3 Ether ETFs Debut in Equity Markets: Here’s How They Performed

Summary

  • Three Canadian asset management firms, including Purpose Investments, Evolve Funds Group, and CI Global Asset Management, launched their respective Ether ETFs on Tuesday.
  • The three debutant ETFs received enthusiastic support from investors.
  • Ethereum’s token price up 212 per cent year-to-date.

After receiving Ontario Securities Commission’s nod, world’s first Ether Exchange Traded Funds (ETFs) started trading on the Toronto Stock Exchange this week. These ETFs closely track Ethereum’s performance to provide investors a parallel exposure to the second-largest crypto coin by market cap.

Ethereum’s token price has surged almost 12 per cent to US$ 2,300 apiece in the past 24-hours (noted at 2 AM ET). It is up 212 per cent year-to-date (YTD).

On April 20, three Canadian asset management firms, including Purpose Investments, Evolve Funds Group, and CI Global Asset Management launched their respective Ether ETFs on the TSX.

Let us delve into these crypto funds’ performances:

Purpose Ether ETF (TSX: ETHH.U)

Purpose consults with Ether Capital Corporation, a firm with competency in digital assets, to match the crypto coin’s performance. The asset manager already has a TSX-listed Bitcoin ETF with assets under management (AUM) worth nearly C$ 1.4 billion.

The Ether ETF had an impressive debut day, up 6.2 per cent to C$ 10.62 apiece, compared with its opening price of C$ 10 apiece. Its Bitcoin ETF also increased marginally by 1 per cent on April 20.

A total of 135,221 units exchanged hands on the first of trading, against its 100,000 listed units. 

Ether ETF (TSX: ETHR.U)

Evolve Funds Group Inc. holds C$ 1.8 billion in AUM, and the firm has been offering diversified ETFs since September 2017.  The fund delivers investors exposure to Ether’s daily price movement.

Similar to Purpose ETF, Evolve Funds’ Ether ETF gained 6.2 per cent on the very first day of trading. Its current price stands at C$ 10 per unit. Its 19,531 units traded versus 100,000 outstanding shares on Tuesday.

Image Source: Pixabay

CI Galaxy Ethereum ETF (TSX: ETHX.B)

This fund provides secure Ether storage and delivers sharp real-time trade changes in price value. CI Global Asset Management’s parent company, CI Financial Corp. (TSX: CIX), held C$ 240.6 billion in assets as of March 31, 2021.  

This crypto ETF outperformed above two Ether ETFs and soared as much as 8.1 per cent on Tuesday. Its current price is C$ 10.81 per unit against the listing price of C$ 10 apiece.

Galaxy Ethereum fund witnessed heavy trading. Over 920,000 units were traded, against its listed outstanding units of 100,000 on the TSX.


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