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Hot on the heels of other leading cryptocurrency exchanges OKEx has now joined the race with its own index fund dubbed OK06ETT.
The alphabet-soup name reveals that investors will be able to invest in a basket of six cryptocurrencies Shares of the fund will trade on the exchange as a tokenized asset dubbed OKB.
Announced in an official release, OK06ETT is described as an “easy and efficient trading option for traders to replicate and tract the OK06 index, which reflects the performance of the digital asset market.”
OK06ETT will include Bitcoin Ethereum, Bitcoin Cash, and EOS, and will trade against Tether (USDT) Investors will be able to redeem the fund for its underlying assets, while redeeming the fund for USDT would involve a 0.2% fee.
Should any of the aforementioned assets go through a hard or soft fork which OKEx supports, OK06ETT will automatically sell the newly created asset by proportion and apply the generated funds to different components of its basket.
The introduction of OK06ETT follows on from Huobi’s launch of Huobi Pro – a venture the company dubs as the first ‘cryptocurrency exchange-traded fund (ETF) targeted at retail investors’.
Limited to 2 million units only. Subscription opens at 11:00 on June 5 (Hong Kong time, UTC+8).
Read more: https://t.co/K4NjyrfkPG pic.twitter.com/T0mAbbodqW
— OKEx (@OKEx_) June 4, 2018
Earlier this year, Coinbase also introduced its own passively managed index fund, while popular brokerage application Circle Invest similarly introduced a “buy the market’ feature.
OKEx is scheduled for launch at 11:00 (Hong Kong Time) today, on June 5th. Initial subscriptions will be limited to two million units, while the fund will bear a minimum subscription quantity of 100 units, and will similarly carry minimum redemption quantity of 100 units.
The fund will be open from 11:00 to 14:00, Hong Kong Time.