Blockchain Investing

The FBC Distributed Ledger Technology Adopters ETF listed on the NEO Exchange under the ticker symbol “FBCN” on Wednesday. It is the first Canadian ETF launched by First Block Capital.

First Block Capital has officially launched its blockchain-based ETF on the Aequitas NEO Exchange, the firm announced on Wednesday (October 10).

Called the FBC Distributed Ledger Technology Adopters ETF and found on the NEO under ticker symbol “FBCN,” it will track companies that either develop, invest, use and/or supply distributed ledger technologies like blockchain.

In a press release issued by the exchange itself, FBCN is the first Canadian ETF launched by First Block Capital and the 11th ETF listed on the NEO Exchange.

“The FBC Distributed Ledger Technology Adopters ETF is an example of how [First Block Capital is] expanding [its] suite of financial products to ensure investors have access to an asset class and investment opportunities they otherwise wouldn’t,” Sean Clark, co-founder and CEO of First Block Capital, said in its press release.

Clark added that the FBCN will provide investors access with prime opportunities to “digital innovators” in the space as well as companies that are leveraging their own technologies.

“The FBC Distributed Ledger Technology Adopters ETF provides equity investors with exposure to a portfolio consisting of industry leading companies and innovators in this space,” Bill Stormont, COO of First Block, said in the release.

An FBCN fact sheet indicates there are 40 holdings on the ETF, all with equal weighting. Some of its top holdings include Accenture (NYSE:ACN), Airbus SE (OTCP:EADSF), Citigroup (NYSE:C), Fedex (NYSE:FDX), and IBM (NYSE:IBM).

Information technology dominates the ETF’s sector weight at 40 percent, followed by financials at 22.5 percent, consumer discretionary and industrials both at 12.5 percent, utilities at five percent, and finally basic materials, communications and energy all at 2.5 percent.

In addition to companies implementing distributed ledger technology in their businesses, First Block Capital says the FBCN may also invest up to 25 percent of its assets to other publicly-traded securities that are involved with and committing materials to this technology.

Wednesday’s announcement comes exactly one month after First Block Capital’s FBC Bitcoin Trust fund officially launched —available on the NEO Connect fund distribution platform — under ticker symbol “FBCBT.”

The fund, which was first introduced in September 2017 as private placement offering of units to credited investors, now allows qualified investors to store bitcoin in a registered account, similar to a tax-free savings account.

First Block Capital is Canada’s first registered investment fund manager that primarily focuses on cryptocurrency and blockchain investments. It is registered as an investment fund manager, exempt market dealer and portfolio manager in various provinces across the country.

As of market close on Wednesday, the FBCN was valued at C$9.61, a 3.90 percent decrease over the one-day trading period. The ETF reached a day high of C$9.92.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article


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