The rise in demand for Ethereum and Bitcoin as a whole has evidently made the gears start turning at Evolve ETF’s. The fund group this morning announced the launch of what it calls “Canada’s first multi-cryptocurrency ETF.”
The ETF, referred to as the Evolve Cryptocurrencies ETF (TSX: ETC), is set to start trading Wednesday, and has been designed to provide exposures to multiple cryptocurrencies via a single vehicle. Specifically, it will provide exposure to the two most common cryptos, bitcoin and ethereum.
Referring to ether as a “digital oil” and bitcoin as a “digital gold,” Raj Lala, CEO of Evolve ETF’s comments, “Together, bitcoin and ether make up about 65% of the total crypto market capitalization. Now investors can access both in one ETF solution.”
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Weightings of the two cryptos will be based upon the market capitalization weighting of the two cryptos within the broader market. No leverage is to be used by the fund.
Exposure to the two cryptos is to be achieved by initially investing in the Evolve Bitcoin ETF (TSX: EBIT) and the Evolve Ether ETF (TSX: ETHR), both of which were launched earlier this year. As a result, this latest ETF will not have a management fee, however it will be subjected to the fees of these two portfolio investments.
The Evolve Cryptocurrencies ETF is set to begin trading September 29.
Information for this briefing was found via Sedar and Evolve ETFs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
