Moat Stocks Advance in Summer Rally
July 09, 2025
Read Time 7 MIN
In June, U.S. equity markets sustained their May momentum, delivering an impressive summer rally as the S&P 500 and Nasdaq Composite soared to record highs, climbing 5.1% and 6.6% respectively during the month. A ceasefire between Israel and Iran alleviated geopolitical tensions, while progress in U.S.-China trade negotiations eased tariff fears, boosting investor confidence. Strong corporate earnings and robust employment data further propelled optimism, pushing the S&P 500 above 6,000 for the first time since February. Technology stocks spearheaded the gains again this month, despite the Federal Reserve maintaining elevated interest rates, as investors found some assurance in updated policy rate projections that left the door open for rate cuts to begin in the second half of the year.
The Morningstar Wide Moat Focus Index (the “Moat Index”) participated in the June rally along with the broader equity market, posting a gain of 4.7% for the month. The strategy benefited from strong stock selection, allowing it to outperform the equal-weight S&P 500 and keep pace with the traditional market-weight benchmark while also providing differentiated exposure amid a market environment that continues to be dominated by mega-cap technology.
Smaller U.S. stocks also advanced during the month, but to a lesser extent relative to large-caps, as the cohort remains laggards on the year, pressured by the persistent elevated interest rate backdrop. The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) posted a 4.2% gain in June, outpacing both the broad small- and mid-cap benchmarks, which returned 4% and 3.6%, respectively.
Summer Rally Takes Stocks to Record Highs
Source: Morningstar. Data as of 6/30/2025. Past performance is no guarantee of future results. Index performance is not representative of fund performance. It is not possible to invest directly in an index. Please see index definitions and other important disclosures at the end of this content. Fund performance current to the most recent month end is available by visiting vaneck.com or by calling 800.826.2333.
MOAT | VanEck Morningstar Wide Moat ETF
Moat Index Sees Tech Uptick at Quarterly Review
Both the Moat and SMID Moat Indexes underwent quarterly reviews on June 20, 2025. Each quarter, they systematically target the most attractively priced, high-quality U.S. companies within their respective universes. At the June review, the Moat strategies targeted valuation opportunities within technology, consumer goods and industrials. See our blog covering the recent review for more on these trends and other key insights. Full results of the quarterly reviews are also available here: Moat Index and SMID Moat Index.
Additionally, in our moat investing webinar, we go even more in-depth on the quarterly review, current positioning, as well as recent performance. We also host members of Morningstar’s equity research team to share their perspectives on market trends and companies within the strategies. View the webinar here: U.S. Equity Overload: Time to Rethink Core Diversification.
Moat Index June Highlights: Tailwinds from Tech Selection
In June, the Moat Index benefited from strong stock selection, which largely offset headwinds caused by its equal-weighted approach and current overweight positioning in defensive sectors. This enabled the Index to keep pace with the broader, tech-heavy market. Stock selection was particularly effective within the Technology sector, despite an underweight position, as highlighted by the presence of three technology names among the top five contributors.
The largest contributor, for the second consecutive month, was wide-moat semiconductor company Microchip Technology (MCHP). Microchip shares soared in May following strong earnings, and that momentum continued in June as shares gained another 20% on analyst upgrades and market optimism. The two-month rally moved MCHP shares from $45 at the beginning of May to over $70 per share by end of June, exceeding Morningstar’s fair value estimate of $63 and leading to a trimming of the position at the recent June reconstitution in favor of other more attractive valuation opportunities.
Estée Lauder (EL), a leader in premium beauty products, was also among the top contributors in June, gaining 20%. Shares had previously faced pressure due to uncertainty around tariffs, reflecting the company’s significant global exposure, particularly in China. However, investor sentiment improved notably in June amid encouraging progress in U.S. trade negotiations, easing concerns around international market disruptions. Morningstar believes Estée Lauder remains well-positioned to benefit from consumer premiumization trends and their strategic investments aimed at expanding its presence across key emerging markets. Morningstar believes EL remains undervalued and could continue its rebound given its fair value estimate of $120 per share.
Other top contributors within the Moat Index during the month include the cloud enterprise application and infrastructure company, Oracle Corp. (ORCL), global footwear and apparel brand, Nike Inc. (NKE), and automotive semiconductor supplier, NXP Semiconductors (NXPI).
Companies detracting the most in June are notably from the Consumer Staples sector with four names from the segment making the list including the premium distilled spirits manufacturer, Brown-Forman (BF.B), packaged-food giant, Campbell’s (CPB), the spirits and Mexican beer importer, Constellation Brands (STZ), and consumer health company, Kenvue Inc. (KVUE). Outside of Consumer Staples is the document management and digital marketing software firm, Adobe Inc. (ADBE).
Moat Index Top Contributors and Detractors - June 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Microchip Technology Inc. | MCHP | Technology | 2.65 | 0.56 |
| Estee Lauder | EL | Consumer Staples | 2.39 | 0.50 |
| Oracle Corp. | ORCL | Technology | 1.35 | 0.43 |
| Nike Inc. | NKE | Consumer Discretionary | 2.05 | 0.37 |
| NXP Semiconductors | NXPI | Technology | 2.32 | 0.34 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Brown-Forman Corp. | BF.B | Consumer Staples | 2.24 | -0.42 |
| The Campbell's Co. | CPB | Consumer Staples | 2.18 | -0.22 |
| Constellation Brands Inc. | STZ | Consumer Staples | 2.19 | -0.19 |
| Kenvue Inc. | KVUE | Consumer Staples | 1.47 | -0.18 |
| Adobe Inc. | ADBE | Technology | 2.16 | -0.15 |
Source: Morningstar, June 2025. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
SMOT | VanEck Morningstar SMID Moat ETF
SMID Moat Index May Highlights: Cruise Line Momentum Continues
The SMID Moat Index outperformed both the small-cap and mid-cap benchmarks in June, supported by strong stock selection across key areas of the portfolio. Standout performance within the Consumer Discretionary and Health Care sectors led the way, helping to offset a more neutral contribution from sector positioning overall.
For the second straight month, Carnival Corp. (CCL) topped the SMID Moat Index, with shares rising 21 percent in June. The cruise operator extended its rally after posting another quarter of impressive results, surpassing yield and cost expectations thanks to strong onboard spending and resilient late-booking demand. Management raised its 2025 net yield growth target and highlighted a booking curve that now stretches further out than ever before. With record customer deposits, a string of successful refinancing efforts, and credit-rating upgrades from S&P and Fitch, investor optimism remained strong. Morningstar lifted its fair value estimate per share for Carnival to $33 from $31 to reflect the cruise operator’s improved fundamentals and pricing strength.
Also powering Index performance was Norwegian Cruise Line Holdings (NCLH), which saw shares climb nearly 15 percent in June as the cruise rebound broadened. Norwegian continues to benefit from firm pricing trends and steady demand across its brands, supported by attractive itineraries, bundled offerings like the More at Sea program, and data-driven marketing. With ships sailing at full occupancy and returns on invested capital expected to reach meaningful levels in 2025, Morningstar sees the company on solid footing. Even after the strong month, Morningstar believes Norwegian shares have further upside based on their $31 fair value estimate.
Companies detracting the most in June within the SMID Moat Index also showed a clear tilt toward the Consumer Staples sector, echoing the trend seen earlier in the Moat Index. Three of the five laggards came from the segment, including packaged-food maker Campbell’s (CPB), consumer health firm Kenvue (KVUE), and household goods manufacturer Kimberly-Clark (KMB). Rounding out the list were money-transfer provider Western Union (WU) and video conferencing software company Zoom Communications (ZM).
SMID Moat Index Top Contributors and Detractors - June 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Carnival Corp. | CCL | Consumer Discretionary | 1.41 | 0.30 |
| DraftKings Inc. | DKNG | Consumer Discretionary | 1.24 | 0.24 |
| The Carlyle Group Inc. | CG | Financials | 1.30 | 0.18 |
| Monolithic Power Systems | MPWR | Technology | 1.51 | 0.16 |
| Norwegian Cruise Line | NCLH | Consumer Discretionary | 1.08 | 0.16 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| The Campbell's Co. | CPB | Consumer Staples | 1.18 | -0.12 |
| Kenvue Inc. | KVUE | Consumer Staples | 0.80 | -0.10 |
| The Western Union Co. | WU | Financials | 1.22 | -0.08 |
| Kimberly-Clark Corp. | KMB | Consumer Staples | 0.83 | -0.08 |
| Zoom Communications Inc. | ZM | Technology | 1.41 | -0.06 |
Source: Morningstar, June 2025. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
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Important Disclosures
Source for all data unless otherwise noted: Morningstar.
Fair value estimate: the Morningstar analyst's estimate of what a stock is worth. Price/Fair Value: ratio of a stock's trading price to its fair value estimate.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
Holdings will vary for the MOAT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOAT - VanEck Morningstar Wide Moat ETF - Holdings & Performance.
Holdings will vary for the SMOT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: SMOT - VanEck Morningstar SMID Moat ETF - Holdings & Performance.
Holdings will vary for the MOTI ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOTI - VanEck Morningstar International Moat ETF - Holdings & Performance.
Holdings will vary for the MGRO ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MGRO - VanEck Morningstar Wide Moat Growth ETF - Holdings & Performance.
Holdings will vary for the MVAL ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MVAL - VanEck Morningstar Wide Moat Value ETF - Holdings & Performance.
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Certain indices may take into account withholding taxes. 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.
The Morningstar® Wide Moat Focus IndexSM and Morningstar® US Small-Mid Cap Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat ETF or the VanEck Morningstar SMID Moat ETF and bears no liability with respect to the ETFs or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Wide Moat Focus IndexSM and Morningstar® US Small-Mid Cap Moat Focus IndexSM are service marks of Morningstar, Inc.
The Morningstar® Global Markets ex-US Wide Moat Focus IndexSM was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar International Moat ETF and bears no liability with respect to that ETF or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Global Markets ex-US Wide Moat Focus IndexSM is a service mark of Morningstar, Inc.
The Morningstar® US Broad Value Wide Moat Focus IndexSM and Morningstar® US Broad Growth Wide Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat Value ETF and VanEck Morningstar Wide Moat Growth ETF and bears no liability with respect to the Funds or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® US Broad Value Wide Moat Focus IndexSM and Morningstar® US Broad Growth Wide Moat Focus IndexSM are service marks of Morningstar, Inc.
Effective June 20, 2016, Morningstar implemented several changes to the Morningstar Wide Moat Focus Index construction rules. Among other changes, the index increased its constituent count from 20 stocks to at least 40 stocks and modified its rebalance and reconstitution methodology. These changes may result in more diversified exposure, lower turnover, and longer holding periods for index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.
The Morningstar moat-driven indexes represent various regional exposures and consist of companies identified as having sustainable, competitive advantages and whose stocks are attractively priced, according to Morningstar.
The Morningstar® Wide Moat Focus IndexSM is intended to track the overall performance of attractively priced companies with sustainable competitive advantages according to Morningstar's equity research team.
The Morningstar® US Small-Mid Cap Moat Focus IndexSM is intended to track the overall performance of small- and mid-cap companies with sustainable competitive advantages and attractive valuations according to Morningstar's equity research team.
The Morningstar® Global Markets ex-US Wide Moat Focus IndexSM is intended to track the overall performance of attractively priced wide moat rated companies outside the U.S. with sustainable competitive advantages according to Morningstar's equity research team.
Morningstar® US Broad Value Wide Moat Focus IndexSM : consists of at least 30 U.S. value-oriented companies identified as having sustainable, competitive advantages, and whose stocks are the most attractively priced, according to Morningstar.
Morningstar® US Broad Growth Wide Moat Focus IndexSM : consists of at least 30 U.S. growth-oriented companies identified as having sustainable, competitive advantages, and whose stocks are the most attractively priced, according to Morningstar.
The S&P SmallCap 600 Index represents small-cap US companies. The S&P Midcap 400 Index provides investors with a benchmark for mid-sized US companies. The S&P 500 Index tracks the stock performance of 500 of the largest companies listed on stock exchanges in the United States. The S&P 500 Equal Weighted Index which is an equally weighted version of the market-cap weighted S&P 500 Index. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright ©2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
An investment in the VanEck Morningstar Wide Moat ETF (MOAT®) may be subject to risks which include, among others, risks related to investing in equity securities, health care sector, industrials sector, information technology sector, financials sector, medium-capitalization companies, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversification and index-related concentration risks, all of which may adversely affect the Fund. Medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar SMID Moat ETF (SMOT®) may be subject to risks which include, among others, risks related to investing in equity securities, small- and medium-capitalization companies, consumer discretionary sector, financials sector, health care sector, industrials sector, information technology sector, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small- and medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar International Moat ETF (MOTI) may be subject to risks which include, among others, risks related to investing in equity securities, consumer staples sector, industrials sector, consumer discretionary sector, health care sector, medium-capitalization companies, foreign securities, foreign currency, emerging market issuers, special risk considerations of investing in Asian, Chinese and United Kingdom issuers, depositary receipts, cash transactions, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversification index-related concentration and competitive advantage assessment risks, 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. Medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar Wide Moat Value ETF (MVAL) may be subject to risks which include, among others, risks related to investing in equity securities, value style investing, financials sector, health care sector, industrials sector, large- and medium-capitalization companies, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Large- and medium-capitalization companies may be subject to elevated risks. The Fund’s value strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole. Furthermore, the value companies identified by the Index provider may not operate as expected, and there is no guarantee that the index provider’s proprietary valuation model will perform as intended.
An investment in the VanEck Morningstar Wide Moat Growth ETF (MGRO) may be subject to risks which include, among others, risks related to investing in equity securities, growth style investing, consumer discretionary sector, industrials sector, financials sector, large- and medium-capitalization companies, health care sector, information technology sector, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risk, all of which may adversely affect the Fund. Large- and medium-capitalization companies may be subject to elevated risks. The Fund’s growth strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole. Furthermore, the growth companies identified by the Index provider may not operate as expected, and there is no guarantee that the index provider’s proprietary valuation model will perform as intended.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a 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. Please read the prospectus and summary prospectus carefully before investing.
©️ Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
Related Funds
Important Disclosures
Source for all data unless otherwise noted: Morningstar.
Fair value estimate: the Morningstar analyst's estimate of what a stock is worth. Price/Fair Value: ratio of a stock's trading price to its fair value estimate.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
Holdings will vary for the MOAT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOAT - VanEck Morningstar Wide Moat ETF - Holdings & Performance.
Holdings will vary for the SMOT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: SMOT - VanEck Morningstar SMID Moat ETF - Holdings & Performance.
Holdings will vary for the MOTI ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOTI - VanEck Morningstar International Moat ETF - Holdings & Performance.
Holdings will vary for the MGRO ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MGRO - VanEck Morningstar Wide Moat Growth ETF - Holdings & Performance.
Holdings will vary for the MVAL ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MVAL - VanEck Morningstar Wide Moat Value ETF - Holdings & Performance.
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Certain indices may take into account withholding taxes. 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.
The Morningstar® Wide Moat Focus IndexSM and Morningstar® US Small-Mid Cap Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat ETF or the VanEck Morningstar SMID Moat ETF and bears no liability with respect to the ETFs or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Wide Moat Focus IndexSM and Morningstar® US Small-Mid Cap Moat Focus IndexSM are service marks of Morningstar, Inc.
The Morningstar® Global Markets ex-US Wide Moat Focus IndexSM was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar International Moat ETF and bears no liability with respect to that ETF or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Global Markets ex-US Wide Moat Focus IndexSM is a service mark of Morningstar, Inc.
The Morningstar® US Broad Value Wide Moat Focus IndexSM and Morningstar® US Broad Growth Wide Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat Value ETF and VanEck Morningstar Wide Moat Growth ETF and bears no liability with respect to the Funds or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® US Broad Value Wide Moat Focus IndexSM and Morningstar® US Broad Growth Wide Moat Focus IndexSM are service marks of Morningstar, Inc.
Effective June 20, 2016, Morningstar implemented several changes to the Morningstar Wide Moat Focus Index construction rules. Among other changes, the index increased its constituent count from 20 stocks to at least 40 stocks and modified its rebalance and reconstitution methodology. These changes may result in more diversified exposure, lower turnover, and longer holding periods for index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.
The Morningstar moat-driven indexes represent various regional exposures and consist of companies identified as having sustainable, competitive advantages and whose stocks are attractively priced, according to Morningstar.
The Morningstar® Wide Moat Focus IndexSM is intended to track the overall performance of attractively priced companies with sustainable competitive advantages according to Morningstar's equity research team.
The Morningstar® US Small-Mid Cap Moat Focus IndexSM is intended to track the overall performance of small- and mid-cap companies with sustainable competitive advantages and attractive valuations according to Morningstar's equity research team.
The Morningstar® Global Markets ex-US Wide Moat Focus IndexSM is intended to track the overall performance of attractively priced wide moat rated companies outside the U.S. with sustainable competitive advantages according to Morningstar's equity research team.
Morningstar® US Broad Value Wide Moat Focus IndexSM : consists of at least 30 U.S. value-oriented companies identified as having sustainable, competitive advantages, and whose stocks are the most attractively priced, according to Morningstar.
Morningstar® US Broad Growth Wide Moat Focus IndexSM : consists of at least 30 U.S. growth-oriented companies identified as having sustainable, competitive advantages, and whose stocks are the most attractively priced, according to Morningstar.
The S&P SmallCap 600 Index represents small-cap US companies. The S&P Midcap 400 Index provides investors with a benchmark for mid-sized US companies. The S&P 500 Index tracks the stock performance of 500 of the largest companies listed on stock exchanges in the United States. The S&P 500 Equal Weighted Index which is an equally weighted version of the market-cap weighted S&P 500 Index. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright ©2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
An investment in the VanEck Morningstar Wide Moat ETF (MOAT®) may be subject to risks which include, among others, risks related to investing in equity securities, health care sector, industrials sector, information technology sector, financials sector, medium-capitalization companies, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversification and index-related concentration risks, all of which may adversely affect the Fund. Medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar SMID Moat ETF (SMOT®) may be subject to risks which include, among others, risks related to investing in equity securities, small- and medium-capitalization companies, consumer discretionary sector, financials sector, health care sector, industrials sector, information technology sector, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small- and medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar International Moat ETF (MOTI) may be subject to risks which include, among others, risks related to investing in equity securities, consumer staples sector, industrials sector, consumer discretionary sector, health care sector, medium-capitalization companies, foreign securities, foreign currency, emerging market issuers, special risk considerations of investing in Asian, Chinese and United Kingdom issuers, depositary receipts, cash transactions, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversification index-related concentration and competitive advantage assessment risks, 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. Medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar Wide Moat Value ETF (MVAL) may be subject to risks which include, among others, risks related to investing in equity securities, value style investing, financials sector, health care sector, industrials sector, large- and medium-capitalization companies, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Large- and medium-capitalization companies may be subject to elevated risks. The Fund’s value strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole. Furthermore, the value companies identified by the Index provider may not operate as expected, and there is no guarantee that the index provider’s proprietary valuation model will perform as intended.
An investment in the VanEck Morningstar Wide Moat Growth ETF (MGRO) may be subject to risks which include, among others, risks related to investing in equity securities, growth style investing, consumer discretionary sector, industrials sector, financials sector, large- and medium-capitalization companies, health care sector, information technology sector, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risk, all of which may adversely affect the Fund. Large- and medium-capitalization companies may be subject to elevated risks. The Fund’s growth strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole. Furthermore, the growth companies identified by the Index provider may not operate as expected, and there is no guarantee that the index provider’s proprietary valuation model will perform as intended.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a 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. Please read the prospectus and summary prospectus carefully before investing.
©️ Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.