Canada’s pioneering stance regarding exchange-traded funds, or ETFs, has now further been reinforced thanks to the country’s approval of three more funds of the same kind all in one day. Fresh off having the honors of becoming the very first ever to approve a Bitcoin ETF earlier this year, Canada now seems to be moving to the next crypto on the list, as the three approved funds are all Ethereum ETFs.
As per the announcement, Purpose Investments, CI Global Asset Management, and Evolve ETFs are the particular companies behind the approved trio of ETFs. They will all be available for use as early as Tuesday next week. Notably, these are the same organizations behind the already thriving Bitcoin ETFs within the Toronto stock exchange (TSX).
Purpose Investments founder, Som Seif, states that although Bitcoin gets the most attention, what Ethereum brings into the fold is extremely exciting, and the whole society is now starting to take notice of it. He adds that it is their honor to launch the first Ethereum ETF in the world as it provides a brand-new viable way for investors to get access to Ether and all its technologies.
The announcement further notes that the Purpose ETF is specifically designed to enable its investors to access Ether by simply investing in physically-settled Ether.
The particular ETF is set to offer three class units, namely Canadian dollar currency-hedged units (ETHH), its counterpart (ETHH.B), and US dollar units with specific ticker units (ETHH.U).
While Canada has continuously been making waves regarding crypto ETFs, notably approving several of them now, many are still perplexed when the United States will ever approve even just one.