VanEck Uranium and Nuclear ETF · AMEX:NLR
VanEck Uranium and Nuclear ETF — VanEck — Investor Presentation (June 2025)
41 slides from VanEck Uranium and Nuclear ETF's investor presentation, June 2025
Slide 1: Quality Companies, Attractive Valuations
June 2025 Quality Companies, Attractive Valuations VanEck Morningstar Wide Moat Strategy vaneck.com
Slide 2: Table of Contents
Table of Contents 3 5 6 Firm Overview Invest in Moat Ecosystem Extraordinary Times For US Equity Market 13 18 19 Rigorous, Repeatable Process Key Risks to Consider Proven Track Record 22 25 Strategy Information Appendix 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 nearly 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 risks t
Slide 4: Who We Are
Who We Are Access the Opportunities VanEck Assets Under Management ETF Leadership $3.4B $6.0B $0.3B Over 190 ETFs and ETNs available globally $8.0B Active Management EM Equity and Debt, Natural Resources, Gold, Digital Assets $20.5B Total AUM Private Funds / Venture $69.6B $132.9B Access to crypto c
Slide 5: VanEck Morningstar Wide Moat Strategy
VanEck Morningstar Wide Moat Strategy Access the Opportunities ▪ Quality companies with durable competitive advantages (“moats”) trading at attractive valuations ▪ Powered by Morningstar’s forward-looking equity research ▪ Systematic stock selection unbound by style or sector for long-term resilienc
Slide 6: Sustained Outsized Returns; Reversal Underway?
Sustained Outsized Returns; Reversal Underway? Access the Opportunities 2023-2024 Was First Back-to-Back Year of Greater Than 25% Returns Since Before Dot-Com Bubble Burst / 1972 - 2025 40 33.36 28.58 26.29 30 Calendar Year 25.02 Average S&P 500 Calendar Year Return (%) 12.51 20 10 0 6.20 YTD 2025 -
Slide 7: Market Breadth Creeping Back But Remains at Extreme Levels
Market Breadth Creeping Back But Remains at Extreme Levels Access the Opportunities S&P 500 Index Excess Return vs. S&P 500 Equal Weighted Index / Annually 1972 - 2024 20 2023 - 2024 was the only time starting in 1972 that Market Cap Weighted Outperformed Equal Weighted the S&P 500 Index 15 outperfo
Slide 8: Despite Some Rotation, Growth Distortion Remains
Despite Some Rotation, Growth Distortion Remains Access the Opportunities Growth-to-Value Ratio Near Dot-Com Bubble Levels / January 1990 – June 2025 1.80 1.60 1.40 Growth/Value Ratio 1.20 1.00 0.80 0.60 0.40 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 Source: Morningstar. Past perfo
Slide 9: Stretched Valuations Have Led to Muted Returns
Stretched Valuations Have Led to Muted Returns Access the Opportunities S&P 500 Index Forward P/E Ratios Relative to Future Annualized Return / 8/1991 – 6/2025 Source: FactSet; Morningstar. Past performance is not a guarantee of future results. Index performance is not illustrative of fund performan
Slide 10: Market Concentration at Highest Level in Decades
Market Concentration at Highest Level in Decades Access the Opportunities Weight of Largest US Companies in MSCI ACWI / 1973 - 2024 Source: Datastream, Goldman Sachs Global Investment Research. Past performance is not a guarantee of future results. Index performance is not illustrative of fund perfo
Slide 11: Beware of Timing the Market in Heightened Volatility
Beware of Timing the Market in Heightened Volatility Access the Opportunities S&P 500 Index Annual Return and Intra-Year Maximum Drawdown / 1980 - 2024 40 Return Intra-Year Max Drawdown 30 20 10 Percent (%) 0 -10 Avg. Max Drawdown -12.92% -20 -30 -40 -50 1980 1982 1984 1986 1988 1990 1992 1994 1996
Slide 12: Moat Strategy's Contrarian, Differentiated Positioning
Moat Strategy’s Contrarian, Differentiated Positioning Access the Opportunities Shift Away From Mega Cap and Growth as Headline Indexes Double Down / 6/2025 Deep Value Value Blend Growth Deep Growth ▪ Mega cap growth stocks’ stretched valuations and the Index’s equal weighting methodology has pushed
Slide 13: Robust Equity Research Team, Resilient Process
Robust Equity Research Team, Resilient Process Access the Opportunities 100+ 1,600+ 1 200/75,000 Equity analysts Companies covered Research More than 200 asset managers and globally globally philosophy 75,000 Financial Professionals rely on Morningstar’s equity research Fundamental Analysis Economic
Slide 14: Morningstar's Moat Investment Philosophy
Morningstar’s Moat Investment Philosophy Access the Opportunities High profits attract competition which can diminish profitability. Companies that create economic moats can defend against competition and prevent or delay profit erosion. ▪ Competitive advantages, or moats, allow a company to generat
Slide 15: The Five Sources of Moats
The Five Sources of Moats Access the Opportunities Source: Morningstar. See important disclosures and index descriptions at end. 15
Slide 16: Valuations as Important as Advantages
Valuations as Important as Advantages Access the Opportunities Valuation-Driven Selection Process Lockheed Martin Price and Fair Value / 1/2023 – 12/2024 Morningstar’s Equity Research Valuation Process 650 Three-stage discounted cash flow model is used to determine fair value Removed from Index esti
Slide 17: Bringing It All Together – Combining Moats and Valuations
Bringing It All Together – Combining Moats and Valuations Access the Opportunities IDENTIFY MOATS ASSESS VALUATIONS COMBINE Morningstar Economic Moat Price / Fair Value Morningstar / Moat Indices Rating A fair value estimate is Moat-rated companies with Morningstar equity research assigned by Mornin
Slide 18: Risks for Consideration
Risks for Consideration Access the Opportunities Active Share Risk Equal Weighted Risk Equity Research Risk • Differentiated, off-benchmark exposure • Underweight to mega-cap companies • Unconstrained approach to stock can lead to periods of that dominate indexes can create selection driven by equit
Slide 19: Incremental Alpha: Moats, Valuation and Equal Weighting
Incremental Alpha: Moats, Valuation and Equal Weighting Access the Opportunities Each Index Feature Incrementally Improved Returns / 2/14/07 – 6/30/25 13 Morningstar Wide Moat Focus Index combines three features that have 13 12.3 improved the index’s long-term excess 12 returns: equal-weighted const
Slide 20: History of Outperformance
History of Outperformance Access the Opportunities Cumulative Return (%) / 2/28/2007 – 6/30/2025 850 800 750 The Morningstar® Wide Moat Focus 700 IndexSM has historically outperformed the 650 broad U.S. equity markets and active 600 Cumulative Return (%) 550 and passive managers as represented 500 b
Slide 21: Consistent Long-Term Relative Performance
Consistent Long-Term Relative Performance Access the Opportunities Moat Focus Index Success Rate Increases with Time / Monthly Frequency: 2/28/2007 – 6/30/2025 100% 100% Batting average measures 89% outperformance versus a benchmark. In 77% 80% baseball, it represents the percentage of a player’s hi
Slide 22: Compelling Upside/Downside Participation
Compelling Upside/Downside Participation Access the Opportunities Return and Risk Statistics / 3/31/2007 – 6/30/2025 Annual Annual Max Upside Downside Based on Quarterly Returns Standard Beta Sharpe Ratio Return Drawdown Capture Capture Deviation Morningstar Wide Moat Focus Index 12.63 18.24 0.98 0.
Slide 23: Differentiated Index Methodology
Differentiated Index Methodology Access the Opportunities Morningstar® Wide Moat Focus IndexSM ▪ Selection universe: Morningstar® US Market IndexSM ▪ Buffer rule (parent index) — At each review, current index constituents ranked within the top o U.S.-listed, U.S.-based companies 150% of the eligible
Slide 24: VanEck Morningstar Wide Moat Strategy
VanEck Morningstar Wide Moat Strategy Access the Opportunities ▪ Quality companies with durable competitive advantages (“moats”) trading at attractive valuations ▪ Powered by Morningstar’s forward-looking equity research ▪ Systematic stock selection unbound by style or sector for long-term resilienc
Slide 25: Appendix
Appendix
Slide 26: Resilient Performance Relative to the Market
Resilient Performance Relative to the Market Access the Opportunities MOAT’s Index Has Outperformed, on Average, Following Periods of Varying Success / 2/28/07 – 12/31/24 6 Average Relative Return (%) vs. S&P 500 Index 5 4.80 Forward 1-Year Periods Forward 3 Year Periods (Annualized) 3.88 4 3.24 3.3
Slide 27: Valuation Screen in Action: Bank of America
Valuation Screen in Action: Bank of America Access the Opportunities BAC Price and Fair Value History / 1/2020 – 6/2023 Morningstar Wide Moat Focus Index 55 ▪ Added to the Index in March 2020 during the global pandemic- 50 Removed from induced market sell off Sub-Portfolio B ▪ 2020 was the the first
Slide 28: Dynamic Sector Exposure Targets Opportunities
Dynamic Sector Exposure Targets Opportunities Access the Opportunities Morningstar Wide Moat Focus Index Historical Sector Exposure (% of Index Weight) / 3/31/07- 6/30/25 100 90 Communication The high-conviction Morningstar® Wide 80 Services Moat Focus IndexSM methodology Utilities 70 featuring mini
Slide 29: Valuation Opportunities Drive Style Exposure
Valuation Opportunities Drive Style Exposure Access the Opportunities Target Valuation Opportunities Across Size and Styles (% of Index Weight) / 3/31/07- 6/30/25 100 90 80 70 60 Growth 50 Core 40 Value 30 20 10 0 3/2007 9/2007 3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012 3/
Slide 30: A Good Valuation Is Always In Style
A Good Valuation Is Always In Style Access the Opportunities Targets Valuation Opportunities Across Styles / 2/28/2007 – 6/30/2025 Size of circles grows from start date to end date. 6/30/2025 represented by red outline. S&P 500 Index Giant Large Morningstar Wide Moat Focus Index S&P 500 Equal Weight
Slide 31: Stock Selection is Key
Stock Selection is Key Access the Opportunities Performance Attribution / 2/14/2007 – 6/30/2025 Portfolio: Morningstar Wide Moat Focus Index; Benchmark: Morningstar US Large Cap Index Average Weight % Return % Contribution % Attribution % Allocation Selection Excess Portfolio Benchmark Portfolio* Be
Slide 32: Outperformance Driven More by Stock Picking than Factors
Outperformance Driven More by Stock Picking than Factors Access the Opportunities Stock Selection Outweighs Traditional Factors / 15 Years as of 12/31/2024 150 Cumulative Factors Effect Cumulative Stock Specific Risk Total Effect Morningstar Wide Moat Focus Index has 125 been influenced by tradition
Slide 33: Opportunity to Enhance Performance Potential
Opportunity to Enhance Performance Potential Access the Opportunities 60% Stocks / 40% Bonds1 40% Stocks/20% Wide Moat Stocks/40% Bonds1 Stocks Bonds Replacing a portion of U.S. equity exposure with the Morningstar® Wide Bonds Moat Focus IndexSM strategy improved Stocks risk-adjusted returns in a hy
Slide 34: Composite Performance
Composite Performance Access the Opportunities Van Eck Associates Corporation VanEck Morningstar Wide Moat Strategy (Composite) S&P 500 Index (Benchmark) Calendar Periods / 4/24/2012 – 6/30/2025 Gross of Fees Returns (%) Net of Fees Returns (%) Benchmark Return (%) Month to Date 4.76 4.72 5.09 Last
Slide 35: Composite Characteristics
Composite Characteristics Access the Opportunities Van Eck Associates Corporation VanEck Morningstar Wide Moat Strategy (Composite) S&P 500 Index (Benchmark) Total Total Firm Composite Composite Assets Total Return Total Return Benchmark Internal Standard Standard Assets End Of Calendar Gross of Net
Slide 36: GIPS Disclosures
GIPS Disclosures vaneck.com/subscribe Morningstar Wide Moat Composite 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 adviso
Slide 37: GIPS Disclosures
GIPS Disclosures vaneck.com/subscribe VanEck is the marketing name for Van Eck Associates Corporation and its affiliated entities. The performance shown is for the stated time period only; due to market volatility, each account’s performance may be different. Returns are gross of management fees, ne
Slide 38: Index Descriptions and Definitions
Index Descriptions and Definitions vaneck.com/subscribe Index returns assume reinvestment of all income and do not reflect any management fees or brokerage expenses associated with strategy returns. Returns for actual fund investors may differ from what is shown because of differences in timing, the
Slide 39: Disclosures
Disclosures vaneck.com/subscribe The Morningstar® Wide Moat Focus IndexSM was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat Strategy and bears no liability with respect to the Strategy or any secur
Slide 40: Disclosures
Disclosures vaneck.com/subscribe This presentation originates from Van Eck Associates Corporation (“VanEck”) and does not constitute an offer to sell or solicitation to buy any security. VanEck’s opinions stated in this presentation may deviate from opinions presented by other VanEck departments or
Slide 41: Access the Opportunities vaneck.com/subscribe
Access the Opportunities vaneck.com/subscribe