Evolve Funds Group has filed a preliminary prospectus with the Ontario Securities Commission (OSC) for a new cryptocurrencies exchange-traded fund (ETF). Through this multi-crypto ETF, the Toronto-based fund will offer investors indirect exposure to certain cryptocurrencies selected by the investment manager and weighted on a market cap basis that will be rebalanced monthly, according to the press release. It will offer both US dollar and Canadian dollar-denominated unhedged units and won’t be using leverage or pay regular cash distributions. The Evolve Cryptocurrencies ETF will predominantly hold Bitcoin and Ether by initially investing in two of its crypto funds, Bitcoin ETF and Ether ETF (ETHR), launched their year that trade on the Toronto Stock
“With the Evolve Cryptocurrencies ETF, investors will be able to take a broader approach by allocating to cryptocurrencies based on their market cap weightings.»
Evolve will be charging the same management fees as to the underlying funds, which is 0.75% of net asset values plus sales taxes.