Switzerland’s primary stock exchange SIX has listed an income-generating exchange-traded product (ETP) based on tezos (XTZ) token.
The ETP, with the ticker symbol AXTZ, is being issued by fintech firm Amun AG in partnership with the Tezos Foundation, according to an announcement Thursday. Amun said it is the first such product, which will allow investors to earn a passive income via transactions that are validated on the Tezos blockchain. The firm will charge an annual management fee of 2.5%.
“Investors will be able to buy a stock for as low as $20 and we bake/stake on their behalf and return it to them as a dividend without them required to do any staking on their own,” Hany Rashwan, co-founder and CEO of Amun, told The Block.
The underlying tezos tokens of the ETP are custodied with and staked by Coinbase Custody, per the announcement.
The product is available for both retail and institutional investors, who can participate in the rewards for contributing to the security and stability of the Tezos blockchain, "without the need to ever have to set up a crypto wallet or taking care of a private key," said Rashwan.