New York-based Defiance ETFs is launching an exchange-traded fund (ETF) centered on non-fungible tokens (NFTs), in response to a press launch despatched to CoinDesk.
- The fund will monitor the efficiency of an index, dubbed the BITA NFT and Blockchain Select Index, composed of NFT, blockchain and crypto shares, together with NFT marketplaces and issuers equivalent to Coinbase and Playboy.
- The index shall be rebalanced on a quarterly foundation, Defiance mentioned.
- Crypto-pegged ETFs have grown considerably previously 12 months; the primary U.S. bitcoin futures fund was listed on the New York Stock Exchange in October.
- Defiance is an ETF sponsor and funding adviser with a concentrate on thematic investing, in response to its web site.
- Silvergate, the crypto-friendly financial institution that serves plenty of corporations within the trade, is the highest inventory within the ETF with a 6.74% weighting, adopted by Playboy, Cloudflare and a handful of crypto mining corporations.
Read extra: Bitwise Launches ETF of 30 ‘Pure-Play’ Crypto Firms Like Coinbase, MicroStrategy