Asset manager Evolve Funds Group has just received approval from Canadian regulators to launch the Evolve Cryptocurrencies ETF based on Bitcoin, Ether and other cryptocurrencies.
The ETF will trade on the Toronto Stock Exchange under the ticker ETC (unhedged Canadian dollars) and ETC.U (unhedged US dollars).
The assets under management of the fund amount up to $200 million.
The Evolve Cryptocurrencies ETF will initially invest in the previously launched Bitcoin ETF (ticker EBIT) and Ether ETF (ETHR). In the future, the structure could invest in other cryptocurrencies. Raj Lala, CEO of Evolve, said:
"Thanks to this diversification, investors will be able to reduce investment volatility."
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Canadian regulators have previously approved the Purpose Bitcoin ETF, Evolve Bitcoin ETF, CI Galaxy Bitcoin ETF and 3iQ CoinShares Bitcoin ETF based on the leading cryptocurrency, as well as the Purpose Ether ETF, CI Galaxy Ethereum ETF, Evolves Ether ETF and 3iQ CoinShares Ether ETF based on Ether.