• April 23, 2024

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Charles Schwab to Launch ETF Based on Index of BTC Companies

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Charles Schwab, one of the largest US brokerage companies, has filed an application with the Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on its own “cryptoeconomics index.” According to the filing:

“The goal of the fund is to track as accurately as possible, down to fees and costs, the overall return of an index that provides global exposure to companies that benefit from the mining or use of cryptocurrencies (including bitcoin) and other digital assets, as well as business activities related to blockchain and others. DLT technologies.”

The companies that Charles Schwab has included in its index remain unknown. If eventually approved, the Crypto Economy ETF will trade on the NYSE Arca.

The product structure does not involve direct investments in cryptocurrencies or ICOs. The company has said:

“The Fund, however, may indirectly interact with cryptocurrencies by virtue of investments in companies that use one or more digital assets in their activities or hold them as their own investments.”