ProShares introduced the first US-listed exchange-traded fund (ETF) designed to target the performance of the CoinDesk 20 index, expanding options for investors seeking broad exposure to crypto markets.
The CoinDesk 20 Crypto ETF (KRYP) is the first ETF tied to the benchmark of 20 of the largest and most liquid digital assets, ProShares said in an email on Wednesday.
The index is market capitalization weighted, capped, and rebalanced quarterly, with the goal of providing diversified exposure while limiting concentration in a single cryptocurrency.
“As the cryptocurrency market has matured, investors have increasingly looked beyond exposure to a single asset,” CEO Michael Sapir said in a statement, describing KRYP as a way to access the broader asset class through a ticker.
CoinDesk 20 selects assets from the top 250 by market capitalization, applying liquidity and listing requirements, excluding stablecoins, memecoins, privacy tokens, and various wrapped or pegged assets.
ProShares already offers one of the largest suites of crypto-linked funds in the US, with 13 additional ETFs and mutual fund products.
