ProShares has launched the first U.S.-listed exchange-traded fund (ETF) designed to target the performance of the CoinDesk 20 Index, providing more options for investors seeking broad exposure to the cryptocurrency market.
The CoinDesk 20 Crypto ETF (KRYP) is the first ETF to be tied to a benchmark of the 20 largest and most liquid digital assets, ProShares said in an email on Wednesday.
The index is market capitalization weighted, subject to a cap, and rebalanced quarterly to provide diversification while limiting concentration in any single cryptocurrency.
“As the cryptocurrency market matures, investors are increasingly focusing on single-asset exposure,” CEO Michael Sapir said in a statement, describing KRYP as a way to gain access to a broader asset class through a single stock.
CoinDesk 20 selects assets from the top 250 by market cap, liquidity and exchange listing requirements, while excluding stablecoins, memecoins, privacy tokens and various wrapper or pegged assets.
ProShares already offers one of the largest suites of cryptocurrency-linked funds in the United States, including 13 ETFs and other mutual fund products.
