Schwab Asset Management (SCHW) said its first crypto-related exchange-traded fund (ETF) will be listed on NYSE Arca from Aug. 4.
The ETF will trade under the ticker STCE and will track Schwab’s Crypto Thematic Index, the company said in a press release.
Unlike ETFs that track a basket of digital assets, Schwab’s will provide investors with exposure to companies that may benefit from the development or utilization of cryptocurrencies.
The fund will track companies that may benefit from validating consensus mechanisms and crypto mining as well as digital asset trading and brokerage services.
Schwab joins BlackRock (BLK), Fidelity and other financial institutions that have released crypto-related exchange-traded products this year.
“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, Schwab’s head of equity product management and innovation.
Schwab first said it was preparing to launch a crypto-related ETF in March.
Schwab did not immediately respond to CoinDesk’s request for comment.
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