Moat Index Review Highlights:Tech Weight Pared Following Strong Quarter for Software and SemisThe Moat Index’s tech sector weight dropped by about 8% and sits at a 13% underweight compared to the S&P 500 Index. Beyond tech, Magnificent 7 company exposure continues to be significantly underweight at 4.3% versus 34.2% in the S&P 500 Index. The Moat Index’s price-to-fair value was reduced from about 0.87 to 0.82 following the review, implying an 18% discount to fair value. This stands in stark contrast to the S&P 500 Index, which is currently 4% overvalued (1.04 price-to-fair-value ratio). 3Q 2025 Moat Index Review ResultsMoat Index Sector Shifts Following 3Q 2025 ReviewMoat Index Sector Exposure Relative to S&P 500 IndexMoat Index Style Exposure Relative to S&P 500 Index: Value Bias PersistsAccess Quality Companies at Attractive ValuationsVanEck Morningstar Wide Moat ETF (MOAT) and VanEck Morningstar Wide Moat Fund seek to replicate as closely as possible, before fees and expenses the price and yield performance of the Morningstar Wide Moat Focus Index.