Global investment manager VanEck launches Digital Transformation ETF (DAPP)

Global investment manager VanEck announces the launch of its new equity fund, VanEck Vectors Digital Transformation ETF (NASDAQ: DAPP).

While VanEck’s SEC filings related to its efforts for a bitcoin exchange-traded fund (ETF) have yet to be approved, the New York-based asset management company now launches a new ETF that aims to provide investors with exposure to the digital currency market, albeit in an indirect way.

VanEck’s Digital Transformation ETF works by investing in existing companies within the virtual currency market and will not be holding any cryptocurrency assets in its books. Analysts see this move as the company fully committing to the crypto ecosystem.

Digital Transformation ETF and NASDAQ

“DAPP seeks to track, as closely as possible, the price and yield performance of the MVIS Global Digital Assets Equity Index,” the company’s DAPP press release specifies. “The Fund will not invest in digital assets (including cryptocurrencies) directly or indirectly through the use of digital asset derivatives. The Index rebalances quarterly.”

Nasdaq head of U.S. Exchange Traded Products Giang Bui commented that Nasdaq’s ETF listings business is centered on partners such as VanEck, which Bui described as a “forward-thinking” company. Bui went further and said that the addition of VanEck’s new ETF to Nasdaq’s books is proof of the index’s value to the evolving ETF market.

According to the press release, DAPP holds a 65 basis-point expense ratio. The launch adds DAPP into VanEck’s existing ETF portfolio with includes eSports ETF (NASDAQ: ESPO) and Vectors Video Gaming.

About VanEck

VanEck, which was founded in 1955, started with gold investing back in 1968 and moved on to emerging markets by 1993. The company then started venturing into exchange-traded funds in 2006, which the company sees as a defining move that influenced the investment management industry.

VanEck currently manages $71.2 billion in various assets, which include ETFs, institutional accounts, and mutual funds.

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