A new ETF launched in Canada will allow investors to gain exposure to both bitcoin and ethereum
- Evolve ETFs has launched the first multi-cryptocurrency ETF that includes both
- The Evolve
CryptocurrenciesETF currently has about 68% of its holdings in bitcoin and 32% in ether.
- The ETF began
tradingon the Toronto Stock Exchange on Wednesday.
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The Evolve Cryptocurrencies ETF is a market-cap weighted
The new ETF will be rebalanced monthly, does not utilize leverage, and will not pay distributions. It will gain exposure to bitcoin and ether by holding the Evolve
"EBIT and ETHR provide investors with exposure to the daily price movements of the US dollar price of Bitcoin and Ether, respectively, by utilizing the benefits of the creation and redemption processes offered by the exchange traded fund structure," Evolve said in a press release.
The creation and redemption process is the underlying plumbing of ETFs that allow them to be more transparent, less costly, and more tax efficient than mutual funds.
In the first day of trades, the Evolve Cryptocurrencies ETF has amassed a paltry $2.1 million in assets. Evolve ETF's two other cryptocurrency funds have about $181 million in combined assets under management, according to the firm's website.
While Canada's crypto ETF market gets off its feet, US investors still have few options in gaining exposure to cryptocurrencies besides buying them outright, as SEC Chairman Gary Gensler continues to seek strict regulations for the crypto market.
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