NODE Monthly Commentary: May 2026
08 June 2026
Read Time 7 MIN
Please note that VanEck may have a position(s) in the digital asset(s) and companies described below.
Key Takeaways:
- NODE outperformed: NODE returned +16.5% in May, with shares climbing from $40.40 to $47.07. NODE topped the S&P 500 (+5.1%), the Nasdaq 100 (+10.5%), Bitcoin (-3.8%), and Ethereum (-11.0%); only the MVDAPP crypto-equity index (+21.5%) finished ahead.
- Mining and AI compute drove the month: HUT (+64%), CIFR (+38%), IREN (+37%), APLD (+39%), and RIOT (+57%) led the book, with the top 5 positions adding 894 bps. Spot crypto fell while mining and infrastructure equities rallied, the decoupling the strategy is built for.
- Risk ran high but downside stayed contained: NODE returned +16.5% on 43.8% annualized volatility, with an intra-month drawdown of roughly 8.3%. The book broadened to 68 holdings, adding power, grid, and AI compute names while keeping the high-beta miners.
Click here for NODE Standardized Performance.
Past performance is no guarantee of future results. Investment return and principal value will fluctuate; shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher. Call 800.826.2333 or visit vaneck.com for month-end performance.
This commentary reflects the views of the portfolio management team as of May 29, 2026, and should not be construed as investment advice or a recommendation to buy or sell any security. Past performance does not guarantee future results; the Fund’s YTD return was -6.51% (NAV) through May 2026, and investors should consider this alongside any monthly figures presented herein.
Monthly Review
NODE rose 16.5% in May, with shares climbing from $40.40 to $47.07. Spot crypto fell over the course of the month while the mining and infrastructure sectors were highly bid. Mining and chip manufacturer drove the majority of the gains. NODE beat the S&P 500, the Nasdaq 100, Bitcoin, and Ethereum by wide margins, with only the MVDAPP digital asset index ahead of us. While NODE beat the SP500, BTC and the Nasdaq 100, NODE’s performance was surpassed by that of the MVDAPP digital asset index.
| May 2026 returns | Return (%) | Volatility (ann.) (%) | Max drawdown (%) |
| NODE | 16.5 | 43.8 | -9.2 |
| S&P 500 | 5.1 | 10.1 | -2.0 |
| Nasdaq 100 | 10.5 | 16.2 | -2.6 |
| Bitcoin | -3.8 | 27.9 | -10.2 |
| Ethereum | -11.0 | 31.3 | -15.6 |
| MVDAPP (crypto eq.) | 21.5 | 53.9 | -11.0 |
Source: Bloomberg. As of 5/29/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.
Biggest Winners and Losers
Bitcoin miners constituted 8 of the top 9 returning equities for NODE in May and also constituted the entirety of our top 5 performing positions. Collectively, our 5 best positions added 894 basis points to our May performance figures. Across the board, miners had a strong month due to a receptive a project finance market and long-term, landmark deal announcements to lease AI datacenter capacity.
- Miners led the gains. HUT (+64%), RIOT (+57%), APLD (+39%), CIFR (+38%), and IREN (+37%) re-rated as the spot-crypto and mining-equity decoupling, the setup the strategy is built for, played out. CORZ, WULF, and CLSK extended the move.
- AI memory contributed. SK Hynix (+63%) added 111 bps on AI memory demand, the sleeve added to the book this month.
- Spot crypto was the main drag. Bitcoin (-6%) and Ethereum (-11%) weakness flowed through the crypto-beta holdings, with the Bitcoin and Ethereum ETP positions costing 25 and 11 bps.
- Single-name losers stayed small. FUTU (-31%), NRG (-14%), and SEI (-9%) were the other detractors; the five worst combined for just 98 bps of drag, a small net loss on an otherwise strong month.
| Top 5 contributors | Return (%) | Contribution (bps) | Outperformance Notes |
| HUT CN Equity | 64.2 | 313.5 | Signed a $9.8B, 352MW lease at Beacon Point with a high-investment grade tenant on May 6. |
| IREN US Equity | 36.7 | 168.0 | Inked a $1.6B agreement with Dell to deploy Blackwell AI systems on May 26. |
| CIFR US Equity | 37.7 | 159.3 | Signed a third AI data center campus lease with an investment-grade hyperscale tenant, and closed a $200 million revolving credit facility. |
| APLD US Equity | 39.4 | 137.8 | Contracted a 15 yr 300MW lease at Polaris Forge 3 site; contracted load to 1.2GW. |
| RIOT US Equity | 57.3 | 115.4 | Announced expansion of AMD data center expansion of 25MW. |
Source: Bloomberg. As of 5/29/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Other assets held by the fund may have performed differently during the period.
| Bottom 5 contributors | Return (%) | Contribution (bps) | Underperformance Notes |
| FUTU US Equity | (30.8) | (34.8) | Dropped on China regulatory action stipulating mainland Chinese clients leave the brokerage within 2 years. |
| Bitcoin ETP US Equity | (6.1) | (25.0) | Sagged amid concerns of BTC Digital Asset Treasury unwind, quantum compute progress, macro issues, and AI investment competition. |
| NRG US Equity | (13.8) | (18.5) | Strong negative reaction to EPS miss $1.49 vs $1.73 consensus and weak power demand due to mild weather in Texas. |
| Ethereum ETP US Equity | (10.9) | (10.7) | Weighed down by BTC-correlated selling, $540M in spot ETF outflows, and ecosystem concerns following nine Ethereum Foundation departures. |
| SEI US Equity | (9.0) | (8.8) | Dragged by heavy insider selling and potential for future dilution to build out energy portfolio despite strong 1Q2026 earnings. |
Source: Bloomberg. As of 5/29/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Other assets held by the fund may have performed differently during the period.
Portfolio Changes
In May we expanded our number of holdings to 68 while also adding to power and AI infrastructure positions to lean into the opportunity set. In energy, we added to existing positions in DTM and NRG. We also pulled in additional AI compute exposure through a new position in Cerebras (CBRS) and the purchase of more NVDA shares. Meanwhile, we passively dialed back our crypto exposure due to token underperformance and non-crypto positions surging in value. We initiated or added to fintech positions in Nubank (NU), Bullish (BLSH), Bitdeer (BTDR), and Figure (FIGR). On the sell side we reduced our Coinbase exposure in early May while fully exiting Metaplanet (3350 JP) and MercadoLibre in mid-May. Likewise, after an epic price run, we trimmed SK Hynix late in the month.
May Risk and Return Summary
NODE put up 16.5% on 43.8% annualized vol, with a 9.2% intra-month peak-to-trough. Daily Sharpe came in at 1.31 and Sortino at 2.21. Both are strong in absolute terms, though the fund's high volatility leaves it behind the calmer S&P 500 (1.68 Sharpe) on a pure risk-adjusted basis.
NODE’s price moved with the MVDAPP digital asset index at 0.98 correlation and held a more moderate 0.70 correlation to the S&P 500 and 0.66 to the Nasdaq 100. Pass-through from spot crypto was meaningful but partial, at 0.69 correlation to Bitcoin and 0.70 to Ethereum.
| May 2026 performance | Return (%) | Vol (ann.) (%) | Max DD (%) | Sharpe | Sortino |
| NODE | 16.5 | 43.8 | -9.2 | 1.31x | 2.21x |
| S&P 500 | 5.1 | 10.1 | -2.0 | 1.68x | 3.13x |
| Nasdaq 100 | 10.5 | 16.2 | -2.6 | 2.22x | 5.21x |
| Bitcoin | -3.8 | 27.9 | -10.2 | -0.53x | -0.71x |
| Ethereum | -11.0 | 31.3 | -15.6 | -1.29x | -1.42x |
| MVDAPP (crypto eq.) | 21.5 | 53.9 | -11.0 | 1.39x | 2.36x |
Source: Bloomberg. As of 5/29/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.
| Correlation matrix | NODE | S&P 500 | Nasdaq | Bitcoin | Ethereum | MVDAPP |
| NODE | 1.00 | 0.70 | 0.66 | 0.69 | 0.70 | 0.98 |
| S&P 500 | 0.70 | 1.00 | 0.91 | 0.32 | 0.30 | 0.69 |
| Nasdaq | 0.66 | 0.91 | 1.00 | 0.38 | 0.41 | 0.64 |
| Bitcoin | 0.69 | 0.32 | 0.38 | 1.00 | 0.96 | 0.66 |
| Ethereum | 0.70 | 0.30 | 0.41 | 0.96 | 1.00 | 0.68 |
| MVDAPP | 0.98 | 0.69 | 0.64 | 0.66 | 0.68 | 1.00 |
Source: Bloomberg. Daily returns, May 1–29, 2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.
Outlook
We stay constructive on AI infrastructure and tokenization while staying cautious on pure-play crypto entities. May was the month the thesis, that the value from crypto and blockchain technology will accrue to equities over tokens, was confirmed by market price action. Concentration in mining and AI is still high, and we intend to keep broad this theme while remaining wary of downside potential. Our move into power and grid infrastructure continues, with the goal of diversifying the return base without giving up the upside the miners provide.
Quarterly Standardized Performance (3/31/2026)
| Performance | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE (5/13/25) |
| NODE (NAV) | -6.51 | -- | -- | -- | -- | 23.62 |
| NODE (Market Price) | -6.90 | -- | -- | -- | -- | 23.48 |
| MVIS Global Digital Assets Equity Index | -9.67 | -- | -- | -- | -- | 16.33 |
* Returns less than one year are not annualized. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.
Fees - VanEck Onchain Economy ETF (NODE): Total Expense Ratio – 0.67%. Van Eck Absolute Return Advisers Corporation (the “Adviser” or “VEARA”) will pay all expenses of the Fund (inclusive of any Subsidiary (as defined below) expenses), except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least May 1, 2027.
Definitions:
Bitcoin (BTC) is the world’s largest cryptocurrency by market capitalization.
Ethereum (ETH) is a decentralized, open-source blockchain platform and the second-largest cryptocurrency by market capitalization.
S&P 500 Index is a stock market index of 500 of the largest companies listed on stock exchanges in the United States.
The Nasdaq 100 Index is a stock market index that tracks the 100 largest non-financial companies listed on the Nasdaq stock exchange.
The MVIS Global Digital Assets Equity Index (MVDAPP) tracks the performance of companies involved in digital assets, including exchanges, mining, and related financial services, and is used herein as a reference for crypto equity performance.
Ann. Return: Annualized return; the compounded rate of return per year over the period.
Ann. Vol: Annualized volatility; the standard deviation of returns scaled to an annual figure, measuring price fluctuation.
Max DD (Maximum Drawdown): The largest peak-to-trough decline in value over the period.
Best Mo. (Best Month):The highest single-month return recorded during the period.
Worst Mo. (Worst Month): The lowest single-month return recorded during the period.
NAV (Net Asset Value): The per-share value of a fund's assets minus liabilities, calculated at end of day.
Beta: A measure of a portfolio's price sensitivity relative to a benchmark; 1.0 equals the benchmark's movement.
Sharpe Ratio: A measure of risk-adjusted return; a portfolio’s return in excess of the risk-free rate divided by its volatility. A higher ratio indicates more return per unit of risk.
Sortino Ratio: A variation of the Sharpe Ratio that divides excess return by downside volatility (the variability of negative returns only) rather than by total volatility.
Correlation: A statistical measure of how two assets move in relation to one another, ranging from -1.0 (opposite directions) to 1.0 (the same direction); 0 indicates no linear relationship.
Basis Point (bps): One one-hundredth of one percent (0.01%); 100 basis points equal 1%.
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