Kleinwort Hambros, a Societe Generale-owned private bank and wealth manager launches an actively managed exchange-traded note (ETN) that is targetted at the blockchain sector.

Announced on Monday, the London-based bank stated that the Luxembourg-listed ETN will invest in companies that could “profit most” from the development and increasing uptake of blockchain technology.

ETNs are basically unsecured debt securities, similar to exchange-traded funds (ETFs), are traded on a stock exchange. Initially, the blockchain note will have 20 stocks diversified across areas including technology, shipping, oil and gas, custody and industrials. Kleinwort Hambros’ portfolio manager John Birdwood said:

“We have seen increasing interest from clients in the area of blockchain and we are very excited to be able to cater to this demand with the launch of our first blockchain note.”

Birdwood added that the product will provide its clients with the “diversified exposure to the promising growth prospects blockchain technology offers, while maintaining the rigorous active management.”

The ETN will only be available for Kleinwort Hambros’s existing and new clients, with a minimum investment of £1,000 ($1,305). With a worth of £14.2 billion ($18.52 billion) assets under management, the centuries-old bank employees over 900 employees, as per its own figures released last year.

Last month,  Elwood Asset Management and Invesco jointly launched a blockchain exchange-traded fund (ETF) on  London Stock Exchange. While the wait for Bitcoin ETF is still awaiting a green signal from the U.S. Securities and Exchange Commission (SEC),  several exchange-traded products (ETPs) for bitcoin and other cryptos have gone live for trading in Europe.

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