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As regulators delay approval of a US Bitcoin ETF, issuers are getting creative to provide investment opportunities in cryptocurrency-related stocks.
Invesco is the latest SEC-filed issuer to launch two crypto-lite ETFs: the Invesco Galaxy Crypto Economy ETF and the Invesco Galaxy Blockchain Economy ETF.
The Invesco Galaxy Crypto Economy ETF would track the Alerian Galaxy Global Cryptocurrency Focused Blockchain Index, which is primarily made up of cryptocurrency miners, cryptocurrency enabling technologies, and cryptocurrency buyers.
To be eligible for inclusion in the equity component of the index, stocks must meet minimum capitalization and average trading volume requirements, including a minimum three-month average daily volume of $ 1 million or more.
Interestingly, the index also includes exposure to cryptocurrency futures and cryptocurrency related exchange traded products. The futures component, which would be no more than 10% of the index, would be represented by first month CME cryptocurrency futures with more than $ 10 million in open interest. The ETF would gain this exposure to cryptocurrency futures indirectly through a wholly owned Cayman Islands subsidiary.
Meanwhile, the ETP component, which is said to represent 5% of the index, would invest in ETNs and ETFs listed outside the United States, as well as private investment trusts that track cryptocurrencies.
Meanwhile, the Invesco Galaxy Blockchain Economy ETF would track the Alerian Galaxy Global Blockchain Index, which is made up of stocks of companies materially engaged in the development of blockchain technology, cryptocurrency mining, purchase of cryptocurrency or enabling technologies. Like the Invesco Galaxy Crypto Economy ETF, this fund may also invest in cryptocurrency futures and exchange traded products, as well as private investments related to cryptocurrencies.
The Invesco Galaxy Blockchain Economy ETF has the same eligibility requirements as the proposed Invesco Crypto Economy ETF and would use the same Cayman Islands affiliate to invest in futures.
The two proposed funds would be managed by a team of portfolio managers and investment specialists consisting of Peter Hubbard, David Hemming, Michael Jeanette, Theodore Samulowitz, Pratik Doshi and Tony Seisser, who will all be jointly and primarily responsible for the management of the funds. Funds.
The regulatory filing does not mention any management or teleprinter fees.
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