New ETF Targets Next Generation of Internet

October 04, 2022

Bitwise Asset Management rolled out Tuesday its second ETF, which is designed to capture the performance of companies that will benefit from the next stage of the internet’s development. The Bitwise Web3 ETF (BWEB) tracks an index that covers five key themes within the Web3 space.  

The fund charges an expense ratio of 0.85% and lists on the NYSE Arca.  

“Today, many experts believe we’re on the cusp of a major evolution in the core architecture of the internet,” said Bitwise CIO Matt Hougan. “Any shift of that magnitude will depend on companies that can provide the services and infrastructure to support it.”  

The key themes captured within the fund’s underlying index include Web3 infrastructure providers; Web3 finance; Web3-enabled metaverse and digital worlds; Web3-enabled creator economy; and Web3 development and governance.  

Companies must meet minimum size and liquidity requirements, and those identified as aligning with the focus of the fund are sorted into tiers based on their business exposure to Web3, according to the prospectus. 

BWEB’s top holdings out of its 33 constituents include Coinbase Global, 8.74%; Roblox Corp., 8.3%; and Equinix, 7.92%.  

Bitwise’s other ETF currently trading is the Bitwise Crypto Industry Innovators ETF (BITQ), which launched nearly 18 months ago and has $62 million in assets under management. 

 

Contact Heather Bell at [email protected] 

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