Startup looks to Switzerland to create crypto ETF

Amun AG is aiming to create an exchange-traded product that will track the top five cryptocurrencies, potentially giving investors a way to gain exposure without actually holding the tokens. CEO Hany Rashwan of Amun said he hopes to launch the offering on SIX Swiss Exchange by year end, pending final regulatory approval. U.S. efforts to gain approval for an exchange-traded fund just to hold bitcoin have met with rejection after rejection by the SEC, leading to efforts at end arounds. One such effort is in Canada while another is located in Sweden. But Amun's goal is not just to track bitcoin, but several cryptos. It will use investment dollars to buy the corresponding amount of the top five tokens and have them securely held by a custodian. (Source: Bloomberg)