Katie Keir
Three companies are going head-to-head next week, with each firm launching a direct custody ether ETF on April 20.
Purpose Investments is launching the Purpose Ether ETF, Evolve is introducing ETHR and CI Global Asset Management (CI GAM) is bringing the CI Galaxy Ethereum ETF to market all the funds will trade on the TSX and provide direct exposure to Ether, the second-largest cryptocurrency by market capitalization after Bitcoin.
The Purpose fund has a management fee of 1%; the Evolve fund, 0.75%; and the CI fund, 0.4% “the lowest management fee of any Ether ETF globally,” CI said in a release.
For its part, the Purpose fund will invest directly in physically settled Ether tokens and will have three classes: Canadian-dollar hedged (ETHH), Canadian dollar non-currency hedged (ETHH.B), and U.S.-dollar units (ETHH.U).
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Canadian asset managers are racing to launch the world’s first cryptocurrency exchange-traded fund that tracks the price performance of Ether, after regulators approved multiple investment funds.
On Friday, Purpose Investments Inc., Evolve Funds, and CI Global Asset Management were all cleared by the Ontario Securities Commission (OSC) to launch investment funds that will be the first set of ETFs in the world to invest directly in the digital asset Ether, currently the world’s second-largest cryptocurrency by market capitalization behind Bitcoin.
The Globe and Mail Paul Brent Published April 13, 2021 Bookmark
It has been long-held advice in the investing world that if you don’t understand something, it’s best not to put money into it.
That advice looks to have gone by the wayside when it comes to the gold-rush atmosphere among retail investors for the new and growing crop of bitcoin exchange-traded funds.
The first bitcoin ETF out of the gate, Purpose Financial LP’s Purpose Bitcoin fund (BTCC), has proven wildly popular with investors despite its relatively high management fee of 1 per cent. After less than two months, it already has more than $1.22-billion in assets under management. By comparison, Evolve Fund Group’s Bitcoin ETF (EBIT), launched one day later, has accumulated less than a tenth the assets of the Purpose ETF, despite cutting its management fee shortly after launch to 0.75 per cent..
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SAINT HELIER, Jersey, April 1, 2021 | CoinShares International Limited, (Nasdaq First North Growth Market: CS) (
CoinShares or the
Group or the
Company ) today announced a strategic collaboration with 3iQ Corp ( 3iQ ), commencing with the launch of the 3iQ CoinShares Bitcoin ETF (the
CoinShares announces strategic collaboration with 3iQ with launch of the 3iQ CoinShares Bitcoin ETF
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND PROVINCES, EVERY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.
CoinShares or the
Group or the “
Company”) today announced a strategic collaboration with 3iQ Corp (“3iQ”), commencing with the launch of the 3iQ CoinShares Bitcoin ETF (the “