Cryptocurrency asset manager Bitwise and Swiss fintech company Amun AG have launched a new exchange-traded product (ETP) on Switzerland’s top stock exchange SIX, and it promises to offer diversified liquid exposure to the nascent digital market.
Sticking with the same exchange as Amun’s other crypto ETPs, KEYS has listed on the SIX Swiss Exchange with an ongoing fee of 2.5% per annum.
“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.”
Bitwise is managing the benchmark for the ETP. The Bitwise Select 10 Large Cap Crypto Index is comprised of at least 10 of the largest cryptocurrencies by market cap. Unsurprisingly, Bitcoin holds the largest weighting with 71.5% followed by Ethereum with 10.9% and Ripple with 7.2%.
The weighting and holdings of the underlying index will be adjusted on a monthly basis. According to KEYS’ factsheet, the ETP offers exposure to at least 80% of the crypto asset market.
Backtesting from Amun and Bitwise shows KEYS to have a year-to-date performance of 152% however is underperforming compared to Bitcoin which is up 194%. The crypto giant fell to nearly as low as $3,000 at the end of 2018 but has been on an upward trend ever since peaking at $13,850 earlier this week. Still a long way off its $20,000 at the end of 2017.
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