2026 Tax-Loss Harvesting Opportunities with VanEck ETFs

October 20, 2026

Read Time 13 MIN

Tax-loss harvesting season is here. We screened the US-listed ETF market for 2026 losers and found VanEck matches with 90%+ correlation.

Key Takeaways

Tax-loss harvesting may work best when you swap into a similar, not identical, fund to stay compliant with the wash-sale rule.
We screened US-listed ETFs that are down YTD for VanEck ETFs in the same Morningstar category and with 90%+ correlation.
Among the largest YTD losses are gold ($8.7B), digital assets ($8.0B), muni bonds ($6.4B) and corporate bonds ($5.8B).
Physically backed gold ETFs are down about 3% YTD, and OUNZ tracks the largest funds at 97% correlation.
Muni and corporate bond ETFs are down 3-5% YTD, and ITM, MLN and MIG track the losing funds with 97%+ correlation.

Every fall, investors and advisors look for positions that have lost value so they can realize those losses to offset gains. The usual approach is to sell the losing fund and buy a similar, but not identical, fund to stay invested.

We screened the US-listed ETF market to see where 2026 losses are concentrated. Then for each losing ETF, we checked whether a VanEck ETF in the same Morningstar category has historically moved closely with it.

At a glance, here are our main findings:

Gold ETFs are down about 3% YTD, with roughly $8.7B of estimated losses across GLD, IAU, GLDM and others. VanEck Merk Gold Trust (OUNZ) is 97% correlated with them.
Municipal bond ETFs are down across the curve, with about $6.4B of estimated losses. VanEck's muni ETFs (ITM, MLN, HYD, XMPT, SHYD, SMB) are 91–100% correlated with the largest losing funds in their categories.
Investment-grade corporate bond ETFs are down 3–4% YTD, with about $5.8B of estimated losses. MIG and MBBB are 99–100% correlated with VCIT, LQD and IGIB.
Spot crypto ETFs are down 4–11% YTD. HODL, ETHV and VSOL hold the same underlying assets as the larger competing funds.
Broad sector ETFs are down too. XLY, XLU, XLC and XLF are negative YTD, and VanEck's TruSector ETFs in those sectors are 95–100% correlated with them. The TruSector funds are new, so those correlations rest on limited history.
Some large losses have no close VanEck match, including silver (SLV, −16% YTD), Greater China, medical devices and Large Growth.

A Quick Primer on Tax-Loss Harvesting

Tax-loss harvesting means selling an investment that has dropped below its purchase price to realize a capital loss. That loss can offset realized gains and, within limits, ordinary income.

The wash-sale rule (IRC Section 1091) disallows the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not defined "substantially identical," but funds that track the same index are generally viewed as risky substitutes. Funds with different index providers, methodologies or holdings are generally viewed as more defensible, but that is not guaranteed.

The rule also applies across your accounts, including IRAs and a spouse's accounts. Your broker may not flag a wash sale between two different funds.

Our Tax-Loss Harvesting Analysis

Morningstar groups funds into categories based on what they actually hold, not just how they describe themselves. Examples include "Muni National Intermediate," "Corporate Bond" and "Digital Assets." Using these categories keeps each comparison like-for-like. We only match a losing ETF to a VanEck ETF in the exact same Morningstar category.

We looked at US-listed ETFs with at least $100M in assets that were down YTD through September 30, 2026. We excluded leveraged, inverse and exchange-traded note products. For ETFs launched in the past year, we used the return since launch. A few older funds that are up YTD but down over the past year are flagged as such. This analysis considers only VanEck ETFs as potential replacements; other funds that were not reviewed may also be suitable alternatives.

For each fund, we multiplied current assets by its decline. This shows roughly how much value the fund has lost. It is not a measure of any individual investor's loss, which depends on when they bought.

Correlation measures how closely two funds' returns have moved together. 100% means they moved in lockstep. We counted a VanEck ETF as a close match at 90% or higher, using monthly returns from October 2023 through September 2026 (up to 36 months). For funds with less than a year of history, we used weekly returns since launch. Those matches are marked † in the below tables and should be treated as directional. High correlation in the past does not mean two funds will move together in the future. Correlation does not measure the size of return differences; correlated funds can have meaningfully different returns.

Returns are YTD through September 30, 2026, unless otherwise noted. Where a row lists more than one VanEck ETF, "Minimum correlation" is the lowest correlation between the losing ETF and any of those funds. YTD returns may not reflect longer-term performance.

Municipal Bonds

Muni ETFs are down 3–5% YTD in the intermediate and long categories, less at the short end. Across the four muni categories where VanEck has an ETF, estimated losses total about $6.4B. Most of that is in intermediate munis, where VTEB and MUB alone account for nearly $4B.

Morningstar category	VanEck ETF	Losing ETF	Est. loss	Return (%)	Minimum correlation (%)
Muni National Intermediate	ITM	VTEB	$2.0B	−3.8	99
		MUB	$1.8B	−3.7	99
		JMUB	$289M	−3.3	99
		CGMU	$208M	−2.9	99
		SCMB	$135M	−4.1	99
Muni National Long	MLN	PZA	$234M	−5.4	100
		TFI	$128M	−4.3	97
		LMUB	$87M	−5.4	100
		VCRM	$71M	−3.0	98
High Yield Muni	HYD / XMPT / SHYD	HYMB	$123M	−3.2	94
		FLMI	$90M	−3.8	96
		CGHM	$84M	−2.5	93
		HIMU	$74M	−2.9	91
Muni National Short	SMB	VTES	$47M	−1.2	100
		SUB	$42M	−0.4	99
		SHM	$35M	−1.0	99

Quarter End Returns (%) as of 9/30/2026

Ticker	Name	Inception Date	Gross Exp. Ratio	Net Exp. Ratio	Return Basis	Q3 2026	YTD	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception
VanEck ETFs
ITM	VanEck Intermediate Muni ETF	12/04/2007	0.18	0.18	NAV	-5.81	-4.61	-2.79	2.75	-0.57	1.22	2.96
ITM	VanEck Intermediate Muni ETF	12/04/2007	0.18	0.18	Market Price	-5.59	-4.78	-2.70	2.81	-0.53	1.25	2.98
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Intermediate AMT-Free Broad National Municipal Index (MBNI), which is intended to track the overall performance of the U.S. dollar denominated intermediate-term tax-exempt bond market.
MLN	VanEck Long Muni ETF	01/02/2008	0.24	0.24	NAV	-7.93	-4.75	-3.05	2.89	-2.22	0.65	2.50
MLN	VanEck Long Muni ETF	01/02/2008	0.24	0.24	Market Price	-7.20	-4.42	-2.94	2.99	-2.13	0.69	2.50
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Long AMT-Free Broad National Municipal Index (MBNL), which is intended to track the overall performance of the U.S. dollar denominated long-term tax-exempt bond market.
HYD	VanEck High Yield Muni ETF	02/04/2009	0.32	0.32	NAV	-5.94	-2.71	-1.36	3.71	-1.23	1.18	4.50
HYD	VanEck High Yield Muni ETF	02/04/2009	0.32	0.32	Market Price	-5.66	-3.24	-1.45	3.69	-1.14	1.21	4.40
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Broad High Yield Crossover Municipal Index (MHYX), which is intended to track the overall performance of the U.S. dollar denominated high yield long-term tax-exempt bond market.
XMPT	VanEck CEF Municipal Income ETF	07/12/2011	3.40	3.40	NAV	-12.44	-8.01	-6.31	6.48	-3.24	0.74	3.32
XMPT	VanEck CEF Municipal Income ETF	07/12/2011	3.40	3.40	Market Price	-12.69	-8.23	-6.50	6.43	-3.32	0.74	3.33
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of S-Network Municipal Bond Closed-End Fund Index (CEFMXTR), which is intended to track the overall performance of the U.S.-listed closed-end funds that invest in U.S. dollar denominated tax-exempt market.
SHYD	VanEck Short High Yield Muni ETF	01/13/2014	0.32	0.32	NAV	-3.16	-1.31	-0.67	3.73	0.36	1.68	2.05
SHYD	VanEck Short High Yield Muni ETF	01/13/2014	0.32	0.32	Market Price	-3.32	-1.96	-0.76	3.94	0.39	1.69	2.01
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX), which is intended to track the overall performance of the U.S. dollar denominated high yield short-term tax-exempt bond market.
SMB	VanEck Short Muni ETF	02/22/2008	0.07	0.07	NAV	-1.79	-0.68	-0.13	2.98	0.90	1.34	1.90
SMB	VanEck Short Muni ETF	02/22/2008	0.07	0.07	Market Price	-1.73	-0.96	-0.13	3.04	0.88	1.34	1.87
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Short AMT-Free Broad National Municipal Index (MBNS), which is intended to track the overall performance of the U.S. dollar denominated short-term tax-exempt bond market.
Other ETFs mentioned
VTEB	Vanguard Tax-Exempt Bond Index Fund ETF Shares	08/21/2015	0.03	0.03	NAV	-5.77	-3.79	-2.31	2.77	-0.11	1.46	1.86
VTEB	Vanguard Tax-Exempt Bond Index Fund ETF Shares	08/21/2015	0.03	0.03	Market Price	-5.56	-3.67	-2.15	2.76	-0.07	1.48	1.88
Investment Objective: To track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market.
MUB	iShares National Muni Bond ETF	09/07/2007	0.05	0.05	NAV	-5.56	-3.71	-2.23	2.60	-0.07	1.38	2.84
MUB	iShares National Muni Bond ETF	09/07/2007	0.05	0.05	Market Price	-5.29	-3.57	-1.97	2.65	-0.04	1.41	2.91
Investment Objective: To track the investment results of an index composed of investment-grade U.S. municipal bonds.
JMUB	JPMorgan Municipal ETF	10/29/2018	0.18	0.18	NAV	-5.13	-3.33	-2.09	3.06	0.27	—	2.31
JMUB	JPMorgan Municipal ETF	10/29/2018	0.18	0.18	Market Price	-5.21	-3.49	-2.26	3.01	0.25	—	2.32
Investment Objective: To provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations.
CGMU	Capital Group Municipal Income ETF	10/25/2022	0.27	0.27	NAV	-4.81	-2.93	-1.46	3.77	—	—	4.22
CGMU	Capital Group Municipal Income ETF	10/25/2022	0.27	0.27	Market Price	-4.73	-2.85	-1.67	3.70	—	—	4.36
Investment Objective: To provide a high level of current income exempt from regular federal income tax, consistent with the preservation of capital.
SCMB	Schwab Municipal Bond ETF	10/11/2022	0.03	0.03	NAV	-5.94	-4.12	-2.64	2.55	—	—	2.33
SCMB	Schwab Municipal Bond ETF	10/11/2022	0.03	0.03	Market Price	-5.60	-3.99	-2.29	2.56	—	—	2.45
Investment Objective: To track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the U.S. AMT-free municipal bond market.
PZA	Invesco National AMT-Free Municipal Bond ETF	10/11/2007	0.28	0.28	NAV	-8.19	-5.43	-3.79	2.23	-1.41	1.02	2.83
PZA	Invesco National AMT-Free Municipal Bond ETF	10/11/2007	0.28	0.28	Market Price	-8.14	-5.10	-3.78	2.33	-1.38	1.04	2.79
Investment Objective: To track the investment results (before fees and expenses) of the ICE BofA National Long-Term Core Plus Municipal Securities Index (the “Underlying Index”).
TFI	State Street® SPDR® Nuveen ICE Municipal Bond ETF	09/11/2007	0.23	0.23	NAV	-5.99	-4.28	-2.86	2.40	-1.06	0.82	2.70
TFI	State Street® SPDR® Nuveen ICE Municipal Bond ETF	09/11/2007	0.23	0.23	Market Price	-5.77	-4.19	-2.76	2.52	-1.03	0.86	2.72
Investment Objective: To provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ICE 1+ Year AMT-Free Broad Municipal Index.
LMUB	iShares Long-Term National Muni Bd ETF	03/17/2025	0.09	0.09	NAV	-8.29	-5.39	-3.41	—	—	—	-1.16
LMUB	iShares Long-Term National Muni Bd ETF	03/17/2025	0.09	0.09	Market Price	-8.28	-5.38	-3.18	—	—	—	-1.07
Investment Objective: To track the investment results of an index composed of investment-grade U.S. municipal bonds with remaining maturities of 12 years or more.
VCRM	Vanguard Core Tax-Exempt Bond ETF	11/21/2024	0.12	0.12	NAV	-5.51	-3.01	-1.43	—	—	—	0.87
VCRM	Vanguard Core Tax-Exempt Bond ETF	11/21/2024	0.12	0.12	Market Price	-5.41	-2.89	-1.27	—	—	—	0.72
Investment Objective: To provide total return, through current income that is exempt from federal personal income taxes, and capital appreciation.
HYMB	State Street® SPDR® Nuveen ICE High Yield Municipal Bond ETF	04/13/2011	0.35	0.35	NAV	-6.61	-3.20	-1.62	4.00	-0.83	1.54	3.89
HYMB		04/13/2011	0.35	0.35	Market Price	-6.67	-2.96	-1.43	4.03	-0.76	1.62	3.94
Investment Objective: To provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ICE US Select High Yield Crossover Municipal Index.
FLMI	Franklin Dynamic Municipal Bond ETF	08/31/2017	0.30	0.30	NAV	-6.43	-3.75	-1.94	4.64	0.91	—	2.27
FLMI	Franklin Dynamic Municipal Bond ETF	08/31/2017	0.30	0.30	Market Price	-6.37	-3.67	-2.07	4.66	0.91	—	2.27
Investment Objective: A high level of current income that is exempt from federal income taxes.
CGHM	Capital Group Municipal High-Income ETF	06/25/2024	0.34	0.34	NAV	-6.07	-2.50	-0.67	—	—	—	2.00
CGHM	Capital Group Municipal High-Income ETF	06/25/2024	0.34	0.34	Market Price	-5.84	-2.53	-0.66	—	—	—	2.21
Investment Objective: To provide a high level of current income exempt from regular federal income tax.
HIMU	iShares High Yield Muni Active ETF	08/01/2006	0.40	0.39	NAV	-7.18	-2.92	-1.84	5.65	-0.39	2.46	3.74
HIMU	iShares High Yield Muni Active ETF	08/01/2006	0.40	0.39	Market Price	-7.12	-2.91	-2.20	5.75	-0.33	2.49	3.77
Investment Objective: To provide shareholders with as high a level of income exempt from federal income taxes as is consistent with the investment policies of the Fund.
VTES	Vanguard Short-Term Tax-Exempt Bond ETF Shares	03/08/2023	0.05	0.05	NAV	-2.16	-1.22	-0.63	2.79	—	—	2.28
VTES	Vanguard Short-Term Tax-Exempt Bond ETF Shares	03/08/2023	0.05	0.05	Market Price	-2.04	-1.20	-0.62	2.82	—	—	2.37
Investment Objective: To track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market with remaining maturities between one month and seven years.
SUB	iShares Short-Term National Muni Bond ETF	11/05/2008	0.07	0.07	NAV	-1.42	-0.35	0.17	2.76	1.24	1.34	1.51
SUB	iShares Short-Term National Muni Bond ETF	11/05/2008	0.07	0.07	Market Price	-1.17	-0.34	0.44	2.87	1.24	1.36	1.51
Investment Objective: To track the investment results of an index composed of investment-grade U.S. municipal bonds with remaining maturities between one month and five years.
SHM	State Street® SPDR® Nuveen ICE Short Term Municipal Bond ETF	10/10/2007	0.20	0.20	NAV	-2.06	-0.99	-0.59	2.59	0.58	1.00	1.68
SHM		10/10/2007	0.20	0.20	Market Price	-2.08	-1.05	-0.64	2.64	0.58	1.00	1.70
Investment Objective: To provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ICE 1-5 Year AMT-Free Broad Municipal Index.

Source: Morningstar. As of 9/30/2026.

Performance is based on net asset value (NAV) and reflects total returns, including reinvested distributions. Returns for periods longer than one year are annualized. Since-inception returns for ETFs with less than one year of history are cumulative. "—" indicates the ETF had not launched at the start of the period. Expense ratios (%) are from each ETF's most recent prospectus; net expense ratios reflect any fee waivers or reimbursements, which may expire.

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.

Corporate Bonds and Preferreds

Investment-grade corporate bond ETFs are down 3–4% YTD, with about $5.8B of estimated losses. VanEck's IG corporate ETFs have moved closely with the large index funds, though both are small (MIG about $18M, MBBB about $5M in assets). In preferreds, PFF is the only large losing fund with a close VanEck match.

Morningstar category	VanEck ETF	Losing ETF	Est. loss	Return (%)	Minimum correlation (%)
Corporate Bond	MIG / MBBB	VCIT	$2.3B	−3.4	99
		LQD	$1.2B	−4.4	100
		IGIB	$646M	−3.4	99
		USIG	$503M	−2.8	100
		SCHI	$381M	−3.4	99
Preferred Stock	PFXF	PFF	$172M	−1.4	94

Quarter End Returns (%) as of 9/30/2026

Ticker	Name	Inception Date	Gross Exp. Ratio	Net Exp. Ratio	Return Basis	Q3 2026	YTD	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception
VanEck ETFs
MIG	VanEck Moody's Analytics IG Corporate Bond ETF	12/01/2020	0.20	0.20	NAV	-3.85	-3.11	-2.61	5.11	0.00	—	0.23
MIG	VanEck Moody's Analytics IG Corporate Bond ETF	12/01/2020	0.20	0.20	Market Price	-4.30	-3.37	-2.88	5.10	-0.04	—	0.19
Investment Objective: To track, as closely as possible, before fees and expenses, the price and yield performance of the MVIS® Moody's Analytics® US Investment Grade Corporate Bond Index, which includes investment grade corporate bonds that have attractive valuations and a lower probability of being downgraded to high yield compared to other investment grade bonds.
MBBB	VanEck Moody's Analytics BBB Corporate Bond ETF	12/01/2020	0.25	0.25	NAV	-3.77	-2.93	-2.46	5.47	0.16	—	0.49
MBBB	VanEck Moody's Analytics BBB Corporate Bond ETF	12/01/2020	0.25	0.25	Market Price	-3.96	-3.21	-2.74	5.44	0.12	—	0.45
Investment Objective: To track, as closely as possible, before fees and expenses, the price and yield performance of the MVIS® Moody's Analytics® US BBB Corporate Bond Index, which includes BBB rated corporate bonds that have attractive valuations and a lower probability of being downgraded to high yield compared to other BBB rated bonds.
PFXF	VanEck Preferred Securities ex Financials ETF	07/16/2012	0.40	0.40	NAV	-0.02	2.96	5.14	9.00	3.03	4.68	5.23
PFXF	VanEck Preferred Securities ex Financials ETF	07/16/2012	0.40	0.40	Market Price	-0.36	2.78	4.83	8.78	3.02	4.62	5.24
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN4PM), which is intended to track the overall performance of U.S. exchange-listed hybrid debt, preferred stock and convertible preferred stock issued by non-financial corporations.
Other ETFs mentioned
VCIT	Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares	11/19/2009	0.03	0.03	NAV	-3.99	-3.40	-2.23	5.74	0.33	2.33	4.01
VCIT		11/19/2009	0.03	0.03	Market Price	-4.06	-3.43	-2.33	5.73	0.34	2.29	3.99
Investment Objective: To track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity.
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	07/22/2002	0.14	0.14	NAV	-5.12	-4.41	-3.97	4.63	-1.30	1.74	4.19
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	07/22/2002	0.14	0.14	Market Price	-5.18	-4.35	-4.03	4.64	-1.27	1.70	4.19
Investment Objective: To track the investment results of an index composed of U.S. dollar-denominated, investment grade corporate bonds.
IGIB	iShares 5-10 Year Investment Grade Corporate Bond ETF	01/05/2007	0.04	0.04	NAV	-3.99	-3.35	-2.18	5.87	0.48	2.52	3.63
IGIB	iShares 5-10 Year Investment Grade Corporate Bond ETF	01/05/2007	0.04	0.04	Market Price	-4.11	-3.45	-2.30	5.87	0.49	2.49	3.63
Investment Objective: To track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between five and ten years.
USIG	iShares Broad USD Investment Grade Corporate Bond ETF	01/05/2007	0.04	0.04	NAV	-3.76	-2.80	-2.04	5.14	-0.21	2.05	3.74
USIG	iShares Broad USD Investment Grade Corporate Bond ETF	01/05/2007	0.04	0.04	Market Price	-3.87	-2.88	-2.20	5.14	-0.19	2.01	3.73
Investment Objective: To track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds.
SCHI	Schwab 5-10 Year Corporate Bond ETF	10/09/2019	0.03	0.03	NAV	-4.03	-3.42	-2.26	5.75	0.33	—	1.50
SCHI	Schwab 5-10 Year Corporate Bond ETF	10/09/2019	0.03	0.03	Market Price	-4.08	-3.46	-2.35	5.75	0.37	—	1.56
Investment Objective: To track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. corporate bond market.
PFF	iShares Preferred and Income Securities ETF	03/26/2007	0.45	0.45	NAV	-1.80	-1.38	-1.35	5.53	0.40	2.80	3.61
PFF	iShares Preferred and Income Securities ETF	03/26/2007	0.45	0.45	Market Price	-1.87	-1.39	-1.63	5.50	0.41	2.77	3.61
Investment Objective: To track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities.

Source: Morningstar. As of 9/30/2026.

Gold and Precious Metals

Physically backed gold ETFs are down about 3% YTD, with roughly $8.7B of estimated losses. OUNZ holds physical gold, like the funds below. Silver had a much worse year: SLV is down 16% YTD, about $5.7B of estimated losses, but no VanEck ETF tracks it closely. Among miners, GDX and GDXJ have been correlated with two silver-mining funds.

Morningstar category	VanEck ETF	Losing ETF	Est. loss	Return (%)	Minimum correlation (%)
Commodities Focused	OUNZ*	GLD	$4.9B	−3.3	97
		IAU	$2.1B	−3.2	97
		GLDM	$1.0B	−3.1	97
		IAUM	$256M	−3.1	97
		SGOL	$236M	−3.2	97
Equity Precious Metals	GDX / GDXJ	SILJ	$44M	−1.2	95
		SLVR	$15M	−2.2	93

Source: Morningstar. As of 9/30/2026. Correlation is based on 3-year returns. Referenced ETFs may differ materially in objectives, strategies, holdings, risks, fees, liquidity, tax treatment, and other characteristics.

*VanEck Merk Gold ETF ("OUNZ," or the "Trust"): This material must be preceded or accompanied by a prospectus: (OUNZ: Prospectus)

Investing in the Trust is subject to significant risk and may not be suitable for all investors. The Trust is not investment company registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”). Shares of the Trusts are not subject to the same regulatory requirements as mutual funds. As a result, shareholders of the Trusts do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.

Quarter End Returns (%) as of 9/30/2026

Ticker	Name	Inception Date	Gross Exp. Ratio	Net Exp. Ratio	Return Basis	Q3 2026	YTD	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception
VanEck ETFs
OUNZ	VanEck Merk Gold Trust	05/16/2014	0.25	0.25	NAV	3.42	-3.83	7.40	30.68	18.69	11.79	9.55
OUNZ	VanEck Merk Gold Trust	05/16/2014	0.25	0.25	Market Price	3.39	-3.81	7.29	30.65	18.48	11.82	9.59
*Investment Objective:* To provide investors with a convenient and cost-efficient way to buy and hold gold through an exchange traded product with the option to take physical delivery of gold.
GDX	VanEck Gold Miners ETF	05/16/2006	0.51	0.51	NAV	16.47	2.05	15.86	50.00	26.15	13.87	4.81
GDX	VanEck Gold Miners ETF	05/16/2006	0.51	0.51	Market Price	16.37	2.37	15.73	50.05	26.13	13.86	5.16
*Investment Objective:* To replicate as closely as possible, before fees and expenses, the price and yield performance of the MarketVector Global Gold Miners Index (MVGDXTR), which is intended to track the overall performance of companies involved in the gold mining industry.
GDXJ	VanEck Junior Gold Miners ETF	11/10/2009	0.52	0.52	NAV	15.90	-0.31	17.88	55.04	26.33	11.65	2.93
GDXJ	VanEck Junior Gold Miners ETF	11/10/2009	0.52	0.52	Market Price	15.98	0.15	17.61	55.13	26.30	11.62	2.76
*Investment Objective:* To replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® Global Junior Gold Miners Index (MVGDXJTR), which is intended to track the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver.
Other ETFs mentioned
GLD	SPDR® Gold Shares	11/18/2004	0.40	0.40	NAV	3.63	-3.34	8.74	30.19	18.63	11.74	10.38
GLD	SPDR® Gold Shares	11/18/2004	0.40	0.40	Market Price	3.38	-3.90	7.14	30.48	18.32	11.73	10.37
*Investment Objective:* To reflect the performance of the price of gold bullion, less GLD's expenses.
IAU	iShares Gold Trust	01/21/2005	0.25	0.25	NAV	3.67	-3.24	8.90	30.38	18.80	11.91	10.77
IAU	iShares Gold Trust	01/21/2005	0.25	0.25	Market Price	3.43	-3.78	7.32	30.69	18.51	11.90	10.79
*Investment Objective:* To reflect generally the performance of the price of gold.
GLDM	SPDR® Gold MiniShares	06/25/2018	0.10	0.10	NAV	3.71	-3.13	9.07	30.57	18.97	—	15.35
GLDM	SPDR® Gold MiniShares	06/25/2018	0.10	0.10	Market Price	3.48	-3.74	7.50	30.88	18.67	—	15.55
*Investment Objective:* To reflect the performance of the price of gold bullion, less GLDM's expenses.
IAUM	iShares® Gold Trust Micro	06/15/2021	0.09	0.09	NAV	3.71	-3.11	9.10	30.61	19.02	—	16.37
IAUM	iShares® Gold Trust Micro	06/15/2021	0.09	0.09	Market Price	3.52	-3.65	7.58	30.94	18.73	—	16.55
*Investment Objective:* To reflect generally the performance of the price of gold.
SGOL	abrdn Physical Gold Shares ETF	09/09/2009	0.17	0.17	NAV	3.69	-3.18	8.99	30.48	18.90	11.94	8.50
SGOL	abrdn Physical Gold Shares ETF	09/09/2009	0.17	0.17	Market Price	3.48	-3.70	7.47	30.77	18.61	11.93	8.50
*Investment Objective:* To reflect the performance of the price of gold bullion, less the Trust's expenses.
SILJ	Amplify Junior Silver Miners ETF	11/28/2012	0.69	0.69	NAV	5.61	-1.23	20.62	52.42	20.51	7.34	3.55
SILJ	Amplify Junior Silver Miners ETF	11/28/2012	0.69	0.69	Market Price	5.25	-1.41	20.50	52.15	20.49	7.36	3.52
*Investment Objective:* Seeks investment results that generally correlate (before fees and expenses) to the total return performance of the Nasdaq Junior Silver Miners™ Index.
SLVR	Sprott Silver Miners & Physical Silver ETF	01/14/2025	0.65	0.65	NAV	8.56	-2.17	28.13	—	—	—	79.82
SLVR	Sprott Silver Miners & Physical Silver ETF	01/14/2025	0.65	0.65	Market Price	8.47	-2.44	27.56	—	—	—	85.06
*Investment Objective:* To provide investment results that (before fees and expenses) correspond generally to the total return performance of the Nasdaq Sprott Silver Miners™ Index (NSLVR™) by investing at least 80% of its total assets in securities of NSLVR™.

Source: Morningstar. As of 9/30/2026.

Digital Assets

Spot bitcoin ETPs are down about 4–6% YTD and spot ether ETPs about 9–11%. Solana ETPs launched in late 2025 are well below their launch prices. Together, losses in funds with a close VanEck match total about $8.0B. Blockchain equity ETFs are mostly up YTD but down over the past year.

Digital asset instruments are subject to significant price volatility, regulatory uncertainty, and potential loss of principal.

Morningstar category	VanEck ETF	Losing ETF	Est. loss	Return	Minimum correlation (%)	Notes
Digital Assets	HODL*	IBIT	$3.0B	−4.3%	100	All hold spot bitcoin
		FBTC	$695M	−4.3%	100
		GBTC	$636M	−5.6%	100
		BTC	$261M	−4.7%	100
Digital Assets	ETHV*	ETHA	$1.1B	−10.0%	100	All hold spot ether
		ETH	$251M	−9.2%	100
		ETHE	$239M	−11.1%	100
		FETH	$171M	−10.0%	100
Digital Assets	VSOL^†*	BSOL	$810M	−38% since Oct 2025 launch	100	All hold spot SOL
		FSOL	$18M	−6.9% since Nov 2025 launch	100
Digital Assets	VAVX^†*	LTCN	$24M	−15.1%	91
Equity Digital Assets	DAPP / NODE	BLOK	$97M	−8.0% (1 year)	94	Up YTD, down over 1 year
		BKCH	$63M	−17.6% (1 year)	97
		STCE	$40M	−14.5% (1 year)	95

Source: Morningstar. As of 9/30/2026. Correlation is based on 3-year returns except where indicated with †. Referenced ETFs may differ materially in objectives, strategies, holdings, risks, fees, liquidity, tax treatment, and other characteristics.

*VanEck Bitcoin ETF (“HODL”), VanEck Ethereum ETF (“ETHV”), VanEck Solana ETF (“VSOL”) and VanEck Avalanche ETF (“VAVX”) (each, a “Trust,” and collectively, the “Trusts”): This material must be preceded or accompanied by a prospectus: (HODL: Prospectus; ETHV: Prospectus; VSOL: Prospectus; VAVX: Prospectus)

Investing in the Trust is subject to significant risk and may not be suitable for all investors. The values of Bitcoin, Ether, Solana and AVAX are highly volatile, and you can lose your entire principal investment. The Trust is not investment company registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”). Shares of the Trusts are not subject to the same regulatory requirements as mutual funds. As a result, shareholders of the Trusts do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.

Quarter End Returns (%) as of 9/30/2026

Ticker	Name	Inception Date	Gross Exp. Ratio	Net Exp. Ratio	Return Basis	Q3 2026	YTD	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception
VanEck ETFs
HODL	VanEck Bitcoin ETF	01/04/2024	0.20	0.20	NAV	42.85	-4.13	-26.63	—	—	—	26.26
HODL	VanEck Bitcoin ETF	01/04/2024	0.20	0.20	Market Price	42.20	-4.49	-27.03	—	—	—	27.08
Investment Objective: To reflect the performance of the price of Bitcoin less the expenses of the Trust's operations.
ETHV	VanEck Ethereum ETF	06/25/2024	0.20	0.20	NAV	69.53	-9.96	-35.43	—	—	—	-10.33
ETHV	VanEck Ethereum ETF	06/25/2024	0.20	0.20	Market Price	69.02	-10.31	-36.06	—	—	—	-10.80
Investment Objective: To reflect the performance of the price of Ether ("ETH") less the expenses of the Trust's operations.
VSOL	VanEck Solana ETF	11/14/2025	0.30	0.30	NAV	61.67	-1.61	—	—	—	—	-13.29
VSOL	VanEck Solana ETF	11/14/2025	0.30	0.30	Market Price	60.45	-2.49	—	—	—	—	-13.79
Investment Objective: To reflect the performance of the price of Solana ("SOL") and rewards from staking a portion of the Trust's SOL, to the extent the Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, by jeopardizing the Trust's ability to qualify as a grantor trust for tax purposes, less the expenses of the Trust's operations.
VAVX	VanEck Avalanche ETF	01/26/2026	0.20	0.20	NAV	66.45	—	—	—	—	—	-5.11
VAVX	VanEck Avalanche ETF	01/26/2026	0.20	0.20	Market Price	65.99	—	—	—	—	—	-5.31
Investment Objective: To reflect the performance of the price of AVAX, and rewards from staking a portion of the Trust's AVAX, to the extent the Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, by jeopardizing the Trust's ability to qualify as a grantor trust for U.S. federal income tax purposes, less the expenses of the Trust's operations.
DAPP	VanEck Digital Transformation ETF	04/12/2021	0.52	0.52	NAV	-2.11	14.96	-12.57	53.39	-0.95	—	-8.46
DAPP	VanEck Digital Transformation ETF	04/12/2021	0.52	0.52	Market Price	-2.17	14.70	-12.83	53.14	-0.98	—	-8.60
Investment Objective: To track as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Digital Assets Equity Index (the “Index”), which is intended to track the performance of companies that are participating in the digital assets economies.
NODE	VanEck Onchain Economy ETF	05/13/2025	0.69	0.67*	NAV	-9.66	12.78	-3.03	—	—	—	33.49
NODE	VanEck Onchain Economy ETF	05/13/2025	0.69	0.67*	Market Price	-9.74	12.47	-3.39	—	—	—	35.98
Investment Objective: Actively managed ETF that seeks long-term capital appreciation by investing in companies and instruments that are meaningfully tied to the on-chain economy, including blockchain infrastructure, digital asset services, and digital asset exposure. *VanEck 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.
Other ETFs mentioned
IBIT	iShares Bitcoin Trust ETF	01/05/2024	0.25	0.25	NAV	42.78	-4.30	-26.80	—	—	—	26.44
IBIT	iShares Bitcoin Trust ETF	01/05/2024	0.25	0.25	Market Price	42.20	-4.65	-27.17	—	—	—	27.31
Investment Objective: To reflect the performance of the price of bitcoin.
FBTC	Fidelity Wise Origin Bitcoin Fund	01/10/2024	0.25	0.25	NAV	42.80	-4.33	-26.80	—	—	—	24.61
FBTC	Fidelity Wise Origin Bitcoin Fund	01/10/2024	0.25	0.25	Market Price	42.29	-4.71	-27.22	—	—	—	25.37
Investment Objective: To track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities.
GBTC	Grayscale Bitcoin Trust ETF	09/25/2013	1.50	1.50	NAV	41.73	-5.63	-28.05	43.58	12.26	60.63	61.37
GBTC	Grayscale Bitcoin Trust ETF	09/25/2013	1.50	1.50	Market Price	41.89	-5.51	-28.05	55.16	16.19	53.47	61.87
Investment Objective: To reflect the value of Bitcoin held by the Trust, less expenses and other liabilities.
BTC	Grayscale Bitcoin Mini Trust ETF	07/31/2024	0.15	0.15	NAV	42.20	-4.67	-27.07	—	—	—	11.90
BTC	Grayscale Bitcoin Mini Trust ETF	07/31/2024	0.15	0.15	Market Price	42.39	-4.60	-27.02	—	—	—	12.43
Investment Objective: To reflect the value of Bitcoin held by the Trust, less expenses and other liabilities.
ETHA	iShares Ethereum Trust ETF	06/24/2024	0.25	0.25	NAV	69.49	-10.00	-35.47	—	—	—	-11.65
ETHA	iShares Ethereum Trust ETF	06/24/2024	0.25	0.25	Market Price	69.22	-10.30	-36.15	—	—	—	-12.15
Investment Objective: To reflect generally the performance of the price of ether, the native token of the Ethereum network.
ETH	Grayscale Ethereum Staking Mini ETF	07/23/2024	0.15	0.15	NAV	69.64	-9.19	-34.97	—	—	—	-10.65
ETH	Grayscale Ethereum Staking Mini ETF	07/23/2024	0.15	0.15	Market Price	69.59	-9.16	-34.94	—	—	—	-11.16
Investment Objective: To reflect the value of Ether held by the Fund, less expenses and other liabilities.
ETHE	Grayscale Ethereum Staking ETF	12/14/2017	2.50	2.50	NAV	68.74	-10.94	-36.61	10.70	-6.17	—	10.58
ETHE	Grayscale Ethereum Staking ETF	12/14/2017	2.50	2.50	Market Price	68.66	-10.95	-36.67	25.19	-5.24	—	-6.08
Investment Objective: To reflect the value of Ether held by the Trust, less expenses and other liabilities.
FETH	Fidelity Ethereum Fund	07/22/2024	0.25	0.25	NAV	69.33	-10.02	-35.52	—	—	—	-11.63
FETH	Fidelity Ethereum Fund	07/22/2024	0.25	0.25	Market Price	68.81	-10.27	-36.05	—	—	—	-12.10
Investment Objective: To track the performance of ether, the native token of the Ethereum blockchain, as measured by the performance of the Fidelity Ethereum Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities.
BSOL	Bitwise Solana Staking ETF	10/27/2025	0.20	0.20	NAV	62.64	-0.64	—	—	—	—	-38.03
BSOL	Bitwise Solana Staking ETF	10/27/2025	0.20	0.20	Market Price	61.34	-1.52	—	—	—	—	-38.40
Investment Objective: To seek to provide exposure to the value of Solana held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust’s secondary investment objective is to derive additional Solana through staking.
FSOL	Fidelity Solana Fund	11/17/2025	0.25	0.25	NAV	62.03	-1.80	—	—	—	—	-5.93
FSOL	Fidelity Solana Fund	11/17/2025	0.25	0.25	Market Price	61.10	-2.39	—	—	—	—	-6.36
Investment Objective: To track the performance of SOL, as measured by the performance of the Fidelity Solana Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities, plus an amount based on the staking rewards associated with SOL.
LTCN	Grayscale Litecoin Trust (LTC)	03/01/2018	2.50	2.50	NAV	57.57	-15.15	-39.48	-2.41	-17.15	—	-14.61
LTCN	Grayscale Litecoin Trust (LTC)	03/01/2018	2.50	2.50	Market Price	70.39	-9.78	-40.10	3.13	-18.20	—	-14.89
Investment Objective: For the value of the Shares (based on LTC per Share) to reflect the value of the LTC held by the Trust, determined by reference to the Index Price (as defined below), less the Trust’s expenses and other liabilities.
BLOK	Amplify Blockchain Technology ETF	01/16/2018	0.70	0.70	NAV	-2.50	7.60	-8.01	49.10	10.99	—	17.19
BLOK	Amplify Blockchain Technology ETF	01/16/2018	0.70	0.70	Market Price	-2.24	7.77	-7.90	49.13	11.08	—	17.23
Investment Objective: To provide investors with total return.
BKCH	Global X Blockchain ETF	07/12/2021	0.50	0.50	NAV	-6.97	9.20	-17.63	49.62	-2.73	—	-3.68
BKCH	Global X Blockchain ETF	07/12/2021	0.50	0.50	Market Price	-6.69	9.33	-17.52	49.51	-2.74	—	-3.72
Investment Objective: To provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Blockchain Index.
STCE	Schwab Crypto Thematic Natural Language Processing ETF	08/03/2022	0.30	0.30	NAV	-5.67	9.88	-14.48	51.87	—	—	27.51
STCE	Schwab Crypto Thematic Natural Language Processing ETF	08/03/2022	0.30	0.30	Market Price	-5.62	10.11	-14.70	51.71	—	—	28.12
Investment Objective: To track as closely as possible, before fees and expenses, the total return of an index that is designed to deliver global exposure to companies that may benefit from the development or utilization of cryptocurrencies (including bitcoin) and other digital assets, and the business activities connected to blockchain and other distributed ledger technology.

Source: Morningstar. As of 9/30/2026.

US Equity Sectors

Several of the largest sector ETFs are down YTD: consumer discretionary, utilities, communication services and financials. VanEck's TruSector ETFs in those sectors track them closely. Most TruSector funds launched in 2026, so their correlations rest on short histories. Outside the broad sectors, uranium, robotics, mortgage REIT and BDC funds also have close VanEck matches.

Morningstar category	VanEck ETF	Losing ETF	Est. loss	Return (%)	Minimum correlation (%)	Notes
Consumer Cyclical	TRUD	XLY	$1.9B	−8.3	96
		VCR	$415M	−6.8	95
		FDIS	$117M	−6.7	94
Utilities	TRUU^†	XLU	$1.4B	−5.7	100	Launched July 2026
		VPU	$465M	−5.7	100
		UTES	$127M	−10.1	92
		FUTY	$120M	−5.6	100
Communications	TRUC^†	XLC	$1.2B	−4.9	95
		VOX	$55M	−0.9	96
Financial	TRUF^†	XLF	$688M	−1.4	100
		VFH	$167M	−1.3	99
		IYF	$55M	−1.4	97
Industrials	TRUI^†	ITA	$407M	−3.3	91
Natural Resources	NLR	URA	$391M	−6.6	98
		URNM	$281M	−13.3	90
Technology	IBOT	BOTZ	$81M	−2.4	92
Real Estate	MORT	REM	$68M	−13.2	100
Financial	GPZ	PSP	$32M	−13.1	94
Financial	BIZD	PBDC	$22M	−7.1	98

Quarter End Returns (%) as of 9/30/2026

Ticker	Name	Inception Date	Gross Exp. Ratio	Net Exp. Ratio	Return Basis	Q3 2026	YTD	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception
VanEck ETFs
TRUD	VanEck Consumer Discretionary TruSector ETF	08/20/2025	0.16	0.16	NAV	-5.12	-5.81	-5.15	—	—	—	-0.14
TRUD	VanEck Consumer Discretionary TruSector ETF	08/20/2025	0.16	0.16	Market Price	-5.12	-5.71	-5.06	—	—	—	0.01
Investment Objective: An actively managed ETF that seeks long-term capital appreciation by investing in securities of consumer discretionary-related companies or instruments that provide exposure to consumer discretionary-related companies.
TRUU	VanEck Utilities TruSector ETF	07/07/2026	0.10	0.10	NAV	—	—	—	—	—	—	-13.09
TRUU	VanEck Utilities TruSector ETF	07/07/2026	0.10	0.10	Market Price	—	—	—	—	—	—	-12.91
Investment Objective: An actively managed ETF that seeks long-term capital appreciation by investing in securities of utilities-related companies or instruments that provide exposure to utilities-related companies.
TRUC	VanEck Communication Services TruSector ETF	02/18/2026	0.14	0.14	NAV	3.47	—	—	—	—	—	2.35
TRUC	VanEck Communication Services TruSector ETF	02/18/2026	0.14	0.14	Market Price	3.55	—	—	—	—	—	2.53
Investment Objective: An actively managed ETF that seeks long-term capital appreciation by investing in securities of communication services-related companies or instruments that provide exposure to information communication services-related companies.
TRUF	VanEck Financials TruSector ETF	04/01/2026	0.10	0.10	NAV	-0.46	—	—	—	—	—	8.34
TRUF	VanEck Financials TruSector ETF	04/01/2026	0.10	0.10	Market Price	-0.51	—	—	—	—	—	8.51
Investment Objective: An actively managed ETF that seeks long-term capital appreciation by investing in securities of financials-related companies or instruments that provide exposure to financials-related companies.
TRUI	VanEck Industrials TruSector ETF	06/02/2026	0.10	0.10	NAV	-9.65	—	—	—	—	—	-3.70
TRUI	VanEck Industrials TruSector ETF	06/02/2026	0.10	0.10	Market Price	-5.13	—	—	—	—	—	-2.62
Investment Objective: An actively managed ETF that seeks long-term capital appreciation by investing in securities of industrials-related companies or instruments that provide exposure to industrials-related companies.
NLR	VanEck Uranium and Nuclear ETF	08/13/2007	0.52	0.52	NAV	-10.80	-16.40	-21.71	16.37	17.06	10.91	2.51
NLR	VanEck Uranium and Nuclear ETF	08/13/2007	0.52	0.52	Market Price	-10.79	-16.70	-21.84	16.38	17.02	10.94	2.52
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR), which is intended to track the overall performance of companies involved in: (i) uranium mining; (ii) the construction, engineering and maintenance of nuclear power facilities and nuclear reactors; (iii) the production of electricity from nuclear sources; or (iv) providing equipment, technology and/or services to the nuclear power industry.
IBOT	VanEck Robotics ETF	04/05/2023	0.47	0.47	NAV	-6.12	22.87	29.76	24.57	—	—	21.54
IBOT	VanEck Robotics ETF	04/05/2023	0.47	0.47	Market Price	-6.11	22.64	29.79	24.54	—	—	22.17
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the BlueStar® Robotics Index, which is intended to track the overall performance of companies involved in robotics.
MORT	VanEck Mortgage REIT Income ETF	08/16/2011	0.43	0.43	NAV	-15.32	-13.58	-9.78	2.40	-4.20	0.38	3.13
MORT	VanEck Mortgage REIT Income ETF	08/16/2011	0.43	0.43	Market Price	-15.33	-13.50	-9.87	2.36	-4.20	0.34	3.35
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® US Mortgage REITs Index (MVMORTTG), which is intended to track the overall performance of U.S. mortgage real estate investment trusts.
GPZ	VanEck Alternative Asset Manager ETF	06/04/2025	0.40	0.40	NAV	-0.84	-21.47	-22.26	—	—	—	-10.92
GPZ	VanEck Alternative Asset Manager ETF	06/04/2025	0.40	0.40	Market Price	-0.42	-21.36	-22.10	—	—	—	-11.40
Investment Objective: To track as closely as possible, before fees and expenses, the price and yield performance of the MarketVector Alternative Asset Managers Index (MVAALTTR), which is intended to track the overall performance of alternative asset managers across private equity, venture capital, private credit, private real estate, and private infrastructure.
BIZD	VanEck BDC Income ETF	02/11/2013	9.69	9.69	NAV	3.27	-3.84	-3.44	3.85	5.10	7.22	6.41
BIZD	VanEck BDC Income ETF	02/11/2013	9.69	9.69	Market Price	3.76	-3.68	-3.34	3.90	5.16	7.22	6.40
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® US Business Development Companies Index (MVBDCTRG), which tracks the overall performance of publicly traded business development companies.
Other ETFs mentioned
XLY	State Street® Consumer Discretionary Select Sector SPDR® ETF	12/16/1998	0.08	0.08	NAV	-7.02	-8.28	-8.44	11.50	4.80	11.66	9.39
XLY		12/16/1998	0.08	0.08	Market Price	-6.99	-8.29	-8.42	11.49	4.81	11.66	9.27
Investment Objective: To provide investment results that, before expenses, correspond generally to the price and yield performance of the Consumer Discretionary Select Sector Index (the "Index").
VCR	Vanguard Consumer Discretionary Index Fund ETF Shares	01/26/2004	0.09	0.09	NAV	-7.76	-6.79	-7.21	11.52	4.21	12.50	10.41
VCR	Vanguard Consumer Discretionary Index Fund ETF Shares	01/26/2004	0.09	0.09	Market Price	-7.85	-6.87	-7.21	11.52	4.18	12.50	10.44
Investment Objective: To track the performance of a benchmark index that measures the investment return of consumer discretionary stocks.
FDIS	Fidelity MSCI Consumer Discretionary Index ETF	10/21/2013	0.08	0.08	NAV	-7.72	-6.69	-7.13	11.59	4.24	12.72	11.84
FDIS	Fidelity MSCI Consumer Discretionary Index ETF	10/21/2013	0.08	0.08	Market Price	-7.71	-6.73	-7.21	11.56	4.22	12.72	11.92
Investment Objective: To provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Consumer Discretionary 25/50 Index.
XLU	State Street® Utilities Select Sector SPDR® ETF	12/16/1998	0.08	0.08	NAV	-12.40	-5.70	-7.04	13.51	7.47	8.23	7.29
XLU	State Street® Utilities Select Sector SPDR® ETF	12/16/1998	0.08	0.08	Market Price	-12.37	-5.69	-6.98	13.53	7.48	8.23	7.21
Investment Objective: To provide investment results that, before expenses, correspond generally to the price and yield performance of the Utilities Select Sector Index (the "Index").
VPU	Vanguard Utilities Index Fund ETF Shares	01/26/2004	0.09	0.09	NAV	-12.07	-5.66	-7.16	13.63	7.43	8.09	9.12
VPU	Vanguard Utilities Index Fund ETF Shares	01/26/2004	0.09	0.09	Market Price	-12.00	-5.68	-7.18	13.62	7.43	8.10	9.15
Investment Objective: To track the performance of a benchmark index that measures the investment return of utilities stocks.
UTES	Virtus Reaves Utilities ETF	09/23/2015	0.49	0.49	NAV	-13.96	-10.11	-14.32	21.04	13.10	11.13	12.26
UTES	Virtus Reaves Utilities ETF	09/23/2015	0.49	0.49	Market Price	-13.83	-10.14	-14.55	21.05	13.07	11.12	12.29
Investment Objective: To provide total return through a combination of capital appreciation and income, primarily through investments in equity securities of companies in the utility sector.
FUTY	Fidelity MSCI Utilities Index ETF	10/21/2013	0.08	0.08	NAV	-12.03	-5.57	-7.09	13.68	7.49	8.13	9.02
FUTY	Fidelity MSCI Utilities Index ETF	10/21/2013	0.08	0.08	Market Price	-11.97	-5.58	-7.08	13.68	7.50	8.14	9.08
Investment Objective: To provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Utilities 25/50 Index.
XLC	State Street® Communication Services Select Sector SPDR® ETF	06/18/2018	0.08	0.08	NAV	3.82	-4.88	-5.12	20.52	7.85	—	11.18
XLC		06/18/2018	0.08	0.08	Market Price	3.91	-4.88	-5.10	20.54	7.87	—	11.31
Investment Objective: To provide investment results that, before expenses, correspond generally to the price and yield performance of the Communication Services Select Sector Index (the "Index").
VOX	Vanguard Communication Services Index Fund ETF Shares	09/23/2004	0.09	0.09	NAV	3.70	-0.90	2.55	23.19	7.33	8.85	8.73
VOX	Vanguard Communication Services Index Fund ETF Shares	09/23/2004	0.09	0.09	Market Price	3.80	-0.91	2.55	23.18	7.35	8.85	8.79
Investment Objective: To track the performance of a benchmark index that measures the investment return of telecommunication services stocks.
XLF	State Street® Financial Select Sector SPDR® ETF	12/16/1998	0.08	0.08	NAV	-0.14	-1.36	0.61	18.99	9.14	12.76	6.04
XLF	State Street® Financial Select Sector SPDR® ETF	12/16/1998	0.08	0.08	Market Price	-0.04	-1.32	0.68	19.02	9.16	12.77	5.59
Investment Objective: To provide investment results that, before expenses, correspond generally to the price and yield performance of the Financial Select Sector Index (the "Index").
VFH	Vanguard Financials Index Fund ETF Shares	01/26/2004	0.09	0.09	NAV	-0.85	-1.29	0.84	19.56	9.18	12.46	6.48
VFH	Vanguard Financials Index Fund ETF Shares	01/26/2004	0.09	0.09	Market Price	-0.82	-1.28	0.93	19.58	9.19	12.46	6.51
Investment Objective: To track the performance of a benchmark index that measures the investment return of financial stocks.
IYF	iShares U.S. Financials ETF	05/22/2000	0.37	0.37	NAV	-1.20	-1.45	0.70	20.68	10.52	12.68	6.80
IYF	iShares U.S. Financials ETF	05/22/2000	0.37	0.37	Market Price	-1.14	-1.46	0.77	20.66	10.52	12.69	6.82
Investment Objective: To track an index composed of U.S. equities in the financials sector.
ITA	iShares U.S. Aerospace & Defense ETF	05/01/2006	0.37	0.37	NAV	-14.52	-3.25	-0.80	25.92	15.63	13.47	12.03
ITA	iShares U.S. Aerospace & Defense ETF	05/01/2006	0.37	0.37	Market Price	-14.44	-3.26	-0.75	25.92	15.64	13.48	12.08
Investment Objective: To track an index of U.S. equities in the aerospace and defense sector.
URA	Global X Uranium ETF	11/04/2010	0.69	0.69	NAV	-8.00	-6.58	-12.58	18.84	15.61	15.69	-2.98
URA	Global X Uranium ETF	11/04/2010	0.69	0.69	Market Price	-8.81	-6.74	-12.33	19.04	15.38	15.61	-3.19
Investment Objective: To provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium & Nuclear Components Total Return Index.
URNM	Sprott Uranium Miners ETF	12/03/2019	0.75	0.75	NAV	-9.16	-13.32	-18.40	3.41	7.99	—	25.01
URNM	Sprott Uranium Miners ETF	12/03/2019	0.75	0.75	Market Price	-9.75	-13.54	-18.89	3.47	7.68	—	25.09
Investment Objective: To provide investment results that, before fees and expenses, correspond generally to the total return performance of the VettaFi Global Uranium Mining Index (the “Index”).
BOTZ	Global X Robotics & Artificial Intelligence ETF	09/12/2016	0.68	0.68	NAV	-6.38	-2.35	0.06	12.93	-0.47	9.27	9.47
BOTZ	Global X Robotics & Artificial Intelligence ETF	09/12/2016	0.68	0.68	Market Price	-7.14	-2.71	-0.09	12.86	-0.49	9.14	9.57
Investment Objective: To provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Global Robotics & Artificial Intelligence Thematic Index.
REM	iShares Mortgage Real Estate Capped ETF	05/01/2007	0.48	0.48	NAV	-15.35	-13.22	-9.06	2.33	-4.39	0.63	-1.90
REM	iShares Mortgage Real Estate Capped ETF	05/01/2007	0.48	0.48	Market Price	-15.31	-13.21	-9.10	2.36	-4.39	0.63	-1.92
Investment Objective: To track an index composed of U.S. REITs holding residential and commercial mortgages.
PSP	Invesco Global Listed Private Equity ETF	10/24/2006	1.75	1.75	NAV	2.04	-13.07	-13.93	9.62	0.05	7.10	2.21
PSP	Invesco Global Listed Private Equity ETF	10/24/2006	1.75	1.75	Market Price	1.75	-13.60	-14.20	9.57	-0.08	7.03	2.19
Investment Objective: To track the investment results (before fees and expenses) of the Red Rocks Global Listed Private Equity Index (the “Underlying Index”).
PBDC	Putnam BDC Income ETF	09/29/2022	11.77	11.77	NAV	1.56	-7.07	-5.62	4.86	—	—	12.21
PBDC	Putnam BDC Income ETF	09/29/2022	11.77	11.77	Market Price	1.53	-7.31	-5.85	4.78	—	—	12.44
Investment Objective: Seeks current income.

Source: Morningstar. As of 9/30/2026.

International Equities

India ETFs are down 11–16% YTD, with about $1.6B of estimated losses. Indonesia had a much worse year: EIDO is down 36% YTD and about 41% over three years. Greater China ETFs (KWEB, MCHI, FXI) have about $3.6B of losses but no close VanEck match.

Morningstar category	VanEck ETF	Losing ETF	Est. loss	Return (%)	Minimum correlation (%)	Notes
India Equity	INDZ^† / GLIN	INDA	$895M	−13.5	93
		FLIN	$354M	−12.5	94
		EPI	$233M	−11.5	94
		INDY	$95M	−16.1	92	INDZ only
Focused Region	IDX	EIDO	$230M	−35.8	94	Also down about 41% over 3 years

Quarter End Returns (%) as of 9/30/2026

Ticker	Name	Inception Date	Gross Exp. Ratio	Net Exp. Ratio	Return Basis	Q3 2026	YTD	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception
VanEck ETFs
INDZ	VanEck India Select ETF	02/18/2026	0.75	0.75	NAV	-6.55	—	—	—	—	—	-5.76
INDZ	VanEck India Select ETF	02/18/2026	0.75	0.75	Market Price	-5.16	—	—	—	—	—	-4.75
Investment Objective: An actively managed ETF seeking long-term capital appreciation by investing in Indian companies with strong long-term return profiles, high capital efficiency, and resilient business models.
GLIN	VanEck India Growth Leaders ETF	08/24/2010	0.80	0.72*	NAV	-6.75	-6.51	-2.59	5.76	1.85	0.34	-2.66
GLIN	VanEck India Growth Leaders ETF	08/24/2010	0.80	0.72*	Market Price	-7.56	-6.76	-2.92	5.44	1.88	0.23	-2.68
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the MarketGrader India All-Cap Growth Leaders Index (MGINGRNR), which consists of fundamentally sound Indian companies that exhibit attractive growth potential at a reasonable price. * Van Eck Associates Corporation (the "Adviser") has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding 0.70% of the Fund's average daily net assets per year until at least May 1, 2027. During such time, the expense limitation is expected to continue until the Fund's Board of Trustees acts to discontinue all or a portion of such expense limitation.
IDX	VanEck Indonesia Index ETF	01/15/2009	0.86	0.57*	NAV	8.46	-36.21	-32.64	-12.89	-8.34	-5.43	3.48
IDX	VanEck Indonesia Index ETF	01/15/2009	0.86	0.57*	Market Price	7.37	-35.62	-32.63	-12.71	-8.31	-5.49	3.79
Investment Objective: To replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® Indonesia Index (MVIDXTR), which includes securities of companies that are incorporated in Indonesia or that are incorporated outside of Indonesia but have at least 50% of their revenues/related assets in Indonesia. * Van Eck Associates Corporation (the "Adviser") has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding 0.57% of the Fund's average daily net assets per year until at least May 1, 2027. During such time, the expense limitation is expected to continue until the Fund's Board of Trustees acts to discontinue all or a portion of such expense limitation.
Other ETFs mentioned
INDA	iShares MSCI India ETF	02/02/2012	0.61	0.61	NAV	-4.83	-13.47	-9.95	2.07	0.61	5.96	5.26
INDA	iShares MSCI India ETF	02/02/2012	0.61	0.61	Market Price	-5.49	-13.64	-10.33	2.07	0.60	5.89	4.94
Investment Objective: To track the investment results of an index composed of Indian equities.
FLIN	Franklin FTSE India ETF	02/06/2018	0.19	0.19	NAV	-4.53	-12.51	-9.24	2.98	1.70	—	5.17
FLIN	Franklin FTSE India ETF	02/06/2018	0.19	0.19	Market Price	-5.85	-13.22	-9.84	2.86	1.60	—	5.03
Investment Objective: To seek to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE India RIC Capped Index (the FTSE India Capped Index or the Underlying Index).
EPI	WisdomTree India Earnings Fund	02/22/2008	0.84	0.84	NAV	-3.93	-11.53	-7.41	3.63	3.25	7.95	3.81
EPI	WisdomTree India Earnings Fund	02/22/2008	0.84	0.84	Market Price	-4.79	-12.01	-7.85	3.57	3.21	7.85	3.74
Investment Objective: To track the investment results of profitable companies in the Indian equity market.
INDY	iShares India 50 ETF	11/18/2009	0.65	0.65	NAV	-5.20	-16.09	-12.03	-0.24	-0.62	5.56	4.54
INDY	iShares India 50 ETF	11/18/2009	0.65	0.65	Market Price	-5.75	-16.73	-12.66	-0.39	-0.74	5.43	4.56
Investment Objective: To track the investment results of an index composed of 50 of the largest Indian equities.
EIDO	iShares MSCI Indonesia ETF	05/05/2010	0.59	0.59	NAV	4.47	-35.78	-31.06	-16.27	-8.82	-5.47	-2.24
EIDO	iShares MSCI Indonesia ETF	05/05/2010	0.59	0.59	Market Price	3.71	-36.15	-31.30	-16.16	-8.62	-5.56	-1.79
Investment Objective: To track the investment results of a broad-based index composed of Indonesian equities.

Source: Morningstar. As of 9/30/2026.

Important considerations

This is not tax advice. Whether a loss is worth harvesting, and whether a replacement fund is appropriate, depends on your cost basis, holding period, tax bracket and other positions. Consult a tax professional.
"Substantially identical" is not defined. None of the pairs above track the same index. But funds that hold the same underlying asset, such as spot bitcoin, spot ether or physical gold, may raise more questions than funds with different holdings. The IRS has not said whether the wash-sale rule applies to spot crypto ETFs, and H.R. 9172, a pending bill (introduced June 2026), would extend it to digital assets.
Correlation is not a guarantee. Two funds that moved together in the past may not do so in the future. Matches marked † rest on less than a year of weekly data.
Funds differ. Correlated funds can still differ in holdings, fees, tracking, liquidity and risk. Some VanEck ETFs listed here are newer and smaller; consider trading volume and bid-ask spreads before investing. VanEck ETFs may have lower returns or higher expense ratios than the funds shown.
Loss figures are estimates. They describe fund-level declines, not what any individual investor has lost.

Source: Morningstar. Returns and correlations as of September 30, 2026; fund assets as of October 2, 2026. Morningstar categories are assigned by Morningstar based on portfolio holdings. Past performance is no guarantee of future results.

This article is for informational purposes only. It is not tax, legal or investment advice. Tax-loss harvesting has real tax consequences that depend on your individual situation. Talk to a qualified tax professional before selling any position to realize a loss.

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IMPORTANT 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.

VanEck Onchain Economy ETF (NODE) Disclosures

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.

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”).

VanEck Bitcoin ETF ("HODL"), VanEck Ethereum ETF ("ETHV"), VanEck Solana ETF (“VSOL”) and VanEck Avalanche ETF (“VAVX”) Disclosures

This material must be preceded or accompanied by a Prospectus (HODL: Prospectus, ETHV: Prospectus; VSOL: Prospectus; VAVX: Prospectus). An investment in the VanEck Ethereum ETF (“ETHV”), VanEck Bitcoin ETF (“HODL”), VanEck Solana ETF (“VSOL”) and VanEck Avalanche ETF (“VAVX”) (collectively, the “Trusts”) may not be suitable for all investors. Before investing you should carefully consider the Trusts’ investment objectives, risks, charges and expenses.

Investing involves significant risk, and you could lose money on an investment in the Trusts. The values of bitcoin, ether, Solana and AVAX are highly volatile, and the value of the Trusts’ shares could decline rapidly, including to zero. You could lose your entire principal investment. For a more complete discussion of the risk factors relative to the Trusts, carefully read the prospectuses.

The Trusts’ investment objectives are to reflect the performance of the price of bitcoin (in the case of HODL), ether (in the case of ETHV), Solana (in the case of VSOL) or AVAX (in the case of VAVX) less the expenses of each Trust’s operations. The Trusts are passive investment vehicles that do not seek to generate returns beyond tracking the price bitcoin, ether, Solana or AVAX.

The Trusts 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”). Shares of the Trusts are not subject to the same regulatory requirements as mutual funds. As a result, shareholders of the Trusts do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.

An investment in either of the Trusts is subject to risks which include, but are not limited to, the historically and potentially future extreme volatility of bitcoin, ether, Solana and AVAX, various potential factors that may adversely affect the liquidity of the Trusts’ shares, the limited history of the indices from which the value of bitcoin, ether, Solana and AVAX and hence the value of Trusts’ shares will be determined, potential threats to the Trusts’ respective custodians, and the unregulated nature and lack of transparency surrounding the operations of bitcoin, ether, Solana and AVAX trading platforms, all of which may ultimately adversely affect the value of shares of the Trusts. Please note that this is not an exhaustive list of risks pertaining to the Trusts. Please read carefully the prospectuses for a complete list of potential risks.

VSOL and VAVX may stake a portion of their SOL or AVAX. Staking involves additional risks, including that staked assets may be subject to lock-up or unbonding periods, may be subject to slashing or loss, and may be unavailable to meet redemptions, and staking rewards are not guaranteed. Please read the prospectuses for a description of staking risks.

Because shares of the Trusts are intended to reflect the price of the digital assets held in the Trusts, the market price of the shares is subject to fluctuations similar to those affecting digital asset prices. Additionally, shares of the Trusts are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.

The Trusts’ shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of the Trusts’ shares relate directly to the value of the digital assets held by the Trusts (less their expenses), and fluctuations in the price of the digital assets could materially and adversely affect an investment in the Trusts’ shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the digital assets represented by them. The Trusts do not generate any income, and as the Trusts regularly issue shares to pay for the Sponsor’s ongoing expenses, the amount of digital assets represented by each Share will decline over time.

This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek professional advice for their particular situation and jurisdiction.

The Sponsor of the Trusts is VanEck Digital Assets, LLC. The Marketing Agent for the Trusts is Van Eck Securities Corporation. VanEck Digital Assets, LLC., and Van Eck Securities Corporation are wholly-owned subsidiaries of Van Eck Associates Corporation.

VanEck Merk Gold ETF (OUNZ) Disclosures

VanEck Merk® Gold ETF: This material must be preceded or accompanied by a prospectus for the VanEck Merk Gold ETF (the “Trust"). Before investing, you should carefully consider the Trust’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting vaneck.com/ounz or calling 800.826.2333. Please read the prospectus carefully before you invest.

Investing involves risk, including possible loss of principal. The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for the purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the Trust are intended to reflect the price of the gold held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns. The sponsor of the VanEck Merk Gold ETF is Merk Investments LLC (the “Sponsor”). Van Eck Securities Corporation provides marketing services to the Trust.

The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location.

The Sponsor of the Trust is Merk Investments, LLC. The Marketing Agent for the Trust is Van Eck Securities Corporation.

General VanEck ETF Risks

The principal risks of investing in VanEck ETFs include sector, market, economic, political, foreign currency, world event, index tracking, active management, social media analytics, derivatives, blockchain, commodities and non-diversification risks, as well as fluctuations in net asset value and the risks associated with investing in less developed capital markets. The Funds may loan their securities, which may subject them to additional credit and counterparty risk. ETFs that invest in high-yield securities are subject to subject to risks associated with investing in high-yield securities; which include a greater risk of loss of income and principal than funds holding higher-rated securities; concentration risk; credit risk; hedging risk; interest rate risk; and short sale risk. ETFs that invest in companies with small capitalizations are subject to elevated risks, which include, among others, greater volatility, lower trading volume and less liquidity than larger companies. Please see the prospectus of each Fund for more complete information regarding each Fund’s specific risks.

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.

IMPORTANT DISCLOSURES

VanEck Onchain Economy ETF (NODE) Disclosures

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.

VanEck Bitcoin ETF ("HODL"), VanEck Ethereum ETF ("ETHV"), VanEck Solana ETF (“VSOL”) and VanEck Avalanche ETF (“VAVX”) Disclosures

VanEck Merk Gold ETF (OUNZ) Disclosures

The Sponsor of the Trust is Merk Investments, LLC. The Marketing Agent for the Trust is Van Eck Securities Corporation.

General VanEck ETF Risks

2026 Tax-Loss Harvesting Opportunities with VanEck ETFs

Key Takeaways

A Quick Primer on Tax-Loss Harvesting

Our Tax-Loss Harvesting Analysis

Municipal Bonds

Quarter End Returns (%) as of 9/30/2026

Corporate Bonds and Preferreds

Quarter End Returns (%) as of 9/30/2026

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Gold and Precious Metals

Quarter End Returns (%) as of 9/30/2026

Digital Assets

Quarter End Returns (%) as of 9/30/2026

US Equity Sectors

Quarter End Returns (%) as of 9/30/2026

International Equities

Quarter End Returns (%) as of 9/30/2026

Important considerations