ProShares, a major asset management firm, has filed for U.S. regulatory approval from the Securities and Exchange Commission (SEC) to launch a new crypto exchange-traded fund (ETF).
The proposed fund, named the ProShares CoinDesk Crypto 20 ETF, is designed to track the performance of the CoinDesk 20 Index, which measures the performance of the top 20 cryptocurrencies by market capitalization and liquidity. This index includes key digital assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL). Crucially, the index excludes stablecoins, meme coins, and wrapped tokens.
In line with regulatory requirements, the ETF will not directly own cryptocurrencies. Instead, it plans to gain exposure to the index assets using financial tools like swaps and derivatives. This approach is favored by many crypto fund providers, as it allows investors to access the performance of the crypto market through a regulated investment option. To manage some derivatives, the fund intends to set up a subsidiary in the Cayman Islands, with those contracts limited to no more than 25% of its total assets.
This move is part of a growing trend of crypto fund providers seeking to offer diversified investment baskets, which many institutions prefer to mitigate risk associated with single assets. ProShares has been a pioneer in this space, having launched the first U.S. Bitcoin futures ETF in 2021. If approved, the ProShares CoinDesk Crypto 20 ETF would be one of the first diversified crypto ETFs in the U.S. market.
October 2025, Cryptoniteuae
