As cryptocurrency maintains its worldwide allure on the global financial markets, the number of different ways to invest in assets like bitcoin continues to expand.
In this vein, a Canadian provider of exchange traded funds revealed this week the theme of its next two ETFs.
Evolve Funds Group announced this week that it has filed a preliminary prospectus with the Canadian securities regulators for plans to list the Evolve Levered Bitcoin ETF (LBIT) and the Evolve Levered Ether ETF (LETH) on the Toronto Stock Exchange.
“We are pleased to announce the filing of a preliminary prospectus for what would be Canada’s first modestly levered spot Bitcoin and Ether ETFs,” states Raj Lala, chief executive officer at Evolve.
LBIT and LETH aim to offer investors leveraged exposure to bitcoin and ether.
“Subject to regulatory approval, these funds aim to provide an additional tool for investors seeking enhanced exposure to these digital assets within a regulated ETF structure,” Lala said.
LBIT’s investment objective is to provide “exposure to 1.25x the daily price movements of the U.S. dollar price of bitcoin while experiencing minimal tracking error by investing in other publicly offered investment funds,” including the Evolve Bitcoin ETF.
LETH’s objective is parallel, only for ethereum.
Founded in late 2017, Toronto’s Evolve counts over $7 billion in assets under management.
Bitcoin is up more than 100% over the past year and more than 1,000% over the past five years. Ethereum has risen over 20% in the past year.
Other crypto ETFs in Canada include the Purpose Investments Bitcoin ETF and BlackRock’s iShares Bitcoin ETF.
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