Yesterday, 18.01.2018, for the first time on the Nasdaq exchange, two exchange-traded investment funds (ETF) came out, which will invest exclusively in the blockchain startups. One of them is established by Reality Shares Advisors, the other is Amplify Trust ETF. This is reported by CoinDesk.
Both funds appeared on the Nasdaq stock exchange at 9:30 am North American Eastern Time (EST). Nasdaq NextGen Economy (BLCN, ETF-fund company Reality Shares) began to trade at a rate of 24.2 dollars, and Transformational Data Sharing (BLOK; ETF-fund company Amplify Trust ETF) - closer to $ 20.
The fact that both funds will work exclusively with the blockchain companies, became known as early as in November 2017. In addition, the prospectuses noted that both funds will invest only in those blockchain companies whose market capitalization exceeds $ 200 million, and a six-month average daily trading volume of at least $ 1 million.
According to Kien Salehizade, an analyst at Reality Shares, his company, along with Nasdaq, has developed an index that will track blocking start-ups for future investments.
We wanted to do a blockchain technology-related ETF, so not another bitcoin fund but something that takes advantage of the underlying ecosystem. So we developed a methodology in-house which measures seven quantitative factors and we run those factors on a universe of publicly traded [data].
Analyst, Reality Shares
He also noted that initially in the name of the fund was the word "blockchain", but at the request of the Securities and Exchange Commission of the United States, it had to be removed.
In addition, the Commission has not formally approved the emergence of funds in the listing on the Nasdaq. But, according to Salehizadeh, according to the current legislation, in the absence of official disapproval, their listing on the exchange is approved automatically. The Commission had 75 days to disapprove or object to the fact that the funds were listed on the stock exchange. But there were none, so funds can be placed on the Nasdaq.