Ontario Securities Commission Approves First Canadian Blockchain ETF

While for some countries, Blockchain technology is something that is yet to be discovered, Canada makes its first confident step in accepting the phenomena. In the latest developments, Ontario Securities Commission Approves First Canadian Blockchain ETF from an independent Canadian investment management company, Harvest Portfolios.

5 February, AtoZForex The Ontario Securities Commission has approved first Canadian Blockchain exchange-traded fund (ETF). The ETF is about to be launched on the Toronto Stock Exchange next week.

Ontario Securities Commission Approves First Canadian Blockchain ETF

An independent Canadian investment management company, Harvest Portfolios, has filed the preliminary documents for its Blockchain technologies ETF earlier last month. The firm intends to enable Canadian investors to buy into the Blockchain technology sector.

The fund is aiming to invest “in equity securities of issuers exposed, directly or indirectly to the development and implementation of blockchain and distributed ledger technologies,” a statement from Harvest Portfolios said. The entity is also looking for the fund to track Blockchain technology projects.

More ETFs to come?

According to some online reports, two other Canada-based companies, First Trust Portfolios Canada and Evolve Funds Group Inc., are also planning to launch Blockchain funds. They have filed their preliminary paperwork with the regulatory bodies this week.

First Trust is already present in the US market, where it offers its Blockchain ETF. The head of ETFs for First Trust Portfolios Canada, Karl Cheong, has stated:

“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 blockchain or bitcoin.”

The other firm, Evolve Funds Inc. states that its proposed Blockchain ETF would be the first “actively managed” fund available to Canadian investors. The fund will enable the firms to “capitalize on emerging opportunities in the industry.”

The latter fund will invest 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,” according to the official statement from the firm.

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