Second Ethereum ETF Filed in Canada

A second preliminary prospectus for an ether exchange-traded fund (ETF) has been filed Tuesday by Evolve Funds Group in Canada.

In an announcement, the firm said it has filed a preliminary prospectus with the Canadian securities regulators for the ETF that, if approved, would give investors exposure to the daily price movements of the U.S. dollar price of ether.

On Thursday, CI Global Asset Management filed a preliminary prospectus in Canada for what would be, if approved, the world’s first ether ETF.

Back in February, the Ontario Securities Commission approved Evolve’s bitcoin ETF, which became the second such product to be approved in Canada and is now trading on the Toronto Stock Exchange. The first ETF to be approved by regulators was Purpose Investment’s bitcoin ETF, which was launched on Feb. 19.

Read more: Canada’s CI Global Files for What Would Be World’s First Ether ETF

“Ether is the building block for a revolution in digital finance which is still in its infancy,” said Elliot Johnson, chief investment officer and chief operating officer at Evolve ETFs. “Ethereum is the most actively used blockchain, with ether being used to pay for transaction fees and computational services.”

Evolve’s ether ETF portfolio would be priced based on the “ETHUSD_RR,” which is 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 the settlement index for futures contracts listed by CME Group.