Blockchain ETF of £1 Billion is Now Trading on the London Stock Exchange

The Invesco Elwood Global Blockchain ETF has just started trading on the London Stock Exchange. The exchange traded fund will invest in 48 companies including Taiwan Semiconductor Manufacturing, which produces cryptocurrency mining chips, and CME, the US exchange operator which first established bitcoin futures trading in the United States. Other companies part of the ETF include Overstock, Square, and Kakao. In total, the ETF will boast a portfolio of 48 companies based on a scoring system calculated by Elwood Asset Management, an investment firm specialising in digital assets. The largest geographic areas represented are the United States (39%), Japan (29%), and Taiwan (12%). Close to half of the companies in the ETF are in the information technology sector along with major investments in the financial and communication services sectors. The official trading of the Invesco ETF is something of a landmark moment for crypto-assets. Although there are six similar ETFs in the world currently, the Invesco ETF is the first in the European region. The ETF has been assigned a Bloomberg code of BCHN and an annual management fee of 0.065 percent. The price per share at the time of writing is around $41 with minimal volatility. Although the ETF is ambitious, investors are not so sure. One of the main companies of the portfolio includes Rio Tinto, a mining company specializing in hydroelectric assets which is expanding into cryptocurrency mining. This has been met with skepticism. Another minor blockchain company listed in the portfolio has been investigated by the SEC. However, the vast majority of companies listed in the ETF should not raise any eyebrows. In the United States, companies have still been struggling to gain approval from the US Securities and Exchange Commission (SEC) for a Bitcoin-backed ETF. Maybe the Invesco ETF might give them some hope! The official details of the Invesco ETF can be found here.  Will the Invesco ETF make it more possible blockchain funds to be approved in the United States? Let us know your thoughts below.