The worlds of finance and technology continue to intersect in Canada as the country moves towards providing more options for citizens to make money off the exploding markets of cybersecurity and cryptocurrency.
Evolve Funds Group Inc. is responsible for the latest tech and finance convergence as they officially launch a cybersecurity exchange-traded fund (ETF) on the TSX, along with filing a prospectus for a Bitcoin ETF.
A cybersecurity ETF allows Canadians the opportunity to invest in global companies working to prevent cyber-attacks, whether it be through hardware or software. You can find it on the TSX under the ticker CYBR for hedged units or CYBR.B for unhedged units. The ETFs will help Canadians gain exposure to new trends and industries.
“Many corporate CEOs and government officials mention that cyber risk is at the top of the list of items that keep them up at night,” stated Raj Lala, CEO of Evolve Funds. “Cybercrime costs the global economy over $3 trillion annually and is expected to rise. As cybercrime is constantly increasing and changing, the demand for cybersecurity services will most definitely increase as well – and that’s why we’re launching this first in Canada ETF.”
This will be a passively managed index fund that seeks to replicate the gains of its reference index, the Solactive Global Cyber Security Index Canadian Dollar Hedged.
For the new Bitcoin ETF Evolve Funds is hoping to launch, the preliminary prospectus sets out to prove that Canadians want access to decentralized currency without actually having to invest in crypto themselves.
“Accessing Bitcoin is not easy for many – it is a very complicated and expensive process as investors are currently unable to trade them in a regular brokerage account,” said Lala. “An ETF tied to the price of Bitcoin could be a simpler way for investors to participate in its growth.”
This new ETF will be traded as BITS and will look to replicate the performance of exposure to Bitcoin obtained through investments in CFE Bitcoin Futures.
“Bitcoin effectively marries currency with technology,” said Lala. “As more and more of the world goes digital, usage of cryptocurrencies could increase significantly in the coming years.”
Just this month, First Block Capital launched a Bitcoin Trust in Canada, but it is limited to accredited investors only.