By Mat Di Salvo
2 min read
An exchange-traded fund tracking trillion dollar assets, including tech and crypto-related companies and products, debuted on Tuesday, the latest ETF to give U.S. investors exposure to the fast-growing digital asset and AI space.
Miami, Florida-based Defiance ETFs' Defiance Trillion Dollar Club Index ETF, which trades as TRIL, tracks the performance of the BITA Trillion Dollar Club Index, or "trillion dollar club," an index made up of companies such as Nvidia, Tesla, Microsoft, Apple, Alphabet, Amazon, and Meta Platforms.
TRIL also holds BlackRock's spectacularly successful iShares Bitcoin Trust (IBIT) in its portfolio and Warren Buffett's conglomerate holding company Berkshire Hathaway.
BlackRock's iShares (IBIT) now has close to $88 billion in assets under management and has been the most popular Bitcoin fund for institutions so far wanting exposure to Bitcoin. BTC, which is by far the biggest cryptocurrency with a market cap of over $2.2 trillion, has risen 77% over the past year. The fund received approval from the U.S. Securities and Exchange Commission to begin trading in January 2024 along with nine other funds.
Mag 7 stocks account for about a third of the S&P 500, which account for about a third of the index’s market value.
"These names represent global market leaders driving the AI, cloud, semiconductor, digital asset, and next-generation technology revolutions," Defiance ETFs said in an announcement.
Debuting on Tuesday, investors traded 5,744 shares of TRIL priced at $20 per share—a total volume of $114,800.
Defiance already offers ETFs giving investors turbocharged exposure to Bitcoin. The company's MSTX gives investors access to a leveraged position in Bitcoin treasury firm Strategy's stock, potentially amplifying gains—and losses—by 175%.
Bitcoin was recently trading at about $114,000, roughly flat over the past 24 hours. BTC along with other crypto prices have been buffeted by macroeconomic uncertainties, including a looming U.S. government shutdown.
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