Stage Set for Moat Stocks After Strong 2025 Close
January 12, 2026
Read Time 7 MIN
Key Takeaways:
- Moat Index gained 1.7% in December, led by strong stock selection in technology, industrials and consumer staples.
- Estée Lauder and Salesforce led Moat Index gains, driven by improving beauty demand and AI-related software momentum.
- SMID Moat Index rose 1.0%, outperforming broad small- and mid-cap benchmarks despite mixed sector trends.
- Norwegian Cruise Line and Carnival led the SMID Moat Index, as travel demand and onboard spending remained resilient.
U.S. equity markets closed out 2025 on steady footing, with minor gains masking notable dispersion beneath the surface. The S&P 500 finished the month just above flat, gaining 0.06%, as investor optimism around easing inflation and resilient economic data was balanced by year-end positioning and profit taking activity. Market leadership remained concentrated, though participation broadened modestly compared with earlier in the year. Sector performance was mixed, led by financials, with communication services and materials also among the stronger performers. Defensives like utilities and staples lagged, as investors favored more cyclical exposure into year-end.
Against this backdrop, the Morningstar Wide Moat Focus Index (the “Moat Index”) gained 1.7% in December, outperforming the S&P 500. Looking beyond the single month, the fourth quarter proved particularly strong for the Moat Index, which outperformed both the cap-weighted and equal-weighted S&P 500 amid improving market participation and a rotation away from the most crowded mega-cap trades. While the Index trailed the S&P 500 slightly on a full-year basis, this outcome reflects its equal-weighted, valuation-conscious approach and limited exposure to richly valued mega-cap technology. In a year characterized by narrow leadership and heavy concentration in the largest stocks, the Moat Index’s ability to remain competitive while offering differentiated exposure can be viewed as a relative strength.
Smaller-cap equities also posted gains during the month. The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) rose 1.0% in December, outperforming broad small- and mid-cap benchmarks. Full-year performance, however, reflected a more challenging environment for smaller-cap equities amid elevated interest rates and periodic pullbacks in risk appetite. Even so, the strategy’s emphasis on durable competitive advantages and attractive valuations helped it remain competitive throughout a volatile year.Moat Stocks Close the Year on a Strong Note
Source: Morningstar. Data as of 12/31/2025. Past performance is no guarantee of future results. Index performance is not representative of fund performance. It is not possible to invest directly in an index. Please see index definitions and other important disclosures at the end of this content. Fund performance current to the most recent month end is available by visiting vaneck.com or by calling 800.826.2333.
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Moat Index Welcomes Back Select Mag 7 Names at Quarterly Review
Both the Moat and SMID Moat Indexes underwent quarterly reviews on December 19, 2025. Each quarter, Morningstar’s equity research analysts systematically target the most attractively priced, high quality U.S. companies within their respective universes. At the December review, the Moat strategies took advantage of valuation opportunities that emerged amid year-end volatility, including renewed exposure to several mega-cap technology names trading at more attractive valuations. See our blog covering the recent review for additional context and key takeaways. Full results of the quarterly reviews are also available here: Moat Index and SMID Moat Index.
Moat Index Highlights: Beauty, Software and Defense Lead
In December, performance within the Moat Index was driven by strong stock selection across several sectors. While sector allocation detracted modestly, individual company performance more than offset these effects. Technology and industrial holdings featured prominently among the top contributors, reflecting investor preference for companies with visible earning power and durable competitive advantages.
The Estée Lauder Companies Inc. (EL) was the top contributor to Moat Index performance during the month, with shares rising approximately 11% in December. Shares advanced as investors responded positively to improving trends in premium beauty demand and continued progress on operational initiatives. Morningstar continues to view Estée Lauder’s portfolio of prestige brands, global scale and strong retail relationships as key drivers of its wide economic moat.
Salesforce Inc. (CRM) was also a leading contributor, gaining roughly 15% during December. The stock benefited from continued momentum in enterprise software demand and improving sentiment surrounding the company’s artificial intelligence offerings. Morningstar views Salesforce’s high switching costs and deeply embedded customer relationships as central to its wide moat rating. The company’s broad cloud portfolio and growing adoption of AI-driven tools continue to reinforce its strategic importance within customers’ core business operations.
Other top contributors within the Moat Index during the month included Boeing Co. (BA), a global aerospace and defense manufacturer, Huntington Ingalls Industries Inc. (HII), the largest independent U.S. military shipbuilder, and NXP Semiconductors NV (NXPI), a supplier of automotive and industrial semiconductors.
Companies detracting the most from Moat Index performance in December were concentrated within health care and consumer staples. Detractors included Agilent Technologies Inc. (A), a provider of life sciences and diagnostics tools; Zimmer Biomet Holdings Inc. (ZBH), a manufacturer of orthopedic implants; Amgen Inc. (AMGN), a biotechnology company; Clorox Co. (CLX), a consumer products manufacturer, and Brown-Forman Corp. (BF.B), a global spirits producer.
Moat Index Top Contributors and Detractors - December 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| The Estee Lauder Companies Inc. | EL | Consumer Stables | 2.84 | 0.32 |
| Salesforce Inc. | CRM | Technology | 2.07 | 0.31 |
| Boeing Co. | BA | Industrials | 1.98 | 0.29 |
| Huntington Ingalls Industries Inc. | HII | Industrials | 2.98 | 0.25 |
| NXP Semiconductors | NXPI | Technology | 2.10 | 0.25 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Agilent Technologies Inc. | A | Health Care | 2.96 | -0.34 |
| Zimmer Biomet Inc. | ZBH | Health Care | 2.34 | -0.18 |
| Amgen Inc. | AMGN | Health Care | 2.87 | -0.15 |
| Clorox Co. | CLX | Consumer Staples | 2.01 | -0.13 |
| Brown-Forman Corp. | BF.B | Consumer Staples | 1.27 | -0.12 |
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: Travel Demand Drives Gains
The SMID Moat Index finished December higher, supported by strong contributions from consumer discretionary holdings. Stock selection was the primary driver of performance, while sector allocation detracted modestly. Travel-related companies featured prominently among the top contributors, reflecting continued interest in leisure and travel-related spending.
Norwegian Cruise Line Holdings Ltd. (NCLH) and Carnival Corp. (CCL) together led SMID Moat Index performance in December, as shares rose approximately 21% and 18%, respectively. Both companies benefited from continued strength in global leisure travel demand, firm pricing and resilient onboard spending trends. Norwegian operates a global cruise portfolio across multiple brands, while Carnival is the world’s largest cruise operator, serving a broad customer base through a diversified fleet. The strong performance of both stocks reflected ongoing investor confidence in the cruise industry’s recovery and cash flow generation.
Expedia Group Inc. (EXPE) was the third-largest contributor and rose roughly 11% during December. Expedia operates a leading global online travel platform that connects consumers with lodging, air travel, and destination services. The stock’s performance reflected steady travel demand and investor confidence in the company’s scaled marketplace and brand portfolio. Other top contributors within the SMID Moat Index included Huntington Ingalls Industries Inc. (HII), a U.S. defense shipbuilder, and Warner Music Group Corp. (WMG), a multinational music entertainment company.
Companies detracting the most from SMID Moat Index performance during the month spanned several sectors. These included Lamb Weston Holdings Inc. (LW), a major U.S. food processing company; Agilent Technologies Inc. (A), a life sciences tools provider; WESCO International Inc. (WCC), an electrical and industrial distribution company; Ionis Pharmaceuticals Inc. (IONS), a biotechnology firm focused on RNA-targeted therapies, and Mattel Inc. (MAT), a global toy manufacturer.
SMID Moat Index Top Contributors and Detractors - December 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Norwegian Cruise Line Ltd. | NCLH | Consumer Discretionary | 1.16 | 0.24 |
| Carnival Corp. | CCL | Consumer Discretionary | 1.26 | 0.23 |
| Expedia Group Inc. | EXPE | Consumer Discretionary | 1.74 | 0.19 |
| Huntington Ingalls Industries Inc. | HII | Industrials | 1.70 | 0.14 |
| Warner Music Group Corp. | WMG | Communication Services | 1.26 | 0.11 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Lamb Weston Holdings Inc. | LW | Consumer Staples | 0.70 | -0.20 |
| Agilent Technologies Inc. | A | Health Care | 1.69 | -0.19 |
| WESCO International Inc. | WCC | Industrials | 1.84 | -0.15 |
| Ionis Pharmaceuticals Inc. | IONS | Health Care | 2.41 | -0.11 |
| Mattel Inc. | MAT | Consumer Discretionary | 1.52 | -0.09 |
Source: Morningstar. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
SMOT | VanEck Morningstar SMID Moat ETF
Choose Your Moat Strategy
VanEck’s suite of moat investing strategies is powered by Morningstar’s equity research team, which seeks quality companies trading at attractive valuations. The below ETFs offer access to US moat companies:
VanEck Morningstar Wide ETF (MOAT): companies with a wide moat rating, which means Morningstar believes the company is likely to sustain its competitive advantage for at least the next 20 years.
VanEck Morningstar SMID Moat ETF (SMOT): small and mid-cap moat companies.
VanEck Morningstar Wide Moat Value ETF (MVAL): wide moat companies within Morningstar’s value style category.
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Important Disclosures
Source for all data unless otherwise noted: Morningstar.
Fair value estimate: the Morningstar analyst’s estimate of what a stock is worth. Price/Fair Value: ratio of a stock’s trading price to its fair value estimate.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
Holdings will vary for the MOAT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOAT - VanEck Morningstar Wide Moat ETF - Holdings.
Holdings will vary for the SMOT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: SMOT - VanEck Morningstar SMID Moat ETF - Holdings.
Holdings will vary for the MVAL ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOAT - VanEck Morningstar Wide Moat ETF - Holdings.
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Certain indices may take into account withholding taxes. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
The Morningstar® Wide Moat Focus IndexSM and Morningstar® US Small-Mid Cap Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat ETF or the VanEck Morningstar SMID Moat ETF and bears no liability with respect to the ETFs or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Wide Moat Focus IndexSM and Morningstar® US Small-Mid Cap Moat Focus IndexSM are service marks of Morningstar, Inc.
The Morningstar® US Broad Value Wide Moat Focus IndexSM is created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat Value ETF and bears no liability with respect to the Funds or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® US Broad Value Wide Moat Focus IndexSM is a service mark of Morningstar, Inc.
Effective June 20, 2016, Morningstar implemented several changes to the Morningstar Wide Moat Focus Index construction rules. Among other changes, the index increased its constituent count from 20 stocks to at least 40 stocks and modified its rebalance and reconstitution methodology. These changes may result in more diversified exposure, lower turnover, and longer holding periods for index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.
The Morningstar moat-driven indexes represent various regional exposures and consist of companies identified as having sustainable, competitive advantages and whose stocks are attractively priced, according to Morningstar.
The Morningstar® Wide Moat Focus IndexSM is intended to track the overall performance of attractively priced companies with sustainable competitive advantages according to Morningstar’s equity research team.
The Morningstar® US Small-Mid Cap Moat Focus IndexSM is intended to track the overall performance of small- and mid-cap companies with sustainable competitive advantages and attractive valuations according to Morningstar’s equity research team.
Morningstar® US Broad Value Wide Moat Focus IndexSM: consists of at least 30 U.S. value-oriented companies identified as having sustainable, competitive advantages, and whose stocks are the most attractively priced, according to Morningstar.
The S&P SmallCap 600 Index represents small-cap US companies. The S&P Midcap 400 Index provides investors with a benchmark for mid-sized US companies. The S&P 500 Index tracks the stock performance of 500 of the largest companies listed on stock exchanges in the United States. The S&P 500 Equal Weighted Index which is an equally weighted version of the market-cap weighted S&P 500 Index. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright ©2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones®is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
An investment in the VanEck Morningstar Wide Moat ETF (MOAT®) may be subject to risks which include, among others, risks related to investing in equity securities, health care sector, industrials sector, information technology sector, financials sector, medium-capitalization companies, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversification and index-related concentration risks, all of which may adversely affect the Fund. Medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar SMID Moat ETF (SMOT®) may be subject to risks which include, among others, risks related to investing in equity securities, small- and medium-capitalization companies, consumer discretionary sector, financials sector, health care sector, industrials sector, information technology sector, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small- and medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar Wide Moat Value ETF (MVAL) may be subject to risks which include, among others, risks related to investing in equity securities, value style investing, financials sector, health care sector, industrials sector, large- and medium-capitalization companies, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Large- and medium-capitalization companies may be subject to elevated risks. The Fund’s value strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole. Furthermore, the value companies identified by the Index provider may not operate as expected, and there is no guarantee that the index provider’s proprietary valuation model will perform as intended.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation
Related Funds
Important Disclosures
Source for all data unless otherwise noted: Morningstar.
Fair value estimate: the Morningstar analyst’s estimate of what a stock is worth. Price/Fair Value: ratio of a stock’s trading price to its fair value estimate.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
Holdings will vary for the MOAT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOAT - VanEck Morningstar Wide Moat ETF - Holdings.
Holdings will vary for the SMOT ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: SMOT - VanEck Morningstar SMID Moat ETF - Holdings.
Holdings will vary for the MVAL ETF and its corresponding Index. For a complete list of holdings in the ETF, please click here: MOAT - VanEck Morningstar Wide Moat ETF - Holdings.
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Certain indices may take into account withholding taxes. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
The Morningstar® Wide Moat Focus IndexSM and Morningstar® US Small-Mid Cap Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat ETF or the VanEck Morningstar SMID Moat ETF and bears no liability with respect to the ETFs or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Wide Moat Focus IndexSM and Morningstar® US Small-Mid Cap Moat Focus IndexSM are service marks of Morningstar, Inc.
The Morningstar® US Broad Value Wide Moat Focus IndexSM is created and are maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat Value ETF and bears no liability with respect to the Funds or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® US Broad Value Wide Moat Focus IndexSM is a service mark of Morningstar, Inc.
Effective June 20, 2016, Morningstar implemented several changes to the Morningstar Wide Moat Focus Index construction rules. Among other changes, the index increased its constituent count from 20 stocks to at least 40 stocks and modified its rebalance and reconstitution methodology. These changes may result in more diversified exposure, lower turnover, and longer holding periods for index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.
The Morningstar moat-driven indexes represent various regional exposures and consist of companies identified as having sustainable, competitive advantages and whose stocks are attractively priced, according to Morningstar.
The Morningstar® Wide Moat Focus IndexSM is intended to track the overall performance of attractively priced companies with sustainable competitive advantages according to Morningstar’s equity research team.
The Morningstar® US Small-Mid Cap Moat Focus IndexSM is intended to track the overall performance of small- and mid-cap companies with sustainable competitive advantages and attractive valuations according to Morningstar’s equity research team.
Morningstar® US Broad Value Wide Moat Focus IndexSM: consists of at least 30 U.S. value-oriented companies identified as having sustainable, competitive advantages, and whose stocks are the most attractively priced, according to Morningstar.
The S&P SmallCap 600 Index represents small-cap US companies. The S&P Midcap 400 Index provides investors with a benchmark for mid-sized US companies. The S&P 500 Index tracks the stock performance of 500 of the largest companies listed on stock exchanges in the United States. The S&P 500 Equal Weighted Index which is an equally weighted version of the market-cap weighted S&P 500 Index. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright ©2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones®is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
An investment in the VanEck Morningstar Wide Moat ETF (MOAT®) may be subject to risks which include, among others, risks related to investing in equity securities, health care sector, industrials sector, information technology sector, financials sector, medium-capitalization companies, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversification and index-related concentration risks, all of which may adversely affect the Fund. Medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar SMID Moat ETF (SMOT®) may be subject to risks which include, among others, risks related to investing in equity securities, small- and medium-capitalization companies, consumer discretionary sector, financials sector, health care sector, industrials sector, information technology sector, market, operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small- and medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Morningstar Wide Moat Value ETF (MVAL) may be subject to risks which include, among others, risks related to investing in equity securities, value style investing, financials sector, health care sector, industrials sector, large- and medium-capitalization companies, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Large- and medium-capitalization companies may be subject to elevated risks. The Fund’s value strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole. Furthermore, the value companies identified by the Index provider may not operate as expected, and there is no guarantee that the index provider’s proprietary valuation model will perform as intended.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation