Key Takeaways
- The Schwab Crypto Thematic ETF should list at the New York Stock Exchange on Thursday next week
- Charles Schwab CEO Walt Bettinger calls cryptocurrencies “hard to ignore” The month of January is a time for rejoicing.
Charles Schwab plans to introduce its first ETF based on crypto currencies next week. Other large funds groups have also launched similar products in the market so far this year.
The Schwab Crypto Thematic ETF is based on the new index of the company, which includes, for example, companies who use digital assets as a means to sell or buy goods, and those that develop blockchain applications.
STCE will list at the New York Stock Exchange by August 4, according to the announcement made Friday. The company will have a 30 basis point annual expense ratio.
The fund does not directly invest in cryptocurrency. Many proposed ETFs that sought to hold bitcoin in physical form have been denied by the US Securities and Exchange Commission.
“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,” David Botset said that Schwab Asset Management is the head of Equity Product Management and Innovation.
According to ETF.com, Charles Schwab has currently 27 ETFs that are traded in the US and manage assets of approximately $250 billion.
Charles Schwab has undercut Wall Street rivals
Charles Schwab’s CEO Walt Bettinger had told Bloomberg back in January, that cryptocurrency is a growing market. The company filed for the ETF launch in March. “hard to ignore” You can also find out more about the following: “fairly significant.”
The upcoming launch follows the listing of similar ETFs by BlackRock — the world’s largest asset manager — and financial services titan Fidelity Investments in April.
Schwab’s newly launched ETF offers a lower price than BlackRock’s iShares Crypto Industry and Digital Payments Fund (FDIG), and BlackRock’s iShares Block Chain and Tech ETF. Both have expense ratios between 47bps and 39%.
Schwab will also offer a Crypto Economy ETF at a half-price of Invesco’s Crypto Economy ETF, which was launched in October last year.
According to FactSet, the crypto ETFs of BlackRock, Fidelity, and Invesco, which hold roughly $20 million in assets combined, have not yet gained significant assets.
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