Introduction
The CI Galaxy Ethereum ETF (ETHX.B) offers investors exposure to Ether (ETH) through an institutional-quality fund platform. This guide provides essential details about the ETF's structure, performance, risks, and investment strategy.
Key ETF Facts
- Manager: CI Global Asset Management
- Inception Date: April 16, 2021
- Total Value (April 30, 2025): $423.14 million
- Management Expense Ratio (MER): 0.70%
- Ticker Symbol: ETHX.B
- Exchange: TSX (Traded in CAD)
Investment Objective
The ETF aims to provide unitholders with direct exposure to Ether, the native cryptocurrency of the Ethereum blockchain. Its portfolio consists entirely of ETH and cash equivalents.
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Portfolio Composition (April 30, 2025)
| Investment | Percentage |
|---|---|
| Ethereum | 100.0% |
| Cash Equivalents | 0.0% |
Risk Assessment
Volatility Rating: High
CI Global Asset Management classifies this ETF as high-risk due to:
- ETH's speculative nature
- Cryptocurrency market volatility
- Potential for significant price swings
Historical Volatility Examples:
- Best 3-month return: +82.7% (Oct 2021)
- Worst 3-month return: -68.4% (Jun 2022)
Performance History
Annual Returns (NAV-based)
| Year | Return |
|---|---|
| 2022 | -65.4% |
| 2023 | +87.3% |
| 2024 | +56.1% |
Since inception annualized return: -3.2% (as of April 2025)
Fees and Expenses
| Fee Type | Rate |
|---|---|
| Management Expense Ratio | 0.70% |
| Trading Expense Ratio | 0.00% |
Equivalent to $7.00 per $1,000 invested
Staking Service Proposal
Pending unitholder approval (vote August 2025):
- Up to 25% of staking rewards may go to CI Global Asset Management
- Minimum 75% of rewards would accrue to the ETF
Trading Information
- Average Daily Volume: 739,716 units
- Bid-Ask Spread: 0.15%
- NAV Range (12 months): $7.43 - $20.65
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Target Investors
This ETF suits those who:
- Seek ETH exposure without direct ownership
- Have high risk tolerance
- Pursue long-term capital growth
- Understand cryptocurrency market dynamics
Tax Considerations
- Distributions taxed as income (non-registered accounts)
- Tax benefits available in registered plans (RRSP/TFSA)
- Capital gains/losses apply upon selling units
Frequently Asked Questions
Q: How does this ETF differ from holding ETH directly?
A: The ETF provides institutional custody and eliminates the need for personal wallet management while offering traditional brokerage access.
Q: What drives the ETF's price movements?
A: The NAV primarily tracks ETH's market price, while the trading price reflects supply/demand on TSX.
Q: Can I use this ETF for short-term trading?
A: While possible, the high volatility makes it better suited for long-term holdings.
Q: How does staking affect the ETF?
A: If approved, staking could generate additional yield but introduces new operational risks.
Q: What's the minimum investment amount?
A: Like stocks, you can purchase single units (priced between $7.44-$20.63 historically).
Q: How liquid is this ETF?
A: With ~740k daily units traded, it offers good liquidity during market hours.
For more information, contact CI Global Asset Management at 1-800-792-9355 or visit www.ci.com.