CI Global Asset Management announced on Thursday it has filed a preliminary prospectus for the CI Galaxy Ethereum ETF.
According to a release, the ETF is expected to be the first in the world to invest directly in Ether, a cryptocurrency built on the Ethereum blockchain.
The fund, which will trade on the Toronto Stock Exchange (TSX), will have its holdings priced using the Bloomberg Galaxy Ethereum Index. Galaxy Digital Capital Management LP will act as subadvisor for the fund.
“Cryptocurrencies are transforming the financial world, and we are excited to launch the world’s first ETF investing directly in Ether, one of the most highly valued cryptocurrencies,” Kurt MacAlpine, CEO of CI Financial, said in a statement.
Funds investing in cryptocurrency have been cropping up frequently in recent months.
CI launched the CI Galaxy Bitcoin Fund in December of last year and filed a prospectus for the CI Galaxy Bitcoin ETF last week.
Also last week, Evolve Funds Group Inc. launched its own Bitcoin ETF on the TSX. On Wednesday, Evolve lowered the fund’s management fee to 0.75% from 1%.
Other fund companies, including Horizons ETFs Management (Canada) Inc., Accelerate Financial Technologies Inc. and Arxnovum Investments Inc., have recently filed prospectuses for Bitcoin ETFs.