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Amun launches new ETP using Bitwise 10 Select Large Cap Crypto Index

Wed, 26 Jun 2019, 10:06 am UTC

Swiss fintech startup Amun AG has launched a new exchange-traded product (ETP) using the Bitwise 10 Select Large Cap Crypto Index as a benchmark, CoinDesk reported.

This marks the fifth ETP permitted by the Swiss SIX Exchange. Amun AG has previously listed HODL, a physically backed ETP based on five leading cryptocurrencies; bitcoin-based ETP; Ethereum-based ETP; and, more recently, XRP-based ETP on the Swiss SIX Exchange.

The Amun Bitwise Select 10 Large Cap Crypto ETP, which will trade under the ticker symbol “KEYS,” seeks to track the investment results of an index composed of up to top 10 cryptoassets ranked by inflation-adjusted market capitalization, according to the website. It is available to anyone outside of the United States.

“We are thrilled to partner with Bitwise to bring the most broadly diversified crypto ETP to investors in Switzerland,” said Hany Rashwan, CEO of Amun. “Bitwise is the global leader in crypto indexing, and we are excited to launch a product that builds on their expertise.”

The Bitwise 10 Select Large Cap Crypto Index tracks the performance of up to 10 of the largest crypto assets in the world, as measured and weighted by free-float and inflation-adjusted market capitalization. It excludes privacy coins and Platform Dependent Tokens on third-party blockchains.

Constituents must meet a variety of criteria to qualify for the Index, including rules related to security, liquidity and institutional support.

According to the press release, Bitwise Index Services, a subsidiary of Bitwise Asset Management, has licensed the new index to Amun AG to be used as the benchmark index for the ETP.

The Index is rebalanced and reconstituted on a monthly basis. As of rebalancing on May 31, the index is weighted with Bitcoin comprising 67.8 percent, Ethereum 11.5 percent, Ripple 8.33 percent, Bitcoin Cash 3.52 percent, Litecoin 3.47 percent, and EOS 3.36 percent, Stellar Lumens 1.10 percent, and Cardano 0.90 percent.

All assets that are included in the index must be approved to serve as the underlying for an ETP by SIX and must be both supported by appropriate market makers and available for custody at leading institutional custodians.

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