ProShares has introduced the primary U.S. exchange-traded fund (ETF) designed to focus on the efficiency of the CoinDesk 20 Index, increasing choices for traders searching for broad publicity to the crypto market.
The CoinDesk 20 Crypto ETF (KRYP) is the primary ETF to trace a benchmark of 20 of the biggest and most liquid digital belongings, ProShares stated in an e mail on Wednesday.
The index is market capitalization weighted, capped, rebalanced quarterly, and goals to offer diversified publicity whereas limiting focus in a single cryptocurrency.
“Because the crypto market matures, traders are more and more wanting past single-asset publicity,” CEO Michael Sapir stated in a press release, describing KRYP as a strategy to entry a broader vary of asset lessons by way of one ticker.
CoinDesk 20 selects the highest 250 belongings based mostly on market capitalization, excluding stablecoins, meme cash, privateness tokens, and numerous wrapped or pegged belongings, making use of liquidity and trade itemizing necessities.
ProShares already presents one of many largest cryptocurrency-linked fund suites within the U.S., together with 13 ETFs and extra mutual fund merchandise.
