Purpose Investments Launches the World’s First Actively Managed and Covered Call Cryptocurrency ETFs

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Key Takeaways:

  • Purpose Investments launches the world’s first actively managed and covered call cryptocurrency ETFs: Purpose Bitcoin Yield ETF, Purpose Ether Yield ETF, and Purpose Crypto Opportunities ETF.
  • Today, the non-currency hedged units of the yield ETFs denominated in Canadian dollars will begin trading on the Toronto Stock Exchange (“TSX”).
Purpose Investments Launches The World'S First Actively Managed And Covered Call Cryptocurrency Etfs
Purpose Investments Launches the World’s First Actively Managed and Covered Call Cryptocurrency ETFs

The global crypto digital asset management leader introduces three new cryptocurrencies ETFs to assist investors in turning cryptocurrency volatility into opportunities for investor portfolios. Purpose Investments Inc. (“Purpose” or “Purpose”) announced today the launch of the world’s first covered call and actively managed cryptocurrency ETFs: Purpose Bitcoin Yield ETF, Purpose Ether Yield ETF, and Purpose Crypto Opportunities ETF.

The non-currency hedged units of the yield ETFs denominated in Canadian dollars will begin trading on the Toronto Stock Exchange (“TSX”) today under the tickers BTCY.B (Purpose Bitcoin Yield ETF) and ETHY.B (Purpose Ether Yield ETF). In addition, the ETF units, Canadian-dollar-denominated ETF non-currency hedged units, and U.S.-dollar-denominated ETF non-currency hedged units of Purpose Crypto Opportunities ETF will begin trading today under the tickers: CRYP, CRYP.B, and CRYP.U, respectively.
Purpose previously launched the Purpose Bitcoin ETF and Purpose Ether ETF, the world’s first Bitcoin ETF and Ether ETF, respectively, earlier this year.

Som Seif, Founder, and CEO at Purpose Investments says,

“We’re very excited to once again be a global leader in delivering high-quality new crypto solutions to investors by launching three new actively managed and options strategy yield cryptocurrency ETFs. With these ETFs, we aim to expand the ways investors can access crypto markets and generate the unique returns available in this emerging asset class. In addition, these products will complement our existing Bitcoin and Ether ETFs and provide a different form of return-and-risk profiles for investors.”

Purpose Bitcoin Yield ETF, the world’s first Bitcoin yield ETF, seeks to provide monthly distributions as well as long-term capital appreciation to unitholders. The fund’s investment objectives will be met primarily by obtaining exposure to Bitcoin and implementing a derivative-based strategy concerning portfolio securities.

The aim of the Purpose Crypto Opportunities ETF is to provide long-term capital appreciation to unitholders by investing primarily in digital assets and securities that offer exposure to digital assets. It will serve as the cryptocurrency ETFs’ manager and the portfolio manager for the Purpose Bitcoin Yield ETF and Purpose Ether Yield ETF. Purpose Crypto Opportunities ETF’s investment subadviser will be Neuberger Berman Canada ULC (“Neuberger Berman”).

Frank Maeba, Managing Director at Neuberger Berman, says that 

“Purpose is a strong partner of Neuberger Berman in Canada, and we are excited to be working together to launch the first actively managed crypto ETF in the world. We look forward to providing investors access to a differentiated opportunity set while also managing downside risks in this new asset class.”

Purpose Investments intends to introduce new ETF classes for the Purpose Bitcoin Yield ETF and Purpose Ether Yield ETF later this week. In addition, on December 1, mutual fund units will be available for all three ETFs. 

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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