ProShares launches the first "one-click purchase of the top 20 cryptocurrencies" ETF in the United States

Asset management company ProShares has announced the launch of the KRYP ETF, which is the first cryptocurrency ETF in the U.S. to track the CoinDesk 20 Index, providing investors with exposure to a basket of the 20 largest and most liquid cryptocurrencies by market capitalization.

The index is market-cap weighted with a cap on individual weights and is rebalanced quarterly to reduce the risk of concentration in a single asset. The CoinDesk 20 is selected from the top 250 cryptocurrencies by market cap, excluding stablecoins, meme coins, privacy coins, and various pegged/wrapped assets. ProShares stated that as the cryptocurrency market matures, investors are shifting from single assets to a broader allocation. KRYP aims to provide a diversified investment channel for the cryptocurrency market through a single code.