According to reports, SIX Group (Swiss stock exchange) has listed ETP, an ethereum-based exchange-traded product. According to an announcement made by SIX Group on Tuesday, trading for Amun Ethereum ETP began on March 5 under AETH ticker. Reports also suggest that the product charges an annual fee of 2.5 percent and is also backed by Amun AG (Switzerland based firm).
ETP’s are mainly a form of financial instruments with elemental assets like cryptocurrency or commodities which are traded on a stock exchange just like shares. Amun Ethereum ETP has now become the third cryptocurrency-based ETP which has been listed in SIX exchange. In the previous month, SIX exchange began trading Amun Bitcoin ETP under the ticker symbol ABTC.
Previously, in the month of November, SIX Exchange listed AMUN Crypto Basket Index ETP under the ticker symbol HODL which permanently monitors the best performing top 5 crypto assets concerning market capitalization and liquidity. At present, the Exchange comprises of Bitcoin, Ether, XRP Litecoin and Bitcoin Cash. According to the firm, the basket ETP has seen growth and is up 1,113 percent ever since it has been launched.
According to the Amun’s base prospectus for cryptocurrency-based ETP’s issued in the month of November, crypto ETP products do not come into the category of collective investment scheme under Swiss Federal Act on CISA (Collective Investment Schemes). In any case, the products are ‘neither governed by the CISA nor supervised or approved by the Swiss Financial Market Supervisory Authority FINMA’ and hence is not capable of protecting investors under CISA. Recently, SIX Group also came out to announce its plans of launching a blockchain platform in order to speed up stock trading and bond trading later in 2019.