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.