Crypto specialist Iconic Funds has expanded its cryptocurrency range with the launch of an ethereum ETP.

The Iconic Physical Ethereum ETP (IETH) is listed on the Frankfurt Stock Exchange and Deutsche Boerse with a total expense ratio (TER) of 0.95%.

The fee makes it the joint cheapest ethereum ETP in the market, level with the WisdomTree Ethereum ETP (ETHW) which launched in April.

Physically-backed, IETH tracks the spot price of the second-largest cryptocurrency by market cap.

Coinbase has been selected as the custodian of IETH while State Street will serve as the administrator.

Michael Geister, head of crypto ETPs at Iconic Funds, said: “Our crypto ETPs are designed to meet institutional-grade standards in terms of security, trust and cost efficiency.

“Through our products, European investors can access crypto assets in a familiar manner by investing through trusted investment vehicles at industry-leading costs.”

Iconic funds first entered the crypto ETP space in May with the launch of the Iconic Funds Physical Bitcoin ETP (XBTI) is listed on the Deutsche Boerse.

Last month, the group became the latest issuer to implement a carbon offsetting initiative for XBTI, using a transaction-based methodology to determine its carbon footprint, which it will then offset through the purchase of carbon credits.

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