Mr. Raj Lala of Evolve reports
EVOLVE ANNOUNCES WORLD'S FIRST ETHER ETF BEGINS TRADING TODAY ON TSX
Evolve Funds Group Inc. has launched the world's first Ether ETF (exchange-traded fund). ETHR has closed its initial offering of units and will begin trading on the Toronto Stock Exchange today under the ticker symbols: ETHR and ETHR.U. As an immediate value opportunity for investors, Evolve is waiving the full 0.75-per-cent management fee on ETHR until May 31, 2021.
Ticker Effective management fee*
ETHR (unhedged) 0%
ETHR.U (USD unhedged) 0%
* Following May 31, 2021, the effective management
fee of the Ether ETF will revert to 0.75 per cent
of net asset value, plus applicable sales taxes.
"The launch of the world's first Ether ETF provides investors with simple and efficient access to the second-largest cryptocurrency," said Raj Lala, president and chief executive officer at Evolve ETFs. "While bitcoin is often considered a store of value, Ether via the Ethereum blockchain provides a highly efficient and flexible platform to many different types of smart contracts and decentralized finance. We are very pleased to be working with CF Benchmarks and Gemini in bringing another cryptocurrency investment product to market. The Ether ETF helps round out Evolve's suite of crypto offerings and gives investors another option in the rapidly growing digital finance marketplace."
Ether ETF provides investors with exposure to the daily price movements of the U.S.-dollar price of Ether by utilizing the benefits of the creation and redemption processes offered by the exchange-traded fund structure. The daily net asset value will be calculated based on the CME CF Ether-dollar reference rate (ETHUSD-RR), a once-a-day benchmark index price for Ether denominated in U.S. dollars and administered by benchmark administrator CF Benchmarks Ltd.
Gemini will act as the subcustodian in respect of Ether ETF's holdings. Ether ETF will directly own Ether on the Ethereum blockchain, held in Gemini's off-line, cold-storage system and protected in accordance with industry-leading protocols.
"We are excited to partner with Evolve to help bring their Ether ETF to market. Gemini Fund Solutions is proud to support one of the world's first Ether ETFs by providing world-class clearing, trade execution and custody services," said Tyler Winklevoss, chief executive officer of Gemini. "The approval of the Ether ETF gives investors in Canada efficient and secure access to Ethereum, one of the world's top cryptocurrencies on one of the most innovative blockchains in the industry."
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