The VanEck Onchain Economy ETF, trading under the ticker NODE, has been increasing its positions after sustaining losses — and it has done so without triggering any margin calls. The reason is straightforward: NODE does not employ leverage. This structural design choice stands in contrast to numerous leveraged crypto products that have collapsed in recent years, including lending platforms and structured products that faced cascading liquidations during the 2022 crypto downturn when collateral values eroded rapidly.

Fund Overview

Launched on May 13, 2025, NODE represents VanEck's investment approach targeting what the firm calls the "onchain economy" — a broad category encompassing blockchain infrastructure, digital assets, crypto mining, and AI compute services. VanEck was among the earliest traditional asset managers to pursue spot Bitcoin ETFs in the United States, and NODE extends that product strategy into a broader thematic wrapper. The ETF is actively managed, with a portfolio team making buy, sell, and rebalance decisions rather than relying solely on an index algorithm.

The fund currently holds between 59 and 64 positions. Its largest single holding is VanEck's own Bitcoin ETF, HODL, which represents approximately 10.5% of the portfolio.

Beyond Bitcoin, NODE has been building positions in crypto mining and AI infrastructure companies. TeraWulf (WULF), Cipher Mining (CIFR), HUT 8 (HUT), and Applied Digital (APLD) have all received increased weightings in recent months. These companies sit at the intersection of two capital-intensive trends: proof-of-work cryptocurrency mining and the buildout of data center capacity for artificial intelligence workloads. Several mining firms have leveraged their existing access to large-scale power contracts and cooling infrastructure to pivot partially into AI hosting and high-performance computing.

NODE has approximately $65 million in assets under management and carries a 0.67% expense ratio.

Strategic Dip Buying

The fund's monthly commentaries describe a deliberate strategy of increasing exposure during market pullbacks. April 2026 saw an intra-month drawdown of approximately 5.3%, while May's pullback was steeper at roughly 8.3%. In both instances, the fund treated these declines as buying opportunities.

Because NODE operates without leverage, there is no mechanism by which a broker could force the fund to liquidate positions at unfavorable prices. When the fund experiences a 5% or 8% decline, portfolio managers can evaluate whether to add exposure without the pressure of meeting collateral requirements.

Performance

NODE posted a year-to-date return of approximately 12.39% as of late July 2026. April alone delivered a 24.8% return, indicating that the positions added during prior months' downturns positioned the fund for the subsequent market recovery.

Over the trailing 52 weeks, NODE's net asset value has ranged from $29.73 to $54.32 per unit.

Considerations

The fund provides retail investors with a diversified approach to crypto-adjacent exposure across more than 60 companies through a single vehicle. The 0.67% expense ratio reflects the cost of active management in a sector where identifying individual winners is challenging. For comparison, passive crypto-sector ETFs and broad market index funds typically carry expense ratios below 0.25%, while specialized thematic ETFs often range from 0.50% to 0.75%.

Despite holding dozens of positions, NODE remains concentrated in a single macro theme. The 52-week range from $29.73 to $54.32 underscores the portfolio's volatility.

The fund's increased allocations to companies such as Applied Digital and HUT 8 indicate that VanEck views the transition from Bitcoin mining to AI infrastructure as a sustained trend. The current $65 million AUM may represent an early stage for the fund's growth trajectory. As the onchain economy theme competes for investor attention alongside a growing field of crypto and AI-themed ETFs, fund flows and distribution will be factors to monitor.