New York-based Defiance ETFs is launching an exchange-traded fund (ETF) focused on non-fungible tokens (NFT), according to a press release sent to CoinDesk.
- The index will be rebalanced on a quarterly basis, Defiance said.
- Crypto-pegged ETFs have grown significantly in the past year; the first U.S. bitcoin futures fund was listed on the New York Stock Exchange in October.
- Defiance is an ETF sponsor and investment adviser with a focus on thematic investing, according to its website.
- Silvergate, the crypto-friendly bank that serves a number of firms in the industry, is the top stock in the ETF with a 6.74% weighting, followed by Playboy, Cloudflare and a handful of crypto mining firms.
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