CME Group just made it a lot easier for institutional traders to get diversified crypto exposure without juggling half a dozen positions. The derivatives giant launched its Nasdaq CME Crypto Index futures on June 8, offering a single, financially settled contract that tracks a basket of seven major cryptocurrencies.

The index is not exactly a democracy. Bitcoin dominates with a 76.96% weighting. Ethereum comes in second at 12.68%. XRP holds 5.80%, and Solana accounts for 3.23%. The remaining three, Cardano, Chainlink, and Stellar, collectively make up just 1.32% of the index, with weights of 0.65%, 0.37%, and 0.30% respectively.

The contracts settle financially against the Nasdaq CME Crypto Settlement Price Index,…