Charles Swap, a ‘big financial institution’, also plans to launch a cryptocurrency ETF

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Documents related to the launch of an ETF for investment in cryptocurrency companies submitted by Charles Swap to the U.S. Securities and Exchange Commission.

[Blockchain Today Reporter Lee Ji-eun] Charles Schwab, a multinational financial giant with a 50-year history, will also join the virtual asset exchange-traded fund (ETF).

On the 3rd (local time), Cryptopotato reported that Charles Swap had recently submitted documents to the US Securities and Exchange Commission for the launch of an ETF for investment in cryptocurrency-related companies.

According to the report, Charles Swap’s move appears to follow the case of one of its major rivals, Blackrock, who applied for an ETF related to the cryptocurrency industry called ‘iShares Blockchain and Tech ETF’ with the US Securities and Exchange Commission earlier this year. .

According to documents filed with the U.S. Securities and Exchange Commission, the fund’s main goal is to reduce the total return of the index before fees and expenses so that companies that can benefit from the development or use of cryptocurrencies (including Bitcoin) can get global attention. It is to track as closely as possible on the basis of actual returns.

It will also be interested in business areas related to the blockchain industry, and if approved, it will be launched under the name of ‘Crypto Economy ETF’ on NYSE Arca, an ETF trading exchange. The fund is designed to follow the Schwab Crypto Economy Index and has not been confirmed to invest directly in cryptocurrencies or digital assets or initial coin offerings. Instead, indirect exposure to cryptocurrency is possible by investing in companies that own or use cryptocurrency assets for business activities.

Meanwhile, Charles Swap announced last year that it would provide cryptocurrency-related services if the US enforces clearer regulations.

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