SIX Group, Switzerland’s principal stock exchange, has reportedly received the green light to list its very first cryptocurrency-based exchange-traded product (ETP) next week.
According to a recent report by the Financial Times, SIX will list the Amun Crypto ETP, which was created to track an index comprised of the five largest cryptocurrencies. The ETP will reportedly contain Bitcoin (49.7%), XRP (25.4%), Ethereum (16.7%), Bitcoin Cash (5.2%) and Litecoin (3%).
Hany Rashwan, co-founder and chief executive of Amun, a London financial technology company behind the ETP, stated in the report that the new trading product will help lower the barrier to institutional access of crypto.
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” said Rashwan.
The new ETP will trade under the ticker HODL and charge an aggressively high 2.5% management fee.
More: Switzerland gives green light to first cryptocurrency ETP
Similar: NYDIG Gains New York Regulatory Approval for BTC, BCH, ETH, LTC and XRP
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.