The American blockchain ETF investment management company has launched an exchange-traded fund (ETF) that aims at companies in the field of ledger technology distribution. Invesco is being traded in the S&P 500, and this company will track a total of 48 companies that can potentially benefit from the growth of the industry that distributes ledger technology. In fact, Apple and Taiwan Semiconductor Manufacturing Company belong to this group.
Formally known as the Invesco Elwood Global Blockchain, the company began trading on the London Stock Exchange on March 11. The firm Solactive AG for Elwood Asset Management calculates the index. Head of ETF equity product management at Invesco, Chris Mellor, believes that there is a huge potential for blockchain to drive earnings from this sector.
From these 48 companies, 80 percent are based in the US (39 percent), Japan (29 percent) or Taiwan (12 percent). Aside from the two mentioned, others include the messaging giant of South Korea – Kakao, Monex Group, Square, Chicago Mercantile Exchange Group, and many more. A huge 46 percent of the companies are information technology businesses, 23 percent are financials, and 9 percent are communication services.
Real Blockchain Application
Elwood Asset Management CEO Bin Ren believes that the world is beginning to see the application of technology to financial services companies. Moreover, he hopes that blockchain technology will have wider applications in more lines of industries in the near future. For him, the Invesco blockchain ETF is the very first step in a series of successful applications of blockchain technology. He is also happy that the London Stock Exchange has acknowledged the greatness of this endeavor.