Calgary-based Accelerate Financial Technologies Inc. has filed a preliminary prospectus for a Bitcoin ETF.
The fund, which has a management fee of 0.7%, will invest in derivatives with exposure to Bitcoin, according to the ETF’s preliminary fund facts.
“Given Bitcoin’s historical track record and future potential, along with its portfolio diversification properties, we are looking forward to offering investors exposure to the asset class in an easy-to-use, low-cost ETF,” said Julian Klymochko, Accelerate’s founder and CEO, in a release.
Accelerate has applied to list the fund on the Toronto Stock Exchange (TSX). The TSX has yet to approve the listing application.
Horizons ETFs Management (Canada) Inc. and Evolve Funds Group both filed preliminary prospectuses for their own Bitcoin ETFs in January.
The Horizons BetaPro Bitcoin ETF will trade in Bitcoin derivates following the Horizons Bitcoin Front Month Rolling Futures Index, which is based on the Chicago Mercantile Exchange Inc. (CME) bitcoin futures contracts.
The Evolve ETF will invest directly in Bitcoin with prices based on the CME CF Bitcoin Reference Rate, a once-a-day benchmark denominated in U.S. dollars.