- Defiance launches the first ETF that focuses on NFTs.
- The ETF will be launched on the New York Stock Exchange under the ticker $NFTZ.
- NFTZ top holdings include Silvergate, Bitfarms, Marathon Digital, Coinbase.
New York based, Defiance is launching an Defiance Digital Revolution exchange traded fund (ETF) focussed on NFTs, the $NFTZ. This makes $NFTZ as one of the first ETFs to explore the booming market for NFTs.
As per its website, The BITA NFT and Blockchain Select Index aims to track blockchain-related-companies and non-fungible-token indexes. It will not invest directly into cryptocurrencies. Instead, it will track firms that have exposure to the industry.
Defiance has informed that the index will be rebalanced on a quarterly basis. It is also informed that NFTZ carries a management fee of 0.65% i.e., $6.50 for every $1,000 invested.
It is worth noting that over the last several years, Blockchain thematic ETFs have been on a rise while the SEC has rejected several applications for a spot ETF.
Moreover, NFTZ top holdings include Silvergate, Cloudflare, Bitfarms, Marathon Digital Holdings, Coinbase Global Inc., and others.
On the NFTZ fund, Sylvia Jablonski, chief investment officer for Defiance ETFs said, “It is a great way for investors to gain access to not only the fast-growth blockchain technology aspect of the digital world, but companies involved in the renaissance of NFTs”. She added, “The companies in this index are key players in the build-out of Web 3.0”.