Alternative | Digital Assets

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Ticker: BLKC
How to invest

Product Details

The Invesco Galaxy Blockchain Economy ETF (Fund) is based on the Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index (Index). The Fund will generally invest 80% of its total net assets in securities that comprise the Index. The Index is comprised of stocks of companies that are materially engaged in the development of blockchain technology, cryptocurrency mining, cryptocurrency buying, or enabling technologies and exchange-traded products (“ETPs”) and private investment trusts traded over-the-counter that are linked to cryptocurrencies. The Index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund and Index are rebalanced monthly.

as of 07/31/2022 06/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Alerian Galaxy Global Blockchain Equity, Trusts & ETPs Net Return Index -47.32 -47.83 N/A N/A N/A -51.89
MSCI AC World Index -14.61 -10.48 8.52 7.86 9.35 -9.99
Fund History (%)
Fund NAV -47.11 N/A N/A N/A N/A -51.25
After Tax Held -47.43 N/A N/A N/A N/A -51.64
After Tax Sold -27.84 N/A N/A N/A N/A -30.24
Fund Market Price -47.09 N/A N/A N/A N/A -51.36
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Alerian Galaxy Global Blockchain Equity, Trusts & ETPs Net Return Index -55.78 -56.21 N/A N/A N/A -59.61
MSCI AC World Index -20.18 -15.75 6.21 7.00 8.76 -15.86
Fund History (%)
Fund NAV -55.60 N/A N/A N/A N/A -59.08
After Tax Held -55.87 N/A N/A N/A N/A -59.41
After Tax Sold -32.84 N/A N/A N/A N/A -34.83
Fund Market Price -55.62 N/A N/A N/A N/A -59.21

This is a new Fund and has no full-year Fund performance to report as of most recent quarter end.

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

as of 08/15/2022

Sector Allocation

Sector Percent of Fund
Information Technology 56.26%
Investment Companies 12.83%
Financials 11.71%
Communication Services 6.22%
Industrials 4.75%
Consumer Discretionary 3.59%
Consumer Staples 2.31%
Energy 1.19%
Materials 1.13%
as of 08/15/2022

Top Country Allocation

Country Percentage
United States 75.28%
China 7.76%
Canada 6.45%
Australia 2.91%
United Kingdom 1.57%
Germany 1.28%
Taiwan 1.25%
Netherlands 1.19%
Norway 1.17%
South Korea 1.14%
as of 08/14/2022

Market Cap & Style Allocations

Large-Cap Value 20.02%
Large-Cap Blend 15.56%
Large-Cap Growth 21.02%
Mid-Cap Value 2.34%
Mid-Cap Blend 1.63%
Mid-Cap Growth -
Small-Cap Value 3.19%
Small-Cap Blend 3.58%
Small-Cap Growth 32.67%

as of 08/15/2022 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
GBTC Grayscale Bitcoin Trust BTC 12.83
MARA Marathon Digital Holdings Inc 2.77
HUT Hut 8 Mining Corp 2.46
APLD Applied Blockchain Inc 2.29
HIVE Hive Blockchain Technologies Ltd 2.19
SDIG Stronghold Digital Mining Inc 2.04
RIOT Riot Blockchain Inc 2.03
CORZ Core Scientific Inc 1.86
SI Silvergate Capital Corp 1.81
BITF Bitfarms Ltd/Canada 1.80

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
06/21/2022 06/22/2022 06/30/2022 0.08464 0.08464 - - - -
03/21/2022 03/22/2022 03/31/2022 0.14140 0.14140 - - - -
12/20/2021 12/21/2021 12/31/2021 0.11885 0.11885 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2022 62 23 5 0 0 0 0
03/31/2022 62 25 5 1 0 0 0
12/31/2021 60 26 7 0 0 1 0
Year Ended 2021 60 26 7 0 0 1 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2022 62 25 8 1 0 0 0
03/31/2022 62 22 7 2 0 0 0
12/31/2021 60 20 5 1 0 0 0
Year Ended 2021 60 20 5 1 0 0 0

Fund Inception : 10/07/2021

Premiums/Discounts

 Risk & Other Information

Typically, security classifications used in calculating allocation tables are as of the last trading day of the previous month.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.

Stocks of micro-cap companies tend to involve substantially greater risks of loss and price fluctuations than more established companies.

Investments focused in a particular sector, such as information technology, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

The performance of an investment concentrated in issuers of a certain region or country is expected to be closely tied to conditions within that region and to be more volatile than more geographically diversified investments.

Exchange-traded notes (ETNs) are subject to credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged.

Because the Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), the Fund, as the sole investor in the Subsidiary, will not have the protections offered to investors in U.S. registered investment companies.

The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

The Fund is non-diversified and may experience greater volatility than a more diversified investment. 

Many significant aspects of the U.S. federal income tax treatment of investments in cryptocurrencies are uncertain and an investment in cryptocurrencies, even indirectly, may produce income that is not treated as qualifying income for purposes of the income test applicable to regulated investment companies, such as the Fund. To the extent a Fund invests in any cryptocurrency-linked assets that generate non-qualifying income, it intends to do so through the Subsidiary.

In seeking to track the Underlying Index, the Fund may obtain investment exposure to cryptocurrencies indirectly through private vehicles that are traded over-the-counter market, such as the Grayscale Bitcoin Investment Trust (“GBTC”). An investment in these vehicles exposes the Fund to all risks related to digital currencies and those specific to private vehicles and private funds generally, which may include, but are not limited to, liquidity risk, lack of a secondary market to trade securities, management risk, concentration risk and valuation risk. Private funds are generally not registered under the 1940 Act, the Securities Act of 1933, or any state securities laws, therefore investments in such vehicles will not benefit from the protections and restrictions of such laws. To the extent such vehicles are traded, they may trade at a premium or discount to their net asset values. The Fund will indirectly pay a proportional share of the expenses of the private vehicles in which it invests, in addition to the fees and expenses the Fund already will pay to the Adviser. As a result, shareholders will absorb duplicate levels of fees with respect to the Fund’s investments in such vehicles.

Certain companies in the Underlying Index may be engaged in other lines of business unrelated to blockchain and cryptocurrency and these lines of business could adversely affect their operating results. Operating results of these companies may fluctuate due these additional risks and events in the other lines of business. Also, a company’s ability to engage in new activities may expose it to business risks with which it has less experience than the traditional risks associated with its businesses. Despite a company’s possible success in activities linked to its use of blockchain, there can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company’s business or financial condition.

The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV.

Companies engaged in the development, enablement and acquisition of blockchain technologies are subject to a number of risks. Blockchain technology is new and many of its uses may be untested. There is no assurance that widespread adoption will occur. The extent to which companies held by the Fund utilize blockchain technology may vary.

As blockchain technology is new, there is a risk that companies developing applications of this technology may be subject to additional risks including, but not limited to, intellectual property claims and legal action.  Furthermore, blockchain technology may be subject to future law and regulation that may adversely impact adoption.

Companies transacting on the blockchain are required to manage a user’s account (or “wallet”) which is accessed via cryptographic keys.  Mismanagement, theft, or loss of the keys can adversely affect the companies operations on the blockchain.

Blockchain technology relies on the internet, the disruption of which may adversely affect companies involved with the technology or even the blockchain itself."

While the Fund will not invest directly in cryptocurrencies, the value of a Fund’s investments in cryptocurrency-linked assets (including private trusts and ETPs) is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The price of a digital currency could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in a digital currency network or a change in user preference to competing cryptocurrencies.

Cryptocurrencies trade on exchanges, which are largely unregulated and, therefore, are more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies.

Currently, there is relatively limited use of cryptocurrency in the retail and commercial marketplace, which contributes to price volatility.

The MSCI All Country World Index (ACWI) is designed to represent performance of large- and mid-cap stocks across 23 developed and 27 emerging markets.

Alerian®, Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index, and BCHAIN are service marks of Alerian and have been licensed for use by the Adviser. Galaxy® is a trademark of Galaxy that has been licensed for use by the Index Provider in connection with the Underlying Index and sub-licensed to the Adviser. The Fund is not issued, sponsored, endorsed, sold or promoted by Alerian, Galaxy or any of their respective affiliates. Neither Alerian nor Galaxy makes any representation or warranty, express or implied, to the purchasers or owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance. Alerian's only relationship to the Fund is the licensing to the Adviser of its trademarks and the Underlying Index, which is determined, composed and calculated by Alerian without regard to the Adviser or the Fund. Galaxy's only relationship with the Fund is the licensing of its trademarks to Alerian, which have been sub-licensed to the Adviser. Neither Alerian nor Galaxy is responsible for or has participated in the determination of the timing of, prices at, or quantities of the Fund's Shares issued. Neither Alerian nor Galaxy has any obligation or liability in connection with the issuance, administration, marketing or trading of the Fund.