Evolve Funds Files Preliminary Prospectus for Bitcoin ETF in Canada

Announcements, Investing | September 25, 2017 By:

Toronto-based firm Evolve Funds has filed a preliminary prospectus with regulators for a bitcoin exchange-traded fund (ETF) in Canada. If approved, the ETF would trade on the Toronto Stock Exchange (TSX) under the ticker BITS.

BITS aims to give mainstream investors exposure to bitcoin if Canadian regulators decide to approve the fund. The company said that BITS will derive its value from the performance of bitcoin through investments based off of the CFE Bitcoin Futures Index. According to Evolve, there will be a management fee for 0.80 percent of the ETF’s net asset value (NAV).

BITS will offer investors with both hedged and unhedged units. As a registered investment fund manager and portfolio manager, Evolve Funds will act as promoter, manager, trustee and portfolio manager of BITS and will be responsible for the administration of BITS.

“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,” said Raj Lala, president and CEO of Evolve. “An ETF tied to the price of bitcoin could be a simpler way for investors to participate in its growth.”