The firm’s first ETF offers equity exposure to industry-leading companies innovating in distributed-ledger technology
First Block Capital, known for being the first registered investment fund manager in Canada dedicated to cryptocurrency and blockchain investments, has launched Canadian dollar-denominated units of its first exchange-traded fund, the FBC Distributed Ledger Technology Adopters ETF.
“We are proud to launch our first Canadian ETF, which will provide investors access to our exclusive expertise in the blockchain sector and exposure to opportunities related not only to digital innovators, but also the blue-chip companies that leverage their technology,” said Sean Clark, Co-Founder and CEO of First Block Capital.
The actively managed ETF is now trading on the Aequitas NEO Exchange under the ticker symbol FBCN. Earlier this month, First Block announced its first partnership with the NEO group of companies with the launch of its FBC Bitcoin Trust on the NEO Connect platform.
“Today, we welcome First Block Capital, a champion of innovation, again - this time to list their first ETF on our senior exchange,” said NEO President and CEO Jos Schmitt. “Like First Block, we are dedicated to uncovering new and unique ways to deliver value to our respective clients, and doing so in a bold and transparent manner.”
According to Bill Stormont, COO of First Block, the fund “provides equity investors with exposure to a portfolio consisting of industry-leading companies and innovators in [the distributed-ledger] space.” The company said it believes distributed-ledger technology (DLT), which includes blockchain technology, is a fundamental innovation that could transform global commerce and the economy.
Medium-risk, actively managed, and globally diversified, FBCN will invest in a portfolio of publicly traded equity securities that are adopters of DLT. It seeks capital appreciation primarily through direct or indirect investments in equity securities of companies that develop, invest in, use, and/or supply DLT in their business lines or operations.
Up to 25% of the ETF’s net assets may also be invested in other publicly traded equity securities of companies that are actively involved in, and committing material resources to, the development, design, licensing and/or support of DLT, whether for their proprietary use or for use by others.
Sub-advising the fund is Bruce Campbell, CFA, of StoneCastle Investment Management. Graham Lyons of Arbitus Partners, which is an advisor to First Block, played an integral role in developing and launching FBCN.
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