Pile of cryptocurrency coins
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Toronto-based Evolve Funds Group Inc. has filed a preliminary prospectus for a new cryptocurrencies ETF, the firm said in a release on Wednesday.

The Evolve Cryptocurrencies ETF will provide investors with indirect exposure to certain cryptocurrencies selected by the fund’s manager, weighted on a market capitalization basis and rebalanced monthly, the release said.

The fund will initially invest in two Evolve crypto funds launched earlier this year, Bitcoin ETF and Ether ETF. With combined assets of more than $160 million, those two funds provide exposure to the daily price movements of the U.S.-dollar price of Bitcoin and Ether, respectively.

If and when Evolve has other cryptocurrency ETFs available, they may be added to the new fund at the manager’s discretion, making the new fund “a potential turnkey solution for cryptocurrency investing,” said Raj Lala, president and CEO of Evolve ETFs, in the release.

The applicable management fees will be those of the underlying funds. Currently, Bitcoin ETF and Ether ETF each have a management fee of 0.75% of net asset values, plus sales taxes.

The Evolve Cryptocurrencies ETF will offer both U.S.-dollar- and Canadian-dollar-denominated unhedged units. It won’t use leverage nor pay regular cash distributions.