Canada's CI Financial files for ETH exchange-traded fund with Galaxy as subadvisor

Canadian asset manager CI Financial, which oversees more than $230 billion worth of assets, has filed for an ether (ETH) exchange-traded fund (ETF).

CI is seeking approval to list the ETH ETF on the Toronto Stock Exchange (TSX). If approved, the firm would manage the ETF with Mike Novogratz's Galaxy as subadvisor, meaning Galaxy will execute ETH trading on behalf of the ETF.

The ETF would trade with the ticker symbol ETHX and charge an annual management fee of 1%.

Last week, CI also filed for a bitcoin ETF and is awaiting approval. The firm already operates a bitcoin fund named CI Galaxy Bitcoin Fund, which manages about $162 million worth of assets.

While bitcoin ETFs have already started trading in Canada and are seeing record volumes, the CI-Galaxy ether ETF would be the world's first such offering if it gets the green light.

“Ethereum is the leading candidate to be the base layer of Web 3.0, and Ether is a growth asset that provides investors exposure to the explosion of decentralized applications,” said Galaxy's Novogratz.

Galaxy itself is looking to launch a family of ETH funds in the near future, the firm revealed last month.