- This launch is expected to offer diversified liquid exposure to the burgeoning digital market.
- The index will be tracking the performance of around ten of the largest cryptocurrencies in the world.
A new exchange-traded product (ETP) has been launched on Switzerland’s top stock exchange SIX by Bitwise (cryptocurrency asset manager) and Swiss fintech company Amun AG. This launch is expected to offer diversified liquid exposure to the budding digital market. “The Bitwise 10 Select Large Cap Crypto Index” has been licensed to Amun AG by Bitwise which is expected to be the benchmark index for the latest ETP product – “Amun Bitwise Select 10 Large Cap Crypto Index ETP” including the ticker symbol KEYS.
According to the statement by Bitwise, this ETP will not be available to US customers. It also informed that the index will be tracking the performance of around ten of the largest cryptocurrencies in the world, measured and by two components; inflation-adjusted market capitalization and free float.
The index will currently have the following eight cryptocurrencies as of now – Bitcoin (weight: 67.80%), Ether (11.50%), XRP (8.33%), Bitcoin Cash (3.52%), Litecoin (3.47%), EOS (3.36%) Stellar lumens (1.10%) and Cardano (0.90%).
Matt Hougan, global head of research at Bitwise Asset Management said that the index is expected to give non-US investors diversified exposure by being rebalanced and reconstituted every month. He also said that the index was designed for Swiss investors who want to “gain and maintain exposure to the most important crypto projects in the world.”
Amun CEO. Hany Rashwan stated:
“Of all the existing crypto products currently listed globally, the Amun Bitwise Select 10 ETP is uniquely the most diversified listed crypto product.”
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