American financial services company, Charles Schwab, has applied to the US Securities and Exchange Commission to launch a Crypto Economy ETF.
The ETF aims to track the gains from Schwab Crypto Economy, an index that offers global exposure to firms that are likely to benefit from blockchain space.
The fund would invest more than 80% of its net value in stocks that appear on Schwab Crypto Economy Index in firms using BTC and related digital assets.
The filing maintains that the ETF would not invest directly in cryptocurrencies or their Initial Coin offering but only the underlying entities.
The news follows recent remarks by the firm’s head of investor services, Jonathan Craig, that about 16% of its clientele were interested in crypto investments.
The global largest asset management firm BlackRock made a similar filing on January 22 for a fund that invests in blockchain firms on the New York Stock Exchange.