BETHESDA, Maryland — February 4, 2026
ProShares has announced the launch of the ProShares CoinDesk 20 Crypto ETF (KRYP), an exchange-traded fund designed to target the performance of the CoinDesk 20 Index. According to the company, KRYP is the first U.S.-listed ETF created to track this broad-based benchmark, which represents 20 of the largest and most liquid cryptocurrencies. The launch expands ProShares’ suite of crypto-related investment products and introduces the CoinDesk 20 Index to the U.S. ETF market for the first time. ProShares stated that the fund is intended to provide investors with diversified exposure to the crypto asset class through a single ticker, using a transparent, rules-based index methodology. The launch was announced in partnership with CoinDesk, whose index business maintains and calculates the CoinDesk 20 Index.
Executive Summary
ProShares, a provider of exchange-traded funds headquartered in Bethesda, Maryland, has launched the ProShares CoinDesk 20 Crypto ETF (KRYP), marking the first time the CoinDesk 20 Index has been made accessible through a U.S.-listed ETF. The fund is designed to target the performance of the CoinDesk 20 Index, a market-capitalization-weighted benchmark composed of 20 large and liquid cryptocurrencies, subject to caps and rebalanced on a quarterly basis. According to ProShares, the launch adds KRYP to its existing lineup of crypto-related ETFs and mutual funds and reflects growing investor interest in diversified crypto exposure beyond single-asset products. The ETF does not invest directly in crypto assets but instead uses swap agreements to seek exposure to the index. ProShares stated that KRYP is intended to offer a structured and rules-based approach to accessing the crypto asset class within the regulatory framework of U.S. exchange-traded funds.
Announcement Overview
ProShares announced the launch of KRYP on February 4, 2026, positioning the fund as the first ETF designed to target the CoinDesk 20 Index. According to the company, the ETF expands its crypto fund lineup and provides investors with an additional option for accessing crypto-related market exposure through an exchange-traded vehicle. The CoinDesk 20 Index, which underlies KRYP, is described as a broad benchmark representing 20 of the largest and most liquid digital assets in the market.
The company stated that the CoinDesk 20 Index is market-capitalization weighted, subject to concentration caps, and rebalanced quarterly. This structure, according to ProShares, is designed to reflect changes in market leadership while limiting concentration in any single cryptocurrency. By launching KRYP, ProShares brings this index to the U.S. ETF market for the first time.
ProShares also confirmed that KRYP invests in swap agreements and does not directly hold crypto assets. The company emphasized that there is no guarantee the fund will meet its stated investment objective. ProShares noted that the ETF is designed for investors seeking exposure to a diversified set of crypto assets within a single fund, while acknowledging that crypto assets remain subject to unique risks and volatility.
Key Announcement Details
- ETF name: ProShares CoinDesk 20 Crypto ETF
- Ticker symbol: KRYP
- Announcement type: ETF product launch
- Underlying index: CoinDesk 20 Index
- Index composition: 20 large and liquid cryptocurrencies
- Index methodology: Market-capitalization weighted, subject to caps
- Rebalancing frequency: Quarterly
- Investment approach: Swap agreements
- Direct crypto holdings: None
- Geographic market: United States
- Launch date: February 4, 2026
Strategic Context
According to ProShares, the launch of KRYP reflects evolving investor demand within the cryptocurrency market. The company stated that as the crypto asset class has matured, investors have increasingly sought exposure beyond single-asset products, such as funds tied solely to one cryptocurrency. ProShares indicated that diversified benchmarks, such as the CoinDesk 20 Index, are designed to reflect a broader segment of the crypto market and to adapt as market composition changes over time.
The CoinDesk 20 Index selects its constituents from the top 250 digital assets ranked by market capitalization, subject to additional liquidity and exchange listing requirements. The index excludes stablecoins, memecoins, privacy tokens, gas tokens, wrapped assets, staked assets, and pegged assets. According to CoinDesk Indices, this selection methodology is intended to create a scalable benchmark that can serve as a reference for institutional and retail market participants.
ProShares stated that by introducing KRYP, it is expanding its crypto-focused offerings while remaining within the regulatory framework applicable to U.S. exchange-traded funds. The company noted that the ETF structure provides transparency and standardized disclosures, which some investors may prefer when accessing emerging asset classes.
Partnership With CoinDesk
The launch of KRYP was announced in partnership with CoinDesk, whose index business maintains the CoinDesk 20 Index. CoinDesk Indices and Data is responsible for index calculation, methodology governance, and periodic reconstitution of the index.
According to CoinDesk, the CoinDesk 20 Index was designed as an institutional-grade benchmark for the crypto asset class. The index methodology is rules-based and transparent, with defined inclusion and exclusion criteria. CoinDesk stated that the partnership with ProShares brings the index into the U.S. ETF market for the first time.
ProShares noted that CoinDesk and CoinDesk 20 are registered trademarks of CoinDesk Indices, Inc., and are licensed for use by ProShares. CoinDesk Indices, Inc. does not sponsor, endorse, sell, or promote the ProShares ETF and makes no representation regarding the legality or suitability of the fund.
Leadership Commentary From ProShares
“As the cryptocurrency market has matured, investors have increasingly looked beyond single-asset exposure,” said Michael L. Sapir, Chief Executive Officer of ProShares. “KRYP is the only ETF designed to provide diversified exposure to the broader crypto asset class in a single ticker, using a transparent, rules-based approach that limits concentration risk and adapts as market leadership changes over time.”
ProShares stated that the fund’s design reflects its approach to product development, which focuses on delivering targeted exposures through defined strategies. The company emphasized that KRYP is intended to align with investors seeking diversified crypto exposure rather than direct ownership of individual digital assets.
Leadership Commentary From CoinDesk
“CoinDesk 20 was built to be a scalable, institutional-grade benchmark for the crypto asset class,” said David LaValle, President of CoinDesk Indices and Data. “We’re thrilled to partner with ProShares to bring this index to the U.S. ETF market for the first time.”
CoinDesk Indices stated that the CoinDesk 20 Index was developed to support a range of investment products and market analysis use cases. According to the company, the index is designed to evolve alongside the crypto market through its quarterly rebalancing process.
Index Construction and Methodology
The CoinDesk 20 Index is constructed from a universe of the top 250 digital assets ranked by market capitalization. Additional eligibility requirements include liquidity thresholds and exchange listing standards. The index explicitly excludes several categories of digital assets, including stablecoins, memecoins, privacy tokens, gas tokens, wrapped assets, staked assets, and pegged assets.
The index is market-capitalization weighted, subject to caps that are intended to limit over-concentration in any single constituent. According to CoinDesk Indices, the quarterly rebalancing process allows the index to reflect changes in market structure and leadership over time.
ProShares stated that KRYP seeks to track the performance of this index through the use of swap agreements rather than direct holdings. The company noted that this approach aligns with the fund’s structure and regulatory requirements.
Risk and Investment Structure Disclosure
ProShares stated that KRYP does not invest directly in crypto assets and instead uses swap agreements to seek exposure to the CoinDesk 20 Index. The company emphasized that investing involves risk, including the possible loss of principal, and that there is no guarantee the fund will achieve its investment objective.
According to ProShares, crypto assets are a relatively new asset class and are subject to rapid price swings, market uncertainty, and unique risks, including potential fraud, manipulation, and regulatory changes. The company also stated that the ETF may be heavily weighted toward a small number of crypto assets, such as Bitcoin or Ether, which could significantly influence performance.
ProShares further noted that the ETF is a non-diversified investment company and entails risks associated with derivatives, counterparty exposure, imperfect benchmark correlation, and market price variance. The company stated that shares of ETFs are generally bought and sold at market price rather than net asset value and that brokerage commissions may reduce returns.
ProShares’ Crypto Product Portfolio
ProShares stated that it is among the largest issuers of crypto-related funds in the United States. As of the announcement date, the company reported offering 13 crypto-related ETFs and three ProFunds mutual funds. According to ProShares, its crypto product lineup includes strategies designed to provide exposure to digital assets through regulated investment vehicles.
The company noted that KRYP expands this lineup by introducing a fund tied to a broad-based crypto index rather than a single digital asset or strategy. ProShares emphasized that its approach to crypto products focuses on defined strategies and transparent methodologies.
Distribution and Regulatory Disclosures
ProShares ETFs are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor. ProShares stated that investors should carefully consider the investment objectives, risks, charges, and expenses of the ETF before investing and review the summary and full prospectuses.
The company also noted that CoinDesk Indices, Inc. and its affiliates make no warranties and bear no liability with respect to ProShares ETFs. CoinDesk Indices does not sponsor, endorse, sell, or promote the fund.
About ProShares
ProShares was founded in 2006 and is headquartered in Bethesda, Maryland. The firm has been active in the exchange-traded fund industry since its founding and offers one of the industry’s largest ETF lineups. Together with its mutual fund affiliate, ProFunds, ProShares manages more than $95 billion in assets, as of December 31, 2025.
The company provides ETFs and mutual funds across a range of investment strategies, including dividend growth, high income, interest-rate-hedged bonds, crypto-related products, and geared strategies such as leveraged and inverse ETFs. ProShares products are used by investors seeking both strategic and tactical exposures across equity, fixed income, and alternative asset classes.
ProShares operates in the U.S. market and distributes its funds through major brokerage platforms and financial advisors. The firm continues to develop new products designed to meet evolving investor demand within the regulatory framework governing registered investment companies.
Media and Investor Contacts
Media Contact
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Hewes Communications
(212) 207-9456
Investor Contact
ProShares
(866) 776-5125
Source Attribution
Source: Company announcement