Source: Purpose Investments
Purpose Investments Inc. (“Purpose Investments” or “Purpose”) today announced the filing of a preliminary simplified prospectus and annual information form with the Canadian securities regulators in connection with the proposed launch of the world’s first actively managed cryptocurrency ETFs: Purpose Crypto Opportunities ETF, Purpose Bitcoin Yield ETF, and Purpose Ether Yield ETF (collectively, the “Cryptocurrency ETFs”).
The filing follows Purpose’s launch of Purpose Bitcoin ETF and Purpose Ether ETF, the world’s first Bitcoin ETF and Ether ETF, respectively, earlier in the year.
“We see a lot of potential value in an active management approach to cryptocurrency investments, and we’re excited to take the first step globally to provide access to investors through public ETF vehicles,” says Vlad Tasevski, Chief Operating Officer and Head of Product at Purpose Investments. “We have been focused on democratizing access to cryptocurrency investing so that everyone can benefit from the potential of this emerging asset class. We will continue to take on a leadership role and ensure we’re providing investors with the highest quality and most practical solutions they need.”
Purpose Crypto Opportunities ETF seeks to provide unitholders with long-term capital appreciation by investing primarily in securities that provide exposure to digital assets. To achieve its investment objectives the fund will invest primarily in publicly listed securities (including investment funds) and derivative instruments that provide exposure to digital assets (including Bitcoin and/or Ether).
Purpose Bitcoin Yield ETF seeks to provide unitholders with (a) monthly distributions and (b) long-term capital appreciation. The fund will achieve its investment objectives primarily by obtaining direct and/or indirect exposure to Bitcoin and by implementing a derivatives based strategy in respect of portfolio securities.
Purpose Ether Yield ETF seeks to provide unitholders with (a) monthly distributions and (b) long-term capital appreciation. The fund will achieve its investment objectives primarily by obtaining direct and/or indirect exposure to Ether and by implementing a derivatives based strategy in respect of portfolio securities.
“The cryptocurrency markets are known for their volatility. We filed to launch these actively managed cryptocurrency ETFs to help investors benefit from active management by seasoned investment professionals who will be well-positioned to generate income, and manage risk and the volatility for investors,” says Greg Taylor, Chief Investment Officer of Purpose.
Purpose will act as manager of the cryptocurrency ETFs and portfolio manager for Purpose Bitcoin Yield ETF and Purpose Ether Yield ETF. Neuberger Berman Breton Hill ULC (“Neuberger Berman”) will act as the investment subadvisor for Purpose Crypto Opportunities ETF.
Purpose Investments is one of the largest digital asset managers in the world, with a robust and innovative product suite. The Purpose Bitcoin ETF is available in three ETF series, including Canadian dollar denominated ETF currency hedged units (TSX: BTCC), Canadian dollar denominated ETF non-currency hedged units (TSX: BTCC.B), U.S. dollar denominated ETF non-currency hedged units (TSX: BTCC.U), and mutual fund units. Likewise, the Purpose Ether ETF is available in mutual fund units and the same three ETF series, trading under the tickers: ETHH, ETHH.B and ETHH.U.
Purpose will also be launching the Purpose DeFi Opportunities Fund as a privately offered fund focused on providing exposure to the growing opportunities in decentralized finance and the unique DeFi investment universe.