How is that possible? There are no margin positions while there are clearly BTWTY in circulation. So it seems they are not only shorted/borrowed into existence. Furthermore, in contrast to bitUSD and bitCNY the issuer is an individual and not the committee-account. Am I missing something?

It's a market pegged asset, thus it has decentralized issuance - they're shorted/borrowed into existence.

Paging @EstefanTT

I am trying to understand the mechanics of the Bittwenty index (BTWTY). I have a few questions and it would be nice if someone could clarify if I understand it correctly:

Was the current supply completely issued by estefantt? Is my assumption correct, that BTWTY tracks the performance of the top-20 cryptocurrencies just virtually without physical replication?

Thank you.