VanEck's Journey with Crypto

IMPORTANT DISCLOSURES

VanEck Bitcoin Trust ("HODL") and VanEck Ethereum ETF ("ETHV") Disclosures

This material must be preceded or accompanied by a Prospectus (HODL: Prospectus, ETHV Prospectus.) An investment in the VanEck Ethereum ETF (“ETHV”) or the VanEck Bitcoin Trust (“HODL”) (collectively, the “Trusts”) may not be suitable for all investors. Before investing you should carefully consider the Trusts’ investment objectives, risks, charges and expenses.

Investing involves significant risk, and you could lose money on an investment in the Trusts. The values of ether and bitcoin are highly volatile, and the value of the Trusts’ shares could decline rapidly, including to zero. You could lose your entire principal investment. For a more complete discussion of the risk factors relative to the Trusts, carefully read the prospectuses.

The Trusts’ investment objectives are to reflect the performance of the price of ether (in the case of ETHV) or bitcoin (in the case of HODL) less the expenses of each Trust’s operations. The Trusts are passive investment vehicles that do not seek to generate returns beyond tracking the price of ether or bitcoin.

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.

An investment in either of the Trusts is subject to risks which include, but are not limited to, the historically and potentially future extreme volatility of ether and bitcoin, various potential factors that may adversely affect the liquidity of the Trusts’ shares, the limited history of the indices from which the value of ether or bitcoin and hence the value of Trusts’ shares will be determined, potential threats to the Trusts’ respective custodians, and the unregulated nature and lack of transparency surrounding the operations of ether and bitcoin trading platforms, all of which may ultimately adversely affect the value of shares of the Trusts. Please note that this is not an exhaustive list of risks pertaining to the Trusts. Please read carefully the prospectuses for a complete list of potential risks.

Because shares of the Trusts are intended to reflect the price of the digital assets held in the Trusts, the market price of the shares is subject to fluctuations similar to those affecting digital asset prices. Additionally, shares of the Trusts are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.

The Trusts’ shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of the Trusts’ shares relate directly to the value of the digital assets held by the Trusts (less their expenses), and fluctuations in the price of the digital assets could materially and adversely affect an investment in the Trusts’ shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the digital assets represented by them. The Trusts do not generate any income, and as the Trusts regularly issue shares to pay for the Sponsor’s ongoing expenses, the amount of digital assets represented by each Share will decline over time.

This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek professional advice for their particular situation and jurisdiction.

The Sponsor of the Trusts is VanEck Digital Assets, LLC. The Marketing Agent for the Trusts is Van Eck Securities Corporation. VanEck Digital Assets, LLC., and Van Eck Securities Corporation are wholly-owned subsidiaries of Van Eck Associates Corporation.

© Van Eck Associates Corporation, 666 Third Avenue, New York, NY 10017
Phone: 800.826.2333

VanEck Ethereum Strategy ETF ("EFUT") Disclosures

The value of Ethereum (ETH) and the Fund’s ETH Futures holdings, could decline rapidly, including to zero. You should be prepared to lose your entire investment. The Fund does not invest in ETH or other digital assets directly.

The further development and acceptance of the ETH network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate, the slowing, stopping or reversing of the development or acceptance of the ETH network may adversely affect the price of ETH and therefore cause the Fund to suffer losses, regulatory changes or actions may alter the nature of an investment in ETH or restrict the use of ETH or the operations of the ETH network or venues on which ETH trades in a manner that adversely affects the price of ETH and, therefore, the Fund’s ETH Futures. ETH generally operates without central authority (such as a bank) and is not backed by any government, ETH is not legal tender and federal, state and/or foreign governments may restrict the use and exchange of ETH, and regulation in the United States is still developing.

Futures Contract Risk. The use of futures contracts involves risks that are in addition to, and potentially greater than, the risks of investing directly in securities and other more traditional assets. The market for ETH Futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. ETH Futures are subject to collateral requirements and daily limits that may limit the Fund’s ability to achieve its target exposure. Margin requirements for ETH Futures traded on the Chicago Mercantile Exchange (“CME”) may be substantially higher than margin requirements for many other types of futures contracts. Futures contracts exhibit “futures basis,”” which refers to the difference between the current market value of the underlying ETH (the “spot” price) and the price of the cash-settled futures contracts.

This risk may be adversely affected by “negative roll yields” in “contango” markets. The Fund will “roll” out of one futures contract as the expiration date approaches and into another futures contract on ETH with a later expiration date. The “rolling” feature creates the potential for a significant negative effect on the Fund’s performance that is independent of the performance of the spot prices of the ETH. A market where futures prices are generally greater than spot prices is referred to as a “contango” market. Therefore, if the futures market for a given commodity is in contango, then the value of a futures contract on that commodity would tend to decline over time (assuming the spot price remains unchanged), because the higher futures price would fall as it converges to the lower spot price by expiration. Extended period of contango may cause significant and sustained losses.

An investment in the VanEck Ethereum Strategy ETF (“EFUT”) may be subject to risks which include, but are not limited to, risks related to market and volatility, investment (in ETH futures), ETH and ETH futures, ETH regulatory, futures contract, derivatives, counterparty, investment capacity, target exposure and rebalancing, borrowing and leverage, indirect investment, credit, interest rate, liquidity, investing in other investment companies, management, non-diversified, operational, portfolio turnover, regulatory, repurchase agreements, tax, cash transactions, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount and liquidity of fund shares, U.S. government securities, debt securities, municipal securities, money market funds, securitized/mortgage-backed securities, sovereign bond, ETH-related company, ETH-related concentration, and equity securities risks, all of which could significantly and adversely affect the value of an investment in the Fund.

VanEck Absolute Return Advisers Corporation is registered with the CFTC as both commodity pool operator and commodity trading advisor, and is a member of the National Futures Association. The Fund is speculative in nature and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Commodity futures generally are volatile and the Fund may not be suitable for all investors.

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.

General Digital Assets Risk Disclosures

Investments in digital assets and Web3 companies are highly speculative and involve a high degree of risk. These risks include, but are not limited to: the technology is new and many of its uses may be untested; intense competition; slow adoption rates and the potential for product obsolescence; volatility and limited liquidity, including but not limited to, inability to liquidate a position; loss or destruction of key(s) to access accounts or the blockchain; reliance on digital wallets; reliance on unregulated markets and exchanges; reliance on the internet; cybersecurity risks; and the lack of regulation and the potential for new laws and regulation that may be difficult to predict. Moreover, the extent to which Web3 companies or digital assets utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such companies or digital assets.

Digital asset prices are highly volatile, and the value of digital assets, and the companies that invest in them, 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.

Digital assets are not generally backed or supported by any government or central bank and are not covered by FDIC or SIPC insurance. Accounts at digital asset custodians and exchanges are not protected by SPIC and are not FDIC insured. Furthermore, markets and exchanges for digital assets are not regulated with the same controls or customer protections available in traditional equity, option, futures, or foreign exchange investing.

Digital assets include, but are not limited to, cryptocurrencies, tokens, NFTs, assets stored or created using blockchain technology, and other Web3 products.

Web3 Companies include but are not limited to, companies that involve the development, innovation, and/or utilization of blockchain, digital assets, or crypto technologies.

All investing is subject to risk, including the possible loss of the money you invest. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance is no guarantee of future results.