Charles Schwab Latest ETF Heavyweight To Propose Crypto Fund

Index-tracking fund would invest primarily in the stocks of companies involved in the space

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • The filing by Charles Schwab’s asset management arm follows similar proposals by competitors BlackRock and Fidelity Investments
  • Charles Schwab CEO Walt Bettinger called cryptocurrencies “hard to ignore” in January

Charles Schwab’s asset management arm is looking to join the crypto ETF fray, following industry heavyweights like BlackRock and Fidelity Investments.

The fund group filed to launch an index-tracking ETF offering exposure to companies involved with digital assets, as well as business activities connected to blockchain technology, according to a Wednesday regulatory disclosure.

The proposed Schwab Crypto Economy ETF plans to invest at least 80% of net assets in stocks included in the Schwab Crypto Economy Index. The filing did not list a ticker or expense ratio.

The fund would not invest in digital assets directly.

A spokesperson for the company did not immediately return a request for comment.

Charles Schwab CEO Walt Bettinger told Bloomberg in January cryptocurrencies are “hard to ignore” and “fairly significant.”

A Schwab spokesperson told Blockworks that month the company offers third-party mutual funds and ETFs with crypto ties through its brokerage platform and was “evaluating how and when we could offer our clients additional opportunities for exposure to cryptocurrencies.”

The Schwab filing follows BlackRock’s, the world’s largest asset manager, filing to launch an ETF focused on blockchain technology in January. Fidelity Investments revealed plans a week later to bring to market ETFs that would invest in companies involved in the metaverse and crypto more broadly.

The bank’s asset management arm oversaw roughly $380 billion of assets within index mutual funds and ETFs, as of Sept. 30, the most recent data available.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors

article-image

Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.