VanEck files for mining-company shares ETF launch

VanEck направила a filing with the U.S. Securities and Exchange Commission (SEC) for the launch ETF focused on mining-company shares.

The structure will track the Global Digital Asset Mining Index, whose constituents include shares of companies deriving at least half of their revenue from activities related to cryptocurrency mining. This includes, among others, providers of ASIC devices and developers of related software.

The benchmark provider is 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 invest directly in digital assets. The document does not specify a proposed ticker or a management fee.

Earlier, the SEC rejected VanEck’s application for the launch of a spot Bitcoin ETF, but approved the launch of a futures fund.

In the podcast The Scoop, VanEck’s CEO Jan van Ek noted that the situation with approval of cryptocurrency exchange-traded funds resembles what happened with gold-backed ETFs in the past. He said regulators likewise repeatedly rejected proposals for spot ETFs, but quickly approved futures-based structures.

As reported, on November 16 at the Chicago Board Options Exchange started trading VanEck’s bitcoin futures ETF under the ticker XBTF.