The asset management arm of one of the biggest financial institutions in the world is set to launch a new crypto-themed exchange-traded fund (ETF) this week.
According to a new press release, Schwab Asset Management, a branch of Charles Schwab, will be launching the Schwab Crypto Thematic ETF as soon as August 4th.
The firm says that the new fund is designed to track Schwab Asset Management’s proprietary index, called the Schwab Crypto Thematic Index, which aims to provide investors with exposure to companies that “may benefit from the development or utilization of cryptocurrencies and other digital assets.”
David Botset, managing director, head of equity product management and innovation at Schwab Asset Management says,
“For investors who are interested in cryptocurrency exposures, there is a whole ecosystem to consider as more companies seek to derive revenue from crypto directly and indirectly… The Schwab Crypto Thematic ETF seeks to provide access to the growing global crypto ecosystem along with the benefits of transparency and low cost that investors and advisors expect from Schwab ETFs.”
The statement highlights that the fund will not directly invest in or track crypto assets.
As of June 30th, 2022, Schwab Asset Management managed approximately $575.9 billion on a discretionary basis and $34.4 billion on a non-discretionary basis.
Earlier this year, $4.2 trillion financial giant Fidelity Investments also released its own crypto-themed funds: the Fidelity Crypto Industry and Digital Payments ETF (FDIG) and the Fidelity Metaverse ETF (FMEX).
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