Canadian asset management company Evolve Funds announced on the 18th that it has filed for an exchange-traded fund (ETF) application to the Ontario Securities Commission (OSC).
The company revealed that ‘Evolve Cryptocurrencies ETF’ would offer investors with “indirect exposure to certain cryptocurrencies selected by the Manager”. The stocks would be carefully selected on the basis of market capitalization and readjusted portfolio every month.
Evolve Funds disclosed that they would initially offer investments in Bitcoin ETF (“EBIT”) and Ether ETF (“ETHR”) based on their market capitalization. Raj Lala, President and CEO of Evolve ETFs, said in the press release:
“Many investors are adding cryptocurrencies to their investment portfolios today. The challenges they face include how to invest, and into which cryptocurrencies. Since the regulatory approvals earlier this year for our Bitcoin ETF, and our Ether ETF, investors can hold cryptocurrencies in their brokerage account including their RSP and TFSA.
And now with the Evolve Cryptocurrencies ETF, investors will be able to take a broader approach by allocating to cryptocurrencies based on their market cap weightings. If and when Evolve has future cryptocurrency ETFs available, these may also be added at the manager’s discretion, making ETC a potential turnkey solution for cryptocurrency investing.”
Evolve was one of the first establishments in Canada to win approval for a Bitcoin ETF license. Bitcoin ETF and Ethereum ETF were listed on the Toronto Exchange on March 2 and mid-April respectively. The total assets under management of the two ETFs at the time of writing were worth over $150 million.
Apart from Evolve Funds, major asset managers such as CI Global, 3iQ Corp, and Purpose Investments also operate Bitcoin and Ethereum ETFs.