Amun Launches Exchange-Traded Product Using Bitwise Crypto Index

Swiss-based fintech firm Amun AG has released plans to launch a new exchange-traded product that will use the Bitwise 10 Select Large Cap Crypto Index as a benchmark.

Bitwise Index Services, a subsidiary of Bitwise Asset Management, licenced its index for the first physically replicated crypto index product.

The Amun Bitwise Select 10 Large Cap Crypto ETP is available to anyone outside the U.S., and will trade with the ticker symbol KEYS. "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."

Its parent company Bitwise Asset Management created the first crypto index fund in 2017.

The Bitwise 10 Select Large Cap Crypto Index is designed to track 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.

As of a rebalancing on May 31, the index is weighted with Bitcoin comprising 67.8 percent, Ethereum 11.5 percent, Ripple 8.33 percent, and Bitcoin Cash, Litecoin, and EOS comprising around 3 percent.

To serve as the underlying assets of the ETP, the index must be approved by SIX and must be both supported by appropriate market makers and available for custody at leading institutional custodians.

Amun previously released a number of crypto ETPs on the Swiss national market, including one holding the top five cryptocurrencies in a basket, and ones holding Bitcoin, Ethereum, and Ripple.

"Nasdaq Nordic has also allowed crypto ETPs to launch, and regulators are deeply engaged in the US, Europe, and Canada. This is just the next step in that development."