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Bitcoin and other cryptocurrencies are all the rage with investors — even as their prices have taken some big hits lately. So it should come as no surprise that there are now two exchange-traded funds, or ETFs, focused on blockchain technology, the digital ledger that keeps records of transactions in virtual currencies. ETFs can be bought and sold like stocks, and these two each own shares of the increasing number of companies that use blockchain. But note that the words bitcoin, cryptocurrency and blockchain are not in the names of these funds.
That’s intentional, according to the CEOs of Reality Shares and Amplify ETFs. Both told CNNMoney that the SEC was worried because some stocks have skyrocketed lately simply because they said that they were using blockchain technology. Investors have been buying blindly, and there has been some abuse,” said Christian Magoon, CEO of Amplify ETFs. The SEC has to protect investors. These two funds are set up to take advantage of the growing interest in blockchain.