VanEck is bringing an actively-managed exchange-traded fund (ETF) tracking digital asset stocks to the market after receiving approval from the U.S. Securities and Exchange Commission (SEC).
The U.S. Securities and Exchange Commission has approved VanEck’s application for an actively-managed exchange-traded fund that tracks digital asset stocks.
The fund, called the VanEck Onchain Economy ETF (NODE), will aim to hold 30-60 stocks and have a management fee of 0.69%, according to a post by VanEck’s head of digital asset research Matthew Sigel.
The fund’s holdings will include crypto exchanges, miners, data center, energy infrastructure, semiconductors, hardware, TradFi rails, consumer/gaming, asset managers and “balance sheet HOLDers.” Up to 25% of NODE’s exposure will be in crypto exchange-traded-products (ETPs).
“The global economy is shifting to a digital foundation. We’re naming it Web3, the metaverse, or the crypto ecosystem, but whatever you call it, it’s changing the fabric of our economic system,” Sigel said. “NODE offers active equity exposure to the real businesses building that future.”
The fund is expected to start trading on Monday, May 14th and will use an offshore subsidiary in the Cayman Islands to be able to get indirect exposure to products like commodity futures, swaps, and pooled investment vehicles while complying with U.S. federal tax regulations.
The fund will be actively managed by a team of experienced investment professionals who will select stocks based on a proprietary research process. The portfolio will be rebalanced on a quarterly basis to reflect changes in the market and the investment strategy.
As a growing amount of crypto-related stocks start trading on the market, with several companies looking to go public this year, investors are increasingly wanting exposure to crypto-related stocks. A survey among financial advisors at an ETF conference in March found that crypto equity ETFs are at the forefront of what advisors are interested in investing.
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