Evolve Funds Files for Crypto ETF in Canada

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.

Read more: Evolve Becomes Second Canadian Issuer to Win Approval for Bitcoin ETF

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