VanEck plans to launch ETF based on shares of mining companies

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Asset manager VanEck has filed a launch request with the US Securities and Exchange Commission (SEC) ETFfocused on miners’ shares.

The structure will track the Global Digital Asset Mining Index, which basket includes stocks of companies that receive at least half of their income from activities related to the mining of cryptocurrencies. This includes suppliers of ASIC devices and developers of the corresponding software.

The benchmark is provided by VanEck’s subsidiary MV Index Solutions (MVIS). It is serviced by Solactive AG. The index is rebalanced on a quarterly basis.

The ETF will not directly invest in digital assets. The document does not indicate the intended ticker and management fee.

The SEC previously rejected VanEck’s application to launch a spot Bitcoin ETF, but approved the launch of a futures fund.

In The Scoop podcast, CEO Jan van Eck noted that the approval landscape for cryptocurrency exchange-traded funds is reminiscent of what has happened with gold ETFs in the past. At that time, the regulator also repeatedly rejected applications for launching spot ETFs, but quickly approved the futures structure, he said.

On November 16, trading in the VanEck bitcoin futures ETF under the ticker XBTF started on the Chicago Board Options Exchange.

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