MOAT tracks the Morningstar Wide Moat Focus Index, which selects US companies that Morningstar analysts rate as having wide economic moats, meaning durable competitive advantages, and that trade at the lowest prices relative to Morningstar fair value estimates. Holdings are equally weighted and the index is rebalanced periodically. The portfolio is more concentrated than broad index funds, with a stock-selection approach that depends on Morningstar analyst judgments.
