VanEck’s Ed Lopez used the Exchange 2026 conference in Las Vegas to highlight how AI infrastructure is reshaping investment opportunities across metals, energy, and emerging markets.
Key Takeaways:
- VanEck’s REMX was named Thematic ETF of the Year for AI infrastructure and defense exposure.
- Emerging markets returned 37% in 2025, outpacing the S&P 500’s 17% gain on de-dollarization trends.
- Gold miners rose 111% despite $3 billion in outflows as the sector improved financial discipline.
Lopez, head of product management at VanEck, discussed the firm’s $2.8 billion VanEck Rare Earth and Strategic Metals ETF (REMX), which was recently named Thematic ETF of the Year, during an interview at the Virgin Hotels.
The conversation centered on what Lopez called the “physical AI” trade. He described the shift from AI being purely a software and semiconductor story to one focused on power infrastructure, energy demands, and the metals needed to support both.
Lopez explained that AI is evolving from semiconductors and software into an infrastructure story. The technology requires massive amounts of power and the metals to deliver that power to data centers and computing systems.
Lopez pointed to three VanEck funds capturing this theme. REMX holds rare earth and strategic metals critical to AI and defense applications.
The second fund, the $35 million VanEck Copper and Green Metals ETF (EMET) was recently renamed to emphasize copper’s role in what Lopez described as the “electrification of everything.” Another important fund, the $4.83 billion VanEck Uranium and Nuclear ETF (NLR), has seen increased flows as nuclear power becomes central to meeting AI’s power demands.
Emerging Markets Lead Broader Outlook
Lopez also highlighted emerging markets, where he sees investors overlooking strong fundamentals. The asset class delivered 37% returns in 2025 compared to the S&P 500’s 17% gain.
Emerging market debt matched the S&P with a 17% return. Lopez attributed the performance partly to de-dollarization. A trend where central banks diversified reserves away from the U.S. dollar as the Russia-Ukraine conflict ramped up European defense spending.
India stood out as a key opportunity within emerging markets. Lopez described the country as a democracy with reform momentum and tech innovation, including biometric IDs and digital payments. He highlighted how they are “leapfrogging themselves into a new digital era.”
VanEck launched the VanEck India Select ETF (INDZ) to capture what Lopez called opportunities in a market with “potential to find good compounders of return.” He added that a portfolio manager with deep local knowledge who regularly travels to India, runs the actively managed fund.
Opportunities in Private Credit, Gold Miners
Despite headwinds, Lopez touched on gold miners and the $30.65 billion VanEck Gold Miners ETF (GDX). The fund saw $3 billion in outflows even as it saw gains of 111% in 2025, Lopez said.
Lopez defended the sector’s long-term prospects. He particularly noted that mining companies demonstrate better management and more discipline than they did in the past. This makes them a viable way to participate in gold demand driven partly by emerging market central banks diversifying away from the U.S. dollar, Lopez said.
Additionally, Lopez also sees opportunity in business development companies, which sold off on concerns about AI’s impact on software companies. BDCs have roughly 20% exposure to software companies.
The selloff created discounts, Lopez explained. BDCs currently trade at a 10% to 20% discount to net asset value on average. There are also some software-heavy funds trading at a 50% discount, while offering yields around 12%.
Lopez stopped short of calling BDCs a “screaming buy” but described the sector as worth assessing for potential capital addition as the private credit concerns settle.
For more news, information, and strategy, visit ETF Trends.
