CI Global Asset Management to Temporarily Waive Entire Management Fee on World’s First Ether ETF: CI Galaxy Ethereum ETF (ETHX)

Rhea-AI Summary

CI Global Asset Management announced a temporary waiver of the 0.40% management fee for its CI Galaxy Ethereum ETF (ETHX) effective immediately until June 15, 2021. This move positions ETHX as the lowest-fee Ether ETF globally, enhancing investor appeal at launch on April 20, 2021. After the waiver period, the fee will revert to 0.40%. ETHX aims to provide straightforward access to Ether trading, with investments directly in Ether priced via the Bloomberg Galaxy Ethereum Index.

Positive

• Temporary management fee waiver to 0% enhances investor attractiveness.
• Positioned as the world's first Ether ETF, with lower costs compared to competitors.

Negative

• Management fee will revert to 0.40% after June 15, 2021, potentially deterring investors.

CI Global Asset Management (“CI GAM”) announced today that it is waiving the full 0.40% management fee effective immediately through June 15, 2021 on the CI Galaxy Ethereum ETF ("ETHX" or the “ETF”).

On Friday, April 16, 2021, CI GAM announced its plans to launch ETHX, the world's first Ether ETF, on Tuesday, April 20, 2021 on the Toronto Stock Exchange ("TSX"). While ETHX offers the world’s lowest management fee for an Ether ETF at 0.40%, this voluntary management fee waiver will result in a 0% management fee until June 15, 2021, boosting value to investors at launch.

Following June 15, 2021, the effective management fee of ETHX will revert back to 0.40% of net asset value, plus applicable sales taxes.

ETHX is designed to provide investors with a convenient and expedient way to gain exposure to Ether through an institutional-quality fund platform. ETHX will invest directly in Ether with its holdings priced using the Bloomberg Galaxy Ethereum Index (“ETH Index”), which is designed to measure the performance of a single Ether traded in U.S. dollars. The ETH Index is owned and administered by Bloomberg Index Services Ltd. To learn more about the CI Galaxy Ethereum ETF, visit www.ci.com.

About Galaxy Digital

Galaxy Digital Capital Management LP is an affiliate of Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital”). Galaxy Digital is a diversified financial services and investment management company in the digital asset, cryptocurrency and blockchain technology sector, and currently operates four distinct business lines, which include: Trading, Asset Management, Principal Investments and Investment Banking. Galaxy Digital’s CEO and Founder is Michael Novogratz. Galaxy Digital is headquartered in New York City, with offices in Chicago, San Francisco, London, Tokyo, Hong Kong, the Cayman Islands (registered office) and New Jersey. Additional information about Galaxy Digital’s businesses is available on www.galaxydigital.io.

About CI Global Asset Management

CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI GAM is a subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX), an independent company offering global asset management and wealth management advisory services with approximately C$240.6 billion in total assets as at March 31, 2021.

CI Galaxy Ethereum ETF (the “ETF”) is an exchange-traded mutual fund that invests in the digital currency Ether (“ETH”). An investment in the ETF may be considered speculative and is not intended as a complete investment program. It is appropriate only for investors who have the capacity to absorb a loss of some or all of their investment. An investment in the ETF is considered high risk.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicita

FAQ

What is the management fee for CI Galaxy Ethereum ETF (CIXX)?

The management fee for CI Galaxy Ethereum ETF is waived to 0% until June 15, 2021, after which it will revert to 0.40%.

When is the launch date for the CI Galaxy Ethereum ETF (CIXX)?

The CI Galaxy Ethereum ETF is set to launch on April 20, 2021.

What is the significance of the CI Galaxy Ethereum ETF (CIXX)?

It is the world's first Ether ETF, offering an easy way for investors to gain exposure to Ether.

How does the CI Galaxy Ethereum ETF (CIXX) price its holdings?

Holdings in the CI Galaxy Ethereum ETF are priced using the Bloomberg Galaxy Ethereum Index.

What type of exposure does the CI Galaxy Ethereum ETF (CIXX) provide?

The ETF provides direct exposure to Ether, catering to investors interested in digital currency investments.