Charles Schwab Launches Crypto Index ETF

Schwab Asset Management is launching a cryptocurrency ETF listing on the NYSE Arca on August 4.

The new ETF, under the ticker STCE, will track the “crypto economy index” and provide access to companies benefiting from digital assets. But there will be no direct investments in cryptocurrencies.

Schwab Asset Management Head of Innovation and Equity Management David Botset noted that the initiative is primarily aimed at meeting the growing demand of companies seeking to directly or indirectly earn income from cryptocurrencies.

Earlier, ProShares launched a reverse Bitcoin ETF.

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