The firm is looking to partner with existing financial institutions
Iconic Funds has expanded the range of wrapped crypto exposures available to investors by launching the world’s first ApeCoin exchange-traded product (ETP).
The Iconic Physical ApeCoin ETP listed on the Boerse Stuttgart on Wednesday with a total expense ratio (TER) of 1.49%.
The ETP tracks the CMBI ApeCoin index, offering physical exposure to its underlying while being fully collateralised by Coinbase Custody.
State Street will act as administrator for the product.
Like other Iconic Funds strategies, investors in its ApeCoin ETP can apply for physical delivery of underlying coins.
Michael Geister, head of crypto ETPs at Iconic, said: “The ETP will provide exposure to the ecosystem built around the Bored and Mutant Ape Yacht Club NFTs developed by Yuga Labs.
“BAYC (Bored Ape Yacht Club) is one of the most valuable NFT collections available, made famous by stars like Make Cuban or Serena Williams. Through ApeCoin investors have access to the growing NFT market.”
The firm also revealed its intention to work with third parties to launch white label products from its platform.
Patrick Lowry, CEO of Iconic, said: “We look forward to issuing additional, highly innovative crypto ETPs in the near future, as well as partnering with incumbent financial institutions for white-labeled crypto ETP products.”
Last year, the firm entered the European market with its bitcoin ETP, followed by a carbon offset bitcoin product and Europe’s joint-cheapest ethereum ETP.
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