Switzerland Launches World’s First Crypto ETFs
Switzerland is considered one of the top worldwide leaders in the adoption of blockchain and crypto, so having this tiny European country as pioneers in the industry comes as no surprise. In another wave of approvals, country’s leading cryptocurrency exchange, Six, got the green light to launch exchange-traded funds (ETFs) on their platform. The new cryptocurrency will be called “Amun Crypto exchange-traded product (ETP),” or The Amun Crypto ETP in short.
The Amun will consist of the five leading cryptocurrencies, such as Bitcoin, XRP, Ethereum, Bitcoin Cash, and Litecoin, which are being weighted at 49.7 percent, 25.4 percent, 16.7 percent, 5.2 percent and 3 percent correspondingly. The funds will be subject to a 2.5 percent management fee yearly.
Switzerland’s ETFs are legally the only true exchange-traded funds, since the other similar concepts on the market track only single coins instead of a curated combined fund. The launch of The Amum ETP undeniably sets the precedent, and there will be more exchange-traded funds coming to the market shortly, financial analysts say.