Alternative Investments/Digital: Schwab To Debut Crypto ETF

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The Schwab ETF will invest in companies involved in blockchain and crypto assets; it will not own cryptocurrencies, however.

Charles Schwab Corporation’s (NYSE: SCHW) asset management division, Schwab Asset Management, announced the debut of the Schwab Crypto Thematic ETF (NYSEARCA: STCE) on August 4 on the New York Stock Exchange. The ETF will be listed on the NYSE and trade under the symbol STCE.

Investors looking to profit from cryptocurrencies or other blockchain-based technologies can purchase shares in these firms through this ETF offering which provides access to companies that may benefit from cryptocurrency development or use. (Decrypt)

According to the announcement, the new fund tracks the firm’s new, proprietary Schwab Crypto Thematic Index. At least 80% of net assets will be invested in Index stocks. Currently, software companies account for 44% of the fund’s assets, while financials account for 41%.

Instead of tracking or investing in cryptocurrencies directly, the index provides exposure to businesses that either validate consensus mechanisms such as mining or staking, trade cryptocurrencies or other digital assets, allow people to buy or sell goods and services using cryptos or other digital assets, or are involved in developing, distributing, or applying blockchain or other distributed ledger technology.

Schwab claims STCE will be the lowest-cost crypto-related ETF available to investors, with an annual operating expense ratio of 0.30%.

According to ETF.com, the asset manager currently has 27 ETFs trading in the US with over $250 billion in assets.

Fundspeak

“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,” said David Botset, Managing Director, Head of Equity Product Management and Innovation. “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 firm is joining BlackRock (BLK), Fidelity, and other financial establishments in releasing crypto-related exchange-traded products this year.

Related Story: Schwab Launches Small And Midcap ESG ETF

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