Please note that VanEck may have a position(s) in the digital asset(s) and companies described below.

Key Takeaways

• NODE delivers its strongest month since inception: The fund returned +24.8% in April, with NAV per share rising from $32.37 to $40.40 and AUM reaching approximately $63.8 million. NODE outperformed bitcoin by roughly 2.05x, with bitcoin (BTC) up +12.1% over the same period.
• AI compute and energy transition names lead the rally: HUT 8 (+57.7%), TeraWulf (+50.6%), and Applied Digital (+44.3%) drove portfolio gains as institutional demand for AI data center capacity reaccelerated. Energy infrastructure names TLN, VST, and CEG also contributed.
• Portfolio beta to BTC at all-time low: NODE’ s beta to bitcoin fell from 0.84 at March-end to 0.65 at April-end, the lowest since fund inception. The shift reflects a deliberate tilt toward AI infrastructure and energy names whose return drivers are largely independent of crypto price action.

VanEck Bitcoin ETF (“ HODL ,” or the “Trust”): An investment in HODL is subject to significant risk and may not be suitable for all investors. The value of Bitcoin is highly volatile, and you can lose your entire principal investment. HODL is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same protections as mutual funds or ETFs registered under the 1940 Act.

HODL : Prospectus

VanEck Onchain Economy ETF (NODE) : The Fund invests in Digital Transformation Companies and/or Digital Asset Instruments, not directly in digital assets or commodities . Investing involves substantial risk and high volatility including loss of your entire principal. Shares are not bank deposits and not FDIC insured.

Monthly Standardized Performance (4/30/2026)

Source: Morningstar as of 4/30/26. Returns less than one year are not annualized. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein.

^† Share price is calculated from January 11, 2024, which corresponds to the date the Shares commenced public trading. Net asset value returns are calculated from January 4, 2024, which is the inception date of the Trust.

Quarterly Standardized Performance (3/31/2026)

Source: Morningstar as of 4/30/26. Returns less than one year are not annualized. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein.

^† Share price is calculated from January 11, 2024, which corresponds to the date the Shares commenced public trading. Net asset value returns are calculated from January 4, 2024, which is the inception date of the Trust.

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.

Please see HODL and NODE fee information in disclosures at the end of this content.

Review of the Rally

The following reflects the opinions of the portfolio manager and constitutes forward-looking statements that may not be realized. Past performance is no guarantee of future results. Forward-looking statements do not reflect actual results, are valid as of the date of this communication, and are subject to change without notice.

April was NODE ’s strongest month of the year as it delivered a broad-based, sustained rally across our portfolio. NODE returned +24.8% through April 30, with NAV per share rising from $32.37 to $40.40 . Fund assets under management reached approximately $63.8 million at month-end. The fund peaked at $40.81 per share on April 22 before a modest softening to close the month. Bitcoin gained +12.1% over the same period, rising from approximately $68,194 to $76,466 . As a result, NODE ’s return was approximately 2.05× BTC’s return ^* , reflecting outperformance driven by the AI infrastructure and energy transition portions of the book.

Performance versus Benchmarks

NODE ’s +24.8% return was catalyzed by broad appreciation across AI compute infrastructure (WULF, CIFR, HUT, APLD), energy transition (TLN, VST, CEG), and onchain financial services (COIN, FIGR, CRCL) names. NODE carried a portfolio beta of 0.65 to bitcoin, a decline from 0.84 at the end of March. A purely passive BTC-beta allocation at that beta level would have implied approximately +8% for the period; NODE ’s +24.8% return reflects the additional contribution from AI infrastructure and energy transition positions that carried return drivers less correlated with bitcoin price action.

April 2026 Performance

Source: Bloomberg as of 5/07/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.

Volatility and Risk

Daily volatility for NODE was 35.0% annualized (30-day trailing) in April, down sharply from 47.4% for the month of March. The compression in realized volatility reflects both the smoother upward trajectory of most asset classes in April (the fund gained ground on virtually every trading day through April 22) and our active reduction in high-beta miners during the late March risk-off episode. Our best day in April was April 30, when the fund gained +4.56% as AI compute and energy infrastructure names built on a strong month-long recovery. The sharpest single-session pullback was on April 21 at approximately -3.07% , a modest giveback from the interim high. The intra-April maximum drawdown was -5.3% (peak to trough: $40.81 on April 22 to $38.64 on April 29). Our portfolio beta to bitcoin declined from 0.836 at March-end to 0.647 at April-end, reflecting AI infrastructure and energy transition names becoming less correlated with BTC. BTC’s 30-day realized volatility was 27.1% , marginally below NODE ’s, demonstrating the typically higher volatility profile of AI-related equities.

Biggest Winners and Losers

The primary contributors to April's performance were our AI compute infrastructure and energy transition positions. CleanSpark (CLSK), Cipher Mining (CIFR), Hut 8 (HUT), and Applied Digital (APLD) all posted double-digit returns as renewed institutional interest in AI data center capacity drove broad rerating of the compute infrastructure subsector. Energy transition names including Talen Energy (TLN), Vistra (VST), and Constellation Energy (CEG) also performed well, benefiting from continued demand signals for power-intensive AI compute. Figure Technology (FIGR) rebounded meaningfully from its March weakness as sentiment for tokenization and digital lending rebounded.

Top NODE Contributors

Source: Bloomberg as of 4/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Other assets held by the fund may have performed differently during the period.

VanEck Bitcoin ETF (HODL) , our largest single position at approximately 10.5% of the portfolio, was a relative laggard and returned approximately +12.7% in April. Futu Holdings (FUTU) and Reddit (RDDT) were also modestly weak on a relative basis, reflecting broader pressure on global fintech and consumer internet names.

Relative Laggards versus NODE

Source: Bloomberg as of 4/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Other assets held by the fund may have performed differently during the period.

Portfolio Changes

We made targeted changes to the portfolio in April, primarily to increase our exposure to AI compute infrastructure. Enphase Energy (ENPH) was fully exited during the month; the position was a holdover from an earlier energy infrastructure thesis that we determined was better expressed through our pure-play power infrastructure names. We also meaningfully reduced our BMNR and HIVE positions, reflecting lower conviction in Ethereum’s ecosystem direction and HIVE’s execution on the Bitcoin miner-to-AI data center transformation.

On the buy side, we increased our weights in TeraWulf (WULF, +94 bps to 6.26%), Hut 8 (HUT +101 bps to 4.28%), and Cipher Mining (CIFR, +50 bps to 4.97%). We also added to our Applied Digital (APLD) holdings, reflecting our view that AI compute data center capacity remains structurally undersupplied. We held Figure Technology (FIGR) roughly steady at ~4.4%. We ended April with 59 holdings. The top 5 positions were HODL (10.50%), WULF (6.26%), CIFR (4.97%), FIGR (4.44%), and IREN (4.43%), together representing approximately 30.6% of the portfolio.

11-Month Track Record

NODE launched in May 2025. Through April 30, 2026, the fund has completed approximately 11 months of live history. April’s +24.8% return was the strongest single month since inception. BTC returned +12.1% in April (confirmed from workbook data). A full track record including annualized returns, annualized volatility, maximum drawdown, and benchmark comparisons is shown below.

NODE Stats vs Indices

Source: Bloomberg as of 4/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.

We enter May with our book containing fewer names that we hold with stronger conviction. Our April repositioning, adding to WULF, HUT, CIFR, and APLD while exiting ENPH and trimming legacy miners, has further sharpened our focus on AI compute infrastructure and energy transition. Portfolio beta to bitcoin is at its lowest since fund inception at 0.647, reflecting a deliberate allocation to AI infrastructure and energy names whose return drivers are mostly independent of crypto price action. We believe our April position shift toward AI compute is well-positioned to continue contributing differentiated returns relative to BTC, and that this investment profile offers a compelling risk-adjusted opportunity set as institutions continue to build out AI compute capacity and the infrastructure arms race accelerates.

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