Canada approves the first ETF on the blockchain

Canada approves the first ETF on the blockchain

The Securities and Exchange Commission of Ontario has approved the listing of the first exchange-trade fund (ETF) on the blockchain, which will be launched at the Toronto Stock Exchange next week.

In January, Harvest Portfolios, an independent investment management company in Canada, filed preliminary paperwork for Blockchain Technologies ETF (ticker: HBLK), which seeks to give Canadian investors the opportunity to buy in the blockchain technology, according to Globe and Mail .

The Fund will invest “in equity securities of issuers exposed, directly or indirectly, in the development and deployment of blockchains and distribution registers,” a Harvest representative said. The company intends the ETF to follow blockchain technology projects, with the Harvest Blockchain Technologies Index.

According to Globe and Mail, two Canadian companies, First Trust Portfolios Canada and Evolve Funds Group Inc., are also trying to launch funds on the blockchain and filed the first papers this week with regulators.

First Trust is already a presence on the US market, offering the ETF blockchain under the title LEGR. The introduction into Canada of the Indxx Innovative Transaction @ Process ETF (BLCK), modeled after the Indxx Blockchain Index, is a result of customer demand, the company said.

Karl Cheong, Head of ETF for First Trust Portfolios Canada declares for Globe and Mail:

Every conversation we have with our customers – whether we are talking about a Canadian product or a US capital product – inevitably leads to a talk about blockchain or bitcoin.

Evolve Funds Inc. claims that his blockfence ETF, known as LINK, would be the first “active asset management” available to Canadian investors. The product will position the company to “capitalize on emerging industry opportunities“.

Its fund will invest “in equity securities of issuers involved in the research, development or use of blockchain technologies, or involved in the supply chain for blockchain applications, including hardware technology,” the company said in a statement .

The first Blockchain ETFs were launched last month on NasdaQ and NYSE Arca last month.

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