Canada’s ETF market is about to get a bit of a, shall we say, sparkle as Evolve Funds decides it’s time to throw a leveraged crypto party. 🎉
For quite some time, Canada’s crypto exchange-traded fund scene has been as appealing as a damp biscuit, with investors hopping across the border to the U.S. where the grass is greener, the fees are lower, and the spot Bitcoin ETFs are as plentiful as squirrels in a park.
Now, Evolve Funds is ready to wave its magic wand and bring those investors back — with a generous helping of leverage.
The Toronto-based firm, not content with just sitting on its hands, has filed a preliminary prospectus to launch Canada’s first leveraged crypto ETFs. If the powers that be give the green light, the Evolve Levered Bitcoin ETF and Evolve Levered Ether ETF will offer a tantalizing 1.25x exposure to Bitcoin (BTC) and Ethereum (ETH). It’s not quite the 2x leverage you might find in the U.S., but hey, at least it’s not using derivatives. 🤷♂️
These funds will also rebalance monthly, not daily, which is a bit like updating your will every New Year’s Eve instead of every time you sneeze. But it’s a start, right?
Crypto ETFs have had a rather rough 2024 in Canada. Outflows have been as constant as the rain in April, with investors pulling over C$1.1 billion from these funds, according to National Bank Financial. Much of that money has found its way to the U.S., where spot Bitcoin ETFs launched in January 2024, much to the delight of American investors and the chagrin of their Canadian counterparts.
Earlier this year, the Canadian government, always keen to keep a watchful eye on things, raised concerns about the growing use of cryptocurrencies in the illicit opioid trade, particularly in the trafficking and production of fentanyl and other synthetic drugs. According to the Financial Transactions and Reports Analysis Centre of Canada, digital assets, including stablecoins, are being used to facilitate international drug trade while bypassing traditional financial systems. It’s enough to make one wonder if the next big crypto trend will be a blockchain-based black market for baked beans. 🥬
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2025-02-04 15:11