CI GAM Launches Solana ETF with 0% Management Fee for 3 Months

CI Global Asset Management (CI GAM), in collaboration with Galaxy Asset Management, has announced the launch of the CI Galaxy Solana ETF (SOLX). The ETF has completed its initial offering and has begun trading on the Toronto Stock Exchange under the tickers SOLX.B and SOLX.U. This new ETF provides investors with direct exposure to Solana tokens (SOL), one of the world’s largest digital currencies by market capitalization, which powers the Solana blockchain network. The ETF is available in two series: U.S. dollar-denominated unhedged units (SOLX.U) and Canadian dollar-denominated unhedged units (SOLX.B).

One of the standout features of SOLX is its introductory management fee structure. CI GAM is waiving the management fee of 0.35% until July 16, 2025, effectively offering a 0% management fee for the first three months. This fee waiver is part of CI GAM's commitment to providing convenient and cost-effective access to emerging digital asset classes and the growth potential of decentralized finance. The Solana network is renowned for its speed, efficiency, and ease of use, supporting a wide range of applications including payments processing, lending, non-fungible tokens, smart contracts, web3 platforms, decentralized finance models, and decentralized physical infrastructure projects.

SOLX leverages the expertise of Galaxy, one of the world's largest investment managers of digital assets and blockchain exposures. Galaxy executes all SOL trading on behalf of the ETF and facilitates staking arrangements, which can earn additional rewards for the ETF. The ETF intends to stake a portion of its SOL holdings to earn rewards of additional SOL tokens, a process that validates transactions and helps secure the Solana network. CI GAM, as the manager of the ETF, is entitled to up to 35% of the net rewards from staking, while no less than 65% will accrue to the ETF. This structure provides investors with direct exposure to SOL and opportunities for additional yield through staking rewards.

Jennifer Sinopoli, Executive Vice-President and Head of Distribution for CI GAM, highlighted the benefits of SOLX, stating that it provides a convenient and transparent way to invest in SOL and SOL staking. Investors benefit from liquidity, real-time pricing, eligibility for registered plans, and the professional management provided by CI GAM and Galaxy. The ETF’s sub-custodians also store SOL holdings in offline cold storage, providing an additional layer of security. The investment objective of SOLX is to provide unitholders with exposure to SOL through an institutional-quality fund platform. The ETF will invest directly in SOL with its SOL holdings priced based on the Bloomberg Galaxy Solana Index, which measures the performance of a single SOL traded in U.S. dollars.

CI GAM is a leader in digital assets in the Canadian investment fund industry and was the first company in the world to offer both an Ethereum ETF and mutual fund. Through its partnership with Galaxy, CI GAM provides one of the industry’s most comprehensive lineups of digital asset solutions, including the CI Galaxy Bitcoin ETF and CI Bitcoin Fund, CI Galaxy Ethereum ETF and CI Ethereum Fund, CI Galaxy Multi-Crypto ETF, and CI Galaxy Blockchain Index ETF. Galaxy Asset Management, an affiliate of Galaxy Digital Holdings, is dedicated to providing institutional-quality access to the digital assets ecosystem. Galaxy oversees billions in assets across passive, venture, and active strategies, leveraging the broader capabilities of Galaxy Digital Holdings, a digital asset and blockchain leader powering the growing digital economy.

CI GAM is one of Canada’s largest investment management companies, offering a wide range of investment products and services. It is a subsidiary of CI Financial Corp., an integrated global asset and wealth management company. Galaxy Asset Management operates Galaxy Digital Capital Management, the sub-advisor to SOLX. The CI Galaxy Solana ETF is an exchange-traded mutual fund that invests in SOL, digital assets that are created and transmitted through the operations of the Solana Network. Given the speculative nature of digital assets, including SOL, and the volatility of SOL markets, there is no assurance that the ETF will be able to meet its investment objective. An investment in the ETF is not intended as a complete investment program and 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.

Commissions, management fees, and expenses may be associated with an investment in exchange-traded funds (ETFs). Investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase mutual funds managed by CI Global Asset Management. It is not, and should not be construed as, investment, tax, legal, or accounting advice, and should not be relied upon in that regard. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor.