Evolve Funds submits a proposal for a cryptocurrency exchange-traded fund (ETF) in Canada

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.