Evolve Fund Groups, the asset manager that pioneered one of the first Bitcoin ETFs and the world’s first Ether ETF, has launched Canada’s first multi-asset crypto ETF on the Toronto Exchange
Evolve ETFs, one of Canada’s fastest-growing ETF providers, with about $2bn in assets under management, has launched Canada’s first multi-cryptocurrency ETF.
The Evolve Cryptocurrencies ETF is now trading on the Toronto Stock Exchange (TSX) under the ticker symbols ‘ETC’ (CAD Unhedged Units) and ‘ETC.U’ (USD Unhedged Units).
ETC is the first Canadian ETF to provide investors with simultaneous access to Bitcoin and Ether, the largest and second-largest cryptocurrencies by market capitalisation respectively, in an easily accessible and highly regulated ETF format.
ETC aims to provide investors with exposure to the daily price movements of certain digital assets selected by Evolve ETFs from time to time, on a market-capitalization basis, with minimal tracking error, by investing in other publicly offered investment funds managed by Evolve. The portfolio will be rebalanced monthly.
ETC initially invests in Evolve Bitcoin ETF (EBIT) and Evolve Ether ETF (ETHR) in proportion to their respective market capitalization weightings, based on the methodology employed by CF Benchmarks.
Evolve ETFs’ Bitcoin ETF (EBIT) launched in February 2021 and Evolve’s Ether ETF (ETHR) began trading in April 2021.
EBIT’s daily NAV is calculated using the CME CF Bitcoin Reference Rate (BRR), the only regulated Bitcoin benchmark price, devised and administered by UK FCA regulated and EU authorised Benchmark Administrator CF Benchmarks.
ETHR’s daily NAV is calculated by using the CME CF Ether-Dollar Reference Rate (ETHUSD_RR), the only regulated Ether benchmark price, also devised and administered by CF Benchmarks.
With both EBIT and ETHR utilising CF Benchmarks reference indexes, Evolve Cryptocurrencies ETF is backed by the most-trusted and best-regulated cryptocurrency prices.
“Bitcoin has established itself as a store of value and is often referred to as digital gold," said Raj Lala, President and CEO, Evolve ETFs. "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.”
"Evolve's Evolve Cryptocurrencies ETF provides resilient exposure through a tried and trusted design, identical to the design underpinning Evolve’s Bitcoin and Ether ETFs,” said Sui Chung, CEO at CF Benchmarks Ltd.
“By enabling market capitalization-weighted exposure, based on CF Benchmarks’ free float methodology, to the CME CF Bitcoin Reference Rate and the CME CF Ether-Dollar Reference Rate from CF Benchmarks, Evolve Cryptocurrencies ETF provides access to the daily price movements of Bitcoin and Ether in one regulated and liquid product that accurately represents both.”
“Regulated financial products are vital for the maturation of the cryptocurrency space and CF Benchmarks are proud to again assist Evolve as they continue to bring innovations that broaden access to the asset class.”
Find out more about Evolve Cryptocurrencies ETF.
About CF Benchmarks.
Understand the CME CF Bitcoin Reference Rate in under 5 minutes by watching this video.
Understand the CME CF Ether-Dollar Reference Rate in less than 5 minutes with this video.