Swedish crypto investment manager Virtune has launched its first ETP, delivering passive, physically backed exposure to a basket of leading digital assets.

The ETP provides broad, physically backed exposure to a basket of leading crypto assets.

The Virtune Crypto Top 10 Index ETP has been listed on Nasdaq Stockholm in Swedish krona (Ticker: VIR10SEK) and euros (VIR10EUR).

The ETP is linked to the Virtune Vinter Crypto Top Ten Index which consists of the ten largest crypto assets, offering a diversified exposure that covers approximately 85% of the crypto industry’s total market capitalization.

Each crypto asset is weighted by market capitalization subject to a 40% cap to promote diversification. The index is rebalanced on a monthly basis.

The ETP offers investors broad exposure to the crypto investment universe through a liquid, regulated vehicle without the technical challenges of setting up private keys or crypto wallets. Only crypto assets that are approved by Nasdaq are eligible for inclusion in the ETP, adding an extra layer of qualification.

The product is 100% physically backed with the underlying crypto holdings being deposited in cold storage with the custodian Coinbase Custody.

The ETP comes with an expense ratio of 1.95%.

Christopher Kock, CEO of Virtune, said: “We are excited to introduce the first-ever index crypto ETP to the Nordic Market, particularly on Nasdaq Stockholm, one of the most renowned stock exchanges. Virtune has recognized a strong demand for diversified crypto investment products in the Nordic region and is proud to launch this product in collaboration with leading service providers.”

Helena Wedin, Head of ETP Services, Global Trading and Market Services, Nasdaq Stockholm, added: “Exchange-traded products provide access to alternative investments while maintaining the transparency of a regulated marketplace, and we are very happy to welcome Virtune as a new issuer of crypto ETPs at Nasdaq Stockholm.”