ProShares 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 ETF tied to the benchmark of 20 of the largest and most liquid digital assets, ProShares said in a Wednesday email.
The index is market-capitalization weighted, subject to caps, and rebalanced quarterly, aiming to provide diversified exposure while limiting concentration in any single cryptocurrency.
“As the cryptocurrency market has matured, investors have increasingly looked beyond single-asset exposure,” CEO Michael Sapir said in a statement, describing KRYP as a way to access the broader asset class through one ticker.
The CoinDesk 20 selects assets from the top 250 by market cap, applying liquidity and exchange-listing requirements, while 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 U.S., with 13 ETFs and additional mutual fund products.
