Moat Stocks Rebound on Earnings Surprises
June 09, 2025
Read Time 6 MIN
After a bruising April, U.S. equities defied the old “Sell in May and go away” adage by roaring back to life during the month. The Nasdaq Composite rallied nearly 10 percent, the S&P 500 added 6.3 percent, and the Dow Jones Industrial Average returned 4 percent as investors embraced a stronger than expected earnings season and a lull in tariff saber-rattling. A low Consumer Price Index release mid-month further soothed nerves, reinforcing hopes that inflation remains on a downward path. Technology shares led the advance, buoyed by upbeat artificial-intelligence commentary and a strong report from NVIDIA, even with lingering concerns over export restrictions to China. History shows that a strong May often sets a constructive tone for the following year, and sentiment grew steadily more optimistic as the month unfolded.
The Morningstar Wide Moat Focus Index (the “Moat Index”) rose 4.2 percent, capturing much of the market upswing while holding fast to its emphasis on competitive advantages and valuations. Its equally weighted structure left it with a smaller stake in the mega-cap technology cohort that led May’s charge, yet strong earnings from holdings such as Microchip Technology and Disney provided a solid boost. The Index’s larger health care position did temper the headline return amid ongoing drug-tariff chatter, leading to a finish behind the tech-concentrated S&P 500 but in line with the equal-weighted variant of the benchmark.
The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) advanced 5.4 percent, effectively matching the mid-cap benchmark and outpacing broad small-caps. Notable contributions from consumer-oriented names reflected both healthy stock selection and upbeat earnings across the portfolio. The Index’s moat investing philosophy and blended size profile helped it stay ahead of both small-caps and mid-caps on a year-to-date basis.
Markets Regain Their Footing in May
Source: Morningstar. Data as of 5/31/2025. 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.
MOAT | VanEck Morningstar Wide Moat ETF
Moat Index May Highlights: Chipmakers Climb, Disney Dazzles
Sector positioning, more than individual stock choices, shaped the Moat Index’s performance relative to the S&P 500 in May. An underweight in technology during a large-cap growth rally and an overweight in health care, where pharmaceutical-tariff concerns persisted, both dragged on returns. However, positive stock selection within the health care segment as well as strong earnings from several moat companies helped offset the sector exposure headwind.
Wide-moat chipmaker Microchip Technology (MCHP) claimed the Moat Index’s top spot in May after its shares surged over 25 percent during the month on an upbeat earnings release. Reported revenue was down year over year, though the market celebrated a figure that came in above expectations as well as April chip orders that were the strongest of any month in the prior quarter. Looking ahead, the company expects next quarter revenue to climb about 8 percent sequentially and reiterated a long-term gross-margin target of 65 percent, a signal that the semiconductor downturn may have reached bottom. Morningstar maintained its $63 fair-value estimate, pointing to sticky microcontroller design wins and high switching costs that anchor the firm’s wide economic moat.
Close behind was The Walt Disney Company (DIS), which rallied over 20 percent in May after what Morningstar called a spectacular quarterly report. Disney saw revenue and operating income improve year over year, with domestic park bookings mid-single-digits ahead of last year, and a streaming media portfolio that continued on a path toward sustained profitability. Management now expects operating income to finish at the top end of its prior growth target, and the upbeat outlook lifted the shares more than 10 percent on the day of the release. Morningstar increased its fair-value estimate to $120, crediting Disney’s timeless franchises and world-class theme parks for the company’s durable competitive edge.
Other top contributors within the Moat Index during the month include the well-known aerospace and defense giant Boeing Co. (BA), agricultural inputs and crop protection leader Corteva (CTVA), and the life sciences software solutions company Veeva Systems (VEEV).
Detracting most, for the second consecutive month, were companies within the tariff threatened health care sector, including orthopedic implants provider Zimmer Biomet (ZBH), pharmaceutical developer Merk & Co. (MRK), and biotech, diagnostics, and life sciences company Danaher (DHR). Two Consumer Staples names, Campbell’s Co. (CPB) and Constellation Brands (STZ), were also primary detractors this month.
Moat Index Top Contributors and Detractors - May 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Microchip Technology Inc. | MCHP | Technology | 2.18 | 0.59 |
| The Walt Disney Co. | DIS | Communication Services | 2.27 | 0.55 |
| Veeva Systems Inc. | VEEV | Health Care | 2.66 | 0.52 |
| Corteva Inc. | CTVA | Materials | 2.81 | 0.40 |
| Boeing Co. | BA | Industrials | 2.97 | 0.39 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Zimmer Biomet | ZBH | Health Care | 2.65 | -0.28 |
| The Campbell's Co. | CPB | Consumer Staples | 2.43 | -0.16 |
| Merck & Co. Inc. | MRK | Health Care | 1.21 | -0.07 |
| Constellation Brands Inc. | STZ | Consumer Staples | 2.40 | -0.12 |
| Danaher Corp. | DHR | Health Care | 2.43 | -0.10 |
Source: Morningstar, May 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: Carnival Cruise Makes Waves
The SMID Moat Index benefited from strong stock selection in May, particularly within the Consumer Discretionary and Health Care segments of the market. Sector positioning pulled in the opposite direction, though, offsetting much of that advantage and leaving the Index to finish roughly in step with the broader small and mid-cap benchmarks.
Carnival Corp. (CCL) cruised to the top of the SMID Moat Index in May, its shares jumping 26 percent after the company posted a record-setting first quarter and raised its full year outlook. Revenue reached new highs and operating profit almost doubled from last year as pent-up travel demand and healthy onboard spending packed its ships. Management capitalized on the momentum by refinancing a large slice of debt, cutting future interest costs, and highlighted that advance bookings and prices for sailings through 2026 are tracking at record levels. With those tailwinds, Carnival now expects earnings to grow meaningfully faster than it projected just a few months ago, reinforcing investor confidence that the cruise giant’s post-pandemic comeback still has plenty of open water ahead. Even after May’s impressive rally, Morningstar’s fair-value estimate of $31 suggests Carnival’s shares still have more room to run.
Shifting from the high seas to high finance, moat company LPL Financial Holdings (LPLA) landed just behind Carnival as the number two performer in May, climbing 21 percent. The advance followed a solid first-quarter report that featured strong organic asset inflows and news of a planned purchase of Commonwealth Financial Network, which would be the largest deal in LPL’s history. The acquisition could add roughly $260 billion in client assets and more than 2,500 advisors, expanding LPL’s platform by about 15 percent.
The biggest laggards were packaged-food stalwart Campbell’s (CPB), money-transfer specialist Western Union (WU), orthopedic implant maker Zimmer Biomet (ZBH), collaboration-software provider Atlassian (TEAM), and advertising agency network Interpublic Group (IPG).
SMID Moat Index Top Contributors and Detractors - May 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Carnival Corp. | CCL | Consumer Discretionary | 1.16 | 0.31 |
| LPL Financial Holdings Inc. | LPLA | Financials | 1.42 | 0.30 |
| Veeva Systems Inc. | VEEV | Health Care | 1.45 | 0.29 |
| BorgWarner Inc. | BWA | Consumer Discretionary | 1.32 | 0.22 |
| Corteva Inc. | CTVA | Materials | 1.53 | 0.22 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| The Campbell's Co. | CPB | Consumer Staples | 1.32 | -0.09 |
| The Western Union Co. | WU | Financials | 1.36 | -0.09 |
| Zimmer Biomet Inc. | ZBH | Health Care | 0.68 | -0.07 |
| Atlassian Corp. | TEAM | Technology | 0.70 | -0.06 |
| The Interpublic Group of Companies Inc. | IPG | Communication Services | 1.32 | -0.06 |
Source: Morningstar, May 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.
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.
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® 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
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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.
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.
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® 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