A proposed SEC-filed crypto ETF spotlights top cryptocurrencies bitcoin, ethereum, and XRP, showing how new U.S. products could deliver heavily concentrated exposure as regulators weigh index-based digital asset fund structures.
SEC Filing Details Crypto ETF Structure With BTC, ETH, XRP Out Front
A proposed exchange-traded crypto product highlighted heavy concentration in leading digital assets as an organization detailed its benchmark exposure. Cyber Hornet ETFs LLC, a digital asset investment firm, filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on Jan. 12, 2026, covering the “Cyber Hornet S&P Crypto 10 ETF” and its index-based strategy.
The filing describes an exchange-traded product intended to track the S&P Cryptocurrency Top 10 Index while applying internal eligibility constraints that may affect portfolio construction. The document explains: “The Index, which is maintained and calculated by Index Provider, comprises the ten largest cryptocurrencies by market capitalization, weighted by market capitalization. The Index rebalances quarterly on the third Friday of March, June, September, and December.” The filing adds:
“As of the most recent rebalance, the Index constituents and their approximate weights were: bitcoin (69.92%), ethereum (14.58%), XRP (5.05%), Binance Coin (4.75%), solana (2.92%), TRON (1.09%), cardano (0.57%), bitcoin cash (0.48%), chainlink (0.36%), and stellar (0.29%).”
The prospectus notes that bitcoin, ethereum, and XRP together account for nearly 90% of index weight, underscoring the dominant influence of the largest cryptocurrencies on overall performance. At the time of filing, the sponsor determined that Binance Coin and TRON did not qualify as eligible assets, requiring their exclusion from the trust’s portfolio despite index inclusion.
Read more: Ark Files SEC Registration for Crypto ETF Benchmark Led by BTC, ETH, XRP
Further disclosures outline how excluded assets may lead to reallocation of weights among remaining eligible constituents or the inclusion of substitute assets selected at the sponsor’s discretion. The trust plans to hold cryptocurrencies in institutional custody with Bitgo Bank & Trust, N.A., calculate net asset value daily using index pricing data, and issue and redeem shares in blocks of 25,000 through authorized participants using cash transactions.
The filing specifies a unitary sponsor fee of 0.95% annually, with trading costs borne separately by the trust. Risk sections emphasize volatility, regulatory uncertainty, and the speculative nature of crypto-linked securities, while noting the trust’s status as an emerging growth company under the JOBS Act. By structuring the product around an index dominated by bitcoin and ethereum, the registration illustrates how performance will be closely tied to movements in the largest cryptocurrencies, even as eligibility rules introduce potential tracking differences.
FAQ ⏰
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What index does the Cyber Hornet S&P Crypto 10 ETF aim to track?
It is designed to follow the S&P Cryptocurrency Top 10 Index. -
Which cryptocurrencies dominate the index weighting?
bitcoin and ethereum account for the majority of the index exposure. -
Why were Binance Coin and TRON excluded from the trust portfolio?
The sponsor determined they did not meet internal eligibility requirements. -
What is the annual sponsor fee for the proposed ETF?
The filing lists a unitary sponsor fee of 0.95% per year.
