$655 billion investment giant Charles Schwab to launch new crypto-themed ETF - India Blogger

The asset management arm of one of the world’s largest financial institutions is set to launch a new crypto-themed exchange-traded fund (ETF) this week.

According to a new press release, Schwab Asset Management, an arm of Charles Schwab, will launch the Schwab Crypto Thematic ETF at the earliest on August 4.

The firm says the new fund is designed to track Schwab Asset Management’s proprietary index, called the Schwab Crypto Thematic Index, which aims to give investors exposure to companies that trade “cryptocurrencies and other digital assets.” may benefit from the development or use of it.”

David Botsett, Managing Director, Equity Product Management and Head of Innovation at Schwab Asset Management says,

“For investors interested in cryptocurrency exposure, there is an entire ecosystem to consider as more companies seek to generate revenue both directly and indirectly from crypto… with the Schwab Crypto Thematic ETF Gaining Access to the Growing Global Crypto Ecosystem seeks to provide the transparency and low cost that investors and advisors have come to expect from the Schwab ETF.”

The statement highlights that the fund will not directly invest in or track crypto assets.

As of June 30, 2022, Schwab Asset Management managed approximately $575.9 billion on a discretionary basis and $34.4 billion on a non-discretionary basis.

Earlier this year, $4.2 trillion financial giant Fidelity Investments also issued its own crypto-themed funds: the Fidelity Crypto Industry and Digital Payments ETF (FDIG) and the Fidelity Metaverse ETF (FMEX).

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