SIX Swiss Exchange launches Ethereum-backed exchange-traded product

SIX Swiss Exchange, Switzerland's largest stock exchange, just launched an Ethereum-backed exchange-traded product (ETP), according to the firm's website. This comes one week after SIX announced the launch of its Bitcoin-backed ETP. Both ETPs will have a management fee of  2.5 percent. Sponsored by crypto startup Amun AG, the ETPs will trade under the ticker symbols AETH and ABTC, respectively.

In November 2018, The Block reported SIX Swiss Exchange's first crypto ETP product (ticker: HODL) which tracked five of the largest crypto assets including bitcoin, XRP, ether, bitcoin cash, and litecoin. The firm now appears to be launching ETPs indexing individual cryptos. In a statement sent to The Block, Hany Rashwan, CEO and co-founder of Amun AG, states "with both HODL for the index and ABTC/AETH for the single coin, we have given investors around the world access to this innovative and exciting asset class through a regulated exchange and the traditional financial market. We also plan to launch more products across multiple geographies."

This article has been updated with a statement from Hany Rashwan