Domestic mutual fund investors could soon get an opportunity to invest in a global product that bets on companies involved in blockchain technology.
Invesco Mutual Fund has filed papers with the Securities and Exchange Board of India to launch a scheme, which will invest in Invesco Elwood Global Blockchain Exchange Traded Fund.
The investment universe of the fund consists of public global companies in developed and emerging markets that invest across the whole blockchain ecosystem.
Blockchain is a network that allows companies and people to maintain 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 the existence of cryptocurrency. The technology is used in areas such as cryptocurrency mining hardware, technology operations, financial services and payment systems among others.
Invesco Elwood Global Blockchain ETF has returned 82% over the last year. The underlying fund has an expense ratio of 65 bps.
Fund managers said companies in the space could generate high returns in the coming years.