Increasingly, digital assets means much more than just bitcoin. In fact, this universe is rapidly expanding, prompting many investors to ponder what’s next.

Owing to a breakneck pace of expansion in this universe, keeping up with the space is difficult, but some exchange traded funds ease that burden. That group includes the VanEck Digital Assets Mining ETF (DAM). Fresh on the scene, DAM debuted last month.

The rookie ETF follows the MVIS Global Digital Assets Mining Index, which is designed to provide exposure to companies with footprints throughout the digital assets mining ecosystem. Indeed, several bitcoin miners are among DAM’s 25 holdings, but there’s more to the story with this fund. While DAM is obviously a new ETF, it could be a relevant near-term consideration for some investors.

“From a timing perspective, we think there’s a very strong case to be made that this is a good time to start thinking about a blockchain allocation, or digital asset equity allocation, because these companies are still growing like crazy,” says John Patrick Lee, VanEck ETF product manager.

In addition to bitcoin miners, DAM holds shares of some broader blockchain companies. Those stocks, as is the case throughout the growth spectrum, are off recent highs due to concerns about rising interest rates, but that could be opening the door to valuation opportunities.

“So tech stocks, in particular, you’ve got a rising interest rate environment, you’ve got commodities and inflation fears, and so that’s going to deflate some of the elevated P/Es (price-to-earnings ratios), and the valuations of this type of stock,” adds Lee.

DAM features added diversity with positions in stocks such as Block (NYSE:SQ) — the company formerly known as Square — Coinbase (NASDAQ:COIN), and Silvergate Capital (NYSE:SI). To be sure, those are crypto-correlated stocks, but they aren’t dedicated mining plays.

Arguably, Coinbase’s links to bitcoin prices should wither over time. Rather, as an exchange operator, the company’s share price should be more tied to rising interest in cryptocurrencies and other digital asset efforts. Likewise, Silvergate is the purveyor of a fast-growing digital payments platform. That qualifies as a digital asset, but it doesn’t mean that the company is bitcoin-dependent. Overall, it’s possible that investors considering DAM today could access growth at attractive valuations.

“And the valuations, there might be a little bit of a disconnect there, and you think about growth at a reasonable price. I would argue this is very high growth at a very reasonable price, that’s how I think about it,” concludes Lee.

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The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.