The Canadian crypto ETF space is really heating up as regulators approve three new Ether ETFs. The products began trading on the Toronto Stock Exchange on Tuesday, April 20.
Last week, the Ontario Securities Commission gave the green light to three firms that had applied to launch an Ethereum exchange-traded fund (ETF). The products were from Canadian-based asset managers – Purpose Investments, Evolve Funds Group, CI Global Asset.
Recall that the regulator had approved three Bitcoin ETFs from the same firms earlier this year. The three new products – the Purpose Ether ETF, Evolve Ether ETH, and the CI Galaxy Ethereum ETF – offer exposure to the price of Ethereum without the need to hold or store the asset.
Following their launch, Evolve and CI have waived off management fees until May 31 and June 15, respectively. While Evolve charges 0.75% of net asset value, CI charges 0.4%. Purpose, on the other hand, has a 1% management fee.
According to its website, the Purpose Ether ETF has already attracted $9.5 million. Evolve has also seen inflows of around $2 million for its Ether ETF. CI has not disclosed any information regarding its asset under management.