Purpose Investments, an investment management firm, has launched the very first bitcoin (EXANTE: Bitcoin) and ether (ETH) exchange-traded funds (ETF) with monthly yield and long-term capital appreciation.
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According to a press release, Purpose Bitcoin Yield ETF and Purpose Ether Yield ETF achieve their investment objectives primarily by obtaining exposure to the relative cryptocurrencies and by implementing a derivatives-based strategy in respect of portfolio securities. Mutual fund units will be available for all three ETFs on December 1. Purpose expects an annual yield of between 8 and 10% for both ETFs. The management fee for both is 1.10%.
Meanwhile, iHodl also reported that Kelly Strategic Management filed an application with the US Securities and Exchange Commission (SEC) to register an ETF based on ether futures. The ETF will target the purchase of ether futures traded on the Chicago Mercantile Exchange (CME).
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