Reality Shares Advisors and Amplify Trust ETF, two companies that filled for an ETF (exchange-traded fund) back in November, launched their products on Nasdaq today.
Reality Shares' ETF is called Nasdaq NextGen Economy ETF (BLCN - real-time stats), and opened at $24.20, and Amplify Trust' ETF is called Transformational Data Sharing ETF (BLOK - real-time stats) and it started closer to $20.
The two funds will invest in blockchain-based startups which fall under these conditions (among many other, obvious):
- a market capitalization of greater than $200 million
- a six-month daily trading average of at least $1 million
The interesting part of the news is that the two funds didn't get a formal approval from SEC, but, under the current law, the lack of a formal disapproval means the ETFs were automatically approved, or at lest that's what I understood from this story published by Coindesk. The same story also says:
At present, the SEC has 75 days to issue a disapproval or objection to an ETF filing. If no such disapproval or objection is stated, the funds can be listed.
These funds couldn't come at a better time for investors, since the market is down with almost 50% since two days ago.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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