December 16, 2020 Exchange-traded funds (ETFs) have garnered over $400 billion in capital despite a challenging market environment in 2020. Rather than cast a wide net into a growing sea of ETFs, investors can opt for a qualitative and quantitative strategy in one ETF through the MOAT seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Wide Moat Focus Index. The fund normally invests at least 80% of its total assets in securities that comprise the fund’s benchmark index. The index is comprised of securities issued by companies that Morningstar, Inc. (“Morningstar”) determines to have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide moat companies”).