coindesk.com
CI Global Asset Management launched the CI Galaxy Blockchain ETF (CBCX) and the CI Galaxy Metaverse ETF (CMVX), both of which will begin trading Tuesday on the Toronto Stock Exchange.
The Blockchain exchange-traded fund seeks to track the performance of companies engaged in the development of blockchain technologies along with businesses operating in and developing the blockchain ecosystem, according to a press release. Among targeted sectors are crypto miners, miner equipment makers, brokers and custody services.
The Metaverse ETF aims to track the performance of companies materially engaged in the interactions, enablement and connectivity to the metaverse, according to a company statement. Among targeted companies are those involved in augmented and virtual reality, gaming/entertainment, payments and social media.
Both funds will track indexes created by Alerian in partnership with Michael Novogratz’s Galaxy Digital Holdings (GLXY.TO). Each has an annual management fee of 50 basis points.
“Blockchain and the metaverse are two extraordinarily powerful trends that are set to dramatically change our society and how we do business,” Roy Ratnavel, CI GAM’s executive vice-president and head of distribution for CI GAM said. “Our ETFs provide investors with low-cost, convenient and diversified exposure to the growth potential of these rapidly developing, leading-edge sectors.”
These product launches expand CI and Galaxy’s initial ETF offerings listed in Toronto, including the CI Galaxy Multi-Crypto ETF, CI Galaxy Bitcoin Funds, and the CI Galaxy Ethereum Funds.
These new CI products follow similar moves from larger assets managers. In April, Fidelity Investments launched two ETFs for investors to gain exposure to the broader crypto, blockchain and digital payment ecosystems.
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