VanEck Emerging Markets Equity SMA

The model is not a mutual fund or other type of security and will not be registered with the Securities and Exchange Commission as an investment company under the Investment Company Act of 1940, as amended, and no units or shares of the model will be registered under the Securities Act of 1933, as amended, nor will they be registered with any state securities regulator. Accordingly, the model is not subject to compliance with the requirements of such acts.

You can lose money by investing in the strategy. Any investment in the strategy should be part of an overall investment program, not a complete program. The strategy is subject to the risks associated with its investments in Chinese issuers, direct investments, emerging market securities, ESG investing, foreign currency transactions, foreign securities, communication services sectors, consumer discretionary sector, financial services sector, information technology sector, other investment companies, Latin American issuers, management, market, operational, restricted securities, sectors, large and medium-capitalization companies risks and special purpose acquisition companies. The strategy's investments in emerging market securities involves risks related to adverse political and economic developments unique to a country or a region, and the possibility of arbitrary action by foreign governments, or political, economic or social instability.

Depositary receipts are receipts listed on U.S. or foreign exchanges issued by banks or trust companies that entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in depositary receipts may be less liquid than the underlying shares in their primary trading market. The issuers of depositary receipts may discontinue issuing new depositary receipts and withdraw existing depositary receipts at any time, which may result in costs and delays in the distribution of the underlying assets and may negatively impact the Account's performance.

The Morgan Stanley Capital International Emerging Markets Index (MSCI EM) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan Region, Thailand, Turkey and United Arab Emirates.

Indices are unmanaged and are not securities in which investments can be made.

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