Investors who want to ride the wave of millennial generation spending soon may have a couple of products designed to make that easy for them.

At least two investment companies are building exchange-traded funds designed to hold shares of companies that sell to the generation born between the early 1980s and the early 2000s, according to new filings with U.S. federal regulators.

The two ETFs -- Telsey Millennial Consumer ETF and Global X Millennial Generation ETF -- are vying to be the first in this area, but must wait for U.S. Securities and Exchange Commission approval that could take a few months or much longer before they can sell shares.

Their filings hint at their approach. Millennial generation companies are "involved in social media, digital media and technology, e-commerce, mobile technology, healthy lifestyles, travel and leisure, and the sharing economy," the Global X filing said.

Both funds will be based on proprietary indexes of companies that do well in those areas, though the fund firms have not disclosed details about what criteria they would use to build their indexes.

Brands that are popular with millennials include Inc, Nike Inc, Apple Inc and Samsung Electronics Co Ltd , according to research by digital ad agency Moosylvania.

The funds come as Wall Street and Main Street show fresh enthusiasm for what is now the largest cohort. With roughly 80 million members in the United States alone, the millennial generation will account for some $1.4 trillion in annual spending by 2020, according to consultancy Accenture PLC.

The Telsey fund is backed by a Virtus Investment Partners Inc subsidiary that collaborates with outside fund managers to build ETFs. New York-based Telsey Holdings LLC, a brokerage that has argued that the growth of millennials' power is forcing companies to change, is designing the strategy.

The companies did not respond to a request for comment.

Global X Management Company LLC, a privately held company based in New York, has tapped into exotic investment themes before, with funds targeting social media and "activist" hedge-fund investors. Global X declined to comment.