Morningstar Fair Value Estimate

The Morningstar Fair Value Estimate tells investors what the long-term intrinsic value of a stock is, helping them see beyond the present market price.

Morningstar calculates the fair value estimate of a company based on how much cash we think the company will generate in the future. When determining the fair value estimate, Morningstar also takes into account the predictability of a company's future cash flows--the uncertainty rating. A stock with a higher uncertainty rating requires a larger margin of safety before earning a 4- or 5-star rating.

The Morningstar Fair Value Estimate is a measuring stick for determining long-term intrinsic value.

IMPORTANT DISCLOSURE

The views and opinions expressed are those of Morningstar. The views and opinions are subject to change with market conditions and do not necessarily reflect the views and opinions of VanEck. The views are provided for informational purposes only, are not meant as investment advice and are subject to change. VanEck cannot guarantee the accuracy or completeness of any statement or data contained in this presentation. Past performance is not a guarantee of future results. All economic and performance information referenced is historical and is no guarantee of future results.

All Information available through this presentation is the property of Morningstar, Inc. or its Information Providers and is protected by copyright and intellectual property laws. All rights reserved.

Morningstar, Inc., Morningstar, the Morningstar logo and Morningstar.com are registered trademarks of Morningstar, Inc. All other Morningstar products and proprietary tools, including Morningstar Category, Morningstar Rating, Morningstar Risk, Morningstar Return, and Morningstar Style Box are trademarks of Morningstar, Inc. All other brands and names are the property of their respective owners.

Neither Morningstar nor its Information Providers can guarantee the accuracy, completeness, timeliness, or correct sequencing of any of the Information in the presentation, including, but not limited to Information originated by Morningstar, licensed by Morningstar from Information Providers, or gathered by Morningstar from publicly available sources. There may be delays, omissions, or inaccuracies in the Information.

NEITHER MORNINGSTAR NOR THE INFORMATION PROVIDERS SHALL HAVE ANY LIABILITY, CONTINGENT OR OTHERWISE, FOR THE ACCURACY, COMPLETENESS, TIMELINESS, OR CORRECT SEQUENCING OF THE INFORMATION OR FOR ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE UPON THE INFORMATION OR FOR INTERRUPTION OF ANY DATA OR INFORMATION. THE PAST PERFORMANCE OF A MUTUAL FUND, STOCK, OR INVESTMENT STRATEGY CANNOT GUARANTEE ITS FUTURE PERFORMANCE.

NEITHER MORNINGSTAR, INC. NOR ITS INFORMATION PROVIDERS MAKE ANY REPRESENTATIONS ABOUT THE SUITABILITY OF THE INFORMATION, SOFTWARE, PRODUCTS, OR SERVICES CONTAINED HEREIN. ALL SUCH INFORMATION, SOFTWARE, PRODUCTS, AND SERVICES ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND.

Please note that Van Eck Securities Corporation offers investment products that may invest in the asset class(es) included in this presentation. Please refer to the Fund’s prospectus and summary prospectus, which should be read carefully before you invest.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the 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/etf. Please read the prospectus and summary prospectus carefully before investing.

Van Eck Securities Corporation, Distributor
666 Third Avenue, New York, NY 10017