The VanEck Morningstar Wide Moat ETF (MOAT) is designed to mirror, as accurately as possible, the total returns – encompassing both capital growth and income – of the Morningstar Wide Moat Focus IndexSM. This specialized index concentrates on companies that, according to Morningstar's expert equity research team, boast significant and sustainable competitive advantages (often termed "economic moats") and are currently valued attractively in the market. Essentially, MOAT aims to replicate the investment outcomes of these high-quality, reasonably priced businesses, before any fund-related expenses or fees are applied.