- Grayscale Investments launched its first ETF, which will include the biggest names in the digital economy.
- The Grayscale Future of Finance ETF began trading on Wednesday. It tracks the Bloomberg Grayscale Future of Finance index.
- Grayscale, which has $38.2 billion in assets under management, is known for its digital currency investing.
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Asset management giant Grayscale Investments launched its first exchange-traded fund — Grayscale Future of Finance ETF — and it will track the biggest names in the digital economy.
The ETF (ticker GFOF) began trading on Wednesday. It tracks the Bloomberg Grayscale Future of Finance index, which was launched in January and follows 22 firms that significantly contribute to the growth of the digital economy and represent the "Future of Finance."
This includes Silvergate Capital, PayPal, Coinbase, Block (formerly Square), and Robinhood, among others. The index will be rebalanced quarterly. Foreside Fund Services is the distributor of the ETF.
"GFOF was built upon the thesis that the digital economy will boost global commerce, drive market efficiencies, and provide access to new pools of capital while reducing the need for costly and cumbersome intermediaries," Grayscale said in a statement.
Grayscale, which has $38.2 billion in assets under management, is known for its digital currency investing. In October, it filed to convert its flagship Grayscale Bitcoin Trust — the largest such fund in the world — into a spot ETF. It is still waiting for an answer from the US Securities and Exchange Commission.