Evolve File the Second Canada’s Ethereum ETF

Just a few days ago, Canada’s CI Global filed for what would be called the world’s first Ethereum ETF. Nearly a week later, another company moved to file a second ETFin Canada. 

Evolve Funds Group, announced it has filed a preliminary prospectus with the Canadian securities regulators for the ETF and if approved, would give investors exposure to the daily price movements of the U.S. dollar price of ether. 

Evolve in February was approved for the Bitcoin ETF by the Ontario Securities Commission. Evolve’s Bitcoin ETF approval is the second of such in Canada while Purpose Investment which was launched on February 19 was the first Canada Bitcoin ETF, approved by regulators. Similar to Purpose Investment, Evolve is now listed on the Toronto Stock Exchange. 

According to Elliot Johnson, chief investment officer, and chief operating officer at Evolve ETFs; 

 “Ether is the building block for a revolution in digital finance which is still in its infancy,”

 “Ethereum is the most actively used blockchain, with ether being used to pay for transaction fees and computational services.” He added. 

Tanzeel Akhtar while reporting for Coindesk, 

“Evolve’s ether ETF portfolio would be priced based on the “ETHUSD_RR,” which is a once-a-day benchmark index price for ether denominated in U.S. dollars and administered by benchmark administrator, CF Benchmarks. The ETHUSD_RR is also the settlement index for futures contracts listed by CME Group”.