The TKNS ETF is an actively managed exchange-traded fund that uses the economic exposure of crypto assets and crypto asset-related investment vehicles, rather than mechanically tracking a specific index. It adjusts its portfolio composition to reflect changing market conditions and the characteristics of each asset.

It is suited to investors who want indirect access to the crypto asset market and can accept active management decisions, high volatility and compounded risks.

It is an ETF run with an active (actively managed) approach by 2x1 Shares.

The product may use not only crypto assets themselves but also listed products that provide economic exposure, derivatives, and shares of crypto asset-related companies. The management team adjusts holdings to reflect market changes and asset-specific conditions, and performance may follow a different path from direct ownership.

• An actively managed composition that combines crypto assets and related investment vehicles
• Indirect access through a traditional exchange-traded fund structure

Assets under management (AUM) stand at $0.3M, and the total expense ratio is 1.05% per year.

Because the TKNS ETF relies on active management decisions and a variety of indirect exposure vehicles, its results may differ from the price movement of a single crypto asset. Differences in tradable markets, costs for each investment vehicle, and holding adjustments can affect performance and liquidity, so the structure should be reviewed as well.

Crypto asset-related markets can show large swings depending on risk appetite, liquidity conditions, regulatory changes and asset-specific supply and demand. The performance of the TKNS ETF is affected not only by the moves of individual crypto assets but also by the indirect investment vehicles selected and by management decisions, so it is hard to call the short-term direction.

Interest in ways to access crypto assets can change with market conditions and the regulatory environment. The TKNS ETF trades within a traditional exchange-traded fund account, but the trading hours of the underlying market differ from those of the exchange-traded fund, so investors should consider the possibility of price formation and performance gaps.

Active asset allocation and indirect access are its defining features, but crypto asset volatility, complex investment vehicles and the lack of any distribution history must be taken into account together.

The product information provided contains limited registration data on comparable peer exchange-traded funds and additional alternative products. It is therefore more appropriate to focus on how this product's active crypto asset-related exposure structure differs from direct ownership, rather than asserting differences in cost or holdings against specific competing products. When comparing, investors should check the management style, indirect exposure routes, trading structure, tolerance for volatility, and whether there is any distribution history, all on the same basis.

When reviewing the TKNS ETF, rather than judging by the direction of crypto asset prices alone, investors should also examine how the active management structure and indirect exposure vehicles affect performance. In particular, they need to confirm in advance their tolerance for volatility, the trading structure, and the suitability of the fund for distribution purposes.

Crypto asset-related assets are prone to large price swings, and indirect investment vehicles can deliver performance different from directly held assets. In the process of using derivatives and listed products, costs, trading hour differences, liquidity conditions and management decisions can act as additional variables.

The TKNS ETF is a product that provides active crypto asset-related exposure within a traditional exchange-traded fund structure. It may be considered by investors who understand its performance path that differs from direct ownership and its high volatility, and who put risk tolerance and an understanding of the management structure ahead of distribution goals.