Galaxy Leading the Ether ETF Race with Lowest Fees; Purpose Amasses Nearly 11k ETH

All three of the Ethereum exchange-traded funds made their debut on the Toronto Stock exchange on Tuesday.


While the US has yet to approve a single Bitcoin exchange-traded fund, Canada has launched several and has now moved to Ethereum.

Not one but three Ether ETFs made their debut trading on the Toronto Stock exchange on Tuesday.

Purpose Investments, CI Global Asset Management, and Evolve Funds Group are the Canada-based asset managers who received approval from the Ontario Securities Commission last week.

These three firms also launched the Bitcoin ETFs, with the Purpose Bitcoin ETF (BTCC) being the first one in North America, which has amassed 18,525 BTC in just over two months.

The Purpose Ether ETF, the CI Galaxy Ethereum ETF, and the Evolve Ether ETF all three provide exposure to the price of the second-largest crypto ETH without owning the crypto asset itself.

Purpose charges a 1% management fee, and its product ETHH has accumulated 10,902 ETH already, worth CAD 33.33 million ($26.65 million).

“While bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” Som Seif, founder and CEO of Purpose Investments said in a statement.

Evolve and CI have waived off their management fees until May 31 and June 15, respectively. The former charges 0.75%, and the latter charges 0.40% of the net asset value, NAV.

Evolve’s ETF (ETHR) has gathered about $2.769 million in assets under management (AUM).

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