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The BLCN Blockchain ETF Hits $100 Million Milestone

February 1, 2018 10:48 am
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While some Wall Street analysts are already dissing the idea of blockchain exchange-traded funds, some investors remain enthusiastic about the idea of accessing blockchain-related companies via the ETF mousetrap.

Fund issuers are clearly enthusiastic as well, highlighted by the debut of four blockchain ETFs since Jan. 17. Assets are rapidly flowing into blockchain ETFs even though, at the behest of U.S. regulators, none of these funds can use the term “blockchain” in their names.

Reality Shares announced Wednesday its Reality Shares Nasdaq NexGen Economy ETF (NASDAQ:BLCN) topped $100 million in assets under management, becoming the second such blockchain ETF to achieve that milestone.

A Fast Start

The Reality Shares Nasdaq NexGen Economy ETF debuted Jan. 17, meaning the fund needed just 10 trading days to reach $100 million in assets under management. To be precise, BLCN had $100.8 million in assets under management as of Jan. 30, according to issuer data.

"We’re proud investors have realized the growth potential of the dynamic blockchain industry, which we believe is poised to disrupt and change the world like the way the Internet did in the 1990s. We’re looking forward to continuing to work with our partners – Nasdaq and our experienced blockchain advisory board – to harness the exciting investment opportunity presented by blockchain technology," Reality Shares CEO Eric Ervin said in a statement.

BLCN tracks the Reality Shares NASDAQ Blockchain Economy Index, which was created in a partnership between San Diego-based Reality Shares and Nasdaq. The AMPLIFY TRANSFORMATIONAL DATA SHARING ETF (NYSE:BLOK), which debuted on the same day as BLCN, has $185.2 million in assets.

What's Inside BLCN

"BLCN is comprised of companies committing material resources to developing, researching, supporting, innovating or utilizing blockchain technology for their proprietary use or for use by others," according to the statement.

The ETF holds 59 stocks and its top 10 holdings combine for 22.4 percent of its weight. Four sectors –- technology, financial services, healthcare and industrials –- are represented in the fund. BLCN's top 10 holdings include Intel Corporation (NASDAQ:INTC), Cisco Systems Inc (NASDAQ:CSCO), and Microsoft Corporation (NASDAQ:MSFT).

The Innovation Shares NextGen Protocol ETF (NYSE:KOIN) is the latest blockchain ETF to debut, having come to market earlier this week.

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