Moat Index Finds Strength in Submarines and Semiconductors
May 07, 2025
Read Time 7 MIN
In April, volatility in U.S. equity markets intensified, as the cautious investor sentiment and trade war fears that gripped March surged to new heights following President Trump’s “Liberation Day” on April 2, which unleashed sweeping tariffs and triggered sharp retaliatory measures, sending shockwaves through global markets and deepening economic uncertainty. Equities reacted violently to the disruption, with the S&P 500 plummeting more than 10% in the days following the tariff announcement, marking its worst week since the 2020 Covid crash. Pressures eventually eased after Trump announced a 90-day tariff pause on most nations, except China, providing relief to a market under severe strain. However, even with a notable rebound off intra-month lows, U.S. equities finished lower in April as investors continued to digest volatile trade tensions, renewed inflation uncertainty, and the increased threat of a potential recession.
The Morningstar Wide Moat Focus Index (the “Moat Index”) slipped 2.09% in April, trailing the cap-weighted S&P 500’s 0.68% decline yet edging ahead of the S&P 500 Equal-Weighted Index’s 2.29% loss. The Moat Index’s equally weighted construction, which spreads exposure more evenly and therefore reduces concentration in the market’s largest mega-cap names, proved a headwind this month. An overweight health care position, once a tailwind earlier in the year, also worked against the Index as fresh tariff threats on pharmaceutical imports pressured the sector. Together, these factors left the Moat Index behind the broad market for the month despite beneficial exposure from other market segments.
Down market-cap, the Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) retreated 3.29% during the month, falling between the small-cap benchmark’s 4.19% drop and the mid-cap benchmark’s 2.25% decline, mirroring its blended size exposure. Smaller companies were hit harder as tariff threats heightened concerns that trade tensions could drag on domestic GDP growth, a dynamic to which they are naturally more sensitive than larger multinationals. Even with the setback, the SMID Moat Index still leads both the small- and mid-cap benchmarks on a year-to-date basis.
Stocks Slide in April on Volatile Trade Tension
Source: Morningstar. Data as of 4/30/2025. 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 Index April Highlights: Ships and Chips Sail Ahead
Sector positioning played a primary role in the Moat Index’s relative showing against the S&P 500 in April. A complete absence of energy stocks, a group that suffered the month’s steepest losses, added a tailwind, and a larger-than-benchmark stake in consumer staples and industrial names also helped. These benefits were, unfortunately, more than offset, however, by the Index’s heavier weight in health care, where threats of targeted tariffs, specifically toward pharmaceutical imports, dragged on the sector.
For the second straight month, wide-moat military shipbuilder Huntington Ingalls Industries (HII) held the performance crown. After sidestepping March’s market turbulence, the stock steamed ahead in April on the strength of a solid first-quarter earnings beat. Momentum built further when management announced a new U.S. Navy contract for two Virginia-class submarines, coupled with fresh congressional funding to boost shipbuilding productivity. That powerful combination catapulted HII shares into double-digit gains and prompted Morningstar analyst Nicolas Owens to raise his fair-value estimate to $316 and reiterate his view that Huntington remains undervalued.
Also within the top contributors list for April is the newcomer semiconductor company Cadence Design Systems (CDNS), which just recently made its debut in the Moat Index at the March reconstitution. Cadence provides leading-edge electronic design automation tools and IP critical to the semiconductor chip design process. It benefits from switching costs and intangible assets and was upgraded to a wide moat rating from narrow in December 2024. It historically traded well above fair value until just earlier this year, allowing it to make the cut for the Moat Index. Shares of Cadence rallied 17 percent in April following positive earnings results and a steady growth trajectory amid macroeconomic uncertainty.
Other top contributors within the Moat Index during the month include the well-known aerospace and defense giant Boeing Co. (BA), global security products and solutions company Allegion (ALLE), and the semiconductor design software provider Synopsys (SNPS).
Detracting most this month were companies particularly impacted by tariff uncertainty, several belonging to the health care sector, including leading medical technology firm GE HealthCare Technologies (GEHC), orthopedic implants provider Zimmer Biomet (ZBH), and drug manufacturer Bristol Myers Squibb (BMY). Footwear and apparel brand Nike (NKE) and the world's largest parcel delivery company, United Parcel Service (UPS), both heavily influenced by tariffs, were also notable detractors.
Moat Index Top Contributors and Detractors - April 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Huntington Ingalls Industries Inc. | HII | Industrials | 2.81 | 0.36 |
| Cadence Design Systems Inc. | CDNS | Technology | 1.33 | 0.23 |
| Boeing Co. | BA | Industrials | 2.70 | 0.20 |
| Allegion | ALLE | Industrials | 2.60 | 0.17 |
| Synopsys Inc. | SNPS | Technology | 1.24 | 0.09 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| GE HealthCare Technologies | GEHC | Health Care | 2.56 | -0.33 |
| United Parcel Service | UPS | Industrials | 2.37 | -0.32 |
| Zimmer Biomet Holdings | ZBH | Health Care | 2.85 | -0.26 |
| Bristol-Myers Squibb | BMY | Health Care | 1.51 | -0.25 |
| Nike Inc. | NKE | Consumer Discretionary | 2.18 | -0.24 |
Source: Morningstar, April 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.
SMID Moat Index April Highlights: Data Centers Keep Their Cool
The SMID Moat Index’s April performance benefited from favorable sector positioning relative to the mid-cap benchmark, with underweights in financials and real estate, two of the weaker-performing sectors, alongside a higher allocation to technology stocks, which provided a modest lift. However, those advantages were offset by stock-specific weakness, stemming from names that were disproportionately affected by the heightened tariff uncertainty.
Vertiv Holdings Co. (VRT) defied April’s market volatility, gaining 18 percent only weeks after joining the SMID Moat Index in the March reconstitution. The surge followed a standout first-quarter report that delivered 25 percent year-over-year organic revenue growth and nearly 50 percent earnings-per-share expansion. Management also lifted full-year sales guidance by approximately three percentage points. The robust results reinforced investor confidence in Vertiv’s key role in supplying critical infrastructure equipment, primarily power management and cooling systems, to data centers increasingly focused on cloud computing and AI-driven workloads.
Morningstar assigns Vertiv a narrow economic moat, reflecting the durability of its Liebert brand, which maintains leading market positions in thermal management and power equipment, as well as customer relationships that frequently span more than two decades. Analyst Nicholas Lieb, CFA, maintains a $103 fair-value estimate, citing Vertiv’s pricing power and the essential nature of its products as valuable safeguards against potential tariff-related cost pressures arising from its manufacturing facilities in Mexico and component sourcing from China.
Other notable gainers in April included the automobile retailer AutoNation (AN), cloud-native cybersecurity software provider Zscaler (ZS), global security products and solutions company Allegion (ALLE), as well as respiratory care and medical device developer ResMed (RMD).
The biggest laggards were independent oil and gas producer Hess Corp. (HES), the largest domestic used-vehicle retailer CarMax (KMX), cruise line operator and travel service provider Norwegian Cruise Line (NCLH), medical technology firm GE HealthCare Technologies (GEHC), and protein sciences market leader Bio-Techne Corp. (TECH).
SMID Moat Index Top Contributors and Detractors - April 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Vertiv Holdings Co. | VRT | Industrials | 0.56 | 0.10 |
| AutoNation Inc. | AN | Consumer Discretionary | 1.33 | 0.10 |
| Zscaler Inc. | ZS | Technology | 0.71 | 0.10 |
| Allegion | ALLE | Industrials | 1.40 | 0.09 |
| ResMed Inc. | RMD | Health Care | 1.37 | 0.08 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Hess Corp. | HES | Energy | 1.57 | -0.30 |
| CarMax Inc. | KMX | Consumer Discretionary | 1.38 | -0.23 |
| Norwegian Cruise Line | NCLH | Consumer Discretionary | 1.17 | -0.18 |
| GE HealthCare Technologies | GEHC | Health Care | 1.38 | -0.18 |
| Bio-Techne Corp. | TECH | Health Care | 1.20 | -0.17 |
Source: Morningstar, April 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.
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.
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.
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 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.
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.
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.
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.
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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.
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.
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.
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 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.
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.
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.
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.