State Street Global Advisors on Tuesday introduced three actively managed exchange-traded funds focused on digital assets and related technology, sub-advised by Galaxy Asset Management.
The SPDR Galaxy Digital Asset Ecosystem ETF (DECO), SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and SPDR Galaxy Transformative Tech Accelerators ETF (TEKX) aim to capitalize on market inefficiencies and trends in the digital landscape, the firm said.
"Digital assets and blockchain technology have the power to transform financial markets as well as the economy over the next decade, and a number of companies will grow and flourish thanks to their contribution to this transformative technology," said Anna Paglia, chief business officer of State Street Global Advisors.
"Some investors are not comfortable with the short-term, volatile price swings of single-currency crypto. We believe the next evolution of this market is the introduction of actively managed digital asset portfolios that help investors tap into the benefits of diversification, which is appealing to a wider range of investors, and why we are excited to bring these three products to market."
An active manager can help gain exposure to cryptocurrencies and to firms leading the technological change, while managing volatility, State Street said.
The firm expects the future of digital assets to encompass cryptocurrencies, tokens and technology that operates in the blockchain and surrounding ecosystem, such as semiconductors, data warehouses and miners.
