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One of the world’s first Ether ETFs to pay out a monthly dividend yield—the Purpose Ether Yield ETF (TSX:ETHY)—has launched on Canada’s Toronto Stock Exchange (TSX). You’ll need a Canadian stock trading account to buy in.
The Purpose Crypto Opportunities ETF began trading on Thursday December 2, 2021 in Canada under the ticker symbols TSX:ETHY, TSX:ETHY.B and TSX:ETHY.U. The ETHY.B fund is Canadian dollar denominated while the TSX:ETHY.U version is US dollar denominated. Neither option is currency hedged.
Launched by Purpose Investments and headed by CEO/founder Som Seif, the fund is designed to give investors exposure to the digital currency by investing indirectly in long-term holdings of Ether.
It’s worth noting that other blockchain or “Bitcoin-themed” ETFs do exist, however, these track companies with exposure to digital currencies, rather than physical/digital Bitcoin. Similar to the Purpose Bitcoin Yield ETF (BTCY), ETHY is one of the first direct custody crypto ETFs that will regularly pay out dividends.
There are also several cryptocurrency funds available in Europe that behave similarly to ETFs. To check out other Bitcoin-related ETFs, check out our cryptocurrency ETF guide.
To find out more about ETFs, you can head to our guide on how to invest in exchange traded funds or click on the video below.
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