The fourth largest European stock exchange, SIX Swiss Exchange, will launch next week a financial product based on several of the most liquid cryptocurrencies, reports Trustnodes .
The new financial product (Exchange Traded Product, ETP) will consist of Bitcoin (48.13%), XRP (29%), Ethereum (16.39%), Bitcoin Cash ABC (3.74%) and Litecoin (2.74 %).
ETP will be traded under the ticker HODL5. The tool is designed by cryptocurrency startup Amun AG.
“Amun ETP will enable institutional investors, who are limited to working only with securities and do not want to create a repository for digital assets, to gain access to cryptocurrencies. It will also be available to retail investors who do not have access to bitcoin exchanges due to regulatory restrictions , ”said the CEO and co-founder of the startup, Hani Rashvan.
The first time ETP will consist of half of bitcoin and 30% of XRP, which recently displaced Ethereum by capitalization. Bitcoin Cash (ABC implementation) and Litecoin will be added later.
When an investor purchases ETP shares, managers buy the appropriate amount of cryptocurrency, placing it in a secure vault. The composition of the fund will be automatically rebalanced depending on the market situation. For the management of the fund a commission of 2.5% per year is provided.
Recall, due to regulatory uncertainty, the investment giant BlackRock has postponed plans to launch Bitcoin-ETF.
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