Swiss stock exchange SIX Group has listed an ethereum-based exchange-traded product (ETP).
SIX Group announced Tuesday that trading for the Amun Ethereum ETP started on March 5 under the ticker symbol AETH. The product carries an annual management fee of 2.5 percent and is backed by Switzerland-based firm Amun AG.
ETPs are a type of financial instruments with an underlying asset such as commodity or cryptocurrency that are traded on stock exchanges in a similar way to shares.
The Amun Ethereum ETP is now the third cryptocurrency-based ETP to be listed on SIX exchange. Late last month, the exchange started trading for Amun Bitcoin ETP under the ticker symbol ABTC.
The firm claims on its website that the basket ETP is up 1,113 percent since its launch.
Amun’s base prospectus for cryptocurrency-based ETPs issued last November states that the crypto ETP products do not qualify as a collective investment scheme under the Swiss Federal Act on Collective Investment Schemes (CISA). As such, the products are "neither governed by the CISA nor supervised or approved by the Swiss Financial Market Supervisory Authority FINMA," it adds, and therefore do not provide the investor protections provided under the CISA.
SIX Group also recently announced plans to launch a blockchain platform to speed up trading of stocks and bonds later this year.
SIX image via Shutterstock
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