Iconic Funds has received approval from the Malta Financial Services Authority (MFSA) to list the Iconic BITA20 XA Crypto Asset Index Fund on the Malta Stock Exchange.
The firm writes that the listing is expected to occur in the coming days. Upon listing, the fund will be Europe’s first fund with direct exposure to crypto assets that is listed on a Regulated Market.
The fund employs a passive management investment strategy which tracks the performance of the BITA20 XA Index, a benchmark for the performance of the crypto asset market. The fund attempts to replicate the target index by investing all, or substantially all, of its capital in the top-20 crypto assets that comprise the index using the same weighting.
Additionally, the fund strives to optimise passive returns by depositing coins into staking and interest-bearing accounts with reputable counterparties, when available. The fund is investable by Qualifying Investors only.
Launched in January 2020, the fund has a strong track record of significantly outperforming bitcoin, the firm writes. Year-to-date, as of Sept. 30, 2021, the fund had a net return exceeding 250 per cent, while bitcoin returned nearly 45 per cent over the same period of time, according to Coingecko.com.
Iconic Funds and Cryptology Asset Group CEO, Patrick Lowry, says: “While the crypto world seems hyper focused on the ever-elusive spot bitcoin ETF, we decided to stay ahead of the curve and list the Iconic BITA20 XA Crypto Asset Index Fund on a Regulated Market in Europe. Investors are actively seeking access to crypto beyond just bitcoin, and we hope our fund’s listing gives Professional Investors more opportunity to gain exposure to the crypto market.”