Switzerland gives green light to first cryptocurrency ETP

Switzerland’s main stock exchange has given a green light to the world’s first exchange traded product tracking multiple cryptocurrencies, just as the price of bitcoin, the most popular digital coin, has dropped to its lowest level for more than a year.

The Amun Crypto ETP, which will start trading next week on the Six exchange in Zurich, has been designed to track an index based on the movements of five leading cryptocurrencies.

Just under half of the ETP’s assets will be invested in bitcoin with the remainder divided between XRP (25.4 per cent), ethereum (16.7 per cent), bitcoin cash (5.2 per cent) and litecoin (3 per cent). The ETP will carry an annual management fee of 2.5 per cent.