ProShares Unveils New Cryptocurrency ETF Focusing on Top 20 Coins

Financial firm ProShares has submitted an application to the SEC for a new exchange-traded fund (ETF) designed to track the performance of the top 20 cryptocurrencies. This innovative product, dubbed the ProShares CoinDesk Crypto 20 ETF, will aim to offer investors a broad exposure to the cryptocurrency market through a single index. The ETF’s methodology involves utilizing derivative instruments like swap agreements and contracts, rather than directly holding crypto assets, while maintaining a limit on 25% of its holdings for these derivatives in the Cayman Islands.