One of the largest US brokers announced the launch of an exchange-traded fund that will directly invest in companies wishing to work with cryptocurrencies.
A subsidiary of The Charles Schwab Corporation, Schwab Asset Management has announced the launch of its first exchange-traded crypto fund. The new product is called the Schwab Crypto Thematic ETF (NYSE Arca: STCE). The first day of trading is expected to take place on August 4th. The fund is designed to track the new proprietary Schwab Crypto Thematic Index.
Charles Schwab is a large American brokerage, banking and financial company. It currently has over $655 billion in assets under management, according to Schwab Asset Management. It is the third largest provider of index mutual funds and the fifth largest provider of ETFs.
The company filed with the U.S. Securities and Exchange Commission (SEC) on Friday and it says the Schwab Crypto Thematic ETF is designed to provide global exposure to companies that can benefit from the development or use of cryptocurrencies (including bitcoin and other digital assets). ), as well as business activities related to blockchain and similar distributed ledger technologies:
“The Fund will not directly invest in any cryptocurrencies or digital assets. He invests in companies included in the thematic Schwab Crypto index.”
The Schwab Crypto Thematic ETF aims to provide access to the growing global crypto ecosystem, along with the transparency and low cost benefits that investors and advisors expect from the Schwab ETF, according to company managing director David Botset.
The company expressed its desire to start working with cryptocurrencies at the beginning of last year. At that time, its representatives said that they expect more regulation from the supervisory authorities, as this will bring more clarity to the industry and increase transparency.
