Harvest Portfolios has received approval from Ontario Securities Commission to launch the first Canadian blockchain exchange-traded fund (ETF), named Blockchain Technologies ETF.

As more and more companies and institutions are implementing blockchain technology, it comes as no surprise that Canada has approved Harvest Portfolios’ launch of Blockchain Technologies ETF, the country’s first blockchain fund.

The fund will invest “in equity securities of issuers exposed, directly or indirectly to the development and implementation of blockchain and distributed ledger technologies,” stated Harvest Portfolios.

Having a ticker HBLK and a management fee of 0.65 percent, this stock market newbie intends to replicate the performance of Harvest Blockchain Technologies Index which was conceived to track the performance of issuers in both large market cap producers and new blockchain sectors. The Harvest Blockchain Technologies Index focuses on development and implementation of such technologies in North America.

The newly recognized ETF will commence trading operations on the Toronto Stock Exchange next week.

In the meantime, two other providers, First Trust Portfolios Canada and Evolve Funds Group Inc. are following in Harvest Portfolios’ footsteps, having both filled preliminary descriptions of their own blockchain funds to regulators.

As First Trust will soon launch the First Trust Indxx Innovative Transaction & Process ETF- which aims to replicate the performance of the Indxx blockchain Index, Evolve Funds plans to start the Evolve blockchain ETF, the country’s first actively-managed blockchain fund to be implicated in research, development and distribution of blockchain technology and related projects.

Karl Cheong, head of ETFs for First Trust Portfolios Canada said that “every conversation we are having with clients – regardless if we are talking about a Canadian equities product or a U.S. equity product – inevitably” leads to questions regarding bitcoin and blockchain investments.

“The commentary out there right now is that blockchain is the more viable option while bitcoin may not have as many legs in terms of viability; but bitcoin could be the Friendster before the Facebook shows up in the cryptocurrency space. The concept of blockchain is very attractive to investors right now, and while the idea is still very novel, the research shows that this is a technology that could potentially save billions of dollars in cost, and that is very attractive.”