Switzerland Approves FinTech Firm Amun’s Multi-Crypto ETFbr>
Amun AG, a UK based FinTech company, has received approval from Swiss authorities to sell a cryptocurrency-based exchange-traded fund (ETF).
Amun’s ETF will start trading this week on Six Swiss Exchange, Switzerland’s principal stock exchange and the fourth largest stock exchange in Europe. The ETF will trade using the ticker $HODL and will be based on Amun Crypto Basket Index (HODL5), which tracks performance of the top 5 crypto assets in terms of market cap and liquidity. These five coins are bitcoin (BTC), Ripple (XRP), ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The company said 48.69% of the ETF’s assets will be invested in BTC and the rest will be put towards BCH (5.11%), XRP (25.72%), ETH (17.6%), and LTC (2.88%).
“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,” said Hany Rashwan, co-founder and chief executive of Amun. “It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”
The Amun ETF is the third crypto related product to be listed on a stock exchange after Coinshares’ bitcoin and ethereum Exchange Trading Notes (ETN) and Grayscale’s pink sheet products.