The Swiss stock exchange will launch analog Bitcoin-ETF.
The fourth largest European stock exchange, SIX Swiss Exchange, will launch next week a financial product based on several of the most liquid cryptocurrencies, reports Trustnodes.
The new financial product (Exchange Traded Product, ETP) will consist of Bitcoin (48.13%), XRP (29%), Ethereum (16.39%), Bitcoin Cash ABC (3.74%) and Litecoin (2.74 %). The first time ETP will consist of half of bitcoin and 30% of XRP, which recently displaced Ethereum by capitalization.
Bitcoin Cash (ABC implementation) and Litecoin will be added later.
When an investor purchases ETP shares, managers buy the appropriate amount of cryptocurrency, placing it in a secure vault. The composition of the fund will be automatically rebalanced depending on the market situation. For the management of the fund a commission of 2.5% per year is provided.