ProShares has unveiled the first U.S.-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 benchmark-linked ETF of 20 of the largest and most liquid digital assets, ProShares said in an email Wednesday.
The index is market capitalization weighted, subject to caps and rebalanced quarterly, with the aim of providing diversified exposure while limiting concentration in any 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 a broader asset class through a single ticker.
The CoinDesk 20 selects assets from the top 250 by market capitalization, applying liquidity and exchange listing requirements, while excluding stablecoins, memecoins, privacy tokens, and various wrapped or indexed assets.
ProShares already offers one of the largest suites of crypto-related funds in the United States, with 13 ETFs and additional mutual fund products.
