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K2 Asset Management Expands its Partnership with State Street as it Launches a New Ethereum ETF

06/01/2022

Sydney, June 1, 2022 — K2 Asset Management has announced the appointment of State Street Australia Limited, an indirect wholly-owned subsidiary of State Street Corporation (NYSE: STT), as the fund administrator in Australia for the Cosmos Purpose Ethereum Access ETF (Cboe: CPET).

The partnership sees State Street administering a fund that provides Australian investors with exposure to cryptocurrency via a registered managed investment scheme listed on Cboe (formerly Chi-X Australia). In turn, the scheme invests in a listed offshore fund whose holdings include Ethereum.

“K2 Asset Management have again collaborated with its trusted partner State Street in the provision of fund services in the digital currency space. We are excited to launch the Cosmos Purpose Ethereum Access ETF giving Australian investors access to the world’s first physically settled Ether ETF via the Purpose partnership,” said George Boubouras, Executive Director of K2.

CPET’s underlying asset is the Purpose Ethereum ETF which is managed by Purpose Investments and quoted on the Toronto Stock Exchange.The Purpose Ethereum ETF has been established to buy and hold substantially all of its assets in long-term holdings of Ethereum.

CPET will track the total return performance of the Purpose Ethereum ETF, with the unique structure giving investors an efficient way to gain exposure to the Ethereum asset class on an Australian regulated exchange.

“Cryptocurrencies remain a new frontier for investors in Australia and globally, bringing with them unique operating complexities that require deep knowledge, experience and technology,” said Irfan Ahmad, State Street Digital APAC product lead.

“At State Street, we have developed a deep understanding of the complexities that separate cryptocurrency-based assets like the Cosmos Purpose Ethereum Access ETF from the traditional ETF model with which investors are well familiar.”

“Despite recent market turbulence, we also know both institutional and retail investors are looking for efficient and cost-effective ways to give themselves the option of cryptocurrency exposure,” Ahmad said.

“We look forward to developing this expanded partnership with K2 Asset Management, and delivering their investors the benefit of our long and geographically diverse experience servicing ETFs.”

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $41.7 trillion in assets under custody and/or administration and $4.0 trillion* in assets under management as of March 31, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com

*Assets under management as of March 31, 2022 includes approximately $73 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

About K2 Asset Management

K2 Asset Management Ltd (ABN 95 085 445 094 AFSL 244393) (K2) is a wholly owned subsidiary of K2 Asset Management Holdings Ltd (ABN 59 124 636 782), a public company listed on the Australian Securities Exchange (ASX: KAM). K2 was established in Melbourne in 1999 and specialises in managed funds for retail, wholesale and institutional investors offering funds management, responsible entity and exchange traded funds. Since inception K2 has been recognised as a primary investment choice – not only amongst specialist funds but also as an alternative to mainstream fund management brands.

As of 1 May 2022, K2 has over AUD 2 billion of funds under management.

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