A Form S-1 filed with the U.S. Securities and Exchange Commission shows that the proposed Cyber Hornet S&P Crypto 10 ETF would be dominated by bitcoin, ethereum, and XRP. Based on the most recent index rebalance disclosed in the filing, bitcoin carried an approximate weight of 69.92%, ethereum 14.58%, and XRP 5.05%. Together, those three assets made up nearly 90% of the benchmark.
Index follows the 10 largest cryptocurrencies by market cap
The product is designed to track the S&P Cryptocurrency Top 10 Index. According to the prospectus, the index includes the 10 largest cryptocurrencies by market capitalization and weights them by market cap. It rebalances quarterly on the third Friday of March, June, September, and December. The filing lists the other constituents from the latest rebalance as Binance Coin at 4.75%, solana at 2.92%, TRON at 1.09%, cardano at 0.57%, bitcoin cash at 0.48%, chainlink at 0.36%, and stellar at 0.29%.
BNB and TRON included in the index, but excluded from the trust
The filing also shows that index inclusion does not guarantee portfolio inclusion. At the time of filing, the sponsor determined that Binance Coin and TRON did not meet internal eligibility requirements, so both would be excluded from the trust’s holdings. The document says excluded assets may lead to a reallocation of weight across remaining eligible constituents or to the addition of substitute assets chosen at the sponsor’s discretion. That creates room for tracking differences between the index and the actual portfolio.
Custody, share creation, and fee structure disclosed
The trust plans to hold cryptocurrencies with Bitgo Bank & Trust, N.A. in institutional custody and calculate net asset value each day using index pricing data. Shares would be created and redeemed by authorized participants in cash-only transactions, with each basket set at 25,000 shares. The filing lists a unitary sponsor fee of 0.95% annually, while trading costs would be borne separately by the trust.
Risk section points to volatility and regulatory uncertainty
The prospectus highlights the volatility of crypto-linked securities, regulatory uncertainty, and their speculative nature. It also notes that the trust would qualify as an emerging growth company under the JOBS Act. Although the fund is structured as an index-based product, the disclosed weights show that its performance would remain closely tied to price moves in a small group of large-cap cryptocurrencies, especially bitcoin and ethereum.