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Laxman Pai, Opalesque Asia: US-based investment management company Invesco, which manages assets worth nearly $1.5 trillion, has launched two cryptocurrency-focused exchange-traded funds (ETFs).
According to the Atlanta-based investment management firm, roughly 80% of the Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF will be in crypto-linked equities. The rest of the portfolio will be in other trusts and funds that hold crypto.
"The Fund will not invest directly in cryptocurrencies or crypto assets directly and will not invest in initial coin offerings," the Securities and Exchange Commission (SEC) filing said. "The Fund may, however, have indirect exposure to crypto assets by its investments in companies that use one or more crypto assets as part of their business activities or that hold crypto-assets as proprietary investments."
Both ETFs will be set to trade on the Cboe BZX Exchange under ticker symbols that are yet to be disclosed.
The Invesco Galaxy Crypto Economy ETF will track the investment results of the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Index while the Galaxy Blockchain ETF will track the results of the Alerian Galaxy Global Blockchain Index.
David Nadig, chief investment officer and director of research of ETF Trends and ETF Database, said the indirect cryptocurrency ETFs are "literally the only route available to [asset managers.] There's investor demand for an on-exchange, securitized ...................... To view our full article Click here
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