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VGOLDS

VanEck VIP Global Gold Fund

As of February 28, 2026

Fund Details

Net Assets	$195.3M
Number of Holdings	47
Avg. Wtd. Market Cap	$17.80B
Turnover Rate (2024)	54.1%
P/B (LTM)	5.8
Benchmark Index	MarketVector Global Gold Miners Index
Inception Date	04/26/13
CUSIP	921082798

^*Price-to-Book (P/B) ratio is the ratio of a stock's price to its book value.

Top 10 Holdings

Holdings	% of Net Assets
Newmont Corp	7.3
Agnico Eagle Mines Ltd	7.1
Anglogold Ashanti Plc	5.9
Alamos Gold Inc	5.2
Wheaton Precious Metals Corp	5.0
Barrick Mining Corp	5.0
G Mining Ventures Corp	4.5
Franco-Nevada Corp	4.5
Pan American Silver Corp	3.5
Kinross Gold Corp	3.5

These are not recommendations to buy or sell any security. Holdings may vary.

Fund Expense Ratios

Class	Gross	Net
S	1.58%	1.45%

Expenses are capped contractually until 05/01/26 at 1.45% for Class S. Caps excluding acquired fund fees and expenses, interest, trading, dividends, and interest payments of securities sold short, taxes, and extraordinary expenses.

Fund Description

The VanEck VIP Global Gold Fund seeks long-term capital appreciation by investing in common stocks of gold-mining companies. The Fund may take current income into consideration when choosing investments. The Fund is an actively managed portfolio investing in gold-mining equities, with an inception dating back to 1956; Imaru Casanova has been a part of the investment team since 2011. The Fund offers exposure to gold, a distinct asset class typically fueled by robust investment and fabrication demand, as well as by ongoing supply constraints. Gold-related investments may provide a hedge against financial assets in volatile markets or inflationary periods. Our specialized investment team conducts continuous on- and under-the-ground research to assess mining efficiencies and opportunities.

Performance History: Average Annual Total Returns* (%) (In USD)

Month End as of February 28, 2026	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE
Class S: NAV (Inception 04/26/13)	24.44	44.66	35.74	206.97	67.76	32.89	21.74	--
MarketVector Global Gold Miners Index	21.01	41.51	34.22	195.73	64.40	32.22	21.27	--

Quarter End as of December 31, 2025	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE
Class S: NAV (Inception 04/26/13)	6.57	19.26	164.43	164.43	49.49	20.00	20.89	--
NYSE Arca Gold Miners Index	5.43	14.88	158.28	158.28	46.75	21.22	21.83	--

*Returns less than one year are not annualized.

Index data prior to January 1, 2026 reflects that of the NYSE Arca Gold Miners Index (GDMNTR). From January 1, 2026 forward, the index data reflects that of the Fund's underlying index, MarketVector Global Gold Miners Index (MVGDXTR). Not intended for third party use.

Three-Year Risk Measures and Statistics

Volatility (Standard Deviation)	30.85
Sharpe Ratio	1.96
Alpha vs. MarketVector Global Gold Miners Index	-1.88
Beta vs. MarketVector Global Gold Miners Index	0.88
R2 vs. MarketVector Global Gold Miners Index	85.73

Five-Year Risk Measures and Statistics

Volatility (Standard Deviation)	31.71
Sharpe Ratio	0.93
Alpha vs. MarketVector Global Gold Miners Index	-2.78
Beta vs. MarketVector Global Gold Miners Index	0.90
R2 vs. MarketVector Global Gold Miners Index	91.10

Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

fact-sheet page one metlife disclaimer

The Fund is only available through variable annuity and variable life insurance products.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance may be lower or higher than performance data quoted.

The "Net Asset Value" (NAV) of a Fund is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. Investors should not expect to buy or sell shares at NAV.

VGOLDS

VanEck VIP Global Gold Fund

As of February 28, 2026

Sector Weightings

Sector	% of Net Assets
Gold	94.6
Gold Bullion	3.0
Diversified Metals & Mining	1.5
Cash	0.9

Production Level Breakdown (%)

Senior/Majors (1.5M - 6.0M oz.)	41.7
Mid-Tiers (0.3M - 1.5M oz.)	24.4
Juniors (<0.3M oz.)	29.8
Gold Bullion	3.1
Average Weighted Market Cap	$17.8B

Portfolio production level classifications are determined by VanEck’s Gold and Precious Metals Investment Team.

Country Weightings (%)

Country	% of Net Assets
Canada	61.5
United States	15.8
Australia	6.4
Brazil	5.0
South Africa	3.1
Gold Bullion	3.0
Côte D'Ivoire	2.8
Burkina Faso	1.1
Netherlands	0.3
Cash	0.9

MarketVector Global Gold Miners Index is the exclusive property of MarketVector Indexes GmbH (a wholly owned subsidiary of Van Eck Securities Corporation), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector Indexes GmbH, Solactive AG has no obligation to point out errors in the Index to third parties.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Index returns assume that dividends have been reinvested.

You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to risks which may include, but are not limited to, risks associated with active management, commodities and commodity-linked derivatives, derivatives, direct investments, emerging market issuers, ESG investing strategy, foreign currency, foreign securities, gold and silver mining companies, market, non-diversified, operational, regulatory, investing in other funds, small- and medium-capitalization companies, special risk considerations of investing in Australian and Canadian issuers, and subsidiary investment risk, all of which may adversely affect the Fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Small- and medium-capitalization companies may be subject to elevated risks. Derivatives may involve certain costs and risks such as liquidity, interest rate, and the risk that a position could not be closed when most advantageous. Investments in gold and silver mining companies may be impacted by various factors, such as industry competition, the price of gold and silver bullion, inflation, currency exchange rates, environmental or labor costs, worldwide economic, financial and political, as well as other potential factors.

The Fund is only available as an option under various insurance contracts issued by life insurance and annuity companies. These contracts offer life and tax benefits to the beneficial owners of the Fund. The insurance or annuity company charges, fees and expenses for these benefits are not included in Fund performance. A review of the particular life and/or annuity contract will provide you with much greater detail regarding these costs and benefits.

The Fund is not available directly to the general public. For more complete information on variable life/annuity products, including all charges and expenses, please obtain a prospectus from a licensed insurance agent/registered representative. The prospectus includes information about the investment objective, risks and charges and expenses. Please read the prospectus carefully before investing.

FINANCIAL PROFESSIONALS ONLY. Not for use with the general public. This material is for financial professional use only and has not been reviewed by FINRA. If this material is distributed outside of your firm, you are responsible for ensuring that the distribution complies with applicable laws, rules and regulations.

Van Eck Securities Corporation, Distributor, a wholly-owned subsidiary of Van Eck Associates Corporation, 666 Third Avenue, New York, NY 10017

The NYSE Arca Gold Miners (GDMNTR) Index (the "Index") is a Net Total Return modified market capitalization weighted index comprised of publicly traded companies primarily involved in the mining of gold and silver in locations around the world. Indices are unmanaged 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 performance is not illustrative of the Fund's performance. Indices are unmanaged and are not securities in which investments can be made.

You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to the risks associated with concentrating its assets in the gold industry, which can be significantly affected by international economic, monetary and political developments. The Fund’s overall portfolio may decline in value due to developments specific to the gold industry. The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, or political, economic or social instability. The Fund is subject to risks associated with investments in Australian and Canadian issuers, commodities and commodity-linked derivatives, commodities and commodity-linked derivatives tax, concentration in gold-mining industry, derivatives, direct investments, emerging market securities, ESG investing, foreign currency transactions, foreign securities, other investment companies, management, market, non-diversification, operational, regulatory, small- and medium-capitalization companies and subsidiary risks.

Van Eck Securities Corporation, Distributor, 666 Third Avenue, New York, NY 100017

800.826.2333 VANECK.COM