Domestic mutual fund investors could soon be given the opportunity to invest in a global product that leverages companies involved in blockchain technology.
The Invesco Mutual Fund has filed with the Securities and Exchange Board of India to launch a program that will invest in the Invesco Elwood Global Blockchain Exchange Traded Fund.
The fund’s investment universe consists of listed global companies in developed and emerging countries that invest in the entire blockchain ecosystem.
Blockchain is a network that enables companies and individuals to manage and transfer information instantly. While blockchain is widely associated with cryptocurrencies like bitcoins, it is not the same as a crypto asset. It is the technology that enables cryptocurrencies to exist. The technology is used in areas such as cryptocurrency mining hardware, technology operations, financial services, and payment systems, among others.
The Invesco Elwood Global Blockchain ETF has returned 82% last year. The underlying fund has an expense ratio of 65 basis points.
Fund managers said companies in this space could see high returns in the years to come.