The financial services giant Franklin Templeton has launched a mixed Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded fund (ETF).
Coinbase will provide custody services for the new Franklin Crypto Index ETF (EZPZ), the firm’s third crypto exchange-traded fund.
[adinserter block="1"]Franklin Templeton also launched single-asset Bitcoin and Ethereum ETFs last year.
The new fund will track the CF Institutional Digital Asset Index, an investible benchmark portfolio index that is currently weighted 86.51% BTC and 13.49% ETH.
David Mann, the global head of ETF product and capital markets at Franklin Templeton, says the new ETF could evolve over time and represents the firm’s “unwavering commitment” to innovation.
“EZPZ offers a convenient and low-cost way to gain exposure to the two most established and largest blockchain ecosystems. In the longer term, the ETP intends to add any new coins as they become eligible for index inclusion. It is our hope this ETP evolves to represent beta for crypto.”
Franklin Templeton follows in the footsteps of the crypto asset management firm Hashdex, which launched a joint BTC-ETH ETF earlier this month.
Bloomberg ETF analyst James Seyffart predicts both products “will ultimately be crypto index ETFs as the [U.S. Securities and Exchange Commission] allows more digital assets in the ETF wrapper.”
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