The fund behind the product has a history of this asset class. Toronto’s 3iQ launched one of the world’s first public Bitcoin funds in 2021, well ahead of US regulators who didn’t clear a comparable product until early 2024.
The fund crossed C$1 billion in assets under management — an interesting milestone in terms of how the overall Canadian ETF market compares to its neighbor to the south.
Now 3iQ is back, this time with a big bank on its side. Dynamic Funds, the asset management arm of Scotiabank, announced Wednesday the Dynamic Active Multi-Crypto ETF.
The fund trades on Cboe Canada under the ticker DXMC and gives investors regulated access to Bitcoin, Ether, Solana and XRP through a traditional exchange-listed product – no crypto wallets, private keys or exchange accounts required.
Scotiabank. Photo by Can Pac Swire from Flickr
Cutting fees before starting a business will attract attention
Before the fund even recorded a full day of trading, it was already drawing attention for its price tag. Dynamic has set a management fee of 0.25%, down from the original 0.45%, and has locked in the rate until March 1, 2027.
Scotia Bank today launched an active crypto ETF selection in Canada. It is worth noting that from BC the first bank there to enter the game and pay is only 25 bps, which is very low for active and Canadian. Holds big cryptos but also has 10% equivalent. pic.twitter.com/Vn6vpKre68
— Eric Balchunas (@EricBalchunas) March 4, 2026
Bloomberg ETF analyst Eric Balchunas noted the number publicly, calling it a competitive environment.
Cryptocurrencies have become more attractive among investors who want broad exposure without having to choose individual tokens.
Instead of buying and holding each individual asset on different platforms, an ETF manages it all within a familiar and manageable package. For retail investors in particular, this simplicity carries weight.
Asset selection also shows something. Bitcoin and Ether are the instruments in most institutional crypto products. Solana and XRP are more recent additions to this tier.
XRP in particular has been embroiled in a high-profile legal dispute with US securities regulators for years – a battle that has cast a long shadow over its institutional standing.
Its inclusion here suggests that, at least in Canada, this shadow has been raised enough to pass a bank’s eligibility review.
Change of ownership in the next chapter of 3iQ
Start time will be noted. Japanese cryptocurrency exchange Coincheck recently agreed to buy 3iQ for about $112 million in equity, according to reports.
The deal is not yet closed and is expected to close in the second quarter of this year. How the ownership transition will affect 3iQ’s existing partnerships, including the partnership with Dynamic Funds, remains to be seen.
Canada approved Bitcoin ETFs a few years before the US, and the market has since expanded to include spot Ether products and a number of other digital asset funds that are listed on exchanges such as the Toronto Stock Exchange and Cboe Canada.
Scotiabank’s entry adds another major financial institution to the list, expanding the pool of Canadians who can access crypto through their standard brokerage accounts without leaving the regulated system.
Featured image from Unsplash, chart from TradingView
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