BUZZ Index Leads Amid Rising Geopolitical Tensions
June 26, 2025
Read Time 5 MIN
Equity markets continued to advance during the recent period between index selection dates (May 8, 2025 – June 12, 2025, the “Period”), supported by strong earnings, stabilizing inflation trends, and persistent leadership from large-cap technology and AI-related names. The BUZZ NextGen AI US Sentiment Leaders Index ("BUZZ Index")returned 12.2%, outperforming the S&P 500 and Nasdaq Composite, which gained 6.9% and 9.8%, respectively. Breadth improved as the rally extended beyond mega-cap tech into consumer discretionary and select industrials. Inflation data released during the Period pointed to continued moderation, keeping expectations for Federal Reserve policy easing intact, although the timing remains highly data-dependent. Meanwhile, trade policy re-entered focus following a federal trade court’s decision to block the reinstatement of broad Trump-era tariffs. That ruling was quickly paused by a federal appeals court, temporarily allowing the tariffs to stand. The sequence introduced legal uncertainty around future trade enforcement and added a layer of complexity to the evolving cross-border policy outlook.
In fixed income, Treasury yields drifted modestly lower as markets interpreted softening labor data and cooler inflation prints as supportive of a less restrictive policy path. Credit markets remained constructive, with spreads tightening slightly. Commodity markets reflected rising geopolitical tensions. WTI crude oil prices rose more than 14% during the Period, driven in part by escalating unrest in the Middle East and renewed concerns about supply disruption. Gold held steady as investors maintained exposure to perceived hedges amid lingering macro and political risks. Overall, the Period was characterized by strong equity performance, a constructive macro backdrop, and a market increasingly attuned to shifting policy signals across monetary, trade, and geopolitical dimensions.
The BUZZ Index returned 13.50% during the month of May compared to a return of 6.29% for the S&P 500 Index during the same period. Year-to-date, the BUZZ Index leads the S&P 500 with returns of 8.33% and 1.06%, respectively, as of the end of May.
Shares of AST SpaceMobile pace BUZZ Index Gains
Shares of AST SpaceMobile (NASDAQ: ASTS) gained 46% during the Period, driven in part by renewed investor focus following a highly publicized dispute between President Trump and Elon Musk. In our view, the escalating tension—culminating in Trump threatening to cancel federal contracts with Musk’s companies—may have shifted market attention toward alternative players in the satellite communications space. ASTS, often seen as a challenger to Musk’s Starlink, appeared to benefit from the perception that a breakdown in the Trump–Musk alliance could rebalance competitive dynamics. This political backdrop coincided with a series of company-specific positives, including a $43 million contract with the U.S. Space Development Agency and growing expectations around the commercialization of its satellite-to-cell service later this year. While some portion of the move may reflect speculation, the combination of policy headlines, strategic milestones, and a rising profile within the space-based connectivity theme helped position ASTS as a top performer in the BUZZ Index this month.
BUZZ Index Reconstitution Report
Top BUZZ Index Contributors: May 8, 2025 – June 12, 2025
| Company | Ticker | Average Weight (%) | Return Contribution (%) |
| AST SpaceMobile Inc | ASTS | 2.94 | 1.34 |
| Robinhood Markets Inc | HOOD | 3.48 | 1.15 |
| Super Micro Computer Inc | SMCI | 3.46 | 0.84 |
| NVIDIA Corp | NVDA | 3.17 | 0.67 |
| Hims & Hers Health Inc | HIMS | 3.48 | 0.63 |
| Coinbase Global Inc | COIN | 2.47 | 0.51 |
| Advanced Micro Devices Inc | AMD | 3.12 | 0.49 |
| Meta Platforms Inc | META | 3.02 | 0.47 |
| Palantir Technologies Inc | PLTR | 3.06 | 0.43 |
| Alphabet Inc | GOOGL | 2.96 | 0.39 |
Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
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Shares of GameStop Corporation among declining stocks in the BUZZ Index
Shares of GameStop Corporation (GME) declined 17% during the Period, with the move largely driven by investor reaction to the company’s second zero-coupon convertible note offering in just three months. On June 11, GameStop announced a $1.75 billion private offering of 0.00% convertible senior notes due 2032, following a similar $1.3 billion raise in March. In our view, the offering raised renewed concerns around future dilution and the company’s evolving financial strategy, particularly given that proceeds may be used for additional Bitcoin purchases, in line with its revised treasury policy. Although GameStop reported a return to profitability in Q1, a 17% year-over-year revenue decline and the speculative nature of its crypto-oriented investments may have weighed on investor confidence. The Period’s performance reflects the tension between GameStop’s strategic pivot and uncertainty around long-term execution in a highly volatile segment of the market.
Bottom BUZZ Index Contributors: May 8, 2025 – June 12, 2025
| Company | Ticker | Average Weight (%) | Return Contribution (%) |
| GameStop Corp | GME | 3.06 | -0.48 |
| MicroStrategy Inc | MSTR | 2.82 | -0.29 |
| First Solar Inc | FSLR | 0.34 | -0.05 |
| Enphase Energy Inc | ENPH | 0.30 | -0.05 |
| ServiceNow Inc | NOW | 1.17 | -0.04 |
| Intel Corp | INTC | 2.72 | -0.03 |
| Affirm Holdings Inc | AFRM | 0.07 | -0.02 |
| NU Holdings Ltd/Cayman Islands | NU | 0.36 | -0.02 |
| MercadoLibre Inc | MELI | 0.38 | -0.02 |
| Grab Holdings Ltd | GRAB | 0.34 | -0.02 |
Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
BUZZ Index June 2025 Rebalance Highlights
Unity Software Inc.
Unity Software Inc. (NYSE: U) has spent the past year navigating the fallout from a highly criticized overhaul of its game engine monetization model, which strained relations with its core developer base. In the months since, the company has taken visible steps to rebuild credibility, and those efforts appear to be gaining traction. While controversy initially dominated online discourse, the narrative has shifted, with recent discussion framing Unity as a potential value opportunity. Some investors have even drawn parallels to GameStop’s pre-2021 setup, fueled in part by a cryptic January post from Keith Gill, better known as “Roaring Kitty”, that included a subtle nod to a track titled “Unity.” Though the stock has traded relatively flat over the past year, engagement and visibility across social platforms have steadily climbed. This renewed focus elevates Unity to a maximum 3% weighting in the BUZZ Index this month, reflecting its growing presence in investor conversations.
Lululemon Athletica Inc.
On June 5, Lululemon Athletica Inc. (NASDAQ: LULU) reported first-quarter results that topped expectations on both revenue and global sales growth. However, the company cut its full-year guidance, citing persistent tariff uncertainty and mounting macroeconomic headwinds. CEO Calvin McDonald flagged signs of a slowing U.S. economy and more cautious consumer behavior, particularly in discretionary spending. The market’s reaction was swift and decisive as LULU shares fell 20% the following day, the steepest single-session drop since 2020. Year-to-date, the stock is now down over 35%, diverging sharply from the broader market, with the S&P 500 up more than 3% over the same period. Despite the drawdown, investor interest has turned more constructive in recent weeks, with some framing LULU as a potential value opportunity, especially as trade-related concerns appear to be easing. This month, LULU re-enters in the BUZZ Index with a 0.96% weight, reflecting renewed attention from the online investor community.
BUZZ | VanEck Social Sentiment ETF
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Important Disclosures
Company data is the source for all particular company information quoted.
Definitions: The S&P 500 is a stock market index of 500 of the largest companies listed on stock exchanges in the United States. The Nasdaq Composite Index is a stock market index that consists of the stocks that are listed on the Nasdaq stock exchange. S&P Banks Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS asset management & custody banks, diversified banks, regional banks, other diversified financial services and thrifts & mortgage finance sub-industries. Markit CDX North America High Yield Index represents one hundred liquid North American entities with high yield credit ratings as published by Markit. COBE VIX Index is a real-time market index representing the market's expectations for volatility over the coming 30 days.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities/financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as of the date of this communication and subject to change without notice. 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 3rd party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck.
An investment in the Fund may be subject to risks which include, among others, risks related to social media analytics, equity securities, medium-capitalization companies, information technology sector, communication services sector, consumer discretionary sector, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified and index-related concentration risks, all of which may adversely affect the Fund. Medium-capitalization companies may be subject to elevated risks.
Investing in companies based on social media analytics involves the potential risk of market manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the public perception of a company stock or other investment. Although the Sentiment Leaders Index provider attempts to mitigate the potential risk of such manipulation by employing screens to identify posts which may be computer generated or deceptive and by employing market capitalization and trading volume criteria to remove companies which may be more likely targets for such manipulation, there is no guarantee that the Sentiment Leaders Index's model will successfully reduce such risk. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company's stock performance.
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Certain indices may take into account withholding taxes. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index”) is a product of BUZZ Holdings ULC (“BUZZ Holdings”), and has been licensed to Van Eck Associates Corporation for use in connection with the VanEck Social Sentiment ETF.
“BUZZ” is a trademark of BUZZ Holdings, which has been licensed by Van Eck Associates Corporation for use in connection with the BUZZ Index.
VanEck Social Sentiment ETF is not sponsored, endorsed, sold or promoted by BUZZ Holdings, or its shareholders, or the licensor of the BUZZ Index and/or its affiliates and third party licensors. BUZZ Holdings makes no representation or warranty, express or implied, to the owners of the VanEck Social Sentiment ETF or any member of the public regarding the advisability of investing in securities generally or in VanEck Social Sentiment ETF, particularly or the ability of the BUZZ Index to track general market performance.
BUZZ Holdings’ only relationship to Van Eck Associates Corporation with respect to the BUZZ Index is the licensing of the BUZZ Index and certain trademarks of BUZZ Holdings. The BUZZ Holdings are determined and composed by BUZZ Holdings without regard to Van Eck Associates Corporation or the VanEck Social Sentiment ETF. BUZZ Holdings has no obligation to take the needs of Van Eck Associates Corporation or the owners of VanEck Social Sentiment ETF into consideration in determining and composing the BUZZ Index.
BUZZ Holdings are not responsible for and have not participated in the determination of the prices of VanEck Social Sentiment ETF or the timing of the issuance or sale of securities of VanEck Social Sentiment ETF or in the determination or calculation of the equation by which VanEck Social Sentiment ETF securities may be converted into cash, surrendered, or redeemed, as the case may be. BUZZ Holdings have no obligation or liability in connection with the administration, marketing or trading of VanEck Social Sentiment ETF. There is no assurance that investment products based on the BUZZ Index will accurately track index performance or provide positive investment returns. BUZZ Holdings is not an investment advisor and the inclusion of a security in the BUZZ Index is not a recommendation by BUZZ Holdings to buy, sell, or hold such security, nor should it be considered investment advice.
BUZZ HOLDINGS DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE BUZZ INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS). BUZZ HOLDINGS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. BUZZ HOLDINGS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY Van Eck Associates Corporation, OWNERS OF THE VanEck Social Sentiment ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BUZZ INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL BUZZ HOLDINGS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN BUZZ HOLDINGS AND Van Eck Associates Corporation, OTHER THAN THE LICENSORS OF BUZZ HOLDINGS.
Effective August 18, 2016, BUZZ Indexes Inc. implemented changes to the BUZZ NextGen AI US Sentiment Leaders Index construction rules. The index constituent count was increased from 25 to 75 stocks and the maximum constituent weight was reduce from 15% to 3%. These change may result in more a diversified exposure to index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.
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 © 2025 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. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings 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.
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.
Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
© 2025 VanEck. VanEck®, VanEck Access the opportunities®, and the stylized VanEck design® are trademarks of Van Eck Associates Corporation.
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Important Disclosures
Company data is the source for all particular company information quoted.
Definitions: The S&P 500 is a stock market index of 500 of the largest companies listed on stock exchanges in the United States. The Nasdaq Composite Index is a stock market index that consists of the stocks that are listed on the Nasdaq stock exchange. S&P Banks Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS asset management & custody banks, diversified banks, regional banks, other diversified financial services and thrifts & mortgage finance sub-industries. Markit CDX North America High Yield Index represents one hundred liquid North American entities with high yield credit ratings as published by Markit. COBE VIX Index is a real-time market index representing the market's expectations for volatility over the coming 30 days.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities/financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as of the date of this communication and subject to change without notice. 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 3rd party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck.
An investment in the Fund may be subject to risks which include, among others, risks related to social media analytics, equity securities, medium-capitalization companies, information technology sector, communication services sector, consumer discretionary sector, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified and index-related concentration risks, all of which may adversely affect the Fund. Medium-capitalization companies may be subject to elevated risks.
Investing in companies based on social media analytics involves the potential risk of market manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the public perception of a company stock or other investment. Although the Sentiment Leaders Index provider attempts to mitigate the potential risk of such manipulation by employing screens to identify posts which may be computer generated or deceptive and by employing market capitalization and trading volume criteria to remove companies which may be more likely targets for such manipulation, there is no guarantee that the Sentiment Leaders Index's model will successfully reduce such risk. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company's stock performance.
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Certain indices may take into account withholding taxes. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index”) is a product of BUZZ Holdings ULC (“BUZZ Holdings”), and has been licensed to Van Eck Associates Corporation for use in connection with the VanEck Social Sentiment ETF.
“BUZZ” is a trademark of BUZZ Holdings, which has been licensed by Van Eck Associates Corporation for use in connection with the BUZZ Index.
VanEck Social Sentiment ETF is not sponsored, endorsed, sold or promoted by BUZZ Holdings, or its shareholders, or the licensor of the BUZZ Index and/or its affiliates and third party licensors. BUZZ Holdings makes no representation or warranty, express or implied, to the owners of the VanEck Social Sentiment ETF or any member of the public regarding the advisability of investing in securities generally or in VanEck Social Sentiment ETF, particularly or the ability of the BUZZ Index to track general market performance.
BUZZ Holdings’ only relationship to Van Eck Associates Corporation with respect to the BUZZ Index is the licensing of the BUZZ Index and certain trademarks of BUZZ Holdings. The BUZZ Holdings are determined and composed by BUZZ Holdings without regard to Van Eck Associates Corporation or the VanEck Social Sentiment ETF. BUZZ Holdings has no obligation to take the needs of Van Eck Associates Corporation or the owners of VanEck Social Sentiment ETF into consideration in determining and composing the BUZZ Index.
BUZZ Holdings are not responsible for and have not participated in the determination of the prices of VanEck Social Sentiment ETF or the timing of the issuance or sale of securities of VanEck Social Sentiment ETF or in the determination or calculation of the equation by which VanEck Social Sentiment ETF securities may be converted into cash, surrendered, or redeemed, as the case may be. BUZZ Holdings have no obligation or liability in connection with the administration, marketing or trading of VanEck Social Sentiment ETF. There is no assurance that investment products based on the BUZZ Index will accurately track index performance or provide positive investment returns. BUZZ Holdings is not an investment advisor and the inclusion of a security in the BUZZ Index is not a recommendation by BUZZ Holdings to buy, sell, or hold such security, nor should it be considered investment advice.
BUZZ HOLDINGS DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE BUZZ INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS). BUZZ HOLDINGS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. BUZZ HOLDINGS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY Van Eck Associates Corporation, OWNERS OF THE VanEck Social Sentiment ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BUZZ INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL BUZZ HOLDINGS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN BUZZ HOLDINGS AND Van Eck Associates Corporation, OTHER THAN THE LICENSORS OF BUZZ HOLDINGS.
Effective August 18, 2016, BUZZ Indexes Inc. implemented changes to the BUZZ NextGen AI US Sentiment Leaders Index construction rules. The index constituent count was increased from 25 to 75 stocks and the maximum constituent weight was reduce from 15% to 3%. These change may result in more a diversified exposure to index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.
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 © 2025 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. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings 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.
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.
Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
© 2025 VanEck. VanEck®, VanEck Access the opportunities®, and the stylized VanEck design® are trademarks of Van Eck Associates Corporation.