Amun partners with Bitwise on crypto basket ETP

Jun 27th, 2019 | By | Category: Alternatives / Multi-Asset

Amun, a Switzerland-based issuer of exchange-traded products linked to crypto assets, has announcecd the launch of the Amun Bitwise Select 10 ETP (KEYS SW) on SIX Swiss Exchange.

Amun lists crypto basket ETP on SIX

The fund provides exposure to up to ten of the largest crypto assets worldwide.

The product has been brought to market in partnership with Bitwise Asset Management, an San Francisco-headquartered investment firm focused on indexing crypto assets.

The product is linked to the Bitwise 10 Select Large Cap Crypto Index, which tracks the performance of up to ten of the largest crypto assets in the world.

To be eligible for selection, a crypto asset must fulfill certain requirements that indicate it is freely traded in a liquid market with little to no restrictions and be approved by SIX.

SIX bases its approval on the support of appropriate market makers and the availability for custody at institutional custodians.

Constituent crypto assets are measured and weighted by float-adjusted and five-year inflation-adjusted market capitalization. The index is reconstituted and rebalanced monthly.

As of 31 May, the product includes eight crypto assets. Bitcoin commands the largest exposure, accounting for over two-thirds (67.8%) of the total index weight, followed by Ethereum (11.5%), Ripple (8.3%), Bitcoin Cash (3.5%), Litecoin (3.5%), EOS (3.4%), Stellar (1.1%), and Cardano (0.9%).

It comes with an expense ratio of 2.50%.

Hany Rashwan, Co-Founder and CEO, Amun, commented, “Of all the existing crypto products currently listed globally, the Amun Bitwise Select 10 ETP is uniquely the most diversified listed crypto product.”

Matt Hougan, Global Head of Research for Bitwise Asset Management, added, “We are thrilled to be working with Amun to help investors gain diversified exposure to the most important crypto projects. The index is carefully designed to capture a broad array of crypto assets while accounting for many of the unique constraints presented by the current cryptocurrency ecosystem.”

The launch takes the number of Amun crypto asset ETPs to five. The firm’s other products, also listed on SIX Swiss Exchange, provide exposure to Bitcoin, Ethereum, Ripple, and a basket of five crypto assets.

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