NODE Monthly Commentary: August 2026
September 04, 2026
Read Time 10+ MIN
Please note that VanEck may have a position(s) in the digital asset(s) and companies described below.
Key Takeaways
- Equities lagged the crypto rally: +2% in August, trailed the Nasdaq 100 (+3.9%) and the S&P 500 (+2.6%); well behind bitcoin (+25.7%) and ethereum (+33.1%).
- Crypto exposure carried the book: top contributors were bitcoin ETP +267 bps, Figure +190 bps, and Circle +110 bps; the largest detractors were Cipher -239 bps, Hut 8 -202 bps, and TeraWulf -87 bps.
- Risk stayed elevated and tracked crypto equities: 48.3% vol, -7.8% drawdown; tracked MVDAPP (0.93), not bitcoin (0.42).
NODE does not hold bitcoin or ether directly. It invests in equities and digital-asset ETPs, and carries a materially different risk profile; a single crypto asset is not directly comparable to the Fund.
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 August 31, 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 10.23% (NAV), through August 31, 2026, and investors should consider this alongside any monthly figures presented herein.
Monthly Review
NODE returned +2% in August, trailing both the Nasdaq 100 (+3.9%) and the S&P 500 (+2.6%). However, given our equity focus and typical avoidance of leveraged DATs (digital asset treasuries), we didn’t keep pace with the sharp rally in crypto that lifted bitcoin +25.7% and ethereum +33.1%. For context, as of August 31, NODE was +10% YTD and +46% inception-to-date, compared to bitcoin -10% and -24%, respectively. NODE does not hold bitcoin or ether directly. It invests in equities and digital asset ETPs, and carries a materially different risk profile; a single crypto asset is not directly comparable to the Fund.
In July, we assessed the opportunity set presented by the selloff of the former Bitcoin miners converting to AI data centers. With some of the names down >30% in July, we realigned the portfolio by removing non-core positions and adding to many downtrodden miner names on the day that Situational Awareness blew up. At the same time, we added to our bitcoin ETP exposure because we believed we were nearing the price bottom of a four-year cycle. In hindsight, our bitcoin ETP decisions proved sound, but regulatory headwinds, particularly in Texas, led to weak performance by the miners/powered-shell companies.
Rather than sell low, we have kept the book concentrated behind our highest-conviction compute and crypto-infrastructure names, anticipating a recovery as election clarity emerges. That leaves us positioned to benefit if recent data center opposition proves more political posturing than reality, as we believe.
August 2026 Returns (7/31/2026 to 8/31/2026)
| Return (%) | Volatility (ann.) (%) | Max drawdown (%) | |
| VanEck Onchain Economy ETF | 1.9 | 58.1 | -8.1 |
| S&P 500 | 2.7 | 12.6 | -2.0 |
| Nasdaq 100 | 4.2 | 21.4 | -3.5 |
| Bitcoin | 25.6 | 46.9 | -3.6 |
| Ethereum | 33.0 | 63.1 | -2.9 |
| MVDAPP (crypto equities) | 10.5 | 60.3 | -6.8 |
Source: Morningstar as of 8/31/2026. Past performance is not a guarantee of future results. Index performance is not representative of fund performance. It is not possible to invest directly in an index. Not intended as a recommendation to buy or sell any securities named herein. Fund performance current to the most recent month end is available by visiting vaneck.com or by calling 800.826.2333.
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Biggest Winners and Losers
August’s gains were led by our bitcoin ETP exposure and crypto-linked financials, while the Bitcoin miners comprising roughly 40% of the fund remained the principal drag.
The broader crypto rally in August had two phases and two causes. The first part began when Strategy took a major downside catalyst off the table. Strategy, the largest digital-asset-treasury company holding roughly 845,000 bitcoin, spent August accumulating a large cash reserve that ended the month at $6.6B. This was accomplished by selling both bitcoin and its own common stock. It also used part of the proceeds ($377M) to repurchase STRC, its variable-rate perpetual preferred, and cut net leverage to near zero. These actions extended its dividend reserve to about four years of coverage. These actions also removed the tail risk hanging over the crypto sector: that the largest corporate holder might be forced into a disorderly bitcoin sale to meet its preferred-dividend obligations.
The next, greater catalyst was macro, and it came from the US Treasury. On August 19, Treasury said it would at least double its long-dated debt buybacks, to at least $4B per operation, beginning September 9. The market read it as soft yield-curve control, which tends to cheapen the dollar. The 30-year yield, which had hit about 5.34% the prior session (a 19-year high), fell roughly 9 bps to around 5.20%, and the dollar slid from about 99.5 to 98.5 on the DXY, its lowest since mid-May. This shifted investors’ outlook for both the dollar (lower) and rates (lower), which tends to support crypto prices. Consequently, bitcoin recovered from around $62,700 in early August to roughly $79,000 by month-end. Other, more volatile tokens like Zcash and ethereum rallied 87.6% and 33.1%, respectively, in August.
The net effect of crypto’s rally strongly influenced gains in our crypto-related equities. In particular, we saw outsized gains from mortgage lending platform FIGR (+47.3%, +190 bps) and stablecoin issuer CRCL (+52.6%, +110 bps) due to their high correlations to crypto (0.40 and 0.63, respectively) over the previous 30 days. Beyond the crypto correlation, FIGR rose after reporting a strong quarter: Figure beat consensus revenues by 5% and earnings before interest, taxes, depreciation, and amortization (EBITDA) by 8%, with adjusted net revenue up 95% y/y, marketplace loan volume up 132%, and adjusted EBITDA margins expanding to 55% from 48% a year prior.
Global Unichip returned +122.4% in August, catalyzed by a blowout July 30 earnings report: 2Q26 revenue hit a record TW$13.9B (+128% y/y, +21% q/q), beating consensus by roughly 26%, with cloud/AI comprising 79% of sales driven primarily by Google’s Axion CPU ramp.
The miner-to-AI-data-center converters were the principal drag on the book in August due to a combination of regulation, politics, and project execution challenges. On the regulatory side, Texas Governor Abbott ordered a moratorium on new data-center grid connections pending a state audit of nearly 2,000 projects in the Electric Reliability Council of Texas (ERCOT) queue. Meanwhile, on August 18, Pennsylvania Governor Josh Shapiro signed an executive order enacting new local community approval hurdles on new data centers. The macro backdrop added to the pressure as inflation fears and rising Treasury yields stifled the whole AI-infrastructure complex. Meanwhile Nvidia’s $500B financing coalition unnerved investors who questioned whether the structure was self-reinforcing and inflating an infrastructure bubble. Generally, the AI conversion players are at the apex of this dynamic with betas greater than 1x to the AI-linked MVIS® US Listed Semiconductor 25 Index (MVSMHTR).
6-Month Rolling 30-Day Beta of Miners to MVIS® US Listed Semiconductor 25 Index
Source: Bloomberg as of 8/28/2026. Data from 3/2/2026 to 8/27/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein.
Cipher Mining (-30.6%, -239 bps) was the worst performer, followed by Hut 8 (-27.4%, -202 bps), TeraWulf (-14.3%, -87 bps), Core Scientific (-21.3%, -79 bps), and CleanSpark (-15.6%, -49 bps). All five reported quarterly GAAP losses, while the broader group was hit by an August rotation out of capital-intensive AI infrastructure names as investors focused on the debt, financing, and execution risk required to fund massive HPC buildouts. Even major new AI leases failed to offset those concerns. Cipher, the group’s biggest detractor, sold off after its August 4 second-quarter report revealed a wider-than-expected GAAP net loss of $267.5M on revenue of just $24.8M, and company insiders sold more than $83M of stock over the prior three months.
| Top 5 Contributors | Return (%) | Contribution (bps) |
| Bitcoin ETP | 25.7 | 266.7 |
| FIGR US Equity | 47.3 | 190.0 |
| CRCL US Equity | 52.6 | 110.2 |
| 3443 TT Equity | 122.4 | 69.1 |
| Zcash ETP | 87.6 | 67.7 |
| Bottom 5 Contributors | Return (%) | Contribution (bps) |
| CIFR US Equity | -30.6 | -239.1 |
| HUT CN Equity | -27.4 | -202.0 |
| WULF US Equity | -14.3 | -86.8 |
| CORZ US Equity | -21.3 | -78.9 |
| CLSK US Equity | -15.6 | -49.2 |
Source: Bloomberg as of 8/28/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Fund performance current to the most recent month end is available by visiting vaneck.com or by calling 800.826.2333.
Portfolio Changes
Prior to the rally in crypto, we added to our bitcoin ETP exposure and to select miners while cutting peripheral exposures. All told, we cut the position count from 49 on July 31 to 44 on August 31.
The net result of our trading moves and market performance brings us to a net Bitcoin miner exposure of 41.5% (from 47.2% at the beginning of the month) and crypto ETPs at 17.4% (from 12.5%).
August 2026 Risk and Return Summary
NODE ran at 48.3% annualized volatility in August, compared with ethereum (61.0%) and roughly in line with the MVDAPP crypto-equity index (50.1%). For further context: bitcoin (40.7%), the Nasdaq 100 (17.8%), and the S&P 500 (10.5%).
The fund saw a 7.8% peak-to-trough drawdown, and 11 of 20 trading days were positive, with a best day of +5.6% against a worst day of -5.5% (Sharpe 0.33, Sortino 0.52, annualized). NODE moved almost in lockstep with the MVDAPP index at 0.93 correlation but was only loosely linked to bitcoin (0.42) and ethereum (0.27).
On risk, we maintained deliberate factor exposure to miners, which detracted from returns given their poor performance during the month. Swapping lower-beta diversifiers for these above-1x-beta miners, and layering bitcoin ETP exposure on top, raised the book’s effective sensitivity to the AI-infrastructure cycle whose stocks are well off their highs.
Correlation Matrix (daily returns, August 2026)
| Correlation matrix | NODE | S&P 500 | Nasdaq | Bitcoin | Ethereum | MVDAPP |
| NODE | 1.00 | 0.31 | 0.42 | 0.42 | 0.27 | 0.93 |
| S&P 500 | 0.31 | 1.00 | 0.93 | 0.03 | -0.02 | 0.29 |
| Nasdaq | 0.42 | 0.93 | 1.00 | 0.01 | -0.09 | 0.41 |
| Bitcoin | 0.42 | 0.03 | 0.01 | 1.00 | 0.85 | 0.60 |
| Ethereum | 0.27 | -0.02 | -0.09 | 0.85 | 1.00 | 0.45 |
| MVDAPP | 0.93 | 0.29 | 0.41 | 0.60 | 0.45 | 1.00 |
Source: Bloomberg as of 8/28/2026. Past performance is not a guarantee of future results. Index performance is not representative of fund performance. It is not possible to invest directly in an index. Not intended as a recommendation to buy or sell any securities named herein. Fund performance current to the most recent month end is available by visiting vaneck.com or by calling 800.826.2333.
Forward Outlook
We have been gradually increasing our bitcoin exposure. See our recent August 2026 Bitcoin ChainCheck for more details on why.
Frequently Asked Questions
Why did bitcoin miners fall in August 2026 while bitcoin rallied?
Bitcoin and its miners moved apart because the drivers were different. Bitcoin rose 25.7% in August on a weaker dollar and lower long-end yields after the US Treasury said it would at least double its long-dated debt buybacks. Miners, most of which are converting capacity to AI data centers, instead faced regulatory and financing pressure: Texas ordered a moratorium on new data-center grid connections, Pennsylvania added local approval hurdles, and investors rotated out of capital-intensive AI infrastructure. Cipher Mining fell 30.6% and Hut 8 fell 27.4%.
How did the US Treasury’s August 2026 buyback expansion affect crypto prices?
On August 19, Treasury said it would at least double its long-dated debt buybacks, to at least $4B per operation, beginning September 9. Markets read this as soft yield-curve control, which tends to cheapen the dollar. The 30-year yield fell roughly 9 bps to about 5.20% from a 19-year high of 5.34%, and the dollar slid from about 99.5 to 98.5 on the US Dollar Index (DXY). Lower rates and a weaker dollar have historically supported crypto prices, and bitcoin recovered from roughly $62,700 in early August to about $79,000 by month-end.
NODE | VanEck Onchain Economy ETF
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Important Disclosures
Statements regarding market cycles are the author's opinion as of this date and are not a prediction of future performance. Past performance is no guarantee of future results.
Fund holdings may vary. Visit vaneck.com/node for complete holdings information.
Quarterly Standardized Performance (6/30/2026)
| Performance | YTD | 1 Year | Since Inception (5/14/2025) |
| NODE (NAV) | 24.84% | 44.70% | 55.72% |
| NODE (Market Price) | 24.60% | 44.29% | 55.90% |
| MVDAPP Index | 17.56% | 18.04% | 44.32% |
Source: VanEck as of 6/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein.
Performance data quoted represents past performance and is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance current to the most recent month end is available by calling 800.826.2333 or by visiting vaneck.com.
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.
Referenced Holdings and Portfolio Weights (as of 8/28/2026)
| Referenced holding | Portfolio weight (%) |
| Spot bitcoin ETP | 14.74% |
| Figure Technology Solutions (FIGR) | 5.93% |
| Hut 8 (HUT) | 5.57% |
| Cipher Mining (CIFR) | 5.36% |
| TeraWulf (WULF) | 5.24% |
| CleanSpark (CLSK) | 3.19% |
| Circle Internet Group (CRCL) | 2.90% |
| Core Scientific (CORZ) | 2.59% |
| Global Unichip (3443 TT) | 1.40% |
| Nvidia (NVDA) | 1.30% |
| Spot ethereum ETP | 1.36% |
| Keel Infrastructure (KEEL) | 1.28% |
| Zcash ETP | 1.16% |
| Strategy (MSTR) | 1.15% |
Source: VanEck. Portfolio weights as of 8/28/2026. Holdings are subject to change. Not a recommendation to buy or sell any security.
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.
Zcash (ZEC) is a privacy-focused cryptocurrency that uses zero-knowledge cryptography to shield transaction details.
Digital asset treasuries (DATs) are publicly traded companies whose primary strategy is to hold digital assets on their balance sheet, often financed with debt or equity issuance.
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.
The MVIS® US Listed Semiconductor 25 Index (MVSMHTR) tracks the performance of the 25 largest and most liquid US-listed companies that derive at least 50% of their revenues from semiconductors and semiconductor equipment.
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 US Dollar Index (DXY) measures the value of the US dollar against a basket of six major currencies.
Ann. Vol is annualized volatility; the standard deviation of returns scaled to an annual figure, measuring price fluctuation.
Max DD (Maximum Drawdown) is the largest peak-to-trough decline in value over the period.
Beta is a measure of a portfolio’s price sensitivity relative to a benchmark; 1.0 equals the benchmark’s movement.
Sharpe Ratio is 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 is 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 is 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) is one one-hundredth of one percent (0.01%); 100 basis points equal 1%.
NAV (Net Asset Value) is the per-share value of a fund’s assets minus liabilities, calculated at end of day.
VanEck Onchain Economy ETF (NODE) Disclosures
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly.
An investment in the Fund involves a substantial degree of risk and is not suitable for all investors. Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund’s Shares and the possibility of significant losses. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Therefore, you should consider carefully various risks before investing in the Fund, each of which could significantly and adversely affect the value of an investment in the Fund.
An investment in the Fund may be subject to risks which include, among others, risks related to investing in digital transformation companies, digital asset instruments, commodities and commodity-linked instruments, subsidiary investment, commodity regulatory (with respect to investments in the subsidiary), tax (with respect to investments in the subsidiary), gap, liquidity, derivatives, regulatory, non-diversified, small- and medium-capitalization companies, depositary receipts, foreign securities, emerging market issuers, high portfolio turnover, market, operational, active management, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount risk and liquidity of fund shares, industry concentration, cash transactions, underlying investment vehicle, and affiliated investment vehicle risks, all of which may adversely affect the fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Small- and medium-capitalization companies may be subject to elevated risks.
Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products ("ETPs"), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 ("1940 Act") or commodity pools for the purposes of the Commodity Exchange Act ("CEA").
The technology relating to digital assets, including blockchain, is new and developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Digital asset technologies are used by companies to optimize their business practices, whether by using the technology within their business or operating business lines involved in the operation of the technology. The cryptographic keys necessary to transact a digital asset may be subject to theft, loss, or destruction, which could adversely affect a company’s business or operations if it were dependent on the digital asset. There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional Disclosures
The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2026 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
Related Funds
Important Disclosures
Statements regarding market cycles are the author's opinion as of this date and are not a prediction of future performance. Past performance is no guarantee of future results.
Fund holdings may vary. Visit vaneck.com/node for complete holdings information.
Quarterly Standardized Performance (6/30/2026)
| Performance | YTD | 1 Year | Since Inception (5/14/2025) |
| NODE (NAV) | 24.84% | 44.70% | 55.72% |
| NODE (Market Price) | 24.60% | 44.29% | 55.90% |
| MVDAPP Index | 17.56% | 18.04% | 44.32% |
Source: VanEck as of 6/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein.
Performance data quoted represents past performance and is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance current to the most recent month end is available by calling 800.826.2333 or by visiting vaneck.com.
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.
Referenced Holdings and Portfolio Weights (as of 8/28/2026)
| Referenced holding | Portfolio weight (%) |
| Spot bitcoin ETP | 14.74% |
| Figure Technology Solutions (FIGR) | 5.93% |
| Hut 8 (HUT) | 5.57% |
| Cipher Mining (CIFR) | 5.36% |
| TeraWulf (WULF) | 5.24% |
| CleanSpark (CLSK) | 3.19% |
| Circle Internet Group (CRCL) | 2.90% |
| Core Scientific (CORZ) | 2.59% |
| Global Unichip (3443 TT) | 1.40% |
| Nvidia (NVDA) | 1.30% |
| Spot ethereum ETP | 1.36% |
| Keel Infrastructure (KEEL) | 1.28% |
| Zcash ETP | 1.16% |
| Strategy (MSTR) | 1.15% |
Source: VanEck. Portfolio weights as of 8/28/2026. Holdings are subject to change. Not a recommendation to buy or sell any security.
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.
Zcash (ZEC) is a privacy-focused cryptocurrency that uses zero-knowledge cryptography to shield transaction details.
Digital asset treasuries (DATs) are publicly traded companies whose primary strategy is to hold digital assets on their balance sheet, often financed with debt or equity issuance.
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.
The MVIS® US Listed Semiconductor 25 Index (MVSMHTR) tracks the performance of the 25 largest and most liquid US-listed companies that derive at least 50% of their revenues from semiconductors and semiconductor equipment.
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 US Dollar Index (DXY) measures the value of the US dollar against a basket of six major currencies.
Ann. Vol is annualized volatility; the standard deviation of returns scaled to an annual figure, measuring price fluctuation.
Max DD (Maximum Drawdown) is the largest peak-to-trough decline in value over the period.
Beta is a measure of a portfolio’s price sensitivity relative to a benchmark; 1.0 equals the benchmark’s movement.
Sharpe Ratio is 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 is 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 is 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) is one one-hundredth of one percent (0.01%); 100 basis points equal 1%.
NAV (Net Asset Value) is the per-share value of a fund’s assets minus liabilities, calculated at end of day.
VanEck Onchain Economy ETF (NODE) Disclosures
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly.
An investment in the Fund involves a substantial degree of risk and is not suitable for all investors. Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund’s Shares and the possibility of significant losses. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Therefore, you should consider carefully various risks before investing in the Fund, each of which could significantly and adversely affect the value of an investment in the Fund.
An investment in the Fund may be subject to risks which include, among others, risks related to investing in digital transformation companies, digital asset instruments, commodities and commodity-linked instruments, subsidiary investment, commodity regulatory (with respect to investments in the subsidiary), tax (with respect to investments in the subsidiary), gap, liquidity, derivatives, regulatory, non-diversified, small- and medium-capitalization companies, depositary receipts, foreign securities, emerging market issuers, high portfolio turnover, market, operational, active management, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount risk and liquidity of fund shares, industry concentration, cash transactions, underlying investment vehicle, and affiliated investment vehicle risks, all of which may adversely affect the fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Small- and medium-capitalization companies may be subject to elevated risks.
Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products ("ETPs"), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 ("1940 Act") or commodity pools for the purposes of the Commodity Exchange Act ("CEA").
The technology relating to digital assets, including blockchain, is new and developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Digital asset technologies are used by companies to optimize their business practices, whether by using the technology within their business or operating business lines involved in the operation of the technology. The cryptographic keys necessary to transact a digital asset may be subject to theft, loss, or destruction, which could adversely affect a company’s business or operations if it were dependent on the digital asset. There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional Disclosures
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