ProShares unveiled the primary U.S.-listed exchange-traded fund (ETF) designed to focus on the efficiency of the CoinDesk 20 Index, increasing choices for traders in search of broad publicity to crypto markets.
The CoinDesk 20 Crypto ETF (KRYP) is the primary ETF tied to the benchmark of 20 of the most important and most liquid digital belongings, ProShares mentioned in a Wednesday e mail.
The index is market-capitalization weighted, topic to caps, and rebalanced quarterly, aiming to offer diversified publicity whereas limiting focus in any single cryptocurrency.
“Because the cryptocurrency market has matured, traders have more and more regarded past single-asset publicity,” CEO Michael Sapir mentioned in an announcement, describing KRYP as a option to entry the broader asset class by one ticker.
The CoinDesk 20 selects belongings from the highest 250 by market cap, making use of liquidity and exchange-listing necessities, whereas excluding stablecoins, memecoins, privateness tokens and numerous wrapped or pegged belongings.
ProShares already presents one of many largest suites of crypto-linked funds within the U.S., with 13 ETFs and extra mutual fund merchandise.
