After Ethereum ETF, CI Global Asset Management launched the world's first Ethereum mutual fund

This article comes fromCoinGape, the original author:Prashant Jha

Odaily Translator | Nian Yin Si Tang

This article comes from, the original author:Odaily Translator | Nian Yin Si Tang

CI Global Asset Management (CI GAM), a subsidiary of Canadian asset management company CI Financial, said on Monday

Announcing the CI Ethereum Fund

, said to be the first mutual fund in the world to offer exposure to Ethereum. The fund charges an industry-low management fee of 0.40% (for Series F), which the firm is waiving for a limited time until June 15, 2021. The Fund's management expense ratio is capped at 1.00% (Series F).

Prior to this, CI GAM launched the CI Galaxy Ethereum ETF (TSX: ETHX) last week, claiming to be the world's first ETF to directly invest in Ethereum. The CI Ethereum Fund will invest in shares of the CI Galaxy Ethereum ETF.

Additionally, in early April, CI GAM announced the launch of the CI Bitcoin Fund, the first mutual fund in North America to offer exposure exclusively to Bitcoin. CI Bitcoin Fund provides Canadian retail investors with Class A, Class F and Class P shares, where the management fee for Class A shares is 0.90%, and the management fee for Class F shares is only 0.40%, with an initial minimum investment of $500. Therefore, CI GAM has become the only company in the world that provides investors with bitcoin investment products in the form of mutual funds and ETFs.

Kurt MacAlpine, CEO of parent company CI Financial, said in this regard: "CI Global Asset Management is the only company in the world that provides convenient, low-cost and safe exposure to these two major cryptocurrencies (BTC and ETH) through ETFs and mutual funds."

The investment objective of the CI Ethereum Fund is to provide unitholders with exposure to Ethereum through an institutional quality fund platform. It invests all or substantially all of its assets in the CI Galaxy Ethereum ETF. The fund is offered to retail investors in Canada in Series A, F and P units. The management fee has been waived until June 15, 2021, at which time the management fee will revert to 0.90% for Series A and 0.40% for Series F. The MER (Management Expense Ratio) caps for each series are 1.55% and 1.00% respectively.

CI GAM is the fund manager, with CI Galaxy Ethereum ETF and Galaxy Digital Asset Management (“GDAM”) acting as sub-advisors. As a sub-advisor, GDAM executed Ethereum transactions on behalf of the ETF.

GDAM is the asset management arm of Galaxy Digital, a diversified financial services company focused on digital assets and blockchain technology.

CI Global Asset Management, one of Canada's largest investment management companies, offers a range of investment products and services and is a subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX). CI Financial Corp. is an independent company providing global asset management and wealth management advisory services, with assets under management of approximately C$240.6 billion as of March 31, 2021.

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