TORONTO, March 2, 2021 – Evolve Funds Group Inc. (“Evolve”) is pleased to announce that it has filed a preliminary prospectus with the Canadian securities regulators for the Ether ETF (“ETHR” or “the Fund”). ETHR is designed to provide investors with exposure to Ether, currently the world’s second-largest cryptocurrency by market capitalization.
“As a leader in disruptive innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure,” says Raj Lala, President and CEO, at Evolve. “Cryptocurrencies are fundamentally transforming digital finance and Evolve is quickly establishing itself as a leading facilitator for investing in this space. Ether is a digital asset that is not issued by any government, bank or central organization and was intended to complement rather than compete with bitcoin.”
The investment objective of ETHR is to provide investors with exposure to the daily price movements of the U.S. dollar price of Ether while experiencing minimal tracking error by utilizing the benefits of the creation and redemption processes offered by the exchange traded fund structure. The Fund’s portfolio will be priced based on the ETHUSD_RR, a once-a-day benchmark index price for Ether denominated in U.S. dollars and administered by benchmark administrator, CF Benchmarks. The ETHUSD_RR is also currently the settlement index for futures contracts listed by CME Group.
ETHR intends to invest in Ether on a passive basis, the Fund’s holdings will not be actively managed and accordingly, will not be hedged or repositioned to attempt to take defensive positions if the price of Ether declines or is expected to decline. ETHR will not seek exposure through derivatives and does not intend to pay regular cash distributions.
“Ether is the building block for a revolution in digital finance which is still in its infancy,” says Elliot Johnson, Chief Investment Officer and Chief Operating Officer, Evolve ETFs. “All Ether transactions are recorded on the Ethereum computer network, which is a decentralized, open-source blockchain featuring smart contract functionality. Ethereum is the most actively used blockchain with Ether being used to pay for transaction fees and computational services.”
ETHR will offer U.S. dollar denominated unhedged units (“USD Units“) and Canadian dollar denominated unhedged units (“CAD Units“). ETHR does not seek to hedge any foreign currency exposure in respect of either the USD Units or the CAD Units.
About Evolve Funds Group Inc.
With approximately $1.7 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.
A preliminary prospectus containing important information relating to securities of the ETF has been filed with the securities commissions or similar authorities in all provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. A copy of the preliminary prospectus is available on SEDAR (www.sedar.com). There will not be any sale or acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. Commissions, management fees, expenses and applicable sales taxes all may be associated with an investment in the exchange traded funds managed by Evolve Funds Group Inc. (the “ETFs”). ETFs are not guaranteed, their values change frequently and past performance may not be repeated.
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.
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