A three-year-old ETF shop is taking on NFTs with its latest fund.
On Wednesday, the Defiance ETFs
the Defiance Digital Revolution ETF
on the NYSE Arca). They claim that the passive fund
is the first ever ETF to focus on non-fungible tokens (NFTs). (It invests in NFT marketplaces, as well as blockchain and cryptocurrency ecosystems.)
(already a Defiance ally
) is the new fund's index provider, as the fund tracks the BITA NFT and Blockchain Select Index
. Penserra Capital Management LLC
is the fund's subadviser, and a Penserra trio (managing director Dustin Lewellyn
, managing director Ernesto Tong
, and associate Anand Desai
) are the fund's PMs.
The fund comes with an expense ratio of 65 basis points. Its other service providers include: Cohen & Company, Ltd.
as independent accounting firm; Foreside Fund Services, LLC
as distributor; Morgan, Lewis & Bockius LLP
as counsel; U.S. Bank National Association
as custodian; and U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services
) as administrator, index receipt agent, and transfer agent.
"NFTs could be bigger than the internet," states Sylvia Jablonski
, co-founder and chief investment officer of Defiance. "In October, all time NFT trading volume surpassed $15 billion."
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