VanEck Uranium and Nuclear ETF · AMEX:NLR
VanEck Uranium and Nuclear ETF — VanEck — Investor Presentation (April 2026)
44 slides from VanEck Uranium and Nuclear ETF's investor presentation, April 2026
Slide 1: Emerging Markets Strategy Portfolio Review
First Quarter 2026 Emerging Markets Strategy Portfolio Review vaneck.com 1
Slide 2: Table of Contents
Table of Contents 3 6 8 About VanEck Why VanEck Emerging Markets Equity Why Emerging Markets Today? SMA? 17 25 32 Philosophy and Process Portfolio and Performance Investment Team 37 39 Appendix Index Descriptions and Disclosures 2 Institutional Sales Material. Not for Distribution to the Public.
Slide 3: Who We Are: A Macro Perspective
Who We Are: A Macro Perspective Access the Opportunities For more than 70 years, VanEck has sought to identify trends—economic, technological, political, and social—that shape financial markets. We consider whether these create opportunities, perhaps even new asset classes, or present potential risk
Slide 4: Who We Are
Who We Are Access the Opportunities VanEck Assets Under Management ETF Leadership $2.5B $9.4B $855.1M Over 200 ETFs and ETNs available globally Active Management $19.4B EM Equity and Debt, Natural Resources, Gold, Digital Assets $20.8B Total AUM $101.1B Private Funds / Venture $199.1B Access to cryp
Slide 5: Emerging Markets
Emerging Markets Access the Opportunities VanEck manages $9.4 billion in emerging markets assets across a variety of active and passive investment solutions Dedicated team of 19 portfolio managers and analysts 4 active and 32 passive strategies Assets under Management by Emerging Markets Strat
Slide 6: Why VanEck Emerging Markets Equity SMA?
Why VanEck Emerging Markets Equity SMA? 6
Slide 7: Unlocking Opportunities in US-listed EM Equities
Unlocking Opportunities in US-listed EM Equities Access the Opportunities Strategy Summary Focuses on companies across regions, sectors, and market capitalization positioned to capture trends in consumption and innovation and not often well captured in widely used indices. Active, bottom-up, fun
Slide 8: Why Emerging Markets Today?
Why Emerging Markets Today? 8
Slide 9: 2026 & Beyond Investment Opportunities
2026 & Beyond Investment Opportunities Access the Opportunities AI Driven Growth & Innovation India: Valuation Reset within a China: Innovation-Led Repair at Scale Durable Growth Engine with Cyclical Optionality AI moving from buildout to monetization AI monetization driven by cost-efficient S
Slide 10: Valuations: Is EM Cheap?
Valuations: Is EM Cheap? Access the Opportunities Emerging Markets P/BV Relative to Developed Markets 40% EM historically cheap vs DM 30% Valuation discount reflects years of underperformance and skepticism 20% Subdued expectations vs improving 10% fundamentals 0% Valuations price in pessimism
Slide 11: Global Investors Are Under-Positioned in Emerging Markets Equities
Global Investors Are Under-Positioned in Emerging Markets Equities Access the Opportunities EM share of global equity AUM vs. EM weight in MSCI ACWI 14 Global investors at lowest EM exposure since 2004 11.84 12 Positioning remains US centric with narrow leadership 10 Positioning does not refle
Slide 12: Emerging Market Equities Likely to Benefit from a Fed Pivot
Emerging Market Equities Are Likely to Benefit from a Fed Pivot Access the Opportunities Fed Easing Cycles tend to be Positive for EM What’s driving outperformance? Easing cycles historically positive for EM liquidity conditions and equities Weaker USD support EM earnings and balance sheets Ea
Slide 13: Past Performance: Has EM Enhanced Returns Historically?
Past Performance: Has EM Enhanced Returns Historically? Access the Opportunities Emerging markets equities deserve an allocation Why EM? Why Now? 900 800 EM has historically enhanced 700 portfolio returns over extended 600 periods of time. 500 Price, positioning and policy suggest 400 a construc
Slide 14: These Regional Leaders Will Pass the EU
These Regional Leaders Should Pass the EU in 10 Years Access the Opportunities These Regional Leaders Will Pass the EU in 10 years 18 India, Brazil and Saudi Arabia are growing for very different reasons 16 Similarly, the investment opportunity set in each of these countries is Share of Global G
Slide 15: India Is Well-Positioned for Future Success
India Is Well-Positioned for Future Success Access the Opportunities PAST PRESENT FUTURE Equity market Past provides reliable performance Transformational roadmap policy change Cohort of wide Long runway for moat businesses Digitization business success 1.0 Development Public & private DM patterns P
Slide 16: China: Focus on Selective Opportunity
China: Focus on Selective Opportunity Access the Opportunities China equities are trading at attractive multiples 2.9x China’s reforms aimed at monetary 2.7x easing to support its economy could spark a sustained rally 2.5x We are selecting quality growth 2.3x companies executing well but trading
Slide 17: Philosophy and Process
Philosophy and Process 17
Slide 18: Investment Philosophy and Approach
Investment Philosophy and Approach Access the Opportunities Source: VanEck. Information regarding portfolio composition, portfolio composition methodology, investment process or limits, or valuation methods of evaluating companies and markets are intended as guidelines which may be modified or chang
Slide 19: Investment Process
Investment Process Access the Opportunities Source: VanEck. Information regarding portfolio composition, portfolio composition methodology, investment process or limits, or valuation methods of evaluating companies and markets are intended as guidelines which may be modified or changed by VanEck at
Slide 20: Portfolio Construction & Composition
Portfolio Construction & Composition Access the Opportunities Product of rigorous initial due diligence and subject to constant, ongoing due diligence and analysis. Risk adjusted expected returns for each stock. Source: : VanEck. Information regarding portfolio composition, portfolio composition
Slide 21: Multi-lens Approach to Risk and Position Sizing
Multi-lens Approach to Risk and Position Sizing Access the Opportunities Country Risk Buckets Stock Conviction Buckets Liquidity Risk Overlay Other Core Components Highest Conviction Size Risk Factor Systematic Performance Review Strong and steady macro High quality compounders, proven At time
Slide 22: Sell Discipline
Sell Discipline Access the Opportunities We sell holdings: When value deteriorates due to change in price. When fundamentals deteriorate due to poor corporate execution, management change, corporate governance issues or industry concerns. When rebalancing the portfolio to more attractive oppor
Slide 23: Portfolio Construction Guidelines
Portfolio Construction Guidelines Access the Opportunities Benchmark: MSCI Emerging Markets Index (“MSCI EM Index”). Investable Universe: Includes around 400-450 companies that fit the firm’s emerging markets criteria and that are available for trading in the U.S. either as an ADR or a direct li
Slide 24: Risks for Consideration
Risks for Consideration Access the Opportunities Active Management Risk • The Strategy's performance depends on the Adviser’s investment techniques and risk analyses. • There is no assurance that the Adviser’s strategies will achieve the desired results. • Investment decisions may lead to a decrease
Slide 25: Portfolio and Performance
Portfolio and Performance
Slide 26: Performance
Performance Access the Opportunities Calendar Periods Gross of Fees Returns (%) Net of Fees Returns (%) Benchmark Return (%) VanEck Emerging Markets Equity SMA Last 3 Months -8.27 -8.35 -0.17 Year to Date -8.27 -8.35 -0.17 vs. 1 Year 3.88 3.52 29.55 MSCI EM Net Return Index (Benchmark) 3 Years 7.82
Slide 27: Portfolio Characteristics
Portfolio Characteristics Access the Opportunities VanEck Emerging Markets MSCI EM Index Equity SMA Primary Benchmark Average Weighted Market Capitalization (USD Billions)1 $59.7 $74.5 Number of Securities 40 1,204 2 P/E (LTM) 18.8 16.5 3 Forward P/E 16.0 11.5 P/B (LTM)4 2.8 2.2 5 Return on Equity (
Slide 28: Portfolio Holdings
Portfolio Holdings Access the Opportunities % of the % of the Holdings Holdings Portfolio* Portfolio* Taiwan Semiconductor Manufacturing Co., Ltd. Spons. ADR 16.0 BeOne Medicines Ltd. Spons. ADR 1.5 HDFC Bank Limited Spons. ADR 6.0 ASE Technology Holding Co., Ltd. Spons. ADR 1.5 Tencent Holdings Ltd
Slide 29: Market Capitalization Positioning
Market Capitalization Positioning Access the Opportunities VanEck Emerging MSCI EM Index (%) Markets Equity SMA (%) Primary Benchmark Large-Cap (> $10 Billion) 82.3 87.2 Mid-Cap (< $10 Billion, > $2 Billion) 17.7 12.8 Small-Cap (< $2 Billion) 0.0 0.0 Weighted Average Market Cap ($ Billions) $59.7 $7
Slide 30: Sector Positioning vs. MSCI EM Index
Sector Positioning vs. MSCI EM Index Access the Opportunities Sector Allocation 35% 30% 25% Sector Allocation (%) 20% 15% 10% 5% 0% VanEck Emerging Markets Equity SMA MSCI Emerging Markets Index Source: VanEck Research, Bloomberg, FactSet. Data as of March 31, 2026. Please see disclosures at the end
Slide 31: Country Positioning vs. MSCI EM Index
Country Positioning vs. MSCI EM Index Access the Opportunities Country Allocation 35% 30% 25% Percentage (%) 20% 15% 10% 5% 0% VanEck Emerging Markets Equity SMA MSCI Emerging Markets Index Source: VanEck, FactSet. Data as of March 31, 2026. Please see disclosures at the end of this presentation for
Slide 32: Investment Team
Investment Team 32
Slide 33: Investment Management Team
Investment Management Team Access the Opportunities Ola El-Shawarby, CFA Portfolio Manager 19 years of EM experience; 9 years at VanEck Portfolio Manager of VanEck’s Emerging Markets Equity Strategies Served as Director and Investment Analyst at Caravel Management LLC., responsible for EMEA eq
Slide 34: Investment Resources
Investment Resources Access the Opportunities Investment Management Team Emerging Markets Equity Head of Investment Risk Greg Krenzer (32/32) Emerging Markets Fixed Income Ola El-Shawarby Eric Fine (37/17) (19/9) Portfolio Manager Portfolio Manager Emerging Markets Credit & FX David Austerweil (24/1
Slide 35: Investment Committee Monitors Active Strategies
Investment Committee Monitors Active Strategies Access the Opportunities Natural Resources & Emerging Market Investment Committee Commodities Equity Portfolio Manager: Portfolio Manager: Chair: Shawn Reynolds Ola El-Shawarby Jan van Eck Deputy Portfolio Manager: Deputy Portfolio Manager: (CEO) Charl
Slide 36: Unlocking Opportunities in US-listed EM Equities
Unlocking Opportunities in US-listed EM Equities Access the Opportunities Strategy Summary Focuses on companies across regions, sectors, and market capitalization positioned to capture trends in consumption and innovation and not often well captured in widely used indices. Active, bottom-up, fun
Slide 37: Appendix
Appendix 37
Slide 38: EM Long Only Equity vs EM SMA
EM Long Only Equity vs EM SMA Access the Opportunities Similarities The VanEck Emerging Markets Equity SMA leverages the Investment Team, Philosophy, Process and Portfolio Construction methodology of the broader VanEck Emerging Markets Equity and its platform: — Investment Team — Philosophy — Proc
Slide 39: Index Descriptions and Disclosures
Index Descriptions and Disclosures 39
Slide 40: Index Definitions
Index Definitions Access the Opportunities Index Definitions All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performan
Slide 41: Important Disclosures
Important Disclosures Access the Opportunities GIPS Performance Disclosures Van Eck Associates Corporation (“VanEck”) is an independent investment adviser registered under the Investment Advisers Act of 1940. VanEck, which commenced operations 1985 (predecessor company in 1955), provides investment
Slide 42: Important Disclosures
Important Disclosures Access the Opportunities VanEck Emerging Markets Equity SMA Risk Disclosures 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 r
Slide 43: Important Disclosures
Important Disclosures Access the Opportunities Indices are unmanaged and are not securities in which investments can be made. Model Portfolio information is designed to be used by financial advisors solely as an educational resource, along with other potential resources advisors may consider, in pro
Slide 44: vaneck.com/subscribe
Access the Opportunities vaneck.com/subscribe 44