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

Key Takeaways:

• NODE outperformed: NODE returned +16.5% in May, with shares climbing from $40.40 to $47.07. NODE topped the S&P 500 (+5.1%), the Nasdaq 100 (+10.5%), Bitcoin (-3.8%), and Ethereum (-11.0%); only the MVDAPP crypto-equity index (+21.5%) finished ahead.
• Mining and AI compute drove the month: HUT (+64%), CIFR (+38%), IREN (+37%), APLD (+39%), and RIOT (+57%) led the book, with the top 5 positions adding 894 bps. Spot crypto fell while mining and infrastructure equities rallied, the decoupling the strategy is built for.
• Risk ran high but downside stayed contained: NODE returned +16.5% on 43.8% annualized volatility, with an intra-month drawdown of roughly 8.3%. The book broadened to 68 holdings, adding power, grid, and AI compute names while keeping the high-beta miners.

Click here for NODE Standardized Performance.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate; shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher. Call 800.826.2333 or visit vaneck.com for month-end performance.

This commentary reflects the views of the portfolio management team as of May 29, 2026, and should not be construed as investment advice or a recommendation to buy or sell any security. Past performance does not guarantee future results; the Fund’s YTD return was -6.51% (NAV) through May 2026, and investors should consider this alongside any monthly figures presented herein.

Monthly Review

NODE rose 16.5% in May, with shares climbing from $40.40 to $47.07. Spot crypto fell over the course of the month while the mining and infrastructure sectors were highly bid. Mining and chip manufacturer drove the majority of the gains. NODE beat the S&P 500, the Nasdaq 100, Bitcoin, and Ethereum by wide margins, with only the MVDAPP digital asset index ahead of us. While NODE beat the SP500, BTC and the Nasdaq 100, NODE ’s performance was surpassed by that of the MVDAPP digital asset index.

Source: Bloomberg. As of 5/29/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.

Biggest Winners and Losers

Bitcoin miners constituted 8 of the top 9 returning equities for NODE in May and also constituted the entirety of our top 5 performing positions. Collectively, our 5 best positions added 894 basis points to our May performance figures. Across the board, miners had a strong month due to a receptive a project finance market and long-term, landmark deal announcements to lease AI datacenter capacity.

• Miners led the gains. HUT ( +64% ), RIOT ( +57% ), APLD ( +39% ), CIFR ( +38% ), and IREN ( +37% ) re-rated as the spot-crypto and mining-equity decoupling, the setup the strategy is built for, played out. CORZ, WULF, and CLSK extended the move.
• AI memory contributed. SK Hynix ( +63% ) added 111 bps on AI memory demand, the sleeve added to the book this month.
• Spot crypto was the main drag. Bitcoin ( -6% ) and Ethereum ( -11% ) weakness flowed through the crypto-beta holdings, with the Bitcoin and Ethereum ETP positions costing 25 and 11 bps.
• Single-name losers stayed small. FUTU ( -31% ), NRG ( -14% ), and SEI ( -9% ) were the other detractors; the five worst combined for just 98 bps of drag, a small net loss on an otherwise strong month.

Source: Bloomberg. As of 5/29/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Other assets held by the fund may have performed differently during the period.

Source: Bloomberg. As of 5/29/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Other assets held by the fund may have performed differently during the period.

Portfolio Changes

In May we expanded our number of holdings to 68 while also adding to power and AI infrastructure positions to lean into the opportunity set. In energy, we added to existing positions in DTM and NRG. We also pulled in additional AI compute exposure through a new position in Cerebras (CBRS) and the purchase of more NVDA shares. Meanwhile, we passively dialed back our crypto exposure due to token underperformance and non-crypto positions surging in value. We initiated or added to fintech positions in Nubank (NU), Bullish (BLSH), Bitdeer (BTDR), and Figure (FIGR). On the sell side we reduced our Coinbase exposure in early May while fully exiting Metaplanet (3350 JP) and MercadoLibre in mid-May. Likewise, after an epic price run, we trimmed SK Hynix late in the month.

May Risk and Return Summary

NODE put up 16.5% on 43.8% annualized vol, with a 9.2% intra-month peak-to-trough. Daily Sharpe came in at 1.31 and Sortino at 2.21. Both are strong in absolute terms, though the fund's high volatility leaves it behind the calmer S&P 500 (1.68 Sharpe) on a pure risk-adjusted basis.

NODE ’s price moved with the MVDAPP digital asset index at 0.98 correlation and held a more moderate 0.70 correlation to the S&P 500 and 0.66 to the Nasdaq 100. Pass-through from spot crypto was meaningful but partial, at 0.69 correlation to Bitcoin and 0.70 to Ethereum.

Source: Bloomberg. As of 5/29/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.

Source: Bloomberg. Daily returns, May 1–29, 2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.

Outlook

We stay constructive on AI infrastructure and tokenization while staying cautious on pure-play crypto entities. May was the month the thesis, that the value from crypto and blockchain technology will accrue to equities over tokens, was confirmed by market price action. Concentration in mining and AI is still high, and we intend to keep broad this theme while remaining wary of downside potential. Our move into power and grid infrastructure continues, with the goal of diversifying the return base without giving up the upside the miners provide.

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