Bitwise launches web3-focused ETF

Crypto index fund manager Bitwise Asset Management has launched the Bitwise Web3 exchange-traded fund (ETF), which includes exposure to five categories of web3 companies. 

The Bitwise Web3 ETF (BWEB) is now listed and trading on NYSE Arca, a U.S. Securities and Exchange Commission (SEC) filing dated Oct. 4 shows. NYSE Arca is an an all-electronic, U.S.-based exchange for listing and trading ETFs.

BWEB is based on the Bitwise Web3 Equities Index and has management fees equivalent to .85% of average daily net assets. The fund’s inception is listed as October in a prospectus filed with the SEC. 

“With the Bitwise Web3 ETF, we’re excited to give investors the opportunity to capture one of the fastest-emerging themes in technology through a diverse mix of companies that we believe will lead the charge,” Bitwise Chief Investment Officer Matt Hougan said in a statement. 

BWEB includes exposure to web3 companies in five categories: infrastructure providers, finance, metaverse and digital worlds, “web3-enabled creator economy” and development and governance. The ETF offers exposure to up to 40 companies, with at least 85% of the portfolio “directly linked to business activities associated with one or more key areas of growth in web3,” Bitwise said on its website.

Bitwise has more than $1.3 billion in assets under management. One of its flagship products is the Bitwise Crypto Industry Innovators ETF (BITQ), which is also listed on NYSE Arca with a net asset value (NAV) of $63 million according to MarketWatch. 

 

 

 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.

Source: https://www.theblock.co/post/174739/bitwise-launches-web3-focused-etf?utm_source=rss&utm_medium=rss