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.