You think blockchain is big in the U.S.? It might be even bigger in China, which is why Reality Shares on Wednesday introduced the Reality Shares Nasdaq NexGen Economy China ETF (BCNA). The fund tracks an index filled with Hong Kong and mainland China-based companies involved with developing and rolling out blockchain technology in that country.

Eric Ervin, CEO of San Diego-based Reality Shares, says China had the most blockchain-related patents on file among all nations in 2017, making it a “global epicenter for blockchain innovation.”

The fund’s proprietary index, which was co-developed by Reality Shares and Nasdaq Inc., employs a rules-based, quantitative methodology based on factors that look at a company’s role in the blockchain technology ecosystem; its participation in industry groups; how much the company’s blockchain technology is developed, innovative, economically impactful and publicly referenced; and the amount it spends on blockchain-related research and development.

All of these factors produce a score to identify companies that could be movers and shakers within the blockchain space, and which might benefit the most from blockchain technology. The index can include 30 to 100 companies, and they are weighted based on their blockchain scores.

In addition, Reality Shares touts its advisory board of seven notable blockchain and cryptocurrency executives who help it identify companies that are meaningfully engaged with blockchain technology, including those flying under the radar.

BCNA has 37 holdings, with index sector weights dominated by information technology (47 percent) and financials (23 percent). The top 10 holdings include both familiar large-cap names—Alibaba, Ping An Insurance Group, Baidu and Tencent Holdings—and smaller, less-familiar names.

The fund’s gross expense ratio is 0.78 percent.

BCNA is Reality Shares’ second blockchain-focused ETF, following the mid-January launch of the Reality Shares Nasdaq NexGen Economy ETF (BLCN). BLCN was an early smash hit with investors and quickly hit the $100 million mark in assets under management during its first two weeks. But flows have more or less stablized since then as trading volume has plummeted from those frenzied early days, and its current market cap is $127.6 million, according to XTF.com. Its shares are down 3.8 percent since it launched.

That’s basically par for the course with the three other blockchain-related funds that began trading during the second half of January, at least regarding trading volumes. The actively managed Amplify Transformational Data Sharing ETF (BLOK), which rolled out the same day as BLCN, similarly zoomed out of the gate with high volume and buku assets. While its trading volume has followed BLCN’s trajectory, it remains the largest blockchain ETF with assets of $187 million. The fund is up 1.1 percent since inception.

Two other blockchain funds that debuted in January—the First Trust Indxx Innovative Transaction & Process ETF (LEGR) and Innovation Shares NextGen Protocol ETF (KOIN)—have both been trading at reduced volumes for the past several months. (However, KOIN on Tuesday had a massive spike in trading volume that marked the fund’s busiest trading day by far, though the fund’s share price traded in a fairly tight range and closed down more than 1 percent on the day.)

KOIN, with $13.8 million in AUM, has gained 1.55 percent since inception, while LEGR, at $46.1 million AUM, is down nearly 1 percent since it debuted.

Finally, the blockchain and cryptocurrency-focused REX BKCM ETF (BKC) that launched a month ago also has seen decreased trading volume after an initial burst of excitement, and it currently has $6.4 million in assets and is up 1 percent during its brief run.

The bottom line: despite tons of hype promoting blockchain as a potentially transformative tool that could reshape how business gets done, investors seem to be taking a wait-and-see attitude. Perhaps such caution is warranted, but blockchain believers might see the investment community’s current indifference as a chance to buy a cheap seat on the train to riches.