Canada’s First Blockchain ETF Set For Launch Next Week

Blockchain ETF

Canada’s first blockchain-based fund or blockchain ETF is now officially on the market. Harvest Portfolios Group Inc., an independent investment management company, has received approval from the Ontario Securities Commission to launch the Blockchain Technologies ETF (Ticker:HBLK) on the Toronto Stock Exchange starting next week.

The goal of the HBLK fund is to replicate the performance of the Harvest Blockchain Technologies Index — an in-house index that tracks the performance of North American issuers in both the large-cap blockchain segment and the emerging blockchain segment.

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This ETF launch sets the tone for further investments into the Canadian blockchain space, and gradually, more funds of similar nature will pop up and may become mainstream instruments in the future.

Two other providers — First Trust Portfolios Canada and Evolve Funds Group Inc. — have also filed preliminary prospectuses with Canadian regulators for blockchain funds.

First Trust, which already has a blockchain fund in the U.S., is right on Harvest Portfolios’ tails and looks to launch Canada’s second blockchain ETF, the First Trust Indxx Innovative Transaction & Process ETF.

Karl Cheong, Head of ETFs for First Trust, stated:

“The concept of blockchain is very attractive to investors right now, and while the idea is still very novel, the research shows that this is a technology that could potentially save billions of dollars in cost, and that is very attractive.”

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Raj Lala, President and CEO of Evolve, also commented:

“Currently, at the base of every digital currency, many compare blockchain to the second coming of the Internet. I believe we are Canada’s first actively-managed blockchain ETF, which will allow us to be nimble and potentially capitalize on emerging opportunities.”

Horizons ETFs Management (Canada) Inc., which was the first to jump onto the Canadian marijuana ETF scene, is also said to be eyeing opportunities in the Canadian blockchain sector.

Featured Image: Twitter

In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.
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