New York-based Grayscale, which is owned by Digital Currency Group, the parent company of CoinDesk, has launched the first equity exchange-traded fund (ETF) tracking the Bloomberg Grayscale Future of Finance (BGFOF) index.

Grayscale, which has $38.2 billion in assets under management, said the fund will be administered by the U.S. Bank and trade under the ticker GFOF. Foreside Fund Services, LLC, is the ETF’s distributor.

The BGFOF index was launched in January in conjunction between the two firms and tracks the performance of 22 financial services companies in the digital economy. The list of companies includes Silvergate Capital (SI), PayPal (PYPL), Coinbase Global (COIN), Block Inc (SQ), Robinhood Markets Inc (HOOD), Argo Blockchain PLC (ARB) and more. The index, which can include payments, exchange, asset management, hardware, blockchain/tech and mining companies, is rebalanced every quarter.

With the launch of its first equity ETF, Grayscale is now broadening its product range away from strictly cryptocurrency investing and giving investors exposure to mainstream markets. GFOF will give investors access to “new pools of capital” while reducing the need for costly intermediaries, said Grayscale in a press release.

“While Grayscale has established itself as a global leader in digital currency investing, the future of finance demands a much broader mandate,” said Grayscale Investments CEO Michael Sonnenshein in a statement.

“This product [GFOF] draws upon our historical strengths, while kicking off the next stage of our evolution as an asset manager that helps investors build portfolios that can stand the test of time,” added Sonnenshein.

Separately, Grayscale continues to wait for the U.S. Securities and Exchange Commission (SEC) to approve the conversion of its flagship Grayscale Bitcoin Trust (GBTC) into a bitcoin spot ETF. If approved, the ETF would be backed by actual units of the cryptocurrency, not simply linked via derivatives contracts such as futures.