Software Rebound Extends Moat Index Gains
September 03, 2026
Read Time 7 min
Key Takeaways
- The S&P 500 gained 2.72% and reached a record high in August, with energy leading the market as crude prices rose.
- The Moat Index gained 5.98%, outperforming the S&P 500 for a third consecutive month as stock selection drove results.
- Veeva Systems, Airbnb and other previously pressured software and consumer holdings led Moat Index gains.
- Over the trailing three months, the Moat Index gained 10.49% versus 1.68% for the S&P 500.
- The SMID Moat Index rose 2.61%, outpacing small- and mid-cap benchmarks as health care and industrial holdings led gains.
Index performance is not illustrative of fund performance. It is not possible to invest directly in an index. Past performance is no guarantee of future results.
U.S. equities advanced in August, with the S&P 500 gaining 2.72% and reaching a record high as a cooler July inflation reading supported sentiment. Market breadth stayed reasonably wide, though the S&P 500 Equal Weight Index’s 2.06% return trailed the cap-weighted benchmark. Energy led all sectors on firmer crude prices, with health care and materials also posting solid gains, while utilities and industrials lagged. Late in the month at Jackson Hole, Federal Reserve Chairman Kevin Warsh cautioned that better summer inflation readings did not signal a meaningful improvement in the underlying trend and reiterated that curbing inflation remains the central bank’s priority. Stocks eased into month end.
The Morningstar Wide Moat Focus Index (the “Moat Index”) gained 5.98% in August, outperforming the S&P 500 and marking a third consecutive month of outperformance. Stock selection was the primary driver, particularly within health care and industrials, while sector allocation was a modest drag given the Index’s lack of exposure to energy, the month’s strongest sector. The Index led the benchmark for most of the month, pulling back in mid-August before advancing to roughly 6.6% by the final week and easing into month end. Over the trailing three months, the Index gained 10.49% against 1.68% for the S&P 500, helping narrow the year-to-date performance gap after a strong three-month stretch.
The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) rose 2.61% in August, leading the S&P MidCap 400’s 0.15% gain and the S&P SmallCap 600’s 0.60% decline. Smaller-cap stocks broadly lagged large caps during the month, and much of the SMID Moat Index’s relative gain was earned in the second half. The Index and its benchmarks tracked closely through mid-August before the small- and mid-cap benchmarks faded over the final two weeks while the SMID Moat Index held most of its advance. Both stock selection and sector allocation contributed, led by health care and industrials, though technology holdings detracted. Over the trailing three months, the SMID Moat Index gained 6.51%, ahead of both benchmarks.
Recommended subscription
Moat Stocks Gain as Software Selloff Reverses
Source: Morningstar. Data as of 8/31/2026. 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: Software Selloff Reverses
August was a strong month for the Moat Index on both an absolute and relative basis, and stock selection did nearly all of the work. Health care led contributions, with industrials and consumer discretionary holdings also adding.
The clearest driver was a rebound among enterprise software holdings that had been repriced earlier in the year as investors questioned whether artificial intelligence would disrupt traditional software business models. August results helped ease some of those concerns, particularly for companies with competitive advantages rooted in high switching costs. Veeva Systems Inc. (VEEV), a provider of cloud software for the life sciences industry, was the largest contributor, advancing roughly 40% after reporting accelerating revenue growth and new platform wins among large biopharmaceutical customers. Morningstar continues to view the switching costs embedded in Veeva’s industry-specific platform as central to its wide moat and notes that the shares have recovered from that selloff. Guidewire Software Inc. (GWRE), which supplies the core policy, billing and claims systems used by property and casualty insurers, gained approximately 35%, and Tyler Technologies Inc. (TYL), a provider of software for state and local governments, rose roughly 20%. Morningstar assigns both wide moats supported by high switching costs, reflecting how deeply their systems are embedded in customer operations, and sees both trading below their fair value estimates.
Two consumer-facing holdings also contributed following quarterly earnings results. Airbnb Inc. (ABNB) advanced approximately 21% after reporting accelerating booking growth and raising its full-year outlook, prompting Morningstar to lift its fair value estimate. Morningstar assigns Airbnb a wide moat based on the two-sided network effect of its marketplace. The Estée Lauder Companies Inc. (EL) gained roughly 22% as quarterly results showed organic sales growth alongside a sizable expansion in operating margin, evidence that its multi-year turnaround is taking hold. Morningstar assigns Estée Lauder a wide moat supported by brand intangible assets across its prestige portfolio and scale-based cost advantages, and sees the shares trading at a discount to fair value.
Companies detracting the most from Moat Index performance were spread across sectors, though technology weighed most. Datadog Inc. (DDOG), a cloud observability platform, was the largest detractor, falling roughly 12% after management pointed to a spending slowdown at its largest artificial intelligence customer. Brown-Forman Corp. (BF.B), the spirits producer behind Jack Daniel’s, declined approximately 8% on softer quarterly results, and Applied Materials Inc. (AMAT), the largest supplier of wafer fabrication equipment, fell roughly 10%. Huntington Ingalls Industries Inc. (HII), a military shipbuilder, and Nike Inc. (NKE), the athletic footwear and apparel maker, also weighed on results.
Moat Index Top Contributors and Detractors - August 2026
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Veeva Systems Inc. | VEEV | Health Care | 2.66 | 1.07 |
| Airbnb Inc. | ABNB | Consumer Discretionary | 2.61 | 0.55 |
| The Estee Lauder Companies Inc. | EL | Consumer Staples | 2.19 | 0.49 |
| Guidewire Software Inc. | GWRE | Information Technology | 1.40 | 0.49 |
| Tyler Technologies Inc. | TYL | Information Technology | 2.19 | 0.44 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Datadog Inc. | DDOG | Information Technology | 2.42 | -0.28 |
| Brown-Forman Corp. | BF.B | Consumer Staples | 2.59 | -0.19 |
| Applied Materials Inc. | AMAT | Information Technology | 1.58 | -0.15 |
| Huntington Ingalls Industries Inc. | HII | Industrials | 1.31 | -0.14 |
| Nike Inc. | NKE | Consumer Discretionary | 1.97 | -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.
SMID Moat Index Highlights: Health Care Leads as Small Caps Stall
The SMID Moat Index outperformed in a month when small- and mid-cap benchmarks stalled, with health care holdings providing the largest contribution and industrials adding meaningfully. Technology was the one detracting sector, as the Index’s holdings there lagged a group that performed well within the benchmarks.
Repligen Corp. (RGEN), which supplies the filtration and chromatography equipment used to manufacture biologic drugs, was among the strongest contributors, gaining roughly 28% after reporting double-digit organic revenue growth and raising its full-year guidance. Morningstar assigns Repligen a narrow moat supported by switching costs, noting that its equipment is named in customers’ regulatory filings and is therefore effectively locked in for the commercial life of a drug.
CNH Industrial N.V. (CNH), a manufacturer of agricultural and construction equipment, rose approximately 15% after raising its full-year outlook on a better-than-expected agricultural segment and improving construction demand. Morningstar assigns CNH a narrow moat reflecting the intangible assets of its Case IH and New Holland brands and its extensive dealer network, which would be difficult and costly for competitors to replicate.
Other notable contributors included IQVIA Holdings Inc. (IQV), a provider of clinical research services and health care data and analytics, along with Airbnb and Estée Lauder.
Companies detracting the most from the SMID Moat Index were concentrated among consumer travel names, where firmer crude prices weighed on fuel-sensitive operators. Carnival Corporation Ltd. (CCL) and Norwegian Cruise Line Holdings Ltd. (NCLH) declined roughly 14% and 13%, respectively, as oil prices moved higher through the month. Datadog also detracted, alongside StandardAero Inc. (SARO), a provider of aircraft engine maintenance and overhaul services, and Brown-Forman.
SMID Moat Index Top Contributors and Detractors - August 2026
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Airbnb Inc. | ABNB | Consumer Discretionary | 1.42 | 0.30 |
| The Estee Lauder Companies Inc. | EL | Consumer Staples | 1.19 | 0.27 |
| Repligen Corp. | RGEN | Health Care | 0.72 | 0.20 |
| CNH Industrial | CNH | Industrials | 1.19 | 0.18 |
| IQVIA Holdings Inc. | IQV | Health Care | 1.63 | 0.18 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Carnival Corporation Ltd. | CCL | Consumer Discretionary | 1.32 | -0.18 |
| Norwegian Cruise Line | NCLH | Consumer Discretionary | 1.20 | -0.15 |
| Datadog Inc. | DDOG | Information Technology | 1.30 | -0.15 |
| StandardAero Inc. | SARO | Industrials | 0.76 | -0.12 |
| Brown-Forman Corp. | BF.B | Consumer Staples | 1.40 | -0.11 |
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.
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 Moat 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.
To receive more Moat Investing insights, sign up in our subscription center.
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: https://www.vaneck.com/us/en/investments/morningstar-wide-moat-etf-moat/holdings/.
Holdings will vary for the SMOT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: https://www.vaneck.com/us/en/investments/morningstar-smid-moat-etf-smot/holdings/.
Holdings will vary for the MVAL ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: https://www.vaneck.com/us/en/investments/morningstar-wide-moat-value-etf-mval/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 ©2026 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: https://www.vaneck.com/us/en/investments/morningstar-wide-moat-etf-moat/holdings/.
Holdings will vary for the SMOT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: https://www.vaneck.com/us/en/investments/morningstar-smid-moat-etf-smot/holdings/.
Holdings will vary for the MVAL ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: https://www.vaneck.com/us/en/investments/morningstar-wide-moat-value-etf-mval/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 ©2026 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.