Iconic Funds’ Physical Ethereum ETP (ISIN: DE000A3GTML1; WKN: A3GTML) will be listed and begin trading on Deutsche Börse’s Xetra on December 20, 2021.
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Patrick Lowry, CEO of Iconic Funds and publicly traded Cryptology Asset Group
The exchange traded product, physically backed by Ethereum, becomes a cost-effective way for investors to gain exposure to Ethereum on Xetra with a total expense ratio of 0.95%.
The ETP is issued by Iconic Digital Assets AG, a subsidiary of Iconic Funds GmbH (collectively branded as “Iconic Funds”). The physical Ethereum ETP is the first product of a new series of planned crypto products issued by Iconic Digital Assets AG.
The Iconic Physical Ethereum ETP tracks the spot price of Ethereum via the CMBI Ethereum Index. The ETP is 100% collateralized by coins held in an institutional-grade custody solution with Coinbase Custody. Coinbase Custody offers the most trusted cold storage custody solution for institutions. State Street Bank, one of the world’s leading Fund Administrators groups and administrator of Iconic’s Bitcoin ETP announced earlier this year, will also serve as the Ethereum ETP administrator.
Michael Geister, Head of Crypto ETPs at Iconic, said: ”Our Crypto ETPs are designed to meet the highest institutional-grade standards in terms of security, trust and cost efficiency. Through our products, European investors can access crypto assets in a familiar manner by investing through trusted investment vehicles at industry-leading costs.”
Iconic Funds is perpetually at the forefront of crypto asset adoption, having issued and listed a physically backed Bitcoin ETP, XBTI, earlier this year on multiple European exchanges (ISIN: DE000A3GK2N1). The firm notes the Iconic Physical Ethereum ETP is just the beginning of its intention to issue further ETPs physically backed by crypto assets.
Patrick Lowry, CEO of Iconic Funds, said: “Crypto is still in the early innings of adoption. Iconic’s vision is to be investors’ trusted partner for accessing the crypto market through our traditional investment vehicles. We look forward to issuing additional, highly innovative crypto ETPs in the near future, as well as partnering with incumbent financial institutions for white-labeled crypto ETP products.”
Source: ETFWorld.co.uk
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