Digital asset manager Grayscale announced the launch of its Smart Contract Platform Ex-Ethereum Fund (GSCPxE).

The new investment product tracks the CoinDesk Smart Contract Platform Select Ex ETH Index, which weighs the market capitalization-weighted performance of all leading smart contract coins with the exception of Ethereum (ETH).

The fund ‘s holdings currently are: Cardano (ADA), with 24.63%, Solana (SOL) with 24.27%, Avalanche (AVAX) with 16.96%, Polkadot (DOT) with 16.16%, Polygon (MATIC) with 9.65%, Algorand (ALGO) with 4.27% and Stellar (XLM) with 4.06%.

GSCPxE is Grayscale’s 18th investment product and the third diversified fund.

According to Grayscale, the fund launched amid rising demand for decentralized finance (DeFi) and non-fungible tokens (NFTs).

Michael Sonnenshein, Grayscale Chief Executive Officer, said:

“Smart contract technology is critical to the growth of the digital economy, but it’s still too early to know which platform will win – from attracting and retaining the most vibrant developer communities to ensuring the platform is high-speed, flexible, and scalable. The beauty of GSCPxE is that investors do not have to choose one winner, and instead can access the development of the smart contract platform ecosystem through a singular investment vehicle.”

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