Moat Stocks Gain on Health Care Strength, Tech Slowdown
December 09, 2025
Read Time 7 MIN
Key Takeaways:
- Moat Index gained 1.53% in November, supported by health care and broader market participation.
- Merck and Amgen were top Moat Index contributors, benefiting from strong demand and pipelines.
- SMID Moat Index rose 1.43%, aided by materials strength but offset by consumer discretionary and technology weakness.
- Sealed Air and Albemarle led SMID Moat Index contributors on M&A activity and a lithium rebound.
U.S. equities delivered a modest gain in November, but market dynamics shifted meaningfully beneath the surface. While the S&P 500 added just 0.25% during the month, performance broadened across the market, with the equal-weighted S&P 500 rising 1.90% and outpacing its market-cap-weighted counterpart. The wider participation marked a contrast to the narrow leadership seen most of the year. Sector leadership rotated as well, with health care posting the strongest returns of any major segment, while technology, after a stretch of sustained outperformance, saw a notable pullback. Investors continued to digest a mix of economic data and evolving expectations around Federal Reserve policy, creating a backdrop that favored more defensive and valuation-supported areas of the market.
In November the Morningstar Wide Moat Focus Index (the “Moat Index) benefited from sector positioning, gaining 1.53% and outperforming the S&P 500. The Moat Index’s overweight to health care, which was the top-performing sector during the month, provided a meaningful tailwind, while its underweight to technology helped soften the impact of weakness across that segment. Improved market breadth also aided performance relative to prior months, during which narrow leadership had presented a challenge for equal-weighted strategies.
Smaller-cap equities also participated in November’s broader advance, though to varying degrees across size cohorts. The Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) rose 1.43% during the month, outperforming the S&P 500 but trailing more pure small-cap segments. As with the Moat Index, sector positioning within health care contributed positively, as did strong selection within the materials segment, though pockets of weakness in consumer discretionary and technology weighed on overall results.
November Health Care Rebound Supports Moat Strategies
Source: Morningstar. Data as of 11/30/2025. Past performance is no guarantee of future results. Index performance is not representative of fund performance. It is not possible to invest directly in an index. Please see index definitions and other important disclosures at the end of this content. Fund performance current to the most recent month end is available by visiting vaneck.com or by calling 800.826.2333.
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Moat Index Highlights: Health Care Leads the Charge
In November, the Moat Index benefited from a favorable combination of broader market participation and a strong rebound in health care, a sector to which the strategy is overweight. The Moat Index’s allocation to the area contributed meaningfully to relative performance. At the same time, the strategy’s underweight to technology, which lagged the broader market, provided an additional tailwind to relative performance.
The drug manufacturer, Merck & Co. (MRK), was the top contributor to the Moat Index in November, with share price gains of more than 20%, as the company continued to demonstrate durable performance across its diversified pharmaceutical portfolio. Merck’s leadership position in oncology, including its flagship immunotherapy Keytruda, and its growing presence across vaccines and cardiometabolic care remain central to Morningstar’s wide-moat assessment. Analysts also highlight the strength of Merck’s pipeline, which includes late-stage programs capable of supporting revenue through the next decade.
Also within the top contributors this month was fellow health care leader Amgen Inc. (AMGN). Amgen benefited from renewed investor confidence in its broad portfolio of biologic therapies and its expanding pipeline in cardiology, oncology, and immunology. Morningstar continues to view Amgen’s free cash flow generation as a key competitive advantage, supported by biologics that carry strong pricing power and by the company’s growing biosimilar franchise. Shares advanced 16% during the month, as the market rewarded businesses with stable demand dynamics amid heightened uncertainty in more cyclical sectors.
Rounding out the top contributors were consumer health company Kenvue Inc. (KVUE); semiconductor equipment provider Applied Materials Inc. (AMAT); and the technology conglomerate and AI leader Alphabet Inc. (GOOGL).
Companies detracting the most in November notably belonged within technology, reflecting the broader sector’s pullback. Names include customer relationship management technology firm Salesforce Inc. (CRM); enterprise software solutions company Workday Inc. (WDAY); semiconductor materials and filtration specialist Entegris Inc. (ENTG); and chipmaker NXP Semiconductors (NXPI). Outside of technology, aerospace and defense company Boeing Co. (BA) detracted modestly.
Moat Index Top Contributors and Detractors - November 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Merck & Co. Inc. | MRK | Health Care | 2.52 | 0.55 |
| Amgen Inc. | AMGN | Health Care | 2.51 | 0.42 |
| Kenvue Inc. | KVUE | Consumer Staples | 1.74 | 0.39 |
| Applied Materials Inc. | AMAT | Technology | 3.36 | 0.28 |
| Alphabet Inc. | GOOGL | Technology | 1.85 | 0.26 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Salesforce Inc. | CRM | Technology | 2.37 | -0.27 |
| Workday Inc. | WDAY | Technology | 2.36 | -0.24 |
| Entegris Inc. | ENTG | Technology | 1.37 | -0.22 |
| NXP Semiconductors | NXPI | Technology | 2.28 | -0.15 |
| Boeing Co. | BA | Industrials | 2.13 | -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.
MOAT | VanEck Morningstar Wide Moat ETF
SMID Moat Index Highlights: Packaging and Lithium Lead
The SMID Moat Index ended November with a positive return, supported by contributions from companies across several sectors. Similarly to the Moat Index, the strategy’s overweight to health care offered support given the strength of the broader sector. Materials also proved additive, with three of the top five contributors for the month belonging to the sector. However, weakness in consumer discretionary and technology, alongside select communication services holdings, offset some of these gains.
The packaging solutions company, Sealed Air Corp. (SEE), was the top contributor to the SMID Moat Index in November, as shares surged following the announcement that the company had agreed to be acquired by CD&R in a transaction valued at approximately $10.3 billion, or $42.15 per share. The all-cash offer represented a meaningful premium to Sealed Air’s prior trading levels and immediately drove a sharp rerating in the stock during the month. The market responded positively to the deal’s valuation and certainty, with shares rising significantly and contributing meaningfully to Index performance.
Albemarle Corp. (ALB), a fully integrated lithium producer, was also a leading contributor, supported by a rebound in lithium-related equities after a period of volatility. Morningstar continues to view Albemarle’s low-cost lithium and bromine operations as core components of its moat rating, with long-lived resources and scale advantages that position the company well for long-term demand growth. While near-term lithium pricing remains uncertain, the firm’s competitive position and disciplined capital management supported a strong share price recovery in November as shares of ALB gained more than 30%.
Other top contributors within the SMID Moat Index during the month included Expedia Group Inc. (EXPE), a leading global online travel platform; Ionis Pharmaceuticals Inc. (IONS), a biotechnology company focused on RNA-targeted therapies; and DuPont de Nemours Inc. (DD), a diversified manufacturer of specialty materials and chemical solutions.
Companies detracting the most in November within the SMID Moat Index spanned multiple sectors, but consumer discretionary stood out. Names included Norwegian Cruise Line (NCLH), a global cruise operator; HubSpot Inc. (HUBS), a cloud-based marketing software provider; Etsy Inc. (ETSY), an online marketplace; Bath & Body Works Inc. (BBWI), a retailer of personal care and home fragrance products; and Warner Music Group (WMG), a multinational music entertainment company.
SMID Moat Index Top Contributors and Detractors - November 2025
Contributors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Sealed Air Corp. | SEE | Materials | 1.35 | 0.38 |
| Albemarle Corp. | ALB | Materials | 0.82 | 0.27 |
| Expedia Group Inc. | EXPE | Consumer Discretionary | 1.50 | 0.25 |
| Ionis Pharmaceuticals Inc. | IONS | Health Care | 2.15 | 0.24 |
| DuPont de Nemours Inc. | DD | Materials | 1.49 | 0.23 |
Detractors
| Company | Ticker | Sector | Avg. Weight (%) | Contribution (%) |
| Norwegian Cruise Line | NCLH | Consumer Discretionary | 1.40 | -0.25 |
| HubSpot Inc. | HUBS | Technology | 0.68 | -0.17 |
| Etsy Inc. | ETSY | Consumer Discretionary | 1.32 | -0.17 |
| Bath & Body Works Inc. | BBWI | Consumer Discretionary | 0.59 | -0.16 |
| Warner Music Group | WMG | Communication Services | 1.42 | -0.16 |
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.
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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:
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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.