New Franklin Crypto Index ETF Seeks Approval to Expand Trading for Crypto Investors
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Read more: Franklin Templeton Money Market Fund Launches on Layer 2 Arbitrum
The ETF would have the proposed name Franklin Crypto Index ETF and offer an investors’ broadly diversified cryptocurrency portfolio while tracking the performance of the CF Benchmarks Digital Asset Index, which, to date, includes Bitcoin and Ethereum.
The fund will try to track the index by investing these digital assets in proportions comparable in weight to that of the index. However, it will be free to add more cryptocurrencies while the market matures and regulatory frameworks unfold.
The fund’s digital assets will be custody by Coinbase Custody Trust Company. The Bank of New York Mellon will manage cash with associated administrative duties.
The Franklin Crypto Index ETF will trade on the Cboe BZX Exchange with the ticker symbol “EZPZ.” Of special note, though, is that the Cboe hopes for approval to facilitate in-kind creation and redemption of ETF shares in digital assets, a likely move to smooth the trading process.
The move underlines the growing institutional interest in cryptocurrency investment products. The Franklin Crypto Index ETF will be entering a competitive market pitted against the Hashdex Nasdaq Crypto Index ETF, which became the first crypto index ETF to seek regulatory clearance.
Other asset managers, such as Grayscale and VanEck, are getting ready to launch similar products, a signal of a broader trend toward the integration of digital assets into diversified investment portfolios.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Delaware, United States, 16th August 2024, Chainwire
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