18 May 2021

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Kimberly Yip Woon Sun

Canadian ETFs: April’s Launches and Terminations

18 May 2021

Cryptocurrency flooded the Canadian ETF market this month with fifteen ETF listings. The World’s first Ethereum ETFs hit the industry on April 20th. Shortly after, multiple other providers issued their own Ether ETF, some racing to attract investors by waving management fees. 

Investors can choose between CI Galaxy Ethereum ETF, Evolve Ether ETF, Purpose Ether ETF and the 3iQ CoinShares Ether ETF. CI Galaxy waived the full 0.40% management fee on the ETF until June 15, 2021 while Evolve ETFs waived the full 0.75% management fee on the Ether ETF until May 31, 2021. Purpose Ether ETF and 3iQ CoinShares Ether ETF each charge management fees of 1%. 

As interest in this asset classurge, Horizons ETFs introduced the BetaPro Bitcoin ETF (“HBIT-T”) and the BetaPro Inverse Bitcoin ETF (“BITI-T”)HBIT and BITI provide long and short exposure to Bitcoin through the use of futures contracts and derivatives. These instruments cater to investors who want to bet on the direction of the volatile digital coin. HBIT charges management fee of 1% and BITI charges a management fee of 1.45%. 

In other new launches, Horizons ETFs introduced the Horizons Global BBIG Technology ETF (“BBIG-T”). The ETF tracks the Solactive Global BBIG Index, which is designed to provide exposure to the performance of publicly listed large-cap and mid-cap global equities in the following industries: secondary battery, biotechnology, internet, and gaming – represented by the acronym, BBIG. 

CI Global Asset Management has merged the following ETFs:

Unitholders of each Terminating ETF have received units of the Continuing ETF based on the stated exchange ratio, as set out in the table above, for each unit of the Terminating ETF held as at April 16, 2021. 

 

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