VanEck Vectors Morningstar Wide Moat ETF (MOAT US) – Portfolio Construction Methodology

The underlying Morningstar Wide Moat Focus Index targets U.S. companies with durable competitive advantages trading at attractive valuations. From the Morningstar US Market universe, eligibility requires a Wide Economic Moat rating and a published fair-value estimate not under review. At each staggered reconstitution, eligible stocks are ranked by lowest current market price-to-fair value; existing members within the top 150% of the target count receive buffer preference. Sector concentration is controlled by capping any sector at the higher of 40% or the parent-index sector weight 10%. The index comprises two equal-weighted sub-portfolios of 40 names each; one reconstitutes in March/September and the other in June/December, with sub-portfolio weights reset to 50/50 in June and December. Additions/deletions take effect on the Monday following the third Friday of the reconstitution month.

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