETF PIE Fund is a simple, smart, and trusted way for Kiwis to get exposure to the performance of bitcoin – so is an easy way to get exposure to this dynamic and exciting new asset. The Fund invests in US ETF’s which in turn invest in bitcoin. This means investors get exposure to the price movements of bitcoin without the administration and tax hassles associated with investing directly via a crypto exchange.

Bitcoin ETF PIE Fund (the Fund)

The Bitcoin ETF PIE Fund (the Fund) has been established under the Raise Investment Funds scheme. The Fund is a New Zealand-based Portfolio Investment Entity (PIE) Fund that provides investors with exposure to offshore listed bitcoin managed funds and ETFs, taxed under the FDR methodology.

FundRock NZ Limited (FundRock NZ) is the issuer and manager of the Fund. FundRock is licensed as a “manager of a registered scheme” under the Financial Markets Conduct Act 2013. Raise Investments Limited is the investment manager for the Bitcoin ETF PIE Fund.

The Fund’s Product Disclosure Statement (“PDS”), Other Material Information (“OMI”), and Statement of Investment Policy and Objectives (“SIPO”) are available below or from FundRock New Zealand, or from disclose-register.companiesoffice

Bitcoin ETF PIE Fund is a Multi-rate Portfolio Investment Entity (PIE)

The Bitcoin ETF PIE Fund is a Multi-rate PIE that will be taxed in accordance with the Fair Dividend Rate method. Given the PIE fund will own funds and ETFs listed on an offshore exchange, the underlying investment will be treated as a global equity for tax purposes.

In effect, this means you will pay no capital gains tax on any gains made on the Bitcoin ETF PIE Fund. There will be an annual “deemed” dividend of 5% per annum, and investors would pay a maximum of 28% of tax on that 5% dividend, so an effective maximum of 1.4% per annum of tax. Investors on lower PIR rates will pay less tax than this, as per their lower rate.

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The Bitcoin ETF PIE Fund is a regulated registered investment offer. Raise Investments Limited works with FundRock NZ Limited, who are the issuer and manager of Bitcoin ETF PIE Fund.

Not without risk

While any investment carries risk, due to its relative immaturity bitcoin carries more risk than some other investments, so investors must bear this risk in mind when considering whether to invest in bitcoin.

Bitcoin is considerably more volatile than many other investment assets, and investors must expect to see large price moves as the market continues to mature.

When investing in bitcoin, there are several risk factors that you should consider. The following is a summary of risks related to investing in bitcoin that are disclosed in the Bitcoin ETF PIE Fund’s Product Disclosure Statement and Other Material Information.

To learn more about what the Bitcoin ETF PIE Fund offers, please read the Product Disclosure Statement (“PDS”) and Other Material Information (“OMI”) where the documents set out some of the risks that investors should be aware of.

Some of the things that may cause the Fund’s value to move up and down, which affect the risk indicator, include the underlying funds invest in bitcoin, an asset which has extreme price volatility.

Factors which may cause the price of bitcoin to change significantly over short periods include:

  • A limited supply of bitcoin (maximum of 21 million) making the price very sensitive to demand changes.
  • Market dynamics, regulatory actions and changes, technical advancements, as well as broader economic and political factors.
  • Bitcoin is a relatively new asset making it difficult to value and highly sensitive to news and announcements.

It is possible that bitcoin, or the blockchain technology used by bitcoin will never be broadly adopted by either the retail or commercial marketplace.

In which case, bitcoin may lose most, if not all, of its value. In addition, cultural adoption of bitcoin (for example by internet subcultures) may fade.

When investing in bitcoin, investors need measures for safe storage of their digital assets (including holding their digital assets offline, in cold storage), there have been significant incidents of digital asset theft and digital assets are a target for hackers.

Digital assets that are stolen or lost cannot be replaced, as transactions are irrevocable. Additionally, there is a risk that the Fund may suffer a loss as a result of theft or fraud.

Blockchain technology is used to record the ownership of cryptocurrencies like bitcoin.

Blockchain related risks may affect the value of bitcoin, and therefore, the medium-to-long term value of the assets of the Underlying Funds are subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets. These considerations include:

  • The various source codes used in digital currencies like bitcoin are subject to change and may at any time contain one or more defects, weaknesses, inconsistencies, errors or bugs.
  • If the digital asset awarded for mining blocks and transaction fees for recording transactions on the bitcoin network are not sufficiently high enough to incentivise miners, miners may cease expanding processing power or demand high transaction fees, which could negatively impact the value of bitcoin.
  • The bitcoin network requires significant computing power, which in turn consumes a substantial amount of energy, to mine bitcoin. Its energy consumption may become, or be deemed to be, unsustainable (barring any future efficiency improvements being designed for the network). This could pose a risk to broader and sustained acceptance of the network as a peer-to-peer transactional platform.
  • There is a potential security flaw in bitcoin and blockchain technology. If a group gained control of more than half the computers within the bitcoin network, they could potentially halt payments between users, or even reverse transactions. Malicious activity from such a group could negatively affect Bitcoin’s value.
  • Because cryptocurrencies like bitcoin are powered by decentralized, open-source software (being blockchain), it is possible for a community to make changes to the blockchain’s protocol, or basic set of rules. This process, which is called a “fork”, can be used to create entirely new types of coins. The introduction of new types of coins could influence the price of bitcoin negatively.

Digital assets like bitcoin may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on their market price.

Globally, bitcoin is largely unregulated. Hence, bitcoin investors receive little if any regulatory protection. Bitcoin may become regulated but the form of any framework is uncertain.

This means the regulatory implications of the Underlying Funds buying, holding, using and selling bitcoin are uncertain. Current and future regulation risk may have a significant impact on the value of bitcoin.

Bitcoin is not the only digital currency. There is risk other digital currencies gain greater acceptance than bitcoin.

The supply and acceptance of other digital currencies could adversely impact the value of bitcoin.

Apart from these key risks, there are other risks you should consider when investing in bitcoin, and when getting exposure to bitcoin through investing in the Bitcoin ETF PIE Fund.

To understand more about these risks and how they impact you, please read the disclosure material for the Fund. We recommend that you speak to your financial advisor before investing in the Bitcoin ETF PIE Fund.

A regulated PIE fund

Neither Raise Investments Limited or FundRock NZ Limited provide investors with financial advice.

This is a highly speculative investment. Bitcoin is a highly volatile asset. This means the Fund will not be appropriate for all investors. You should read the disclosure material before investing. You should also seek advice from an independent financial adviser to help you make investment decisions. FundRock NZ Limited is the issuer and manager of Raise Investment Funds (the Scheme).

The Bitcoin ETF PIE Fund is a registered regulated PIE fund.

For a Product Disclosure Statement please visit fundrock.com/fundrock-new-zealand, or investnow.co.nz, snowballeffect.co.nz, or discloseregister.companiesoffice.govt.nz.

  • Past performance is not indicative of future performance.
  • Investors are encouraged to seek independent financial advice.