Exchange Traded Products

In Switzerland, an Exchange Traded Product (ETP) is a separate category of exchange-traded security that tracks the performance of an underlying asset or basket. Underlyings can include cryptocurrencies, commodities, shares, bonds or indices. Unlike an ETF, a Swiss ETP is not a collective investment scheme or segregated fund asset.

An ETF is an investment fund and follows requirements applicable to collective investments, including diversification requirements. A Swiss ETP is a debt security that can track individual or specialized underlyings, including a single cryptocurrency. Swiss ETPs are not segregated fund assets, but they must be fully collateralized to reduce issuer-default risk. Read more about crypto ETPs and ETFs.

Yes. Crypto ETPs allow investors to obtain exposure to assets such as Bitcoin, Ethereum or diversified crypto baskets through a listed security. They can be purchased through a securities account, so the investor does not need to maintain a digital wallet personally. The product remains exposed to cryptocurrency price movements and can experience substantial volatility.

Market makers provide buy and sell quotations for ETPs and thereby support liquidity. The spread and available volume can still change with market conditions, particularly when the underlying is volatile or less liquid. Market makers and activity are shown on the SIX ETP market page.

The value of an ETP depends primarily on its underlying asset. Additional considerations include product structure, liquidity, currency exposure, costs and issuer risk. Although Swiss ETPs must be fully collateralized, collateralization reduces issuer risk but does not protect against losses caused by a falling underlying. See the SIX article on ETPs and cryptocurrencies.

On SIX Swiss Exchange, ETPs open at 09:00 CET. The closing auction starts at 17:30 and runs at approximately 17:35, subject to a random interval of up to two minutes. The ETF/ETP Quote on Demand service ends at 17:30. Consult the official trading hours for the applicable schedule.