Yes, something like that would have to be listed on an exchange, registered and regulated, and would be completely separate from the ANDI stock. However, there are a couple ways for ANDI to get a payday, and this is just IMHO:
The brothers Snir may just be developing it for an investment company that will actually market the index fund, and they'll be paid for their research and development, may have even asked for a sliver of the fees from investors.
Or they may plan to manage the fund themselves. It won't be different from any other index fund like Fidelity or other brokers have, and they'd get management/administration fees just like Fidelity. Kicking it off would be a bear for them on this approach, doubt that anybody is going to toss a lot of money at a company like that and trust them to acquire the coins with it. For this reason, I'll expect it'll be more like my first thinking.
Or something else.
It smells quite a bit that website has been there, last updated in March, and there's been no word either in the June PR or since, so I really wonder if ANDI owns it. That annual report should be read by all.
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