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There are two main reasons to doubt bitcoin’s viability as an investment. Both are weaker than you might think.Benoit Tessier/Reuters

Evolve Funds Group Inc. has filed a preliminary prospectus in hopes of launching Canada's first cryptocurrency exchange-traded fund.

The ETF would give Canadian retail investors a way to tap into the bitcoin market, the world's first decentralized currency, through an actively managed TSX-listed fund, said Evolve's CEO and president Raj Lala. The ticker would be, appropriately enough, BITS.

"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 Mr. Lala. "An ETF tied to the price of Bitcoin could be a simpler way for investors to participate in its growth."

Several firms in the U.S. have attempted to launch bitcoin ETFs, but none of the filings have been able to gain approval from regulators.

If approved, BITS will invest directly or indirectly in CBOE bitcoin futures - which will be launched by the Chicago Board Options Exchange - and other financial instruments and derivatives.

The management fee for the ETF is 0.80 per cent.

Evolve Funds entered the market last June. During that time, Mr. Lala told the Globe and Mail in an interview he would look at approximately 20 segments of the market that were not well covered, or not being covered at all.

Since then the company has expanded its product shelf to incorporate several niche products new to the Canadian market, including ETFs that invest in gender diversity, cybersecurity and the next generation of automobiles.

Evolve Cyber Security Index ETF (CYBR) and Evolve North American Gender Diversity Index ETF (HERS) began trading Wednesday on the TSX. In addition to BITS, other ETFs in the pipeline include: Evolve Automobile Innovation Index ETF (CARS), Evolve US Banks Enhanced Yield ETF (CALL) and Evolve Global Healthcare Enhanced Yield ETF (LIFE).

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