The CI Ethereum Fund builds on CI GAM’s Ethereum ETF, which was unveiled last week. Credit: Nick Chong on Unsplash.

CI Global Asset Management (CI GAM) has rolled out a new mutual fund that offers investors exposure to cryptocurrency Ether.

The asset manager has entirely waived the management fee of 0.40% for the new fund until 15 June 2021.

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It also announced a 1% management expense ratio (MER) for the fund.

The CI Ethereum Fund builds on CI GAM’s Ethereum ETF, which was unveiled last week.

CI Financial CEO Kurt MacAlpine said: “CI Global Asset Management is the only company in the world offering convenient, low-cost and secure exposure to the two largest cryptocurrencies through both ETFs and mutual funds.

He further said: “Building a leadership position in the digital assets sector as it becomes increasingly mainstream is an important part of CI GAM’s mission to offer investors timely and relevant investment solutions in the product structure they prefer.”

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Launched with the objective of offering unitholders with exposure to Ether through an institutional-quality fund platform, the fund is available to retail investors in Canada in Series A, F and P units.

Earlier this month, CI GAM launched CI Bitcoin Fund, a mutual fund providing customers exposure to bitcoin.

This fund allows investors to access the bitcoin market at a management fee of 0.40% (Series F) and with an initial minimum investment of $500.

The company also offers CI Galaxy Bitcoin Fund, a closed-end investment fund launched in December last year.

In January this year, CI GAM teamed up with Adams Street Partners to leverage the latter’s expertise in private markets investment management.