~Fidelity Investments Canada ULC files preliminary prospectuses for new Bitcoin ETF and Bitcoin Mutual Fund~
TORONTO, Nov. 17, 2021 /CNW/ - Fidelity Clearing Canada ULC (FCC), a leader in trade execution, custody, back-office support and platform solutions, launched today a new institutional digital asset service. FCC is Canada's first Investment Industry Regulatory Organization of Canada (IIROC) regulated entity to offer this digital currency trading and custody solution dedicated for institutional investors, including mutual funds and exchange-traded funds. Leveraging this new platform, Fidelity Investments Canada ULC filed preliminary prospectuses for Fidelity Advantage Bitcoin ETF™ and Fidelity Advantage Bitcoin ETF Fund™.
With digital asset valuations reaching all-time highs and an increasing interest in alternatives, Canadian institutional investors are driving the demand to trade this emerging asset class on a reliable and secure platform. To meet this demand and better protect investors, the Canadian Securities Administrators (CSA) and IIROC published a new directive regarding their approach to regulating platforms that engage in the trading and custody of crypto assets and contracts involving crypto assets (Staff Notice 21-329). FCC obtained decisions from the CSA and an approval from IIROC that address the expectations set out in the Staff Notice as they relate to FCC's new institutional digital asset service.
"This is a very exciting development for our clients, interested Canadian institutional investors and for Fidelity Clearing Canada," said Scott Mackenzie, President, FCC. "The demand for investing in digital assets is growing considerably and institutional investors have been looking for a regulated dealer platform to access this asset class. Fidelity Clearing Canada is pleased to offer our new solution, leveraging Fidelity's global expertise and deep knowledge of digital assets for leading Canadian institutional investors."
Effective today, portfolio managers, dealers, mutual funds, exchange-traded funds, investment funds and other qualified institutional investors are eligible to access FCC's institutional digital asset trading and custody solution.
"We look forward to working with current and prospective clients and helping them to get exposure to bitcoin," added Mackenzie. "Fidelity Clearing Canada and our clients are experiencing tremendous growth and success based on continuous investments into our platform and service offerings, coupled with a culture of partnership. With some of Canada's leading wealth management firms selecting FCC as their platform solution partner, we have doubled our assets under administration over the last two years and innovations like this put us on track to keep our strong momentum going."
This platform offers institutional investors the following advantages:
Fidelity Investments Canada ULC files preliminary prospectuses for new Bitcoin ETF and Bitcoin Mutual Fund
Fidelity Investments Canada ULC filed preliminary prospectuses for Fidelity Advantage Bitcoin ETFTM and Fidelity Advantage Bitcoin ETF Fund TM. Fidelity Advantage Bitcoin ETF™ will leverage FCC's digital asset custodian services.
The investment objective of both funds will be to aim to invest in bitcoin. These products are expected to be eligible for TFSAs and registered plans.
About Fidelity Clearing Canada ULC
Fidelity Clearing Canada (FCC), a leading provider of custody and clearing services, provides robust, flexible, and scalable solutions to registered portfolio managers investment dealers and other institutional investors. Clients rely on FCC for expertise in wealth management technology, trading, administration and reporting and business transition, which gives them the freedom to focus on what they do best – helping their investors achieve their financial goals. FCC is the first IIROC member dealer providing Canadian institutional clients with the ability to trade traditional securities and digital assets through the same platform.
About Fidelity Investments Canada ULC
At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. As a privately-owned company, our people and world class resources are committed to doing what is right for investors and their long-term success. Our clients have entrusted us with $209 billion in assets under management (as at November 9, 2021) and they include individuals, financial advisors, pension plans, endowments, foundations and more.
We are proud to provide investors a full range of domestic, international and global equity and income-oriented mutual funds, ETFs, asset allocation strategies, managed portfolios, sustainable investing products and a high net worth program. Fidelity is available through a number of advice-based distribution channels including financial planners, investment dealers, banks, and insurance companies.
Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investments in mutual funds and ETFs. Please read the mutual fund's or ETF's prospectus, which contains detailed investment information, before investing. Mutual funds and ETFs are not guaranteed. Their values change frequently, and investors may experience a gain or a loss. Past performance may not be repeated.
Preliminary simplified prospectuses relating to the funds have been filed with the securities authorities in each of the provinces and territories in Canada, but have yet to become final for the purposes of a distribution and are subject to change. You cannot buy units of the funds until the securities regulatory authorities have issued receipts for the simplified prospectuses of the funds.
SOURCE Fidelity Clearing Canada ULC
For Fidelity Canada: Chris Pepper, Vice President, Corporate Affairs, M: 416-795-7762, E: [email protected], Find us on social media @FidelityCanada
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