I've spoken to many investors who want exposure to crypto via equities but are spooked, understandably, by portfolios full of pure-play miners and exchanges that have seen repeated blowups and bankruptcies. If that sounds like you, we designed the VanEck Onchain Economy ETF (ticker: NODE) with you in mind. NODE is an actively managed ETF that can hold global crypto ETPs up to a 25 percent weight, alongside companies with credible strategies to make or save money through bitcoin, digital assets, and the onchain economy. The issue we’re trying to solve is managing downside volatility without losing exposure to the underlying growth drivers. Many pure-play stocks trade at two or even three times the volatility of bitcoin itself, driven by a combination of leverage, small market caps, and highly idiosyncratic business models. Historical data shows that adding bitcoin to these stocks has improved total returns and reduced overall portfolio risk. NODE will typically hold a core position in a regulated bitcoin ETF, providing clean exposure to BTC itself while allowing the rest of the portfolio to focus on compounding, correlation, and cash flow. To complement this core, NODE holds both high-volatility pure-plays like miners and exchanges and lower-volatility sectors such as e-commerce, fintech, semiconductors, energy, infrastructure, and utilities. Each is selected based on measurable involvement in the onchain economy, whether through revenue, infrastructure, or strategic alignment. These latter sectors can offer something critical: ballast. Many names here pay dividends, are less volatile, and can serve as risk-managing building blocks. In periods of stress or dislocation, that ballast can be jettisoned to lighten the load and take on more risk when a washout invites it. Utilities in particular are starting to benefit from the same structural tailwinds that support bitcoin adoption, including pro-growth policy, more abundant energy, and a rethinking of the connection between energy and money. Combining these exposures may offer an appealing balance of offense and defense. Companies across all 11 GICS sectors are now engaging with the onchain economy, expanding the opportunity set for equity investors and helping lay the groundwork for broader, more diversified crypto exposure. We've designed NODE for investors who see the opportunity but want to maintain conviction through the cycle. We believe this thoughtful approach to portfolio construction can help investors stay the course, and we’d be honored to earn your trust.