First Block Capital Inc. (First Block), Canada’s first registered investment fund manager dedicated to cryptocurrency and blockchain investments, is proud to announce the launch of Canadian dollar-denominated units (CAD Units) of its first exchange traded fund, the actively managed FBC Distributed Ledger Technology Adopters ETF (the ETF). The initial offering of the CAD Units of the ETF has now closed, and the CAD Units will be available for trading on the Aequitas NEO Exchange Inc. when the market opens today under the symbol FBCN.
“Since launching First Block Capital’s Bitcoin Trust, our team has been exposing the investment community to blockchain investment opportunities,” said Sean Clark, Co-Founder and CEO of First Block. “The FBC Distributed Ledger Technology Adopters ETF is an example of how we are expanding our suite of financial products to ensure investors have access to an asset class and investment opportunities they otherwise wouldn’t.”
The ETF will be sub-advised by well-known Canadian portfolio manager Bruce Campbell, CFA, of StoneCastle Investment Management Inc. The ETF will benefit from Bruce’s extensive investment experience and disciplined process to identify opportunities in this secular theme. Grahame Lyons of Arbutus Partners, an advisor to First Block, has played an integral role in the development and launch of this product.
First Block believes that distributed ledger technology (DLT), which includes blockchain technology, is a fundamental innovation that will transform global commerce and represents a foundational shift in the economy, one which has the potential to dramatically reduce the costs of transactions and streamline business processes, such as managing complex supply chains.
As Canada’s first West Coast based ETF asset manager, First Block has designed the ETF to provide investors with a medium risk, actively managed, diversified global portfolio of publicly-traded equity securities that are adopters of DLT. The ETF aims to achieve capital appreciation by investing, directly or indirectly, primarily in equity securities of companies located anywhere in the world that develop, invest in, use and/or supply DLT in their business lines and/or operations, including to increase operational efficiencies, optimize settlement processes, enhance customer experience and/or increase data security, integrity or privacy. The ETF may also invest up to 25% of its net assets in other publicly-traded equity securities of companies that are actively involved in, and committing material resources to, the development, design, licensing and/or support of DLT, whether for their proprietary use or for use by others.
“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,” said Bill Stormont, COO of First Block.