Alternative Investments/Digital: Invesco Files For Two ETFs That Would Invest In Blockchain And Crypto Companies

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As the SEC continues to drag its feet on the fabled bitcoin ETF, issuers are taking the scenic route to digital exposure.

Invesco has filed to launch two cryptocurrency-focused exchange-traded funds, joining other asset managers that propose to work their way around the impasse at the SEC on a bitcoin ETF. The proposed ETFs are named the Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF. (Economic Times)

Invesco Galaxy Blockchain Economy ETF

This ETF will invest 85% of its assets in crypto-lined equities. It will track the Alerian Galaxy Global Blockchain Index, which comprises “stocks of companies materially engaged in the development of blockchain technology, cryptocurrency mining, cryptocurrency buying, or enabling technologies.”

Stocks, to be eligible must have a minimum three-month average daily volume of $1 million or more and a capitalization threshold.

Eligible investments are cryptocurrency futures and exchange-traded products, as well as private investments linked to cryptocurrencies.

The fund will obtain futures exposure through its wholly-owned Cayman Islands subsidiary, and the same would be limited to 10% and front-month contracts only.

The fund also seeks to invest up to 5% in ETNs and ETFs listed outside of the U.S., as well as private investment trusts tracking cryptocurrencies.

Invesco Galaxy Crypto Economy ETF

This ETF would benchmark the Alerian Galaxy Global Cryptocurrency Focused Blockchain Index. Companies represented in the index are primarily cryptocurrency miners, cryptocurrency-enabling technologies, and cryptocurrency buyers.

Other features of this ETF are similar to the Invesco Galaxy Blockchain Economy ETF such as futures and ETP exposure. As well, stocks eligibility norms.

Fund managers for both the funds are Peter Hubbard, David Hemming, Michael Jeanette, Theodore Samulowitz, Pratik Doshi, and Tony Seisser.

Fees are currently not disclosed for either fund.

Related Story:    The First “Green Building” ETF From Invesco                                               

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