VanEck has requested the launch of an ETF on stocks of gold mining companies and miners
Asset manager VanEck has filed with the US Securities and Exchange Commission to launch an ETF focused on gold mining companies and miners.
According to the document, VanEck Gold and Digital Assets Mining will track the index, whose basket will include stocks of gold and cryptocurrency mining companies. The structure will refuse direct investments in digital assets. The app does not include a ticker or management fees.
In a conversation with Blockworks, ETF.com analyst Sumit Roy noted that investments in units of such a fund represent quasi-investments in cryptocurrencies and precious metals.
“While I’m not canceling this ETF, I don’t think it will be as popular as the specialty funds. Investors buying bitcoin are too different from investors buying gold,” he added.
Bitcoin has a negative statistical relationship with gold (-0.01). The cryptocurrency is much more strongly correlated with the S&P 500 (0.42) and the Dow Jones (0.34).
90-day asset correlation metrics. Data: BlockchainCenter.
In November 2021, VanEck Bitcoin ETF futures began trading on the Chicago Board Options Exchange. According to Yahoo Finance, the average daily volume of transactions with the securities of the structure is 32,576 shares, the share price is around $37.
Recall that in December, VanEck requested the launch of an ETF based on the shares of mining companies.