After listing an Ethereum ETF on a Canadian stock exchange, CI Global Asset Management (CI GAM) announced on Monday the launch of an Ethereum mutual fund, which happened to be the first such fund of the altcoin.
The mutual fund will invest in units of CI Galaxy Ethereum ETF, which was launched by the company recently.
As a strategy to attract investors, the company is offering a management fee as low as 0.4 percent, which will be waived until June 15. Additionally, the management expense ratio will be capped at 1 percent.
Commenting on the new fund, CI Financial’s CEO, Kurt MacAlpine said: “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.”
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Ethereum is one of the top cryptocurrencies in terms of market capitalization and the prices of the token touched a record recently above $2,600, according to Coinmarketcap.com. After a recent correction, the prices bounced back, and the crypto is now trading at $2,500, as of press time.
Meeting the Retail Crypto Demand
CI GAM also offers a similar ETF and mutual fund duo for Bitcoin. The company became one of the first to launch Ethereum ETF, and now with its Ethereum mutual fund, it is creating aggressive offerings for retail investors looking to get crypto exposure.
The asset manager also partnered with Galaxy Digital for its crypto funds, which act as the sub-advisor.
“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. 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,” MacAlpine added.