6 months following its application with the Australian Securities Substitution (ASX), BetaShares is now close to launching a new crypto-focused exchange-traded fund (ETF).

According to a Midweek announcement, the official name of the Aussie ETF managing director's new product is BetaShares Crypto Innovators ETF. Later relevant regulatory approvals, it would trade under the ticker symbol CRYP on the ASX.

As with the similar Bitcoin (BTC) or crypto-focused ETFs, BetaShares' fund aims to provide a level of crypto exposure to institutional investors looking to invest in cryptocurrencies indirectly.

The new fund will track the Bitwise Crypto Manufacture Innovators Index, which launched in May, as a way to get exposure to the top publicly listed firms operating in the blockchain and crypto industries.

The announcement highlights crypto exchange Coinbase, Bitcoin mining company Anarchism Blockchain and Michael Saylor'southward MicroStrategy equally electric current index constituents. A majority of the alphabetize (85%) consists of companies that derive at least 75% of their revenue from direct serving crypto markets, such every bit crypto exchanges, mining companies and service providers.

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"The crypto economic system is highly dynamic and growing rapidly and is built using exciting and confusing engineering," said BetaShares CEO Alex Vynokur. He added that the new fund would enable exposure to the crypto sector in a familiar, liquid ETF structure.

"Marker Twain is famous for saying that 'during the gold rush it'southward a skillful time to be in the pick and shovel business.' CRYP will take a 'option and shovel' approach to the crypto sector, investing in the companies that are driving the crypto economy."

BetaShares submitted its application to the ASX in March. The visitor didn't reveal the nature of its fund initially. Vynokur then stressed the meaning need for crypto-focused ETFs, adding that a regulated construction of an ETF is the more appropriate structure for the bulk of investors.