Charles Schwab Files for ‘Crypto Economy ETF’ With SEC – A crypto economy exchange-traded fund (ETF) is being launched by Charles Schwab. The “Schwab Crypto Economy ETF” will trade on the NYSE Arca, according to a filing with the US Securities and Exchange Commission (SEC).
The Securities and Exchange Commission (SEC) received a registration statement from Charles Schwab, one of the major financial institutions in the United States, on Wednesday for the “Schwab Crypto Economy ETF.”
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The new exchange-traded fund will be listed on the NYSE Arca, according to the filing, and the registration statement will go into effect on May 16.
The registrant is Charles Schwab Strategic Trust, a registered investment business.
According to the filing, “the fund’s goal is to track accurately the total return of an index that is believed to deliver global exposure to organizations that may benefit from the growth or use of cryptocurrencies (including bitcoin) and several other digital assets, as well as business activities linked to blockchain and all other distributed ledger technology.”
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“To achieve its goal, the fund typically invests in stocks that are parts of the Schwab Crypto Economy Index.”
The index is intended to provide international recognition to enterprises involved in crypto-related business operations such as mining, staking, investing, or trading cryptocurrency.
“The fund will not invest in digital assets or cryptocurrencies directly,” according to the filing.
However, the fund may have indirect exposure to cryptocurrencies as a result of its investments in companies that employ one or more digital assets in their business operations or hold digital assets as proprietary investments.