US asset manager Grayscale has entered Europe with the launch of a future of finance ETF via white-label ETF issuer HANetf.
The Grayscale Future of Finance UCITS ETF (GFOF) is set to list on the London Stock Exchange and Deutsche Boerse on 17 May and Borsa Italiana on 20 May with a total expense ratio (TER) of 0.70%.
GFOF tracks the Bloomberg Grayscale Future of Finance index which offers exposure to finance, technology and digital asset companies building on the digital economy.
According to Grayscale, the index is based on three future of finance pillars comprising financial foundations – asset managers, exchanges, brokerages and wealth managers – tech companies focused on the digital economy and companies driving the digital asset infrastructure.
Earlier this year, Grayscale launched an ETF, the Grayscale Future of Finance ETF (GFOF), tracking the same index in the US.
Michael Sonnenshein, CEO of Grayscale Investments, said: “This product draws upon our historical strengths, while furthering our evolution as an asset manager that helps investors build portfolios that can stand the test of time. GFOF is the natural next step in our global strategic journey.”
David LaValle, global head of ETFs at Grayscale Investments, added: “Through GFOF, European investors now have the opportunity to receive exposure to the companies that are pivotal to the evolution of the global financial system.”
The launch comes at a chaotic moment for the crypto market, with 21Shares, VanEck and Valour all forced to suspend their respective terra ETPs last week after TerraUSD — the stable coin — depegged from the US dollar.
Last month, HANetf was one of two issuers to help launch the first uranium ETFs on in Europe with the Sprott Uranium Miners UCITS ETF (URNM).