VanEck has introduced a new Exchange-Traded Note (ETN) in Europe that follows the Pyth Network's native token, PYTH. The ETN is listed on Euronext Amsterdam and Euronext Paris, making it available to investors in 15 European countries, including Germany, France, Norway, and Switzerland.

The product aims to provide exposure to the increasing significance of smart contracts in finance. The Pyth Network functions as a decentralized oracle protocol, enabling smart contracts to interact with off-chain data. It specializes in high-frequency data obtained directly from exchanges and financial institutions.

The VanEck Pyth ETN tracks the MarketVector Pyth Network VWAP Close Index and is fully collateralized with physical PYTH tokens, which are held in custody by Bank Frick in Liechtenstein. The ETN has a total expense ratio of 1.5%. VanEck has established a strong presence in the European crypto ETN market, offering more than a dozen products covering various digital assets. Additionally, the asset manager has launched two spot crypto exchange-traded funds in the United States, further expanding its presence in the digital asset space.