According to CoinMeta, the Swiss Financial Market Supervisory Authority (FSMA) announced on October 20 that it had for the first time approved exchange-traded funds (ETFs) that directly invest in Bitcoin for retail investors. This product is classified as an alternative investment fund with specific risks under Swiss law. Considering that Bitcoin has a longer trading history and higher trading volume compared to other cryptocurrencies, the regulatory authority approved an exemption from certain risk diversification rules for this fund, but required the regulator to take measures to reduce operational and asset custody risks, and to clearly disclose the risks of Bitcoin price fluctuations and potential losses in the fund documents. The related products must also comply with the Code of Conduct stipulated by Switzerland's Financial Services Act when sold, including assessments of investment suitability and appropriateness. It is also mentioned that other fund providers have submitted or announced plans to submit applications for Bitcoin ETFs.