According to CoinMeta, the Swiss Financial Market Supervisory Authority has approved the country's first exchange-traded public fund that directly invests in Bitcoin. This fund falls under the category of alternative investment funds under Swiss law and is labeled as having special risks. The regulatory authority has exempted Bitcoin from the risk diversification rules that apply to other assets and has required measures to be taken to reduce operational and custody risks. At the same time, the risks are clearly disclosed in the fund documents. Other fund institutions have already submitted or announced plans to submit similar applications.