The FFF is a five-member meta-index, providing significant exposure to the two largest crypto-assets currently in existence, (in the form of 20% WETH, 20% WBTC), while also receiving passively managed exposure to:

• A heavily concentrated, large-cap decentralised finance index (DEFI5),
• A medium-large-cap index covering significant Ethereum protocols (CC10), and
• A smaller, riskier index of growth bets across Ethereum (DEGEN)

The result is an ETF with a 40% focus on 'pure' crypto assets (the ones you know from the news), approximately 40% covering large/medium-cap DeFi protocols, and the remainder as smaller shots with a greater chance of upside, to be phased out in favour of a yield-bearing component in due time.