Evolve Funds files prospectus for Canada’s first bitcoin ETF

Sep 29th, 2017 | By | Category: Alternatives / Multi-Asset

Evolve Funds has filed a preliminary prospectus with the Canadian securities regulator to list the country’s first bitcoin ETF. The Evolve Bitcoin ETF (BITS) is designed to provide Canadian investors with exposure to the world’s first decentralised currency.

Evolve files prospectus for Canada’s first bitcoin ETF

The ETF will offer indirect exposure to the bitcoin price through CFE bitcoin futures.

Raj Lala, president and CEO of Evolve ETFs, commented: “Accessing bitcoin is not easy for many – it is a very complicated and expensive process as investors are currently unable to trade them in a regular brokerage account. An ETF tied to the price of bitcoin could be a simpler way for investors to participate in its growth.”

BITS will seek to replicate, to the extent reasonably possible and before fees and expenses, the performance of exposure to bitcoin obtained through investments in CFE Bitcoin (USD) Futures.

The ETF will invest directly or indirectly in exchange-traded futures contracts and other financial instruments and derivatives that provide similar return characteristics.

Lala continued, “Bitcoin effectively marries currency with technology. Bitcoin is an online currency that can be sent and received by anyone in the world, relying on computers to control the transfer of money without human intervention. It’s the first decentralised peer-to-peer payment network that is powered by its users with no central authority or middlemen. As more and more of the world goes digital, usage of cryptocurrencies could increase significantly in the coming years.

BITS will offer investors with both hedged and unhedged units.

Evolve Funds, a registered investment fund manager and portfolio manager, will act as promoter, manager, trustee and portfolio manager of BITS and will be responsible for the administration of BITS.

The prospectus states the management fee of the fund will be 0.80%.

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