Franklin Templeton launched its dual spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) on Feb. 20, according to a press release.
The fund will trade under the EZPZ ticker and is listed on Cboe. It tracks the dual price based on the CF Institutional Digital Asset Index.
The index is weighted by market capitalization, allocating 82% to Bitcoin and 18% to Ethereum. As of Feb. 19. EZPZ holds 22.12 BTC and 123.55 ETH, custodied by Coinbase.
This is Franklin Templeton’s third crypto ETF, following the launches of the Franklin Bitcoin ETF (EZBC) and the Franklin Ethereum ETF (EZET) last year.Â
As of Feb. 20, EZBC and EZET have registered $479.6 million in net flows since their launches, based on Farside Investors data.
Aiming for a broad index
David Mann, global head of ETF product and capital markets at Franklin Templeton, said in a statement:
“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.”
Bloomberg ETF analyst James Seyffart noted that EZPZ “will ultimately” be a crypto index ETF as the US Securities and Exchange Commission (SEC) greenlights more digital assets in the ETF wrapper.
The EZPZ listed for trading less than one week after Hashdex’s dual crypto ETF NCIQ was listed on the Nasdaq, which Seyffart also believes will become a crypto index ETF.
The SEC delayed the decision on Franklin Templeton and Hashdex’s funds on Nov. 20, 2024, but eventually approved both on Dec. 20, 2024, roughly three weeks before the informed deadline of Jan. 6, 2025.
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