ProShares launches ETF tracking top 20 cryptocurrencies

Global asset manager ProShares has launched KRYP, an ETF that tracks an index of the top 20 cryptocurrencies, Coindesk reported. The fund follows the CoinDesk 20 Index, which tracks the prices of the included cryptocurrencies. It uses a market-cap-weighted approach but applies caps and quarterly rebalancing to limit concentration risk in any single asset. The CoinDesk index excludes stablecoins, memecoins, privacy cryptocurrencies, and wrapped cryptocurrencies. ProShares currently operates 13 crypto ETFs.