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The first Charles Schwab Crypto ETF is set to launch next week
The Schwab Crypto Thematic ETF is expected to list on the New York Stock Exchange next Thursday. Walt Bettinger, CEO of Charles Schwab, called cryptocurrencies “hard to ignore” in January. Charles Schwab will launch its first crypto-related ETF next week, following other major fund groups launching similar products this year. The Schwab Crypto Thematic ETF (STCE) tracks the company's new proprietary index, which includes, among others, companies that enable the use of digital assets to buy or sell goods and services, as well as companies that develop blockchain applications. STCE is scheduled to be held on the 4th…
The first Charles Schwab Crypto ETF is set to launch next week
- Der Schwab Crypto Thematic ETF wird voraussichtlich am kommenden Donnerstag an der New Yorker Börse notiert
- Walt Bettinger, CEO von Charles Schwab, bezeichnete Kryptowährungen im Januar als „schwer zu ignorieren“.
Charles Schwab will launch its first crypto-related ETF next week, following other major fund groups launching similar products this year.
The Schwab Crypto Thematic ETF (STCE) tracks the company's new proprietary index, which includes, among others, companies that enable the use of digital assets to buy or sell goods and services, as well as companies that develop blockchain applications.
STCE is expected to list on the New York Stock Exchange on August 4, the company said Friday. It will carry an annual expense ratio of 30 basis points.
The fund will not invest directly in crypto. The U.S. Securities and Exchange Commission has rejected many proposed ETFs that attempt to hold physical Bitcoin.
“For investors interested in cryptocurrency exposure, there is an entire ecosystem to consider as more companies seek to generate revenue from crypto directly and indirectly,” said David Botset, Managing Director, Head of Equity Product Management and Innovation at Schwab Asset Management. in a statement.
Karl Schwab currently has 27 U.S.-traded ETFs with nearly $250 billion in assets under management, according to ETF.com.
Charles Schwab undercuts Wall Street rivals
The company first filed to launch the ETF in March, a few months after Charles Schwab CEO Walt Bettinger told Bloomberg in January that cryptocurrencies were "hard to ignore" and "pretty significant."
The upcoming launch follows the listing of similar ETFs by BlackRock - the world's largest asset manager - and financial services provider Fidelity Investments in April.
Schwab's new ETF undercuts the price of BlackRock's iShares Blockchain and Tech ETF (IBLC) and Fidelity Crypto Industry and Digital Payments ETF (FDIG), which have expense ratios of 47 basis points and 39 basis points, respectively.
Schwab's offering is also said to be half the price of Invesco's Crypto Economy ETF (SATO), which launched last October.
BlackRock, Fidelity and Invesco's crypto ETFs have so far failed to attract significant assets and collectively hold about $20 million, according to FactSet data.
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The post Charles Schwab's First Crypto ETF to Launch Next Week is not financial advice.