UK crypto exchange-traded notes backed by bitcoin and ether have witnessed low trading volumes since they launched on the London Stock Exchange on May 28 following approval from the country’s financial regulator, the Financial Conduct Authority.

Unlike the U.S. exchange-traded funds, only professional investors are permitted to trade the products — and opening them up to the retail market would be a “game changer,” according to one of the issuers, 21Shares.

21Shares offers four bitcoin and four ether-backed cross-listed products in the UK. WisdomTree manages two Bitcoin and two Ethereum ETNs, and Invesco also offers two bitcoin-backed products. To be listed on the LSE, crypto ETNs must be physically backed, non-leveraged and offer exposure to only bitcoin or ether. 

Since launch, …