VanEck, a global investment manager, has announced the launch of the VanEck Vectors Digital Transformation ETF (DAAP), a new fund with exposure to the cryptocurrency-related companies. According to a press release, the ETF will track the price and yield performance of the MVIS Global Digital Assets Equity Index, which is focused on performance of crypto companies.
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VanEck Head of ETF Product and Managing Director, Ed Lopez, says the company wanted to solve problems when funds only included companies "tangentially involved" with cryptocurrencies.
"That is something we have sought to solve with the launch of DAPP, a fund we are very excited to be bringing to market," Lopez added.
The fund will seek companies that generate at least 50% of its revenues from cryptocurrency projects. The index gives exposure to companies in the mining area, hardware, cryptocurrency exchanges, and so on. However, the ETF will not invest in cryptocurrencies directly or indirectly.
In December last year, VanEck refiled to the SEC an application to launch a Bitcoin-ETF. The decision came more than a year after the company withdrew its last application (September 2019). The firm attempted to receive regulatory approval several times for this product, however, it has been unsuccessful so far.
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