ETP is a passive investment, which aims to replicate the performance of a specific market by tracking the basic benchmark index, and the income will be better than that of active investment products most of the time. SIX, the Swiss stock exchange platform, defines ETP as collateral, bearer debt securities that do not earn interest, and can basically copy the basic assets (usually from commodities) through leverage. Like ETF, intraday trading is conducted in multiple market makers, but legally speaking, it is not a fund. Take the world's first multi-cryptocurrency ETP launched on the platform of Swiss Stock Exchange in June, 2065438+2008+0 1 as an example. Amun ETP is based on the Amun crypto basket index, which tracks the performance of the five best cryptocurrencies in terms of market value and liquidity. At the beginning of listing, the composition of the index is as follows: XRP(25.4%%), ETH (16.7%), LTC (3%) and BCH(5.2%%).

A spokesman for Finma, the Swiss financial regulator, said: "It is very important to distinguish ETP from ETF, because ETP is not subject to the Collective Investment Plan Act (Cisa)." Conceptually, Amun ETP is similar to ETF to some extent, both of which allow institutional investors and recognized retail investors to invest in digital assets without custodians and other regulatory obstacles. However, in order to increase the chances of the US Securities and Exchange Commission (SEC) approving ETFs, companies applying for ETF products must prove that the cryptocurrency futures market is stable enough, which is why the SEC has repeatedly refused to approve ETFs. For ETP, there is no such requirement because there are ETP products in the United States.

ETF and ETP provide convenience for institutional investors and qualified investors to enter the cryptocurrency field and reduce risks. However, ETFs are funds and ETPs are bonds, so ETFs are subject to stricter supervision. 1 full text. ETF ETF is an exchange-traded fund, that is, a trading platform trading fund. Literally, it is a fund that can be traded on the trading platform. Simply put, it is a basket of targets that track the trend of the market. You can think of ETF as a basket of stocks. They are selected according to some indexes indicating stock trends, such as the Standard & Poor's 500, which records the overall trend of 500 companies' stocks. Then, the basket of stocks in ETF is the stocks of these 500 companies. It should be pointed out that you don't actually own these 500 stocks directly, but you have a certificate to prove that you own the ETF. The most famous ETF is SPY ETF, which is the largest trading platform trading fund in the world and tracks the overall level of the S&P 500 stock market index.