Bitwise Launches Web3 Exchange-Traded Fund
Bitwise Asset Management, a crypto index fund manager, has created the Bitwise Web3 exchange-traded fund (ETF), which incorporates exposure to five categories of web3 firms.
According to a Securities and Exchange Commission (SEC) filing dated October 4, the Bitwise Web3 ETF (BWEB) is currently listed and trading on NYSE Arca. NYSE Arca is a U.S.-based all-electronic exchange for listing and trading ETFs.
BWEB is based on the Bitwise Web3 Equities Index and charges management fees of 85% of daily net assets. In a prospectus filed with the SEC, the fund’s founding date is indicated as October.
The company Chief Investment Officer, Matt Hougan said:
“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.”
According to the Bitwise website, 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 provides exposure to up to 40 firms, with at least 85% of the portfolio directly related to business operations associated with one or more important areas of growth in web3 technology.
The company manages assets worth more than $1.3 billion. According to MarketWatch, one of its flagship products is the Bitwise Crypto Industry Innovators ETF (BITQ), which is also listed on NYSE Arca and has a net asset value (NAV) of $63 million.
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