State Street (NYSE:STT) introduced on Tuesday three exchange-traded funds sub-advised by Galaxy Asset Management, part of Mike Novogratz's crypto investment manager Galaxy Digital Holdings (OTCPK:BRPHF), that are focused on digital assets and disruptive technologies.
The funds -- 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 apply active management strategies to digital asset investments, leveraging market inefficiencies and emerging trends within the fast-evolving digital landscape.
The move comes as "some investors are not comfortable with the short-term, volatile price swings of single-currency crypto," said Anna Paglia, chief business officer for State Street Global Advisors.
That's why "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," she added.
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