JPMorgan will offer the note to clients to enable exposure to cryptos.
a structured note
notes do not provide direct exposure to cryptocurrencies but instead are tied to JPMorgan's basket of 11 unequally weighted stocks that are directly or indirectly related to cryptocurrencies or other digital assets
The weights of the stocks in the basket were determined based in part on each company's exposure to bitcoin and liquidity
The offering comes while the US SEC is yet to give approval to a cryptocurrency backed ETF.