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The Morningstar® Wide Moat Focus IndexSM has outperformed the S&P 500 since its inception in February 2007.
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The wide-moat philosophy aims to identify companies with structural competitive advantages that are more likely to earn above-average returns on capital over a long period of time, according to Morningstar's equity research team. The wider the moat, the more sustainable the competitive advantage.
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Morningstar's proprietary valuation methodology is used to select the 20 most undervalued wide-moat stocks for inclusion in the Morningstar® Wide Moat Focus IndexSM.
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From Cost Advantage to Efficient Scale, Morningstar's Elizabeth Collins details the five sources of competitive advantage.
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Important Disclosure*MOAT expenses are capped contractually until at least 2/01/14. Cap excludes certain expenses, such as interest. The value of the securities held by the Fund may fluctuate due to market and economic conditions or factors relating to specific issuers. Small and medium-capitalization companies may be more volatile than large-capitalization companies. The Fund is subject to index tracking risk and may not be able to invest in certain securities in the exact proportions in which they are represented in the Index. The Fund’s assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors. An investor cannot invest directly in an index. Returns reflect past performance of the Index and do not guarantee future results. Prior to April 24, 2012, the Fund had no operating history. Results reflect the reinvestment of dividends and capital gains, if any. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown. Fund performance information current to the most recent month end is available by calling 888.MKT.VCTR or by visiting visiting marketvectorsetfs.com. The Morningstar Wide Moat Focus Index was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the Market Vectors Wide Moat ETF and bears no liability with respect to that ETF or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Wide Moat Focus IndexSM is a service mark of Morningstar, Inc. Morningstar® Wide Moat Focus IndexSM consists of 20 companies identified as having sustainable, competitive advantages and whose stocks are the most attractively priced, according to Morningstar; the Index inception date is 2/14/07. The S&P 500 Index consists of 500 widely held common stocks.Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. 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 contains this and other information, call 888.MKT.VCTR or visit marketvectorsetfs.com. Please read the prospectus and summary prospectus carefully before investing. Not FDIC Insured — No Bank Guarantee — May Lose ValueVan Eck Securities Corporation, Distributor335 Madison Avenue, 19th FloorNew York, NY 10017800.826.2333
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