The Amun Crypto ETP — Bitcoin, XRP, Ethereum, Bitcoin Cash, Litecoin Included
The so-called “SIX Swiss Exchange,” Switzerland’s foremost equity market, has just revealed that it will be giving a green light to the crypto industry’s first exchange-traded product (ETP) that tracks multiple cryptocurrencies (XRP included), Financial Times reports on Saturday. The product, dubbed the “Amun Crypto ETP,” is backed by Amun, a London-based financial technology firm. Jane Street and Flow Traders, two market makers, have revealed that they have provided the seed funding for the ETP.
Interestingly, unlike other exchange-traded product proposals, this most recent vehicle will allow investors to gain exposure to five of this market’s leading assets — Bitcoin (BTC), XRP, Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). ADVERTISEMENT
Reports indicate that the multi-crypto product, which tracks the five aforementioned cryptocurrencies, will launch next week in Zurich, a lesser-known global center for the financial world.
Although the Amun Crypto ETP is marketed as an altcoin-friendly instrument, a focus will evidently be taken on BTC, presumably due to its decade-long hegemony over this nascent industry. More specifically, just shy of 50% of Amun’s ETP will be allocated in bitcoin, while XRP will make up a quarter (25.4%). Ether makes up one-sixth of the fund, with BCH and LTC consisting of the rest at 5.2% and 3% respectively. Amun will charge 2.5% annually to its clients to manage the product.
Financial Times spoke with Hany Rashwan, chief executive at this instrument’s primary backer, regarding the product’s prospects and ethos. Rashwan, touching on the legitimacy of the Amun Crypto ETP, noted:
In a jovial nod to the cryptocurrency community at large, Amun has decided that the product will trade under the ticker HODL, underscoring the fact that Amun likely has its ear close to the ground of this industry, so to speak.
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