Moat Stocks Climb in a Concentrated Market
November 10, 2025
Read Time 7 MIN
Key Takeaways:
- Moat Index outpaced the S&P 500 in October, driven by strong stock selection.
- Teradyne and Thermo Fisher Scientific led Moat Index contributors.
- SMID Moat Index declined 0.6%, but held up better than small-cap peers amid consumer weakness.
- WESCO International and Ionis Pharmaceuticals were top SMID Moat Index contributors.
In October, the S&P 500 marked its sixth straight monthly gain and set fresh record highs, as a strong third quarter earnings season and announcements of continued AI-driven capital spending kept risk appetite intact. Equities were further supported by the Federal Reserve’s second 25 basis point cut of the year and the signaling of an end to quantitative tightening. Hopes for an incremental thaw in U.S.-China trade relations also helped, rounding out a constructive backdrop heading into November. However, market breadth remained narrow during the month. Leadership continued to be concentrated in the typical mega-cap technology names, while small caps faced pressure from the continued government shutdown and resulting gaps in critical economic data releases.
The Morningstar Wide Moat Focus Index (the “Moat Index”) gained 2.66% in October, outpacing the S&P 500 which advanced 2.34%. Strong stock selection was the primary driver of relative outperformance, led by health care and industrials where several holdings beat sector peers. The outperformance was despite headwinds to equal-weight strategies during the month, illustrated by the equal-weight S&P 500, which finished down nearly a full percentage point.
In contrast, smaller cap companies trailed, as investors continued to favor large-cap technology leaders even after another quarter point rate cut. The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) declined 0.60% during the month, falling in between the broad small- and mid-cap benchmarks given the strategy’s mixed size exposure.
Wide Moat Stock Shows Strength as Market Breadth Shrinks
Source: Morningstar. Data as of 10/31/2025. 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.
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Moat Index Highlights: Semis and Science Lead
In October, the Moat Index finished ahead of the S&P 500, overcoming headwinds faced generally by equal-weighted strategies during the month. Strong stock selection was the primary driver of relative performance, but sector allocations in certain segments, namely overweights in health care and industrials, also proved beneficial during the month.
Teradyne (TER) was the top contributor to the Moat Index in October as shares rose 32% following a strong earnings release. Third quarter sales rose 4%, which was at the high end of guidance, and management called for additional revenue growth in the fourth quarter on accelerating AI demand. Morningstar highlights a stronger position in AI chip testing, including custom accelerators from Broadcom and high bandwidth memory, with rising confidence that Teradyne can qualify as a second testing source for GPUs at Nvidia and AMD. With AI now the primary growth driver and mobile becoming less central, Morningstar raised its fair value estimate to $140 per share from $115 and reiterates a wide moat view on the firm’s automated test leadership. While the stock looks slightly rich to that estimate after the move, Morningstar expects double digit chip testing growth over the next two years as AI buildouts add capacity and complexity.
Also within the top contributors this month was Thermo Fisher Scientific Inc. (TMO), a global leader in life science tools and services that span instruments, consumables, logistics, and clinical trial support. Shares gained 17% in October after the company announced the $8.9B acquisition of Clario Holdings, a provider of clinical trial data solutions, with closing targeted for mid-2026. Clario’s end point data software is used in roughly 70% of U.S. drug approvals and will expand Thermo Fisher’s clinical trial solutions portfolio. Management expects Clario’s $1.25B revenue base to grow at a high single-digit rate and be immediately accretive to adjusted operating margin. TMO’s wide moat reflects unmatched scale, a one stop shop portfolio, and switching costs that come from deep integration with pharma workflows and a large base of recurring consumables and services. Morningstar maintains a $630 per share fair value estimate and a wide moat rating.
Other top contributors within the Moat Index during the month included semiconductor equipment leader Applied Materials Inc. (AMAT), life science tools and diagnostics provider Agilent Technologies Inc. (A), and global package delivery and logistics provider United Parcel Service Inc. (UPS).
Companies detracting the most in October included consumer health company Kenvue Inc. (KVUE), semiconductor leader NXP Semiconductors (NXPI), global food and beverage company Mondelez International Inc. (MDLZ), household products maker Clorox Co. (CLX), and athletic footwear and apparel brand Nike Inc. (NKE).
Moat Index Top Contributors and Detractors - October 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Teradyne Inc. | TER | Technology | 1.89 | 0.61 |
| Thermo Fisher Scientific Inc. | TMO | Health Care | 2.67 | 0.45 |
| Applied Materials Inc. | AMAT | Technology | 3.03 | 0.42 |
| Agilent Technologies Inc. | A | Health Care | 2.57 | 0.36 |
| United Parcel Service Inc. | UPS | Industrials | 2.25 | 0.35 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Kenvue Inc | KVUE | Consumer Staples | 2.02 | -0.23 |
| NXP Semiconductors | NXPI | Technology | 2.54 | -0.21 |
| Mondelez International Inc. | MDLZ | Consumer Staples | 2.38 | -0.19 |
| Clorox Co. | CLX | Consumer Staples | 2.39 | -0.19 |
| Nike Inc. | NKE | Consumer Discretionary | 2.51 | -0.19 |
Source: Morningstar. 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.
MOAT | VanEck Morningstar Wide Moat ETF
SMID Moat Index Highlights: Cables and Capsules Climb
The SMID Moat Index performance was muted this month, falling in between the small- and mid-cap benchmarks given its exposure to both size cohorts. The strategy benefited from its overweight allocation in health care, a top performing sector during the month, as well as from its underweight to the financials. However, headwinds to consumer discretionary names acted as an offset.
WESCO International (WCC) was the top contributor to the SMID Moat Index in October as shares rallied 23% on strong quarterly earnings results. Organic sales increased and EPS grew year-over-year despite some margin pressure. Momentum remained strongest in data center solutions, marking a fifth straight quarter with sales up more than 50% and bringing that end market to nearly 20% of Wesco’s revenue. Wesco is also benefiting from U.S. infrastructure spending and multiyear projects where it provides value added services. Morningstar raised its fair value estimate to $240 and maintained WCC’s economic moat. The moat reflects scale, broad supplier and product reach, and service capabilities such as vendor managed inventory that deepen customer relationships and support a cost advantage.
Ionis Pharmaceuticals Inc. (IONS) was a top contributor for the second consecutive month, rising about 13% in October. Momentum followed strong uptake for their rare disease drug, Tryngolza, which delivered $32M in quarterly sales and grew 68% sequentially, prompting a higher revenue guidance outlook. Management is also planning near-term U.S. filings for two additional products, olezarsen and zilganersen, and Morningstar assigns a 90% approval probability to each with launches expected in 2026. Ionis’ narrow moat is supported by its proprietary antisense platform and layered intellectual property, and by progress building independent commercial capabilities. Morningstar maintains a $74 fair value estimate and a positive long-term outlook.
Other top contributors include Agilent Technologies Inc. (A), a life science tools and diagnostics provider, Huntington Ingalls Industries (HII), the largest U.S. military shipbuilder, and Albemarle Corp. (ALB), a leading lithium producer serving electric vehicle supply chains.
Companies detracting the most in October within the SMID Moat Index spanned multiple sectors, but consumer discretionary was the notable stand out. Names included online sports betting firm DraftKings Inc. (DKNG), cruise operator Norwegian Cruise Line Ltd. (NCLH), sleep and respiratory care device maker ResMed Inc. (RMD), confectionery company The Hershey Co. (HSY), and alternative asset manager The Carlyle Group Inc. (CG).
SMID Moat Index Top Contributors and Detractors - October 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| WESCO International Inc. | WCC | Industrials | 1.44 | 0.33 |
| Ionis Pharmaceuticals Inc. | IONS | Health Care | 1.89 | 0.26 |
| Agilent Technologies Inc. | A | Health Care | 1.40 | 0.20 |
| Huntington Ingalls Industries Inc. | HII | Industrials | 1.55 | 0.18 |
| Albemarle Corp. | ALB | Materials | 0.67 | 0.14 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| DraftKings Inc. | DKNG | Consumer Discretionary | 1.22 | -0.22 |
| Norwegian Cruise Line Ltd. | NCLH | Consumer Discretionary | 1.53 | -0.14 |
| ResMed Inc. | RMD | Health Care | 1.37 | -0.13 |
| The Hershey Co. | HSY | Consumer Staples | 1.40 | -0.13 |
| The Carlyle Group Inc. | CG | Financials | 0.87 | -0.13 |
Source: Morningstar. 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
Choose Your Moat Strategy
VanEck’s suite of moat investing strategies is powered by Morningstar’s equity research team, which seeks quality companies trading at attractive valuations. The below ETFs offer access to US moat companies:
VanEck Morningstar Wide ETF (MOAT): companies with a wide moat rating, which means Morningstar believes the company is likely to sustain its competitive advantage for at least the next 20 years.
VanEck Morningstar SMID Moat ETF (SMOT): small and mid-cap moat companies.
VanEck Morningstar Wide Moat Value ETF (MVAL): wide moat companies within Morningstar’s value style category.
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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 MVAL ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOAT - VanEck Morningstar Wide 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 are service marks of Morningstar, Inc.
The Morningstar® US Broad Value Wide Moat Focus IndexSM is 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 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 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.
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.
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 © 2025 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 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.
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.
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 MVAL ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOAT - VanEck Morningstar Wide 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 are service marks of Morningstar, Inc.
The Morningstar® US Broad Value Wide Moat Focus IndexSM is 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 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 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.
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.
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 © 2025 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 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.
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.