The approval was given to Purpose Investments and CI Global Asset Management, where the former will be the manager of Purpose Ether ETF and the latter as a consultant of Ether Capital Corporation. Gemini will act as sub-custodian for the ETH that will be kept in cold storage, with CIBC Mellon Global Securities being the fund administrator.
CI Galaxy Ethereum (ETH) ETF will be launched at Toronto Stock Exchange on April 20 by the CI Global Asset Management.
Canada, a little over two months ago, approved the Purpose Bitcoin (BTC) ETF holding 10,064 BTC in its first week of trading.
In the U.S., approvals for Bitcoin ETF have been piling up in numbers, aligning with the hope that new Securities and Exchange Commission Chief Gary Gensler might change the perspective of the regulatory agency towards the new investment product.
Purpose Investments CEO and Founder Som Seif said the Ether and Ethereum ecosystem presents one of the most exciting new technology visions in society today and by offering its first ETF in the world, they are providing a unique opportunity to investors to explore this new landscape.
The design of Purpose ETF is set to provide investors exposure through direct investments in physically settled Ether.
The Exchange Traded Fund will have three classes of units, namely: Canadian Dollar Currency Hedged Units (ETHH), Canadian Dollar Non-Currency Hedged Units (ETHH.B) and U.S. Dollar with Ticker Units (ETHH.U). TradeBlock is the index provider for Purpose.
CI Galaxy Ethereum, on the other hand, will trade in Canadian dollars (ETHX.B, unhedged) and in U.S. dollars (ETHX.U).
Image courtesy of Cointelegraph News/YouTube
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