Scotiabank has launched a new cryptocurrency exchange-traded fund (ETF) in partnership with digital asset manager 3iQ, giving Canadian investors exposure to several major digital assets in one fund.
Dynamic Funds, the bank’s asset management arm, introduced the Dynamic Active Multi-Crypto ETF, which will trade on Cboe Canada under the ticker DXMC. The actively managed fund provides exposure to Bitcoin, Ether, Solana and XRP.
The ETF charges a 0.25% management fee, reduced from the original 0.45% until March 1, 2027, making it one of the more competitively priced crypto ETFs on the market.
Multi-asset crypto ETFs allow investors to gain exposure to a basket of digital assets through a single regulated product traded on a traditional stock exchange. This removes the need to buy and store cryptocurrencies directly on crypto exchanges.
Canada has been an early adopter of crypto ETFs. Asset manager 3iQ launched one of the world’s first publicly traded spot Bitcoin funds in the country in 2021, years before similar products were approved in the United States.
The Canadian crypto ETF market has since expanded to include spot Ether funds and other digital asset products listed on exchanges such as the Toronto Stock Exchange and Cboe Canada.
Featured image from: cointelegraph.com