Global crypto digital asset management leader launches three new cryptocurrency ETFs to help investors turn the volatility of cryptocurrency into opportunities for investor portfolios
Purpose Investments Inc., announced the launch of the world’s first covered call and actively managed cryptocurrency ETFs: Purpose Bitcoin Yield ETF, Purpose Ether Yield ETF, and Purpose Crypto Opportunities ETF.
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The Canadian-dollar-denominated ETF non-currency hedged units of the yield ETFs will begin trading on the Toronto Stock Exchange (“TSX”) under the tickers: BTCY.B (Purpose Bitcoin Yield ETF) and ETHY.B (Purpose Ether Yield ETF). The ETF units, Canadian-dollar-denominated ETF non-currency hedged units, and U.S.-dollar-denominated ETF non-currency hedged units of Purpose Crypto Opportunities ETF will begin trading today under the tickers: CRYP, CRYP.B, and CRYP.U, respectively. These launches follow 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’re very excited to once again be a global leader in delivering high-quality new crypto solutions to investors by launching three new actively managed and option strategy yield cryptocurrency ETFs,” says Som Seif, Founder and CEO at Purpose Investments. “With these ETFs, we aim to expand the ways investors can access crypto markets and generate the unique returns available in this emerging asset class. These products will complement our existing Bitcoin and Ether ETFs and provide a different form of return-and-risk profiles for investors.”
Purpose Bitcoin Yield ETF, the world’s first Bitcoin yield ETF, seeks to provide unitholders with monthly distributions and long-term capital appreciation. The fund will achieve its investment objectives primarily by obtaining exposure to Bitcoin and by implementing a derivatives-based strategy in respect of portfolio securities.
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Purpose Ether Yield ETF, the world’s first Ether yield ETF, seeks to provide unitholders with monthly distributions and long-term capital appreciation. The fund will achieve its investment objectives primarily by obtaining exposure to Ether and implementing a derivatives-based strategy in respect of portfolio securities.
Purpose Crypto Opportunities ETF, the world’s first actively managed cryptocurrency ETF, seeks to provide unitholders with long-term capital appreciation by investing primarily in digital assets and securities that provide exposure to digital assets.
Purpose will act as manager of the cryptocurrency ETFs and portfolio manager for Purpose Bitcoin Yield ETF and Purpose Ether Yield ETF. Neuberger Berman Canada ULC (“Neuberger Berman”) will act as the investment subadvisor for Purpose Crypto Opportunities ETF.
“Purpose is a strong partner of Neuberger Berman in Canada, and we are excited to be working together to launch the first actively managed crypto ETF in the world,” says Frank Maeba, Managing Director at Neuberger Berman. “We look forward to providing investors access to a differentiated opportunity set while also managing downside risks in this new asset class.”
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