Moat Stocks Gain on Defensive Sector Strength
February 12, 2026
Read Time 7 MIN
Key Takeaways:
- Moat Index gained 1.2% in January, aided by industrials and staples as leadership broadened beyond mega-cap tech.
- Huntington Ingalls, Entegris, and Applied Materials led gains, driven by defense spending and improving semiconductor sentiment.
- SMID Moat Index rose 1.7%, led by materials and energy as smaller-cap stocks outperformed to start 2026.
U.S. equity markets opened 2026 with a constructive tone, posting gains across major benchmarks despite notable swings during the month. The S&P 500 rose 1.5% in January, supported by steady economic data and some easing in inflation-related concerns, even as investors continued to assess shifting policy expectations under the new administration. Market leadership broadened modestly beyond the largest mega-cap technology names. More defensive sectors such as energy, materials, and consumer staples led performance, while financials, technology, and health care lagged. Smaller-cap stocks outperformed large-caps during the month, highlighting renewed interest in cyclical and valuation-sensitive areas of the market.
Within this market environment, the Morningstar Wide Moat Focus Index (the “Moat Index”) gained 1.2% in January. While the Index finished the month just behind the S&P 500, it got off to a strong start and was up roughly 4% mid-month, leading the benchmark through most of January. Relative performance shifted late in the month as concerns around artificial intelligence disrupting software business models weighed on markets, with a more pronounced impact on the Moat Index. Sector allocation, particularly overweights in industrials and consumer staples, was the primary driver of relative performance versus the S&P 500, while stock selection detracted during the month.
Smaller-cap equities posted stronger gains during the month, notably outpacing large-cap stocks as market leadership broadened early in the year. The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) rose 1.7% in January but underperformed both small- and mid-cap benchmarks. Relative performance was weighed down primarily by stock selection, while sector allocation was largely neutral during the month. Despite the underperformance, performance across smaller-cap companies more broadly reflected improving sentiment toward economically sensitive businesses at the start of the year.
Smaller-Cap Lead the Way to Start 2026
Source: Morningstar. Data as of 1/31/2026. 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 Highlights: Industrials and Semiconductors Drive Gains
In January, relative performance within the Moat Index was driven primarily by sector allocation, while stock selection detracted during the month. Overweights in industrials and consumer staples were the largest contributors to relative performance versus the S&P 500, helping offset headwinds from security selection. While technology holdings featured among the top individual contributors, overall selection effects were negative, consistent with broader market pressure on several software and technology-oriented names late in the month.
Huntington Ingalls Industries Inc. (HII) was the top contributor to Moat Index performance during the month, with shares rising roughly 24%. The stock benefited from renewed investor focus on U.S. defense spending and shipbuilding capacity, following commentary around higher long-term defense budgets and increased emphasis on naval modernization. Morningstar continues to view Huntington Ingalls’ position as the largest independent U.S. military shipbuilder as a key source of its wide economic moat, supported by long-dated contracts and high barriers to entry.
Semiconductor-related holdings were also key contributors during the month, led by Entegris Inc. (ENTG) and Applied Materials Inc. (AMAT). Shares of Entegris surged more than 40% in January, reflecting improving sentiment around semiconductor capital spending and advanced chip manufacturing. Applied Materials gained roughly 25% during the month, as investors responded to its exposure to leading-edge wafer fabrication and advanced packaging. Morningstar views Entegris’ proprietary materials and high switching costs, alongside Applied Materials’ broad equipment portfolio and deep customer integration, as central to the durable competitive positions of both companies within the semiconductor ecosystem.
Other top contributors within the Moat Index during the month included Constellation Brands Inc. (STZ), a global beverage alcohol producer, and IDEX Corp. (IEX), a diversified industrial manufacturer.
Companies detracting the most from Moat Index performance in January were concentrated within technology, particularly among software-oriented companies. Weakness in these names aligned with late-month market concerns around artificial intelligence disrupting traditional software business models. Detractors included Salesforce Inc. (CRM), a provider of enterprise cloud software; Workday Inc. (WDAY), a human capital management and financial software firm; Tyler Technologies Inc. (TYL), a software provider focused on the public sector; Adobe Inc. (ADBE), a digital media and software company; and Broadridge Financial Solutions Inc. (BR), a provider of investor communications and technology solutions.
Moat Index Top Contributors and Detractors - January 2026
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Huntington Ingalls Industries Inc. | HII | Industrials | 2.80 | 0.66 |
| Entegris Inc. | ENTG | Technology | 1.24 | 0.50 |
| Applied Materials Inc. | AMAT | Technology | 1.91 | 0.49 |
| Constellation Brands Inc. | STZ | Consumer Staples | 2.35 | 0.34 |
| IDEX Corp. | IEX | Industrials | 2.57 | 0.31 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Salesforce Inc. | CRM | Technology | 2.54 | -0.50 |
| Workday Inc. | WDAY | Technology | 2.32 | -0.42 |
| Tyler Technologies Inc. | TYL | Technology | 2.21 | -0.41 |
| Adobe Inc. | ADBE | Technology | 2.48 | -0.40 |
| Broadridge Financial Solutions Inc. | BR | Industrials | 2.30 | -0.27 |
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: Materials and Energy Lead
The SMID Moat Index finished January higher, supported by strong contributions from materials, energy, and industrial holdings. Sector allocation was broadly neutral during the month, and relative performance reflected a mix of positive contributors and areas of weakness. More broadly, performance trends pointed to improving sentiment toward smaller and more economically sensitive companies at the start of the year.
Albemarle Corp. (ALB) was the top contributor to SMID Moat Index performance during the month, with shares rising 20.6% amid improving sentiment across the lithium complex. The stock benefited from signs that lithium pricing may be stabilizing after a prolonged downturn, alongside growing confidence in supply discipline across the industry. Investors also favored Albemarle’s position near the low end of the cost curve, with its high-quality brine assets and integrated production footprint viewed as advantages in a still-challenged pricing environment. Morningstar assigns the company an economic moat, driven by its low-cost lithium and bromine production, and believes Albemarle is well positioned to benefit as the lithium market moves toward better balance over time.
SLB Ltd. (SLB) was another key contributor, with shares rising roughly 26% during the month as energy markets strengthened and visibility improved around global offshore and international oilfield activity. SLB provides oilfield services, technology, and digital solutions to energy producers worldwide. Morningstar views the company’s scale, technological leadership, and extensive customer relationships as central to its moat, particularly as energy companies prioritize efficiency and capital discipline.
Huntington Ingalls Industries Inc. (HII) also contributed positively within the SMID Moat Index, alongside CF Industries Holdings Inc. (CF), a producer of nitrogen fertilizers, and Nordson Corp. (NDSN), a manufacturer of precision dispensing and industrial technology equipment.
Companies detracting the most from SMID Moat Index performance during January included Humana Inc. (HUM), a health insurance provider; Workday Inc. (WDAY), an enterprise software company; Fidelity National Information Services Inc. (FIS), a financial technology firm; Acuity Inc. (AYI), a lighting and building management solutions provider; and Atlassian Corp. (TEAM), a collaboration software company.
SMID Moat Index Top Contributors and Detractors - January 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Albemarle Corp. | ALB | Materials | 1.92 | 0.40 |
| SLB Ltd. | SLB | Energy | 1.42 | 0.37 |
| Huntington Ingalls Industries Inc. | HII | Industrials | 1.56 | 0.37 |
| CF Industries Holdings Inc. | CF | Materials | 1.31 | 0.27 |
| Nordson Corp. | NDSN | Industrials | 1.43 | 0.20 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Humana Inc. | HUM | Health Care | 1.24 | -0.30 |
| Workday Inc. | WDAY | Technology | 1.29 | -0.23 |
| Fidelity National Information Services Inc. | FIS | Financials | 1.35 | -0.23 |
| Acuity Inc. | AYI | Industrials | 1.38 | -0.20 |
| Atlassian Corp. | TEAM | Technology | 0.64 | -0.17 |
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
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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: MVAL VanEck Morningstar Wide Moat Value 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: MVAL VanEck Morningstar Wide Moat Value 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.