Evolve launches Canada’s first multi-crypto ETF

Sep 29th, 2021 | By | Category: Alternatives / Multi-Asset

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Evolve Funds has launched the first ETF in Canada providing exposure to both bitcoin and ether, the two largest cryptocurrencies by total market capitalization.

Evolve to launch Canada's first multi-crypto ETF

The ETF is the first in Canada to offer one-ticker access to both bitcoin and ether.

The Evolve Cryptocurrencies ETF has been listed on the Toronto Stock Exchange and is available in both Canadian dollar (Ticker: ETC CN) and US dollar (ETC.U CN) share classes.

Raj Lala, President and CEO at Evolve ETFs, said: “Bitcoin has established itself as a store of value and is often referred to as digital gold. Ether is often referred to as digital oil and has become an essential building block for digital finance including NFTs and other DeFi applications.

“Together, bitcoin and ether make up about 65% of the total crypto market capitalization. Now investors can access both in one ETF solution.”

The fund provides exposure to bitcoin and ether by investing entirely in Evolve’s single cryptocurrency ETFs – the $100 million Bitcoin ETF (EBIT CN) and $80m Ether ETF (ETHR CN) – in proportion to the cryptocurrencies’ total market capitalizations.

As of 28 September, the total market capitalizations of bitcoin and ether were approximately $782 billion and $336bn, respectively, leading to current theoretical fund weights of 69.9% and 30.1%. The portfolio will be rebalanced on a monthly basis.

Evolve’s single cryptocurrency ETFs are fully backed by ‘physically’ settled bitcoin or ether, offering investors direct access to the digital assets without the inconvenience, technical challenges, and associated risks of self-custody within a digital wallet. The funds’ actual crypto holdings are stored using institutional-grade custody solutions.

Evolve notes that the new multi-crypto ETF will not charge a direct management fee; however, investors will still be liable to pay the management fees on the underlying single cryptocurrency ETFs, both of which are priced at 0.75%.

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