Emerging Market Fund Estimated Performance Attribution (QTD) VanEck Emerging Markets Fund vs. MSCI EM (Emerging Markets) IMI 3/31/2021 to 6/30/2021 U.S. Dollar VanEck Emerging Markets Fund MSCI Emerging Markets IMI Variation Attribution Analysis Port. Port. Port. Bench. Bench. Bench. Average Total Contrib. Average Total Contrib. Average Total Contrib. Weight Return To Return Allocation Selection + Total Country Weight Return To Return Weight Return To Return Difference Difference Difference Effect Interaction Effect Total 100.00 4.41 4.41 100.00 5.73 5.73 -- -1.32 -1.32 -0.18 -1.14 -1.32 Kazakhstan 1.00 48.60 0.42 -- -- -- 1.00 48.60 0.42 0.36 -- 0.36 Brazil 5.32 30.47 1.42 5.09 23.60 1.08 0.24 6.86 0.34 0.04 0.30 0.33 Philippines 2.44 16.58 0.37 0.64 7.29 0.04 1.79 9.29 0.32 0.02 0.20 0.22 Thailand 0.18 -5.51 -0.01 1.95 -3.51 -0.08 -1.77 -2.00 0.06 0.16 0.00 0.16 South Africa 3.19 3.89 0.13 3.77 0.09 0.03 -0.58 3.80 0.10 0.06 0.10 0.15 Georgia 0.94 23.02 0.21 -- -- -- 0.94 23.02 0.21 0.15 -- 0.15 Malaysia -- -- -- 1.52 -3.45 -0.05 -1.52 3.45 0.05 0.14 -- 0.14 Hungary 0.86 25.86 0.19 0.20 14.53 0.03 0.65 11.33 0.16 0.04 0.08 0.12 Chile -- -- -- 0.54 -13.58 -0.08 -0.54 13.58 0.08 0.11 -- 0.11 Argentina 1.53 5.82 0.19 0.15 7.11 0.01 1.38 -1.29 0.18 -0.03 0.11 0.09 Kenya 0.61 15.88 0.10 -- -- -- 0.61 15.88 0.10 0.07 -- 0.07 Mexico 2.49 10.01 0.26 1.79 9.47 0.17 0.70 0.54 0.09 0.03 0.01 0.04 Spain 0.15 13.37 0.05 -- -- -- 0.15 13.37 0.05 0.04 -- 0.04 Peru -- -- -- 0.19 -9.06 -0.02 -0.19 9.06 0.02 0.03 -- 0.03 Qatar -- -- -- 0.69 2.41 0.02 -0.69 -2.41 -0.02 0.02 -- 0.02 Colombia -- -- -- 0.16 -3.44 -0.01 -0.16 3.44 0.01 0.01 -- 0.01 Kuwait 0.52 12.47 0.07 0.54 10.03 0.05 -0.02 2.44 0.02 -0.00 0.02 0.01 Pakistan -- -- -- 0.06 -0.69 -0.00 -0.06 0.69 0.00 0.00 -- 0.00 Cayman Islands 0.00 62.52 0.00 -- -- -- 0.00 62.52 0.00 0.00 -- 0.00 United States -- -- -- 0.00 -20.94 -0.00 -0.00 20.94 0.00 0.00 -- 0.00 United Kingdom -- -- -- -- -- -- -- -- -- -- -- -- Greece -- -- -- 0.26 5.63 0.01 -0.26 -5.63 -0.01 -0.00 -- -0.00 Belgium -- -- -- 0.01 4.90 0.00 -0.01 -4.90 -0.00 -0.00 -- -0.00 Singapore -- -- -- 0.00 15.67 0.00 -0.00 -15.67 -0.00 -0.00 -- -0.00 Uruguay -- -- -- 0.01 17.29 0.00 -0.01 -17.29 -0.00 -0.00 -- -0.00 Czech Republic -- -- -- 0.10 13.96 0.01 -0.10 -13.96 -0.01 -0.01 -- -0.01 United Arab Emirates -- -- -- 0.62 10.75 0.06 -0.62 -10.75 -0.06 -0.03 -- -0.03 Cyprus -- -- -- 0.13 35.60 0.04 -0.13 -35.60 -0.04 -0.04 -- -0.04 Poland 0.35 22.29 0.08 0.77 19.53 0.14 -0.42 2.75 -0.06 -0.07 0.03 -0.04 Germany 2.13 0.18 0.01 0.01 -16.47 -0.00 2.12 16.65 0.01 -0.47 0.36 -0.11 Tanzania 1.18 -3.43 -0.05 -- -- -- 1.18 -3.43 -0.05 -0.12 -- -0.12 Saudi Arabia -- -- -- 2.76 10.87 0.29 -2.76 -10.87 -0.29 -0.13 -- -0.13 Russia 4.12 6.87 0.28 2.80 12.64 0.35 1.32 -5.77 -0.06 0.09 -0.23 -0.14 Indonesia 1.22 -14.65 -0.22 1.23 -5.19 -0.07 -0.02 -9.47 -0.16 0.01 -0.16 -0.15 Turkey 2.08 -3.85 -0.08 0.39 -4.91 -0.02 1.69 1.06 -0.06 -0.18 0.02 -0.16 Egypt 1.86 -3.66 -0.07 0.09 -5.58 -0.01 1.76 1.93 -0.06 -0.20 0.03 -0.17 South Korea 8.89 3.94 0.38 13.91 6.17 0.84 -5.01 -2.23 -0.46 -0.02 -0.17 -0.19 Taiwan 9.97 6.63 0.63 14.79 8.28 1.16 -4.82 -1.65 -0.53 -0.08 -0.18 -0.26 China 36.90 0.36 0.21 34.30 2.36 0.88 2.61 -2.00 -0.67 -0.10 -0.69 -0.79 India 10.32 -1.35 -0.16 10.53 8.02 0.83 -0.21 -9.37 -0.99 0.00 -0.96 -0.96 [Cash] 1.74 0.29 0.00 -- -- -- 1.74 0.29 0.00 -0.09 -- -0.09 Source: FactSet. Figures are gross of fees, non-transaction based and therefore estimates only. Figures may not correspond with published performance information based on NAV per share. Past performance is not indicative of future results. Portfolio holdings may change over time. These are not recommendations to buy or sell any security. Allocation Effect: allocation effect is the portion of portfolio excess return attributed to taking different group bets from the benchmark. (If either the portfolio or the benchmark has no position in a given group, allocation effect is the lone effect.) A group’s allocation effect equals the weight of the portfolio’s group minus the weight of the benchmark’s group times the total return of the benchmark group minus the total return of the benchmark in aggregate. Selection Effect: selection effect is the portion of portfolio excess return attributable to choosing different securities within groups from the benchmark. A group’s selection effect equals the weight of the benchmark’s group multiplied by the total return of the portfolio’s group minus the total return of the benchmark’s group. Interaction Effect: interaction effect is the portion of the portfolio's excess return attributable to combining allocation decisions with relative performance. This effect measures the strength of the manager’s convictions. The interaction effect is the weight differential times the return differential. A group’s interaction effect equals the weight of the portfolio’s group minus the weight of the benchmark’s group times the total return of the portfolio’s group minus the total return of the benchmark’s group. Total Effect: total effect is the sum of all three effects. The total effect represents the opportunity cost of your investment decisions in a group relative to the overall benchmark..