Canada’s First Blockchain ETF Receives A Green Signal From Its Regulators
Canada’s foremost blockchain exchange-traded fund (ETF) which has been approved by the Ontario Securities Commission is all set to get introduced next week in the Toronto Stock Exchange.
An independent Canadian investment management company – Harvest Portfolios had filed the necessary documents in January pertaining to the initial paperwork regarding its Blockchain Technologies ETF for providing the Canadian investors with the scope of getting involved in the blockchain technology sector as revealed by both Mail and the Globe. A statement issued by Harvest Portfolios revealed that the fund is expected to invest its holdings, “in equity securities of issuers exposed, directly or indirectly to the development and implementation of blockchain and distributed ledger technologies.”
The company plans to mirror the Harvest Blockchain Technologies Index for tracking blockchain technology projects through the aid of its ETFs. Globe and Mail have also reported Evolve Funds Group Inc. and First Trust Portfolios Canada to be two such other Canadian companies who are seeking to launch blockchain based funds and have accordingly filed the prospectus with regulators. First Trust is already operational in the U.S. market for offering its blockchain ETF with the ticker LEGR. Its introduction in Canada under the name of First Trust Indxx Innovative Transaction & Process ETF (ticker: BLCK) has been modelled after the Indxx Blockchain Index which was revealed to be a product of growing client demand.
Karl Cheong, the head of ETFs for First Trust Portfolios Canada recently told Mail and Globe that:
“Every conversation we are having with clients – regardless if we are talking about a Canadian equities product or a U.S. equity product – inevitably leads to [a discussion about] blockchain or bitcoin.”
Evolve Funds Inc. have claimed that LINK – its proposed blockchain ETF is going to be the very first “actively managed” ETF available for the Canadian investors. The product is also going to position the company in such a manner so that it can “capitalize on emerging opportunities in the industry.”
The company issued a statement saying that the corpus shall be invested in:
“Equity securities of issuers that are involved in the research, development, or utilization of blockchain technologies, or involved in the supply chain for blockchain applications including technology hardware.”
NYSE Arca and Nasdaq were the first to launch blockchain ETFs for trading in U.S. last month.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.