Canada is now set to have its first ever Blockchain-based Exchange Trade Fund (ETF) through Harvest Portfolios, following an extensive internal testing, and consequent approval. As of the second week of February, the fund (HBLK) goes live on the trading floor of the Toronto Stock Exchange. Their focus is on both small and large-scale Blockchain corporations.
Harvest Blockchain Technologies Index is already designed to track performance of issuance performers in the large-cap and emerging Blockchain segments. This means good news for First Trust Portfolios Canada and Evolve Funds Group Inc., who have also filed for ETFs. Karl Cheong, ETF Manager for First Trust, said, “every conversation with clients inevitably” leads to questions on Bitcoin and Blockchain investments.
Meanwhile, US regulators have reiterated that such types of funds are still not ready for regulation under US law. According to Dalia Blass, US SEC director for investment management group, the SEC has “significant outstanding questions concerning how funds holding substantial amounts of cryptocurrencies and related products” would be able to meet US legal requirements.