Just a couple reasons:
ICONOMI is a platform and charges fees above that of the fees of any fund implemented on it - leading to significantly higher fees than CRYPTO20's 0.5% p/a.
CRYPTO20's hyper-parameters, which are key, were soundly determined by data science
CRYPTO20 has no exit fees and easy liquidation
RE: CRYPTO20 in a Nutshell - Writeup
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CRYPTO20 in a Nutshell - Writeup