GOAT

VanEck Morningstar Global Wide Moat UCITS ETF

Underlying Index
Morningstar^®Global Wide Moat Focus Index^SM

Index composition:
The Index contains at least 50 companies globally with sustainable competitive advantages trading at attractive valuations according to Morningstar.

Companies eligible for inclusion in the Index:

• Derived from Morningstar^® Global Markets Index^SM (Parent Index)
• Assigned an Economic Moat rating of wide by Morningstar’s equity research team
• Assigned a fair value estimate by Morningstar's equity research team

Methodology highlights:

• Momentum screen: securities in the bottom 20% as ranked by 12-month price change at the time of review are excluded
• Staggered reconstitution:
  Index is divided into two equally-weighted sub-portfolios, and each is reconstituted and rebalanced semi-annually on alternating quarters.
  Each sub-portfolio will contain 50 equally-weighted securities at its semi-annual reconstitution and weights will vary with market prices until the next reconstitution date.
  Each sub-portfolio is reweighted to 50% of the total index every six months.
• Buffer rule:                  
  At each quarterly review, current index constituents ranked within the top 200% of the eligible universe based on current market price/fair value ratio are given preference for inclusion.
  From among the remaining eligible securities, those with the lowest current market price/fair value ratios are included in the index.
• Sector cap: The greater of 40% or corresponding weight in Parent Index + 10%

Index Provider
Morningstar Inc.