MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, February 20, 2025 Building a 3rd Crypto ETP Is Easy Peasy For a $1.58T-AUM AM Jenny Johnson and her are rolling out their third digital asset ETP since the beginning of 2024, this time by tracking two different popular cryptocurrencies at once. Today, David Mann, global head of ETF product and capital markets at Franklin Resources, Inc. (dba Franklin Templeton [profile]), and Roger Bayston, head of digital assets, unveil the launch of the Franklin Crypto Index ETF (EZPZ on the Cboe BZX Exchange). Despite the "ETF" in its name, EZPZ is actually an exchange-traded product that is a series of a Delaware statutory trust, not a '40 Act fund (like traditional ETFs) or a commodity pool. Franklin Holdings, LLC (a Franklin Resources subsidiary) serves as sponsor of EZPZ. EZPZ's inception date is today, and it comes with a gross sponsor fee of 19 basis points. Yet Franklin is waiving that fee for more than six months, through August 31, 2025. CF Benchmarks Ltd. serves as index provider to EZPZ. The ETP is designed to track the CF Institutional Digital Assets Index, which currently includes weightings to both bitcoin and ether. Mann describes EZPZ as offering "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," Mann states. "It is our hope this ETP evolves to represent beta for crypto." "With EZPZ, we're offering a simple low-cost way to gain exposure to this growing and important asset class," Bayston states. The launch of EZPZ comes 13 months after Franklin was one of the first firms launching a spot bitcoin ETP and 7 months after Franklin was one of the first firms launching a spot ether ETP. EZPZ is a series of the Franklin Crypto Trust. The new ETP's other service providers include: Bank of New York MellonCoinbase Custody Trust Company, LLC as digital asset custodian; CSC Delaware Trust Company (a subsidiary of Corporation Service Company) as sole trustee; Franklin Distributors, LLC as market agent; Franklin Resources as seed capital investor; and PricewaterhouseCoopers LLP as independent accounting firm. Printed from: MFWire.com/story.asp?s=69551 Copyright 2025, InvestmentWires, Inc. All Rights Reserved |