Cryptocurrency ETP issuer Amun AG has partnered with Bitwise Asset Management to launch Amun Bitwise Select 10 ETP (KEYS).
Sticking with the same exchange as Amun’s other crypto ETPs, KEYS has listed on the SIX Swiss Exchange with an ongoing fee of 2.5% per annum.
Bitwise is managing the benchmark for the ETP. The Bitwise Select 10 Large Cap Crypto Index is comprised of at least 10 of the largest cryptocurrencies by market cap. Unsurprisingly, Bitcoin holds the largest weighting with 71.5% followed by Ethereum with 10.9% and Ripple with 7.2%.
The weighting and holdings of the underlying index will be adjusted on a monthly basis. According to KEYS’ factsheet, the ETP offers exposure to at least 80% of the crypto asset market.
KEYS and BTC performance Dec 2016 – Jun 2019 – Source: Amun
Backtesting from Amun and Bitwise shows KEYS to have a year-to-date performance of 152% however is underperforming compared to Bitcoin which is up 194%. The crypto giant fell to nearly as low as $3,000 at the end of 2018 but has been on an upward trend ever since peaking at $13,850 earlier this week. Still a long way off its $20,000 at the end of 2017.