Bank and asset manager 3iQ introduces an actively managed crypto ETF to Canadian investors, offering Bitcoin, Ether, Solana and XRP at a competitive price of 0.25%.
Scotiabank, one of Canada’s top five banks by assets, has launched a new cryptocurrency exchange-traded fund in partnership with digital asset manager 3iQ, highlighting growing institutional acceptance in a market that approved bitcoin spot ETFs years before the United States.
Dynamic Funds, the asset management arm of Scotiabank, launched the Dynamic Active Multi-Crypto ETF on Wednesday. The liquid alternative fund trades on Cboe Canada under the ticker DXMC, giving investors exposure to several digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP).
Bloomberg ETF analyst Eric Balchunas described the launch as competitive from a fee perspective. Dynamic said it has reduced the fee from 0.45% to 0.25% until March 1, 2027.
Multi-asset crypto ETFs are gaining popularity because they offer investors access to a basket of digital assets in a single fund. Instead of buying separate tokens on cryptocurrency exchanges, investors can access multiple assets through a single regulated product traded on a traditional exchange.
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Canada’s first leader in crypto ETFs
While ETFs dominated the conversation in the United States, especially after regulators approved nearly a dozen Bitcoin ETF slots in early 2024, Canada was actually a leader in the asset class, with companies like 3iQ in charge.
The asset manager launched one of the first global Bitcoin exchange-traded funds in Canada in 2021, years before the US Securities and Exchange Commission approved a similar product. The fund soon surpassed C$1 billion in assets under management, a significant milestone in that country’s smaller ETF market.
Canada has since expanded its crypto ETF market to include Ether (ETH) spot funds and other digital asset products listed on exchanges such as the Toronto Stock Exchange and Cboe Canada, giving investors regulated exposure to several major cryptocurrencies.
As Cointelegraph previously reported, 3iQ was recently acquired by Japanese cryptocurrency exchange Coincheck for $111.84 million. The contract is expected to be completed in the second quarter of this year.
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