DAPP vs OWNB

DAPPBVanEck Digital Transformation ETF

OWNBFBitwise Bitcoin Standard Corporations ETF

In short

DAPP Crypto exposure without the crypto. DAPP holds the equities of the digital-asset economy (exchanges, miners, infrastructure) and by its own mandate never buys a coin, a coin derivative, or an ICO.

OWNB Most crypto equity funds buy the miners and the exchanges. This one buys the balance sheet: public companies holding at least 1,000 bitcoin in treasury, weighted by the coins they own rather than by market cap. Bitwise launched it in 2025 as a first of its kind.

Stated mandate

DAPP Before fees and expenses, the Fund seeks to follow the price and yield performance of the MVIS Global Digital Assets Equity Index, which is designed to represent companies participating in digital-asset economies.

OWNB The fund seeks to track the Bitwise Bitcoin Standard Corporations Index before fees and expenses. The index selects publicly traded companies meeting bitcoin-treasury, size, liquidity, and free-float requirements.

Why people hold it

• DAPP A clean split of the trade: you own the businesses built around digital assets, while the fund is barred from holding the assets themselves or derivatives on them.usnews.comaaii.com
• 0.52% expense ratio, a shade under the typical global thematic fund, for a rules-based index rather than a manager's hunches.
• One of the more actively traded names in its thematic peer group, which generally means less bid-ask friction on the way in and out.
• Launched in 2021, early to the crypto-equity shelf, and built on VanEck's own MVIS Global Digital Assets Equity Index.

• OWNB A hard rule, not a theme: a company needs at least 1,000 bitcoin on its books to qualify, and weights track the size of the coin stack, subject to caps.businesswire.com
• Global reach: at launch the basket held Tokyo, Hong Kong and Oslo-listed treasury owners, exposure that is fiddly to assemble in a US brokerage account.businesswire.com
• Roughly 26 stocks, rebalanced quarterly, so new treasury converts can enter and companies that shed their coins fall out.coindesk.com

Worth knowing

• DAPP Non-diversified by design and concentrated in miners and exchanges, so a single company's stumble can move the whole fund.usnews.comaaii.com
• These companies live off digital-asset activity, so the ride tends to track the crypto cycle even though no coins are held.
• Not an income holding: nothing was paid out over the past year, so the whole case rests on share prices.

• OWNB At 0.85% a year it prices above the crypto-equity median of 0.69%, and well above broad blockchain rivals like BKCH at 0.50%.
• Weighting by coins owned puts one dominant treasury holder at the top of the book, so a single company's story can move the fund as much as bitcoin does.businesswire.comcoindesk.com
• It launched in 2025 and stays small and thinly traded, so spreads can run wider than in established funds and the record is short.

Full DAPP profile⁠

Full OWNB profile⁠