CI Global Asset Management has launched a new digital assets ETF in Canada providing risk-managed exposure to bitcoin and ether, the world’s two largest cryptocurrencies by market capitalization.
Bitcoin and ether are the world’s two largest cryptocurrencies by market capitalization.
The CI Galaxy Multi-Crypto ETF has been listed on the Toronto Stock Exchange in unhedged Canadian dollar (CMCX.B CN) and US dollar (CMCX.U CN) share classes.
The actively managed ETF is sub-advised by Galaxy Digital Asset Management, a financial services firm dedicated to the digital assets and blockchain technology sector.
The fund harnesses Galaxy Digital’s proprietary momentum-driven trading model, allocating to bitcoin and ether based on the coins’ recent price trends. The model’s goal is to produce stronger risk-adjusted returns compared to a buy-and-hold investment.
The ETF gains its exposure to bitcoin and ether by investing in the directly backed CI Galaxy Bitcoin ETF (BTCX CN) and CI Galaxy Ethereum ETF (ETHX CN).
The new ETF comes with a management fee of 0.50%, amongst the world’s lowest for a diversified cryptocurrency fund. CI Global has also committed to capping the ETF’s management expense ratio (MER) at 1.05%.
Commenting on the launch, Kurt MacAlpine, CEO of CI Financial, said: “The CI Galaxy Multi-Crypto ETF makes investing in cryptocurrency easier for advisors and investors. The fund provides the benefits of cryptocurrency investing – portfolio diversification, low correlation to other asset classes, and high-growth potential – with a systematic approach designed to mitigate price volatility. And as an ETF, it provides a convenient, secure, and cost-effective way to access the world’s two major cryptocurrencies in a single investment.”
Steve Kurz, Global Head of Asset Management at Galaxy Digital, added: “As the crypto markets continue to mature, investors are increasingly seeking more sophisticated products that offer both diversification and volatility-reducing features which is precisely why we created the CI Galaxy Multi-Crypto ETF. We are dedicated to driving the adoption of digital assets and look forward to working in tandem with CI GAM as we continue to expand access to this disruptive sector of the economy.”