Firm bolsters cryptocurrency fund leadership with latest liquid-alt offering
The week after it launched one of the world’s first Ether ETFs on the TSX, CI Global Asset Management (CI GAM) has unveiled a new fund option for investors seeking exposure to the world-renowned cryptocurrency.
The world’s first mutual fund to provide exposure to Ether, the CI Ethereum Fund gives Canadian investors a cost-effective option to include Ether’s performance in their portfolios. Available in Series A, F, and P units, it invests all or substantially all of its assets in the CI Galaxy Ethereum ETF.
It comes with an industry-low management fee of 0.40% for Series F units, and 0.90% for Series A; CI GAM is waiving management fees until June 15. The management expense ratio for Series F of the fund has also been capped at 1.00%, while the MER for series A is capped at 1.00%.
Earlier this month, CI GAM introduced another cryptocurrency mutual fund, the CI Bitcoin Fund, which invests all or substantially all of its assets in the CI Galaxy Bitcoin ETF.
“CI Global Asset Management is the only company in the world offering convenient, low-cost and secure exposure to the two largest cryptocurrencies through both ETFs and mutual funds,” said Kurt MacAlpine, CEO of CI Financial, which is the parent company of CI GAM.
Aside from providing potential diversification benefits from Ether’s low correlation to other asset classes, the CI Ethereum Fund offers investors the expertise of a top digital asset portfolio management team, security through cold storage of the fund’s Ether holdings, and a vehicle for crypto exposure that can be held in registered plans.
“Importantly, these products allow investors to access these digital assets through their financial advisors, so they can be integrated into an investor’s existing portfolio and investment plan,” MacAlpine said. “Building a leadership position in the digital assets sector as it becomes increasingly mainstream is an important part of CI GAM’s mission to offer investors timely and relevant investment solutions in the product structure they prefer.”