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Charles Schwab To Launch Crypto-Themed ETF Worth $655,000,000,000

This week, a new exchange-traded fund (ETF) with a crypto-themed will be introduced by the asset management division of one of the largest financial organizations in the world.

Schwab Asset Management, a division of Charles Schwab, will introduce the Schwab Crypto Thematic ETF as early as August 4th, according to a recent press release.

The new fund, according to the company, will follow the Schwab Crypto Thematic Index, a proprietary index created by Schwab Asset Management to expose investors to businesses that “may profit from the development or use of cryptocurrencies and other digital assets.”

According to Schwab Asset Management’s managing director and head of equities product management and innovation, David Botset,

Charles Schwab To Launch Crypto-Themed ETF Worth $655,000,000,000 2

“As more businesses want to profit directly and indirectly from cryptocurrencies, there is a complete ecosystem to examine for investors who are interested in bitcoin exposures… The Schwab Crypto Thematic ETF aims to give investors and advisers access to the expanding global crypto ecosystem while also delivering the benefits of transparency and affordability that they have come to expect from Schwab ETFs.

The declaration makes clear that the fund will neither track or invest in cryptographic assets directly.

By June 30th, 2022, Schwab Asset Management was responsible for managing $34.4 billion in non-discretionary assets and $575.9 billion in discretionary assets.

Fidelity Investments, a $4.2 trillion financial behemoth, also debuted its own ETFs with a focus on cryptocurrencies earlier this year: the Fidelity Crypto Industry and Digital Payments ETF (FDIG) and the Fidelity Metaverse ETF (FMEX).

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