ProShares, a premier provider of exchange-traded funds (ETFs), today announced the launch of the ProShares CoinDesk 20 Crypto ETF (KRYP), the first ETF designed to target the performance of the CoinDesk 20 Index, a broad-based benchmark representing 20 of the largest and most liquid cryptocurrencies.
With the launch of KRYP, ProShares brings the CoinDesk 20 Index to the U.S. ETF market for the first time, expanding its suite of crypto funds and offering investors a new way to access exposure to the rapidly evolving crypto asset class.
The CoinDesk 20 Index is market capitalization weighted, subject to caps, and rebalanced quarterly– offering diversified1 exposure to the dynamic crypto market, while limiting concentration in any single cryptocurrency.
“As the cryptocurrency market has matured, investors have increasingly looked beyond single-asset exposure,” said ProShares CEO Michael L. Sapir. “KRYP is the only ETF designed to provide diversified exposure to the broader crypto asset class in a single ticker, using a transparent, rules-based approach that limits concentration risk and adapts as market leadership changes over time.”
“CoinDesk 20 was built to be a scalable, institutional-grade benchmark for the crypto asset class,” said David LaValle, president of CoinDesk Indices and Data. “We’re thrilled to partner with ProShares to bring this index to the U.S. ETF market for the first time.”
The CoinDesk 20 Index selects from the top 250 digital assets ranked by market cap with additional liquidity and exchange listing requirements, excluding stablecoins, memecoins, privacy tokens, gas tokens, wrapped assets, staked assets and pegged assets.
ProShares is among the largest issuers of crypto funds in the U.S., with 13 ETFs and three ProFunds mutual funds.
KRYP invests in swap agreements and does not directly invest in crypto assets. There is no guarantee that the fund will meet its investment objective.
