Schwab Asset Management, the asset management division of financial services firm Charles Schwab (NYSE:SCHW), said Friday that it's set to launch its first cryptocurrency-focused exchange-traded fund in the beginning of August. The so-called Schwab Crypto Thematic ETF (STCE) is expected to list on the New York Stock Exchange on August 4. And it will carry an annual expense ratio of 0.30%. The fund was designed to track the Schwab Crypto Thematic Index, Schwab Asset Management’s new proprietary index, which provides investors with exposure to companies enabling the use of digital assets. The index doesn't directly track or invest in cryptos like bitcoin (BTC-USD), but instead delivers exposure to firms that may benefit from a slew of activities like the validation of consensus mechanisms (Proof-of-Stake or Proof-of-Work), or crypto trading. Overall, “the Schwab Crypto Thematic ETF seeks to provide access to the growing global crypto ecosystem along with the benefits of transparency and low cost that investors and advisors expect from Schwab ETFs," said David Botset, managing director, head of Equity Product Management and Innovation at Schwab Asset Management.In the beginning of March, Charles Schwab planned to enter the crypto ETF sphere.
