TORONTO, Sept. 29, 2021 /CNW/ - Evolve Funds Group Inc.
("Evolve" or "the Manager") is pleased to announce
the launch of Canada's first
multi-cryptocurrency ETF. The Evolve Cryptocurrencies ETF
("ETC") has closed its initial offering of units and will
begin trading on the Toronto Stock Exchange ("TSX") today
under the ticker symbols: ETC (CAD Unhedged Units) and ETC.U (USD
Unhedged Units).
ETC seeks to provide investors with exposure to the
daily price movements of certain digital assets selected by the
Manager from time to time, on a market capitalization basis, while
experiencing minimal tracking error by investing in other publicly
offered investment funds managed by Evolve. The portfolio will be
rebalanced monthly.
ETC intends to initially invest in Bitcoin ETF
("EBIT") and Ether ETF ("ETHR") based on their
respective market capitalization weightings, based on the
methodology employed by CF Benchmarks. ETC will not use
leverage and does not intend to pay regular cash distributions.
EBIT and ETHR provide investors with exposure
to the daily price movements of the U.S. dollar price of Bitcoin
and Ether, respectively, by utilizing the benefits of the creation
and redemption processes offered by the exchange traded fund
structure. EBIT's holdings are priced based on the CME CF
Bitcoin Reference Rate, a once-a-day benchmark index price for
bitcoin denominated in U.S. dollars, while ETHR's holdings
are priced based on the CME CF Ether-Dollar Reference Rate, a
once-a-day benchmark index price for ether denominated in U.S.
dollars. Both indices are administered by benchmark
administrator, CF Benchmarks.
No management fees will be payable on ETC, however, the
underlying investment funds held by the Fund will pay management
fees. The management fees on EBIT and ETHR are 0.75%
of net asset values, plus applicable sales taxes. Visit the Evolve
website for further information on EBIT
(https://evolveetfs.com/product/ebit/) and ETHR
(https://evolveetfs.com/product/ethr/).
About Evolve Funds Group Inc.
With approximately
$2 billion in assets under
management, Evolve is one of Canada's fastest growing ETF providers since
launching its first ETF in September 2017. Evolve is a leader
in thematic ETFs and specializes in bringing disruptive innovation
ETFs to Canadian investors. Evolve's suite of ETFs provide
investors with access to: (i) long term investment themes; (ii)
index-based income strategies; and (iii) some of the world's
leading investment managers. Established by a team of
industry veterans with a proven track record of success, Evolve
creates investment products that make a difference. For more
information, please visit www.evolveetfs.com.
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Commissions, management fees and expenses all may be associated
with exchange traded funds (ETFs). ETFs and mutual funds are not
guaranteed, their values change frequently and past performance may
not be repeated. There are risks involved with investing in ETFs.
Please read the prospectus for a complete description of risks
relevant to ETFs. Investors may incur customary brokerage
commissions in buying or selling ETFs. Please read the prospectus
before investing.
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to a future
outlook and anticipated distributions, events or results and may
include statements regarding future financial performance. In some
cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "anticipate", "believe",
"intend" or other similar expressions concerning matters that are
not historical facts. Actual results may vary from such
forward-looking information. Evolve undertakes no obligation to
update publicly or otherwise revise any forward-looking statement
whether as a result of new information, future events or other such
factors which affect this information, except as required by
law.
CF Benchmarks Ltd Index Data is used under license as a source
of information for certain Evolve Funds Group Inc. products. CF
Benchmarks Ltd and its agents have no other connection to Evolve
Funds Group Inc. products and services and do not sponsor, endorse,
recommend or promote any Evolve Funds Group Inc. products or
services. CF Benchmarks and its agents have no obligation or
liability in connection with the Evolve Funds Group Inc. products
and services. CF Benchmarks and its agents do not guarantee the
accuracy and/or the completeness of any index licensed to Evolve
Funds Group inc. and shall not have any liability for any errors,
omissions, or interruptions therein.
SOURCE Evolve ETFs