ETC Group Physical Ethereum PoW (ZETW) ETP Launching on Deutsche Borse

cryptonews.com:

An exchange-traded product (ETP) that tracks an Ethereum (ETH) proof-of-work (PoW) hard forked token is already being planned for listing in Europe, despite no such token existing as of now.

The new investment product is being prepared by the London-based crypto firm ETC Group, and will be listed on Deutsche Borse’s Xetra marketplace under the ticker ZETW shortly after a potential hard fork, if all goes according to plan.

According to an announcement from the company behind the planned fund, investors in its existing ETH ETP with the ticker ZETH will automatically receive shares of the new fund on a one-to-one basis if a hard fork occurs. The firm expects the new fund to be listed on September 16, the announcement said.

The full name for the new fund will be ETC Group Physical EthereumPoW.

Both the existing ETH ETP and the planned ETP are backed directly by digital tokens. This stands in contrast to the Bitcoin (BTC) futures-backed exchange-traded funds (ETFs) that are listed in the US, where regulations have made it impossible to list physically backed ETPs or ETFs for now.

A potential new token that arises as a result of a hard fork as Ethereum’s main chain transitions from proof-of-work to proof-of-stake is tentatively called ETHPoW.

“When we launched ETC Group, we committed to holders of our digital asset-backed securities that they would benefit from hard forks to the underlying digital assets and cryptocurrencies,” Bradley Duke, founder and co-CEO of ETC Group, said in a comment, while adding:

“We believe that it is only right that investors in our products should receive the proceeds of this fork.”

ETC Group is one of several companies that offer ETPs backed by digital assets in Europe. Other companies include WisdomTree,