Evolve Funds has filed a preliminary prospectus for
an Evolve Cryptocurrencies exchange-traded fund with the Ontario Securities
Commission (OSC) (ETF).
- According to a news release, the Evolve
Cryptocurrencies ETF would provide investors with "indirect exposure"
to specific cryptocurrencies chosen by an investment manager, weighted by
market size and rebalanced monthly.
- Purpose Investment was the first company in North
America to obtain OSC clearance and launch a bitcoin ETF. Evolve is the second
ETF provider in Canada to get a bitcoin ETF authorized for trading on the
Toronto Stock Exchange by the OSC.
- Purpose Investments, CI Global Asset Management,
and Evolve ETFs all got clearance on April 16 for their ether ETFs. On April
20, the started trading on the TSX.
- According to Raj Lala, CEO of Evolve ETFs,
Canadian investors may store cryptocurrencies in their brokerage accounts,
including their Registered Retirement Savings Plan (RSP) and Tax-Free Savings
Account (TFSA).
- “Investors will be able to adopt a wider strategy with the Evolve Cryptocurrencies ETF by allocating to cryptocurrencies based on their market cap weightings,” Lala added.
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