Charles Schwab, the American multinational financial services company, is launching its first crypto-related exchange-traded fund (ETF) on August 4th.
The ETF, which is set to start trading on the New York Stock Exchange Arca under the ticker STCE, will provide access to the growing crypto ecosystem, Schwab Asset Management, the asset management arm of The Charles Schwab Corporation, said in a statement.
It’s important to note that STCE will not directly invest in cryptocurrencies. Rather, it is designed to track Schwab’s Crypto Thematic Index, which consists of firms that “may benefit from the development or utilization of cryptocurrencies and other digital assets.”
“For investors who are interested in cryptocurrency exposures, there is a whole ecosystem to consider as more companies seek to derive revenue from crypto directly and indirectly,” said David Botset, Managing Director, Head of Equity Product Management and Innovation at Schwab Asset Management.
With an annual operating expense ratio of 0.30%, STCE will be the “lowest cost crypto-related ETF available to investors today.”
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