IMPORTANT DISCLOSURES
1 Source: LPL Research, Bloomberg. Data as of 4/30/2026.
2 Source: Factset. Data as of 6/30/2026.
Bitcoin (BTC) is a decentralized digital currency without a central bank or single administrator. It can be sent from user to user on the peer-to-peer Bitcoin network without intermediaries.
References to Bitcoin market cycles are based on historical data. Historical market-cycle patterns may not recur and should not be interpreted as a prediction of future performance, a market-timing signal, or an assurance of future results.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. 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 third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
Fund holdings will vary and are subject to change. For a complete list of fund holdings, please visit vaneck.com.
VanEck Merk Gold ETF (“OUNZ”) and VanEck Bitcoin ETF (“HODL”) Disclosures
VanEck Bitcoin ETF (“HODL”) and VanEck Merk Gold ETF (“OUNZ”) (collectively, the “Trusts”): This material must be preceded or accompanied by a prospectus: (HODL: Prospectus, OUNZ: Prospectus). An investment in the Trusts involves significant risk and may not be suitable for all investors. Loss of principal is possible. Before investing, you should carefully consider the Trusts’ investment objectives, risks, charges and expenses. Please read the prospectuses carefully before you invest.
The Trusts are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”). Shares of the Trusts are not subject to the same regulatory requirements as mutual funds. As a result, shareholders of the Trusts do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.
The Sponsor for HODL is VanEck Digital Assets, LLC. The Sponsor for OUNZ is Merk Investments, LLC. The Marketing Agent for HODL and OUNZ is Van Eck Securities Corporation. VanEck Digital Assets, LLC., and Van Eck Securities Corporation are wholly-owned subsidiaries of Van Eck Associates Corporation.
General VanEck ETF Risks
The principal risks of investing in VanEck ETFs include sector, industry and thematic concentration, market, economic, political, foreign currency, foreign securities, emerging market issuer, depositary receipt, world event, index tracking, passive management, active management, derivatives, commodities, gold and precious metals, blockchain and digital asset, and non-diversification risks, as well as fluctuations in net asset value and the risks associated with investing in less developed capital markets. As exchange-traded funds, the Funds are also subject to authorized participant concentration, absence of an active trading market, trading, premium/discount and liquidity of fund shares risks; recently organized Funds are also subject to new fund risk. ETFs with technology, semiconductor, energy, utilities, power generation or natural resources exposure are further subject to rapid product obsolescence, intellectual property, supply chain, cyclical demand, commodity price volatility, regulatory and environmental risks; ETFs with Chinese issuer exposure are further subject to A-Shares, Stock Connect, variable interest entity (VIE), People’s Republic of China (PRC) tax, currency devaluation, government intervention, expropriation and trade limitation risks; ETFs that invest in business development companies (BDCs) are additionally subject to BDC, acquired fund fees and expenses, leverage, discount to net asset value, illiquid and privately held securities, valuation, credit, interest rate, below-investment-grade securities and financial services sector risks; ETFs that invest in master limited partnerships (MLPs), real estate investment trusts (REITs) or allocate to other exchange-traded products are additionally subject to MLP, MLP tax, real estate, fund of funds, subsidiary investment, commodity regulatory, subsidiary tax, interest rate, credit, high portfolio turnover and gap risks. ETFs that invest in companies with small and medium capitalizations are subject to elevated risks, which include, among others, greater volatility, lower trading volume and less liquidity than larger companies. Please see the prospectus of each Fund for more complete information regarding each Fund’s specific risks.
Digital asset investments are subject to significant risk and may not be suitable for all investors. Digital asset prices are highly volatile, and the value of digital assets, can rise or fall dramatically and quickly. If their value goes down, there’s no guarantee that it will rise again. As a result, there is a significant risk of loss of your entire principal investment.
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.
