USCF Announces Collaboration On New Crypto Currency Fund With Crescent Crypto Asset Management (Ticker: XBET)
WALNUT CREEK, Calif., May 10, 2019 /PRNewswire/ -- USCF today announced it has filed a registration statement for a cryptocurrency exchange traded product (ETP) in collaboration with Crescent Crypto Asset Management LLC.
The USCF Crescent Crypto Index Fund (NYSE Arca: XBET) will track the daily changes in percentage terms of the Crescent Crypto Core II Index, plus interest and less expenses. The Crescent Crypto Core II Index tracks the performance of a market cap weighted basket of Bitcoin and Ether, which are the largest and most liquid cryptocurrencies covering approximately 65% of the overall cryptocurrency market cap. Crescent will act as a co-portfolio manager for the ETP providing strategic advisory on cryptocurrency operations, trading and custody.
"USCF's mission has always been to bring hard-to-reach assets to everyday investors," said John Love, President and CEO of USCF. "Rather than chase others, we offer products with a better value proposition. In this case, an ETF based on the Crescent Crypto Core II Index offers better diversification than Bitcoin alone."
Christopher Matta, Partner of Crescent Crypto, commented, "We believe that cryptocurrencies are an exciting alternative investment. USCF's culture of innovation, combined with Crescent's capabilities, will allow more investors to access this asset class."
"Crescent Crypto's depth and breadth of knowledge in the crypto currency space is unparalleled. We look forward to leveraging their expertise as we develop and launch exciting new products," added Love.
About Crescent Crypto Asset Management
Please note that the information concerning XBET is subject to change. A registration statement for XBET has been filed with the Securities and Exchange Commission. Shares of the new funds may not be sold until the registration statement becomes effective. There is no guarantee that the registration statement will be declared effective. Please note that the foregoing announcement does not constitute an offer of any securities for sale. The registration statement will contain information about the investment objectives, risks, and expenses of the Funds. IN ADDITION, AN INVESTMENT IN XBET MAY NOT BE SUITABLE FOR RETAIL INVESTORS. XBET WILL HOLD CRYPTOCURRENCIES AND THEREFORE MAY BE RISKIER THAN OTHER EXCHANGE TRADED PRODUCTS THAT DO NOT HOLD CRYPTOCURRENCIES OR INTERESTS RELATED TO CRYPTOCURRENCIES. THE SHARES WILL BE SPECULATIVE SECURITIES. THEIR PURCHASE WILL INVOLVE A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING. A potential investor should read the prospectus carefully before investing. Once available, a copy of the Fund's prospectus can be obtained by calling 510.522.9600 or online at www.sec.gov. The registration statements is currently available online at: https://www.sec.gov/Archives/edgar/data/1479247/000117120019000215/i19283_xbet-s1.htm
"CRESCENT CRYPTO" and the Crescent Crypto Core II Index*," are trademarks of Crescent Crypto Asset Management, LLC and have been licensed for use for certain purposes by USCF. The USCF Crescent Crypto Index Fund is based on the Crescent Crypto Core II Index* and is not sponsored, endorsed, sold or promoted by Crescent Crypto Asset Management, LLC or its affiliates, and neither Crescent Crypto Asset Management, LLC nor any of its affiliates makes any representations regarding the advisability of trading in such fund.
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