Asset manager VanEck has launched a new exchange-traded fund (ETF) on Nasdaq that aims to track companies working in the digital asset space or those that have exposure to the nascent asset class.
The ETF, dubbed Digital Transformation ETF, would provide exposure to various companies in the digital assets space, including crypto exchanges, miners, payment gateways, hardware, and technology providers.
The fund, however, will not invest in cryptocurrencies directly or indirectly through derivatives, said VanEck. The ETF has a ticker symbol of DAPP.
DAPP would seek to track the performance of the MVIS Global Digital Assets Equity Index. The index would include companies that generate or have the potential to generate at least 50% of their revenues from digital assets projects or have at least 50% of its assets invested in direct digital asset holdings or digital asset projects, said VanEck.
"We as a firm have long believed in the utility and viability of digital assets as an asset class, and we are thrilled to be providing investors with exposure to companies powering the digital transformation," said Ed Lopez, managing director and head of ETF products at VanEck.
VanEck also filed for a bitcoin ETF last December. This is the company's second attempt to get approval for the ETF from the U.S. Securities and Exchange Commission (SEC).
The SEC acknowledged VanEck’s application last month and has to announce a decision later this month. The SEC could either approve or deny the application or extend the review period.