The ETP will start trading beneath the ticker “XBTI” earlier today on Wednesday with a complete expense ratio of 0.95%.
The product is structured as a standard ETP and aims to get rid of the technical complications of investing in and holding bitcoin for investors, the Frankfurt-based firm outlined.
Each completely bitcoin-collateralized note of the ETP represents a claim on a specified amount of bitcoin.
On the other hand, several cryptocurrency ETPs already trade on the Xetra platform, with the foremost recent launch by 21Shares as well as asset manager WisdomTree.
Iconic Funds outlined that it’s also exploring listings for XBTI outside Germany.