New exchange traded fund taps booming appetite for NTFs

With approval for a conventional cryptocurrency ETF still nowhere in sight, at least one U.S. money manager is looking to tap one of the other hot trends on the blockchain.

Defiance ETFs is launching the Defiance Digital Revolution ETF (ticker NFTZ) on Thursday, which will track a blockchain-related-companies and non-fungible-token index. It won’t invest in any cryptocurrencies directly – the gauge tracks firms that have exposure to the industry – but it is one of the first ETFs to tap the booming market for NFTs.

The U.S Securities and Exchange Commission allowed an ETF that holds Bitcoin futures to begin trading in October, the closest regulators have come to approving a fund that invests in cryptocurrencies. Blockchain thematic ETFs have proliferated while the SEC rejected numerous applications for a spot ETF over the last several years.

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