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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.
