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While the US Securities and Exchange Commission (SEC) does its best to delay consideration of the issue of the first traded investment funds ETF (Exchange traded fund) on the American market, the variety of financial instruments tied to the cryptocurrencies is growing in Europe. The US financial supervisory authority meanwhile must decide on the exchange traded funds at the request of Bitwise and VanEck — and there is still no progress.
The first derivatives were ETN — Exchange traded notes, which were launched on the Stockholm Stock Exchange in 2015 by the Swedish company Xbt Provider. Last year, another product was launched on the Zurich Stock Exchange — ETP (Exchange traded product). The slow-moving U. Securities and Exchange Commission went around two young startups, the founders of the British company Amun (named after Egyptian deity Amon) — Italian-American Ophelia SNYDER, 27 years old, and Egyptian Hany RASHWAN, 29 years old.
Last year, they launched the Amun Crypto Basket Index ETP with a starting price of $15.64, and currently the price is around $23, while at the end of June it reached a maximum of $34.75. Amun offers its client investors in Switzerland a diversified set of cryptocurrencies that are balanced monthly. Indexing goes through the Amun Crypto Basket Index, launched in September 2018, which is managed by MV Index Solutions. This is an index that includes 5 major cryptocurrencies classified by the principle of capitalization and market circulation.
In order to get into the index, cryptocurrency must be used by market makers, be acceptable by the Swiss Exchange (SIX) and, in addition, be liquid and have a good track record. At the same time, cryptocurrencies which are tied to a specific real currency, such as Tether, or anonymous cryptocurrencies, or such cryptocurrencies that are traded on problem platforms, are not considered by Amun.
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