ProShares launches KRYP ETF to track the CoinDesk 20 Index

KRYP, a ProShares Exchange Traded Fund, listed in New York under the NYX:KRYP ticker, is launching to give retail investors a means to invest in a basket of "top" cryptocurrencies.

Specifically, KRYP is set up to track the CoinDesk 20 Index, an index of cryptos that's intended to be a tracker in the same way as the S&P 500 or London's FTSE 100 do.

The CoinDesk 20 Index is market capitalization weighted, subject to caps, and rebalanced quarterly.

According to the ProShares filing, the CoinDesk 20 Index selects from the top 250 digital assets ranked by market capitalization, and applies additional liquidity and exchange listing requirements, excluding stablecoins, memecoins, privacy tokens, gas tokens, wrapped assets, staked assets and pegged assets.

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ProShares, meanwhile, clarified that KRYP invests in swap agreements and does not directly invest in crypto assets, the filing said, moreover, as is customary for financial products, a compliance disclosure noted that there is no guarantee the fund will meet its investment objective.

Similarly, the investment company added that crypto assets carry unique and substantial risks, including rapid price swings, lack of liquidity, limited regulation and greater susceptibility to fraud and manipulation, and that the value of an investment could decline significantly and without warning, including to zero.

The Recap

• KRYP is an ETF designed to track the CoinDesk 20 Index.
• CoinDesk 20 selects from the top 250 digital assets.
• The company directed readers to its LinkedIn page for information.