After being dubious of crypto for some years, Charles Schwab will launch its Schwab Crypto Thematic Index next week.
The fund, which will trade on the New York Stock Exchange Arca under the STCE ticker, will offer indirect exposure to the “crypto ecosystem,” Schwab Asset Management, the investment arm of the Charles Schwab Corporation, said in a statement.
Schwab’s prospectus, which the firm filed with the U.S. Securities and Exchange Commission on Friday, says in bold type that the new fund “will not invest in cryptocurrency or digital assets directly.”
Rather, at least 80% of the fund’s assets will be invested in securities, like shares of companies that have a stake in crypto. For example, the prospectus said the fund currently has 44% of its assets invested in software companies and another 41% in the diversified financials sector.
“STCE can offer more targeted exposure to cryptocurrency-focused companies compared to blockchain technology ETFs, which may have significant...
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