Charles Schwab will launch a crypto-economy exchange-traded funds (ETF). According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), “Schwab Crypto Economy ETF” will trade on the NYSE Arca.
Charles Schwab Signs for Crypto Economy ETF with the SEC
Charles Schwab, one of the largest financial institutions in the U.S., filed a registration statement with the U.S. Securities and Exchange Commission (SEC) Wednesday for “Schwab Crypto Economy ETF.”
According to the filing, the new exchange-traded funds will be listed on NYSE Arca. The filing also indicates that registration statements are expected to take effect on May 16. The registrant is Schwab Strategic Trust, Charles Schwab’s registered investment company.
“The fund’s goal is to track as closely as possible … the total return of an index that is designed to deliver global exposure to companies that may benefit from the development or utilization of cryptocurrencies (including bitcoin) and other digital assets, and the business activities connected to blockchain and other distributed ledger technology,” the filing describes, adding:
In order to pursue its objective, the fund typically invests only in stocks which are part of the Schwab Crypto Economy Index.
It is intended to provide global exposure to crypto-related businesses such as investing in, trading, mining and staking cryptocurrency.
Noting that “The fund will not invest in cryptocurrency or digital assets directly,” the filing details:
However, the fund could be exposed to cryptocurrency indirectly through its investment in companies using one or more of these digital assets or holding proprietary digital assets.
Charles Schwab is launching an ETF in cryptocurrency economies. What do you think? Please comment below.
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