Canadian firm CI Financial, which manages more than $230 billion in assets, has filed an application with the Ontario Securities Commission to launch an exchange-traded fund (ETF) on ether.
According to the document, if the application is approved, the ETF will be listed on the Toronto Stock Exchange. Galaxy Digital will act as an auxiliary consultant – it will be the company that will trade ETH on behalf of the fund. The ETF will receive the ticker ETHX, and the annual fee for managing funds will be 1%.
“Ethereum is the most likely candidate as a Web 3.0 base layer, and ether is a growing asset that gives investors the opportunity to participate in the boom of decentralized applications,” said Galaxy Digital CEO Mike Novogratz.
CI Financial is also awaiting approval of an application to launch a bitcoin ETF. In addition, she already has a fund for bitcoin CI Galaxy Bitcoin Fund, which manages assets of $162 million.
Note that earlier, the Ontario Securities Commission approved two exchange-traded funds for bitcoin, but the ether ETF, if approved, will be the first such exchange-traded product in the world.