After the approval of the world’s first-ever Bitcoin Exchange-Traded Fund being launched at the Bermuda Stock Exchange (BSX) by the regulated Brazilian fund manager Hashdex in collaboration with Nasdaq, the cryptocurrency industry is going to witness the world’s first-ever Ethereum Exchange Traded Fund (ETF) very soon. However, Ethereum ETF will be launched on a Canadian stock exchange. The Ethereum exchange-traded fund is currently going through an Initial Public Offering (IPO).
The Ether Fund
Called “The Ether Fund”, an IPO of this exchange-traded fund will be launched by the Canada-based cryptocurrency asset management firm 3iQ next week on the Toronto Stock Exchange (TSX). The Ether Fund will be available on this Canadian stock exchange under the QETH.U ticker. With the launch of this fund in Canada, the residents of the country will be able to access the world’s second-largest cryptocurrency by market cap Ether in the form of an Exchange-Traded Product.
As announced by 3iQ Corp, the maximum size of the offering that has been specified for the launch is more than $107 million. While on the other hand, the minimum size of the offering is $20 million, said the asset management firm. As revealed in the announcement, the 10th of December 2020 is the closing date for this offering.
Reportedly, the crypto asset management firm 3iQ will be the portfolio manager as well as the investment manager of this exchange-traded fund. While disclosing more information regarding the fund, they said, “the syndicate of agents for the Offering is being led by Canaccord Genuity Corp. and includes Richardson Wealth Limited, Echelon Wealth Partners Inc., Leede Jones Gable Inc., Mackie Research Capital Corporation and PI Financial Corp.”
While announcing the news on the 3rd of December, 3iQ said that it has received a receipt for this exchange-traded fund’s final prospectus.
Investment objectives of the fund
Furthermore, the firm outlined various investment objectives of this fund. First of all, this exchange-traded fund will offer investors an opportunity to build exposure to Ether (ETH) the native digital currency of the world’s second-largest blockchain network. And they will also be able to keep an eye on ETH’s daily price movements.