Canada’s biggest investment company CI Global Asset Management (CI GAM), has launched an exchange-traded fund (ETF) that will be monitoring the performance of metaverse-related companies.
The CI Galaxy Metaverse ETF, launched along with another ETF, the CI Galaxy Blockchain ETF, began trading on the Toronto Stock Exchange on May 3. The ETFs will be tracking the indices created in partnership with Michael Novogratz-led Galaxy Digital Holdings Inc.
The ETF will focus on companies that are engaged in “the interactions, enablement and connectivity to the metaverse,” the official press release says.
“We’re committed to increasing access to every investable corner of the digital asset ecosystem,” Steve Kurz, Global Head of Asset Management at Galaxy Digital, comments on the partnership.
Metaverse has been one of the hottest investment trends over the past year. In 2021 alone, the market was estimated to be around $38.85 billion and it is expected to surge to $47.48 billion in 2022, with major tech and gaming companies pivoting to exploring the new reality.
Facebook, for instance, went as far as changing its name to Meta and committing to expanding beyond just social media with the technology. A gaming giant, Epic Games, has raised $1 billion “to deepen our relationship in the metaverse field, a space where creators and users share their time.”
Meanwhile, Roy Ratnavel, CI GAM’s executive vice-president and head of distribution for CI GAM, believes in blockchain potential, as well as metaverse’s “Blockchain and the metaverse are two extraordinarily powerful trends that are set to dramatically change our society and how we do business. Our ETFs provide investors with low-cost, convenient and diversified exposure to the growth potential of these rapidly developing, leading-edge sectors.”