At a glance
DAPP charges 0.52% a year, below the 0.57% average of the 8 funds most like it (the 5th cheapest of 9). It has $345.6M in assets, the 3rd largest of that group. Over the past year it returned −40.0% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +42.4% a year. Its ten largest positions make up 60.3% of the fund, out of 20 in all.
The short version
VanEck Digital Transformation ETF (DAPP) is an index fund that tracks the MVIS Global Digital Assets Equity Index, which holds about 21 companies tied to crypto exchanges, payments and digital asset mining. It gives exposure to the crypto industry through stocks, without holding any cryptocurrency itself. Its 0.52% yearly fee is a little below the 0.57% average for similar funds. Its swings are extreme: it lost 85.36% in 2022, then gained 280.64% in 2023.
Price history
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DAPP -40.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DAPP official prospectus, to Dec 31, 2025 | — | +14.57% | — | — | — | -12.60% |
| MVIS Global Digital Assets Equity Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +14.38% | — | — | — | -14.31% |
| MSCI ACWI Net TR Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | — | — | +10.13% |
| DAPP price data to Oct 27, 2026 | -7.0% | -40.0% | +42.4% | — | — | +36.0% |
- Over the year to Oct 27, 2026, DAPP returned -40.0%, 5th of 9 among similar funds.
- Its worst full calendar year was 2025 (+15.0%); its best was 2023 (+285.0%).
- The deepest fall in its price history was 58.8% (Dec 6, 2024 to Apr 8, 2025), recovered by Sep 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.0% | — |
| 2025 | +15.0% | +14.57% |
| 2024 | +45.1% | +44.82% |
| 2023 | +285.0% | +280.64% |
| 2022 | — | -85.36% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Oct 18, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.5800 |
What's inside
As of Jun 30, 2026, the fund held 20 securities; the ten largest made up 60.3% of assets.
| Holding | Weight | |
|---|---|---|
| Block Inc | 9.31% | |
| Coinbase Global Inc | 7.75% | |
| IREN Ltd | 6.34% | |
| Riot Platforms Inc | 5.75% | |
| Applied Digital Corp | 5.33% | |
| Cipher Digital Inc | 5.30% | |
| Circle Internet Group Inc | 5.26% | |
| BitMine Immersion Technologies Inc | 5.21% | |
| Figure Technology Solutions Inc | 5.03% | |
| MARA Holdings Inc | 5.01% | |
| Hut 8 Corp | 4.97% | |
| Terawulf Inc | 4.85% | |
| Core Scientific Inc | 4.53% | |
| Bitdeer Technologies Group | 4.53% | |
| Cleanspark Inc | 4.44% |
By country
United States 80.33%Cayman Islands 10.34%Australia 6.34%Japan 2.87%By asset type
Stocks 99.88%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $29.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +25.79%, +21.27%, -14.89%.
How it works
DAPP is a passive fund from VanEck. It tries to match the MVIS Global Digital Assets Equity Index, not beat it, and it generally holds the same stocks as the index. It does not move into cash to protect itself when markets fall. To be eligible for the index, a company must earn at least 50% of its revenue from digital assets or related projects, or have at least 50% of its assets in them. That includes crypto exchanges, payment processors, digital asset miners, companies that supply those businesses, and companies that hold large amounts of digital assets.
The fund does not buy cryptocurrency, crypto derivatives or initial coin offerings. As a result, it is not expected to follow the price of bitcoin or any other coin. Its only crypto exposure is indirect, through companies that use or hold digital assets. As of December 31, 2025, the index held 21 stocks. Their market capitalization (total stock market value) ranged from about $610 million to $60.77 billion, and the list included smaller and foreign companies.
DAPP is non-diversified, which means it can put more of its money into a single company than a typical fund. As of June 30, 2026, Block made up 9.3% of the fund and Coinbase Global 7.8%, and the 10 largest holdings made up 60.3%. Portfolio turnover, the share of holdings replaced over a year, was 74%.
What it really costs
- DAPP charges 0.52% a year, versus an average of 0.57% for the similar funds below (5th of 9, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $53 in the first year and $653 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DAPP | $53 | $167 | $291 | $653 |
In a retirement portfolio
It holds a narrow group of about 21 crypto-industry stocks and has swung from an 85.36% annual loss to a 280.64% annual gain, so it fits as a small add-on rather than a foundation.
DAPP launched in April 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it lost 85.36% for the calendar year, its worst year so far. That included a 70.98% drop in the quarter ending June 30, 2022. Later, it fell 58.8% between December 6, 2024 and April 8, 2025, then recovered by September 12, 2025. From its launch through December 31, 2025, it returned -12.6% a year on average. The MSCI ACWI global stock index returned 10.13% a year over the same period. An investor forced to sell shares in a bad year could lock in deep losses.
DAPP paid no dividends in the year to October 27, 2026, so it adds no income. In the SEC's standard example, $10,000 invested would cost $53 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, stock-based stake in crypto exchanges, payments and digital asset miners without owning cryptocurrency directly.
- People able to hold through drops like the 85.36% loss in 2022 and the 58.8% fall from December 2024 to April 2025.
- Cost-conscious buyers of crypto-industry ETFs: its 0.52% fee is below BITQ's 0.85% and BLOK's 0.73%, though above STCE's 0.30%.
Look elsewhere if
- Investors who need income: DAPP paid no dividends in the year to October 27, 2026.
- Those who want broad diversification: it is a non-diversified fund of about 21 stocks, with its top 10 holdings at 60.3% as of June 30, 2026.
- Anyone seeking direct crypto price exposure: the fund holds no cryptocurrency and is not expected to track the price of any digital asset.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DAPP this fund | — | 0.52% | $345.6M | -40.0% | +42.4% |
| BITQ Bitwise Crypto Industry Innovators ETF | 68% | 0.85% | $411.1M | -29.1% | +46.5% |
| BKCH Global X Blockchain ETF | 65% | 0.5% | $277.7M | -49.6% | +38.2% |
| IBLC iShares Blockchain and Tech ETF | 61% | 0.47% | $88.7M | -38.1% | +38.3% |
| STCE Schwab Crypto Thematic ETF | 55% | 0.3% | $269.5M | -48.6% | +39.1% |
| FDIG Fidelity Crypto Industry and Digital Paymen… | 50% | 0.4% | $263.0M | -37.2% | +33.1% |
| WGMI CoinShares Valkyrie Bitcoin Miners ETF | 45% | 0.75% | $343.6M | -48.6% | +49.2% |
| SATO Invesco Alerian Galaxy Crypto Economy ETF | 39% | 0.6% | $6.9M | -43.8% | +36.6% |
Questions investors ask
Does DAPP own bitcoin or other crypto?
No. The prospectus says DAPP will not invest in digital assets, including cryptocurrencies, either directly or through derivatives, and it will not buy initial coin offerings. It owns stocks of companies that run crypto exchanges, payment services, mining and related businesses. Some of those companies hold digital assets themselves, so the fund has indirect exposure. Even so, it is not expected to track the price of bitcoin or any other digital asset.
Does DAPP pay dividends?
No, not in the latest year. DAPP paid no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. Any return from the fund over that period came from changes in its share price, and those changes can be very large in either direction. Investors who need regular income from their holdings would have to get it from other parts of their portfolio.
DAPP vs BITQ: what's the difference?
The two funds are very similar. Based on the latest N-PORT reports, about 68% of their holdings overlap, and both invest in crypto-industry stocks. DAPP costs less: its expense ratio is 0.52%, against 0.85% for Bitwise Crypto Industry Innovators ETF (BITQ). In the year to October 27, 2026, DAPP's price fell 40% and BITQ's fell 29.1%. Over three years, DAPP returned 42.4% a year and BITQ 46.5%. As of June 30, 2026, BITQ held $411 million and DAPP about $346 million.
What are DAPP's top holdings?
As of June 30, 2026, the largest positions were Block (9.3%), Coinbase Global (7.8%), IREN (6.3%), Riot Platforms (5.7%) and Applied Digital (5.3%). The fund had 21 positions, and the 10 biggest made up 60.3% of it. About 80.3% of assets were in US companies. The rest were in companies based in the Cayman Islands (10.3%), Australia (6.3%) and Japan (2.9%).
How risky is DAPP?
Very risky by standard measures. Over the year to October 27, 2026, its volatility, a measure of how widely returns swing, was 65.3%. Its beta was 3.4, which means it moved about 3.4 times as much as the broad market. Its price fell 40% over that year. Its strongest quarter was an 88.98% gain in the quarter ending December 31, 2023. Its weakest was a 70.98% loss in the quarter ending June 30, 2022.