A new ETF launched in Canada will allow investors to gain exposure to both bitcoin and ethereum

• Evolve ETFs has launched the first multi-cryptocurrency ETF that includes both bitcoin and ether.
• The Evolve Cryptocurrencies ETF currently has about 68% of its holdings in bitcoin and 32% in ether.
• The ETF began trading on the Toronto Stock Exchange on Wednesday.
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Investors seeking diversification in the cryptocurrency market can now buy a cryptocurrency ETF that holds both bitcoin and ether. The ETF trades on the Toronto Stock Exchange.

The Evolve Cryptocurrencies ETF is a market-cap weighted crypto fund that holds both bitcoin and ether. The fund currently has about 68% of its holdings in bitcoin and 32% in ether. Bitcoin and ether combined make up about 65% of the total cryptocurrency market.

The new ETF will be rebalanced monthly, does not utilize leverage, and will not pay distributions. It will gain exposure to bitcoin and ether by holding the Evolve Bitcoin ETF (EBIT) and the Evolve Ether ETF (ETHR). While there's no management fee, the underlying ETFs held in the fund do have a 0.75% management fee.

"EBIT and ETHR provide investors with exposure to the daily price movements of the US dollar price of Bitcoin and Ether, respectively, by utilizing the benefits of the creation and redemption processes offered by the exchange traded fund structure," Evolve said in a press release.

The creation and redemption process is the underlying plumbing of ETFs that allow them to be more transparent, less costly, and more tax efficient than mutual funds.

In the first day of trades, the Evolve Cryptocurrencies ETF has amassed a paltry $2.1 million in assets. Evolve ETF's two other cryptocurrency funds have about $181 million in combined assets under management, according to the firm's website.

While Canada's crypto ETF market gets off its feet, US investors still have few options in gaining exposure to cryptocurrencies besides buying them outright, as SEC Chairman Gary Gensler continues to seek strict regulations for the crypto market.