WisdomTree has today listed the first cryptocurrency basket ETP on Euronext exchanges in Paris and Amsterdam.
WisdomTree Crypto Mega Cap Equal Weight (MEGA) is the lowest priced physically-backed cryptocurrency basket ETP in Europe, with a total expense ratio of 0.95%, it said in the release statement on 2 December.
MEGA first launched in November 2021, listing on Börse Xetra and SIX, the Swiss Stock Exchange.
ETPs now present investors with multiple options to gain exposure to the asset class, whether that be via individual cryptocurrency ETPs or innovative basket ETPs like MEGA.”
The ETP is passported for sale across the European Union and tracks a proprietary index developed by WisdomTree in collaboration with CF Benchmarks.
MEGA provides an equal weighted allocation to mega cap crypto assets, currently Bitcoin (BTC) and Ethereum (ETH) with a quarterly rebalance.
The ETP provides investors with a simple, secure, and cost-efficient way to gain exposure to the mega cap portion of the cryptocurrency market, it said.
It expects the product to be appealing to those seeking diversified exposure to the most established cryptocurrencies and investors wanting to capture potential outperformance delivered through regularly rebalancing back to an equal weighted exposure.
Jason Guthrie, head of digital assets, Europe, WisdomTree said: “Investors are increasingly looking for ways to tap into the potential of crypto assets and have more options than ever before to allocate to the asset class.
“From being a market access tool for the asset class, ETPs now present investors with multiple options to gain exposure to the asset class, whether that be via individual cryptocurrency ETPs or innovative basket ETPs like MEGA. We expect to continue seeing novel exposures as the ecosystem evolves and we intend to be at the cutting edge, delivering the thoughtful strategies investors expect from us.”
Through WisdomTree’s cryptocurrency ETPs investors can conveniently access a range of crypto assets without the need to hold them directly, store private access keys or interact with the blockchain or digital currency infrastructure in any way. Investors also get access to institutional grade storage solutions without needing to set it up with a custodian themselves.
To ensure the highest level of security, WisdomTree leverages regulated, institutional-grade digital currency custodians who maintain highly secure cold storage facilities.
The listing of MEGA on Euronext in Paris and Amsterdam also follows the launches of WisdomTree Crypto Market (BLOC) and WisdomTree Crypto Altcoin (WALT), which listed on Börse Xetra and SIX in November 2021.
Alexis Marinof, Head of Europe, WisdomTree, added: “Listing the first crypto basket ETPs on Euronext is a sign of our commitment to providing investors with convenient access to the crypto asset market. Crypto basket ETPs are next stage of product development evolution as investors seek to tap into the growth potential of the asset class.”
WisdomTree Crypto Mega Cap Equal Weight is passported for sale in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Spain, Sweden and Switzerland.