Evolve launches levered crypto ETFs as Dynamic, Mackenzie, and TD adjust fund lineups
Evolve Funds Group and TD Asset Management announced new fund offerings and distributions, while 1832 Asset Management proposed fund mergers and Mackenzie Investments is terminating select ETFs.
Evolve Funds Group Inc. has launched Canada's first levered bitcoin and ether ETFs.
The Evolve Levered Bitcoin ETF (LBIT) and Evolve Levered Ether ETF (LETH) have completed their initial offering and will trade on the Toronto Stock Exchange under LBIT (CAD), LBIT.U (USD), LETH (CAD), and LETH.U (USD).
These funds promise to provide 1.25 times the daily price movement of bitcoin and ether in US dollars using leverage.
1832 Asset Management L.P., manager of Dynamic Funds, has proposed mergers for several funds to streamline its lineup.
- The Dynamic Credit Spectrum Fund will merge into the Dynamic Active Credit Strategies Private Pool
- The Dynamic European Equity Fund into the Dynamic International Dividend Private Pool
- The Dynamic Blue Chip Equity Fund into the Dynamic Global Equity Fund.
- The Dynamic Active Retirement Income ETF will merge into the Dynamic Retirement Income Fund
Some mergers require securityholder approval, with meetings scheduled for June 18. Fee reductions for select funds and a change in the investment objective of the Dynamic Strategic Resource Class are also planned.
Mackenzie Investments will terminate the Mackenzie Global Sustainable Dividend Index ETF (MDVD/MDVD.U) on June 4. The ETF will cease trading and be delisted from the TSX, with net asset proceeds distributed to unitholders.
Mackenzie will also redeem all outstanding USD units of the Mackenzie US Large Cap Equity Index ETF (QUU.U) on the same date. Notices will be sent to investors at least 60 days in advance.
