Via barchart.com
The actively managed NODE fund leans into volatility rather than running from it, and the strategy is quietly paying off.
The VanEck Onchain Economy ETF, trading under the ticker NODE, recently increased its positions after taking losses, and notably did so without triggering any margin calls. That’s because NODE doesn’t use leverage, a design choice that sounds boring until you remember how many leveraged crypto products have spectacularly imploded over the past few years.
What NODE actually does #
Launched on May 13, 2025, NODE is VanEck’s bet on the “onchain economy,” a broad umbrella covering blockchain infrastructure, digital assets, crypto mining, and AI compute services. It’s an actively managed ETF, meaning a team of humans (not just an index algorithm) decides when to buy, sell, and rebalance.
The fund currently holds between 59 and 64 positions. Its largest single holding is VanEck’s own Bitcoin ETF, HODL, which accounts for roughly 10.5% of the portfolio.
Beyond Bitcoin, NODE has been building positions in crypto mining and AI infrastructure companies. Names like TeraWulf (WULF), Cipher Mining (CIFR), HUT 8 (HUT), and Applied Digital (APLD) have all seen increased weightings in recent months.
With approximately $65 million in assets under management, NODE carries a 0.67% expense ratio.
The dip-buying playbook #
The fund’s monthly commentaries reveal a deliberate strategy of increasing exposure during market pullbacks. April 2026 saw an intra-month drawdown of about 5.3%, while May’s pullback was steeper at roughly 8.3%. In both cases, the fund used those dips as buying opportunities rather than reasons to panic.
Because NODE operates without leverage, there’s no scenario where a broker forces the fund to liquidate positions at the worst possible time. When the fund takes a 5% or 8% hit, the managers can calmly assess whether to add more exposure rather than scrambling to post additional collateral.
Performance tells the story #
NODE posted a year-to-date return of approximately 12.39% as of late July 2026. April alone delivered a 24.8% return, suggesting the dip-buying in prior months set up the fund nicely for the subsequent recovery.
Over the trailing 52 weeks, NODE’s net asset value has ranged from $29.73 to $54.32 per unit.
What this means for investors #
For retail investors, the fund offers a packaged way to get diversified crypto-adjacent exposure without having to individually research 60-plus companies. The 0.67% expense ratio is the cost for active management in a sector where picking winners is genuinely difficult. Despite holding dozens of positions, NODE is still entirely focused on one macro theme. The 52-week low of $29.73 versus the high of $54.32 illustrates just how much this portfolio can swing.
The shift toward companies like Applied Digital and HUT 8 suggests VanEck sees the Bitcoin mining to AI infrastructure pipeline as a durable trend. If those bets pay off, NODE’s current $65 million AUM could look like early innings.
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