Canada’s first and largest digital asset fund manager 3iQ launches two crypto ETFs in Australia with the lowest fee structure presently available in the country.
The 3iQ CoinShares Bitcoin Feeder ETF with the ticker BT3Q, and the 3iQ CoinShares Ether Feeder ETF with the ticker ET3Q has begun trading on Cboe. The ETFs uses 3iQ’s deep level of experience in managing funds invested in cryptocurrencies.
Last month it was reported that 3iQ is headlining the crypto ETF race in Australia, and now it became a reality by registering as Australia’s first cryptocurrency ETF.
The ETFs will serve as a “feeder fund” for the 3iQ CoinShares Bitcoin ETF and 3iQ CoinShares Ether ETF in Canada.
This gives a dual-regulated fund structure with the Australian ETFs subject to regulation in Australia, and the Underlying ETFs subject to regulation in Canada.
The funds provide daily exposure to the investors about the underlying crypto assets as well as its price movement in US dollars, and 3iQ presently boasts the lowest tracking errors among digital asset-based ETFs in Canada.
The Trust Company Services Limited is chosen as the ‘Responsible Entity’ for 3iQ’s Bitcoin ETF and Ether ETF.
With a total management expense ratio of 1.20%, 3iQ lists both the ETFs with the lowest fee structure accessible in the country. 3iQ is also waiving the management cost for three months.
The Underlying ETFs invest in long-term holdings of bitcoin and ethereum, respectively, purchased by 3iQ-vetted bitcoin/ether exchanges and OTC trading counterparties.
Investing in these two ETFs avoids the need for investors to set up digital asset wallets in order to gain exposure to BTC & ETH, as well as providing them with a high-quality custodian service to manage crypto security procedures.
Fred Pye, Chairman and CEO of 3iQ stated “We are delighted to launch the 3iQ CoinShares Bitcoin Feeder ETF and the 3iQ CoinShares Ether Feeder ETF on the Cboe today. Our ETFs give retail and institutional investors regulated access to the digital asset market, providing a safer alternative to a direct investment in cryptocurrencies.”
