Canada’s February ETF Sales Surge On Newly Launched Crypto ETFs

March 23, 2021 03:22 AM AEDT | By Shreya Biswas

Google News:

Canada’s February ETF Sales Surge On Newly Launched Crypto ETFs

Recent News

Populous Acquires Fentress Architects, Expanding Global Aviation Portf...

Carney launches ‘One Canadian Economy’ Act to unify trade, approvals

Trump signs orders to enhance drone defenses, support supersonic trave...

US job growth in May tops forecasts, but Macquarie warns cracks are em...

Source: DedMityay, Shutterstock

Summary

Of the C$ 5.8 billion that Canadian exchange-traded funds (ETFs) secured in net sales for the month of February, about C$ 1 billion is said to be coming into the newly launched cryptocurrency bitcoin funds, as per National Bank Financial data.

Toronto-headquartered company Purpose Investments Inc opened the first Bitcoin ETF in North America last month.

The TD Global Technology Leaders Index ETF, which gives exposure to tech giants like Apple Inc and Amazon, earned the status of being the biggest-selling specialty ETF in February with C$ 950 million in flows.

Of the C$ 5.8 billion that Canadian exchange-traded funds (ETFs) secured in net sales for the month of February, about C$ 1 billion is said to be coming into the newly launched cryptocurrency bitcoin funds, as per National Bank Financial data.

Toronto-headquartered company Purpose Investments Inc opened the first Bitcoin ETF in North America last month, shortly followed by peer Evolve Funds Group Inc’s 25 per cent cheaper ETF.

The TD Global Technology Leaders Index ETF, which contain to tech giants such as Apple Inc (NASDAQ:APPL) and Amazon (NASDAQ:AMZN, reportedly sold the most specialty ETFs in February. Purpose Bitcoin ETF’s Canadian dollar version is said to have come in second.

©Kalkine Group 2021

The findings published by the Investment Funds Institute of Canada (IFIC) on Friday, March 19, on the other hand, show that Canada’s ETF assets summed up to C$ 269.2 billion by the end of February. The assets were up by C$ 9.4 billion or 3.6 per cent month-over-month (MoM), as per the survey.

The report pointed that mutual fund assets amounted to C$ 1.81 trillion in February-end, up by C$ 34.8 billion or two per cent MoM. Its net sales stood at C$ 17.5 billion for the month.

Canada’s Bitcoin ETFs

Asset management firm Purpose Investments Inc launched the Purpose Bitcoin ETF on the Toronto Stock Exchange (TSX) in Canada on February 18, clocking a single-day volume of 9.65 million shares. In March so far, the ETF has surged by over 20 per cent, hitting a 52-week high of C$ 11.19. The fund currently posts a 30-day average share trading volume of over two billion.

Launched just a day after Purpose Bitcoin ETF, the Evolve Bitcoin ETF climbed about 22 per cent in March so far.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.