Evolve Funds Group has chosen Gemini to act as custodian for its two newly launched leveraged exchange traded funds.
The Canadian fund group, which boasts £3.8bn (CAD 7bn) in assets, launched its “Levered Bitcoin” and “Levered Ether” ETFs on Tuesday (18 March).
Gemini Trust Company – the digital assets exchange and custodian founded by Cameron and Tyler Winklevoss – confirmed it had been chosen to safeguard the assets.
“We will serve as the custodian to the Evolve Levered Bitcoin ETF and Evolve Levered Ether ETF,” a Gemini spokesperson said in a statement.
“Both ETFs offer investors leveraged exposure to the dynamic world of crypto. As Canada’s first modestly leveraged crypto ETF offerings available to retail investors, these products exemplify the spirit of innovation that defines today’s rapidly changing digital assets industry.”
Gemini said the launch of leveraged crypto ETFs represent “an exciting advancement” for the digital assets industry.
“These products will play a central role in driving broader adoption of digital assets by offering innovative, regulated investment solutions,” the spokesperson said.
“We’re proud to support Evolve in this venture, and we look forward to partnering on future initiatives that continue to bridge the gap between the rapidly evolving digital asset landscape and mainstream financial markets.”
The Evolve Levered Bitcoin ETF is designed to provide investors with exposure to 1.25x the daily price movements of the US dollar price of Bitcoin with minimal tracking error.
The Evolve Levered Ether ETF offers investors exposure to 1.25x the daily price movements of the US dollar price of Ether with a low tracking error by investing in other publicly offered investment funds.
Toronto-based investment house, Evolve, launched its first ETF in September 2017 and has since amassed a suite of funds that include index-based income strategies and long term investment themes.
