Asset Manager Charles Schwab filed a request with the US Securities and Exchange Commission to launch a Crypto Economy ETF, according to a report by CoinTelegraph on Thursday.
The filing comes after the head of investor services at Schwab Jonathan Craig disclosed that one in six clients had expressed their interest in investing in cryptocurrencies.
The proposed ETF seeks to track the returns of an index created to provide global exposure to companies that might benefit from the development of cryptos and other digital assets.
The ETF will use the Schwab Crypto Economy Index as a benchmark index and invest more than 80% of its net assets into stocks listed on the Index from companies that use Bitcoin (BTC) and other digital assets.
An ETF gives investors the opportunity to forecast the price of a basket of assets without holding custody of them directly.
Schwab’s Crypto Economy ETF would not make direct investments in cryptocurrency or initial coin offerings (ICO). BTC USD down -1.12%