Wall Street welcomes the Bitwise Web3 ETF

Wall Street welcomes the Bitwise Web3 ETF (BWEB), a new fund that was launched on Tuesday, which aims to help investors capitalize on the next wave of Web3 innovation.

Web3 is a new concept of the world wide web and is grounded on blockchain technology. Web3 also integrates a decentralized token-based economy to it.

BWEB attempts to track the Bitwise Web3 Equity Index, and offer investors exposure to companies that are favorably positioned to benefit from the emergence of Web3 and its technologies.

Bitwise CIO Matt Hougan stated: “Today, many experts believe we’re on the cusp of a major evolution in the core architecture of the internet.”

Bitwise CEO Hunter Horsley said: “Today’s Web3 companies are not only helping reshape the internet as we know it, but they’re among some of the most disruptive and fastest-growing firms in the world.”

BWEB is constructed of 33 holdings and an expense ratio of 0.85%. Moreover, the fund’s top five holdings include Coinbase Global (COIN), Roblox Corp (RBLX), Equinix (EQIX), Unity Software (U), and Meta Platforms (META).

From a weighting perspective, the top five holdings represent 39.16% of the ETF. COIN, RBLX, and EQIX are the top three holdings at 9.20%, 8.22%, and 7.51% respectively. The fourth and fifth most significant holdings are U and META at 7.18% and 7.05%.

Early on during Wednesday’s trading session and BWEB is -1.2% as it has dropped off alongside broader markets selling off after a two-day rally on hopes that global central banks could tilt to a more dovish outlook.