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Evolve Funds Files for Crypto ETF in Canada
The ETF would give investors indirect exposure to certain cryptocurrencies.
Evolve Funds has filed a preliminary prospectus with the Ontario Securities Commission (OSC) for an Evolve Cryptocurrencies exchange-traded fund (ETF).
- The Evolve Cryptocurrencies ETF gives investors “indirect exposure” to certain cryptocurrencies selected by an investment manager, weighted on a market cap basis and rebalanced monthly, the firm said in a press release. (The ETF began trading Sept. 29 on the Toronto Stock Exchange.)
- Purpose Investment was the first firm to receive OSC approval and launch a bitcoin ETF in North America. Evolve is Canada’s second ETF issuer to have a bitcoin ETF approved by the OSC to trade on the Toronto Stock Exchange.
- On April 16, three ether ETFs, launched by Purpose Investments, CI Global Asset Management and Evolve ETFs, all received approval. The began trading on the TSX on April 20.
- Investors in Canada can hold cryptocurrencies in their brokerage account, including their Registered Retirement Savings Plan (RSP) and Tax-Free Savings Account (TFSA), said Raj Lala, CEO of Evolve ETFs.
- “With the Evolve Cryptocurrencies ETF, investors will be able to take a broader approach by allocating to cryptocurrencies based on their market cap weightings,” Lala said.
UPDATE (Sept. 30, 17:29 UTC): Adds information in first bullet point about the trading date.
STORY CONTINUES BELOW
Read more: Evolve Becomes Second Canadian Issuer to Win Approval for Bitcoin ETF
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
