Morningstar® Economic Moat™ Rating - ETF.comMorningstar Wide Moat Focus Index is a rules -based,...

ETF.com Webinar: Improve International Stock Selection: Harness the Power of Moats

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Harness the Power of Moats with Market Vectors® ETFs and Morningstar® Indexes


ETF Disclosure

This material does not constitute an offer to sell or solicitation to buy any security, including shares of any fund. An offer or solicitation will be made only through a fund’s prospectus

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ETF Disclosure

An investment in the Market Vectors Morningstar International Moat ETF may be subject to risks which include, among others, fluctuations in value due to market and economic

conditions or factors relating to specific issuers. Foreign and emerging markets investments are subject to risks, which include changes in economic and political conditions, foreign

currency fluctuations, changes in foreign regulations, changes in currency exchange rates, unstable governments, and limited trading capacity which may make these investments

volatile in price or difficult to trade. Medium-capitalization companies may be subject to elevated risks. The Fund's assets may be concentrated in a particular sector and may be

subject to more risk than investments in a diverse group of sectors.

Investment in the Market Vectors Morningstar Wide Moat ETF may be subject to risks which include, among others, fluctuations in value due to market and economic conditions or

factors relating to specific issuers. Medium-capitalization companies may be subject to elevated risks. The Fund’s assets may be concentrated in a particular sector and may be

subject to more risk than investments in a diverse group of sectors.

Morningstar® Wide Moat Focus IndexSM and Morningstar® Global ex-US Moat Focus IndexSM were created and are maintained by Morningstar, Inc. Morningstar, Inc. does not

sponsor, endorse, issue, sell, or promote the Market Vectors Morningstar Wide Moat ETF or Market Vectors Morningstar International Moat ETF and bears no liability with respect

to the ETFs or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar Wide Moat Focus Index and Morningstar Global ex-US Moat Focus Index are

service marks of Morningstar, Inc.

Fund shares are not individually redeemable and will be issued and redeemed at their net asset value (NAV) only through certain authorized broker-dealers in large, specified blocks

of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade

at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no

guarantee of future results.

Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An

investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus,

which contains this and other information, call 888.MKT.VCTR or visit vaneck.com/market-vectors. Please read the prospectus and summary prospectus carefully

before investing.


Firm Overview

U.S. Income ($4.0B)

Natural Resources Equities

and Commodities ($9.2B)

Assets Under Management

by Asset Categories Emerging Markets Equity and Debt

($6.4B)

Alternatives and

Other ($3.0B)

Gold ($8.5B)

Clients include financial intermediaries and over 400 institutions globally

Total assets under management $31.1B

33 investment professionals in the areas of emerging markets equity and debt, commodity equity, liquid

alternatives, and ETFs

Manages $8.2B in AUM in active portfolios

Sponsor of 68 Market Vectors ETFs with $22.9B in assets; among the largest ETF providers globally

223 employees, with headquarters in New York, and offices in Australia, Germany, and Switzerland

Private ownership structure allows the firm to focus on investment performance through market cycles

Data as of June 30, 2015.


Harness the Power of Moats

3 Key Takeaways

Moat = Sustainable Competitive

Advantage

Morningstar equity analysts use a time-

tested proprietary process to determine if

a company has an economic moat

Attractive Valuations

Morningstar’s proprietary valuation

methodology is used in an effort to select

the most undervalued moat-rated stocks

for inclusion in the Morningstar suite of

moat indexes.

A History of Outperformance

The Morningstar® Wide Moat Focus

IndexSM has generated significant excess

returns relative to the overall market

since inception (2/07)3.

Fund Market Vectors Morningstar

International Moat ETF

Market Vectors Morningstar Wide

Moat ETF

Exposure Type International Exposure Domestic Exposure

Ticker MOTI MOAT®

Underlying Index Morningstar® Global ex-US Moat

Focus IndexSM

Morningstar® Wide Moat Focus

IndexSM

Inception Date 7/13/2015 4/24/2012

Gross Expenses 0.64% 0.51%

Net Expenses 0.56%1 0.49%2

The Morningstar’s moat philosophy aims to identify companies with structural

competitive advantages that are more likely to earn above-average returns on capital

over a long period of time, according to Morningstar's equity research team.

1 MOTI expenses are capped contractually until at least 2/1/17. Cap excludes certain expenses, such as interest 2 MOAT expenses are capped contractually until at least 2/1/16. Cap excludes certain expenses, such as interest 3 Prior to April 24, 2012, the Fund had no operating history. Morningstar Wide Moat Focus Index is a rules-based, equal-weighted index that is intended to offer exposure to

companies that have sustainable competitive advantages according to Morningstar analysts. S&P 500 Index consists of 500 widely held common stocks covering in the

leading industries of the U.S. economy..


Moat Investing Resources

Moat Investor Monthly

– Monthly Performance Highlights

– Commentary

– Subscription based

Moat Micro-Site

– Videos

– Marketing Material

Quarterly Moat Investing Call

– Featuring Morningstar Analysts

– Moat investing trends

– Index performance assessment

http://origin.vaneck.com/subscription-individual/

http://www.vaneck.com/special/Moat/



©2015 Morningstar, Inc. All rights reserved.

Morningstar® Indexes and the Power of Moats

Wide Moat Focus and Global ex-US Moat FocusSM

15

High quality companies trading at a discount to intrinsic value.

Morningstar® Indexes and the Power of Moats

Inspired by Morningstar’s award-winning

proprietary research.

× Based on Morningstar’s global and

independent equity research capabilities

× Morningstar’s long-term outlook and

emphasis on economic moats, or

sustainable competitive advantages,

differentiate our research and have proven to

drive long-term outperformance.

16

Morningstar® Economic Moat™ Rating

17


Sustainable competitive advantages that allow a company to generate positive economic profits for the

benefit of its owners for an extended period of time.

Morningstar Equity Research

Wide Narrow None

18

Measuring an Economic Moat

A wide moat company is positioned to sustain economic profits for at least 20 years, a narrow moat

company, 10.


Ret

urn

on

Inve

sted

Cap

ital

[R

OIC

]

No Moat Narrow Moat Wide Moat

Time Horizon:

Weighted

Average

Cost of Capital

10 Years 20 Years

Wide Narrow None

19


There are five sources of economic moats.


Intangible

Assets

Switching

Costs

Network

Effect

Cost

Advantage

Efficient

Scale

20

As of June 30, 2015

Examples of Wide, Narrow, and No Moat Companies Morningstar Equity Research

Intangible

Assets

Switching

Costs

Network

Effect

Cost

Advantage

Efficient

Scale

Hermes International

Long-enduring brand

allows to charge some of

the most premium prices

in the luxury business

Dassault Systems S.A.

Switching from

Dassault’s software

could cause massive

disruptions; very high

renewal rates

eBay

145 million active buyers

and sellers present a

classic network effect

Novo Nordisk A/S

Unparalleled

manufacturing

infrastructure allows for

lowest marginal cost per

unit

Core Laboratories NV

Niche market very well-

served by one player;

virtual monopoly

BMW AG

Impressive brand results

in premium pricing, but

consumers are fickle

UBS AG

Strong relationships

between customers and

advisors, but Swiss law

changes reduce

stickiness

London Stock

Exchange PLC

Liquidity is source of

moat, but competitive

pressures remain

BHP Billiton

Owns much of planet’s

long-life, low-cost mining

assets, but ultimately a

price-taker

EDF S. A.

Utilities have natural

geographic monopolies,

but regulators restrain

returns

Nokia Ovi

Tough to build durable

brand in a commoditized

industry

Deutsche Telekom AG

Massive subscriber base

doesn’t translate into

high returns

Aviva PLC

Massive network of

agents and customers,

but commodity product

and competitive industry

Anglo American PLC

Massive and long-lived

assets don’t necessarily

mean lowest-cost

Chorus

Monopoly assets, but

harsh regulation

prevents economic profit

generation


× Includes brands, patents, and

regulatory licenses

× Brand increases the customer's

willingness to pay

× Patents protect pricing power

legally barring competition

× Government regulations hinder

competitors from market.

As of June 30, 2015.

21

Intangible Assets

Sources of Moats


× Time is money

× The cost of switching exceeds

the expected value of the benefit

× Razor and blade model entrench

repeat consumables customers

× Price not the only determinant


22

Switching Costs

Sources of Moats


× The value of a particular good

or service increases for both

new and existing users as more

customers use that good

or service

× With each additional node,

the number of potential connections

grows exponentially


23

Network Effect

Sources of Moats


× Sustainably lower costs

than competitors

× Irreplaceable process advantages

× Superior location

× Hard-to-amass scale

× Access to a unique asset


24

Cost Advantage

Sources of Moats


× Dynamic in which a market of limited size

is effectively served by few companies

× Incumbents generate economic profits

× Newcomers discouraged from entering

because returns in the market fall below

the cost of capital


25

Efficient Scale

Sources of Moats

26


Global Analyst Team

Our accomplished team of award-winning analysts apply one consistent methodology across our

global coverage universe.


Equity

Analysts

Companies

Covered Globally

Methodology

Quantitative

Valuations

27

Research Methodology

Our award-winning analysts rely on a proven methodology.


The Morningstar RatingTM for Stocks is a forward-looking, analyst-driven measure of a stock's current price relative to the analyst's estimate of what the shares are worth. Stock star ratings indicate

whether a stock, in the equity analyst's educated opinion, is cheap, expensive, or fairly priced. To rate a stock, an analyst estimates what he thinks it is worth (its "fair value"), using a detailed, long-

term cash flow forecast for the company. a stock's star rating depends on whether its current market price is above or below the fair value estimate. Those stocks trading at large discounts to their fair

values receive the highest ratings (4 or 5 stars). Stocks trading at large premiums to their fair values receive lower ratings (1 or 2 stars). A 3-star rating means the current stock price is fairly close to

the analyst's fair value estimate.

Sustainable competitive advantage drives value creation.


28

Why Moats Matter

Growth

Profitability

Invested Capital

Free Cash Flow Competitive Advantage Economic Profit

29


Why Moats Matter: Moats Increase Intrinsic Value

Source: Morningstar Equity Research


Narrow Moat

Thermo Fisher

Scientific’s ROICs

No Moat

Alere’s ROICs

30

Case Studies

Kingfisher (Narrow Moat) Headquarters: London

31


Moat Sources

Intangible

Assets

Switching

Costs

Network

Effect

Cost

Advantage

Efficient

Scale


× Europe’s largest home-improvement retail

group and third largest globally behind

Lowe’s and Home Depot.

× DIY retailers possess structural

advantages against the encroachment of

online competition in some categories, due

to the high-ticket nature of room

remodeling, the inefficiency of shipping

heavy items, and the emergency nature of

some DIY purchases.

× Kingfisher has underperformed recently,

but housing transactions should improve in

the U.K. and France next year, which

should drive revenue improvement.

Tata (Narrow Moat) Headquarters: Mumbai

32


Moat Sources

Intangible

Assets

Switching

Costs

Network

Effect

Cost

Advantage

Efficient

Scale


× Jaguar, Land Rover, micro-compact cars,

SUVs, luxury, and semi-trucks.

× Jaguar and Land Rover brands command

premium pricing. Indian business benefits

from low labor costs and favorable tax

structure.

× Concerns about a slowdown in Chinese

demand for luxury autos are overblown.

Royal Philips (Narrow Moat) Headquarters: Amsterdam

33


Moat Sources

Intangible

Assets

Switching

Costs

Network

Effect

Cost

Advantage

Efficient

Scale


× Diversified global manufacturer of lighting,

healthcare imaging systems, and

appliances.

× Switching costs arise from integration with

hospitals. The firm has patents on its

healthcare and lighting products.

× We believe the market is undervaluing

Philips due to uncertainty about execution

and costs of material portfolio shifts.

Millicom (Narrow Moat) Headquarters: Luxembourg

34


Moat Sources

Intangible

Assets

Switching

Costs

Network

Effect

Cost

Advantage

Efficient

Scale


× Telephone company operating in Central

America, South America, and Africa

× Due to small size of markets Millicom

serves, difficult for another operator to

enter. In each country, Millicom has enough

scale to control costs.

× There are near-term concerns about

emerging markets, but we expect

significant subscriber growth longer term

35

Moat Committee

Moat Committee

36


Senior leaders of the global equity research

department ensure consistent and accurate

ratings.

× Representatives from all regions and

sectors.

× Moat frameworks provide guidelines.

× Weekly meetings, votes on all moat ratings

for all covered companies.

37

Moat Committee Members

Adam Fleck, CFA

Consumer

Chicago

Allen Good, CFA

Energy

Amsterdam

Alex Morozov, CFA

Healthcare

Amsterdam

Dan Baker

Telecom

Hong Kong

Elizabeth Collins, CFA

Materials

Chicago

Gareth James

Technology

Sydney

Mathew Hodge

Materials

Sydney

Joel Bloomer

Consumer

Sydney

Matthew Coffina, CFA

Healthcare

Chicago

Michael Hodel, CFA

Telecom

Chicago

Michael Holt, CFA

Technology

Chicago

Michael Waterhouse, CFA

Healthcare

Chicago

Phil Gorham, CFA

Consumer

Amsterdam

Rick Summer, CFA, CPA

Technology

Chicago

Stephen Ellis

Financials

Chicago

38

Morningstar® Wide Moat Focus IndexSM

39

Construction Process Morningstar

® Wide Moat Focus IndexSM

Morningstar US Market

Index

Morningstar Moat

Assignment Process Security Selection

Morningstar Wide Moat

Focus Index

A global, broad market

index, representing

97% of global equity

market cap

Morningstar equity

analyst assign:

► Wide or narrow

moat rating

► Fair value estimate

Company cannot be

under review at time of

stock assignment

► The 20 securities with

the lowest current

market price/fair value

estimate are selected

for inclusion in the

index

Source: Morningstar

40

Morningstar® Global ex-US Moat Focus IndexSM

41

Construction Process Morningstar

® Global ex-US Moat Focus IndexSM

Morningstar Global ex-US

Index (Benchmark)

Morningstar Equity

Analyst Assignments Portfolio Selection

Morningstar Global

ex-US Moat Focus Index

A global, broad market

index, representing

97% of global equity

market cap

► Wide or narrow

moat rating

► Fair value estimate

Company cannot be

under review at time of

stock assignment

► Select the 50 securities

with the lowest current

market price/fair value

ratio

► Remove bottom 20% of

securities resulting

from momentum

screen

► Sectors/countries

capped at 3x its

corresponding

benchmark weight, or

25%, whichever is

higher Source: Morningstar

42

Appendix

Holdings, June 30, 2015

43

Morningstar® Wide Moat Focus IndexSM

Name

Portfolio

Weight (%) Sector

Cost

Advantage

Efficient

Scale

Intangible

Assets

Network

Effect

Switch

Cost

1 Williams Companies Inc 6.03 Energy - ● - - ●

2 Blackbaud Inc 5.37 Technology - - ● - ●

3 Harley-Davidson Inc 5.15 Consumer Cyclical - - ● - -

4 Polaris Industries Inc 5.15 Consumer Cyclical ● - ● - -

5 ONEOK Inc 5.02 Energy - ● - - ●

6 Discovery Communications Inc Class A 5.01 Consumer Cyclical - - ● - -

7 VF Corp 4.98 Consumer Cyclical ● - ● - -

8 Twenty-First Century Fox Inc Class A 4.94 Consumer Cyclical - - ● - -

9 Amgen Inc 4.94 Healthcare - - ● - -

10 Varian Medical Systems Inc 4.89 Healthcare - - ● - ●

11 Google Inc Class A 4.89 Technology - - ● ● -

12 Exxon Mobil Corporation 4.88 Energy ● ● ● - -

13 Franklin Resources Inc 4.88 Financial Services - - ● - ●

14 The Hershey Co 4.88 Consumer Defensive ● - ● - -

15 ITC Holdings Corp 4.86 Utilities - ● - - -

16 American Express Co 4.85 Financial Services - - ● ● -

17 U.S. Bancorp 4.84 Financial Services ● - - ● ●

18 Spectra Energy Corp 4.84 Energy - ● - - -

19 Berkshire Hathaway Inc Class B 4.83 Financial Services ● - ● - -

20 Merck & Co Inc 4.78 Healthcare - - ● - -

Holdings, June 30, 2015 (1-25)

44


Name

Portfolio

Weight

(%) Country Sector

Moat

Rating

Cost

Advantage

Efficient

Scale

Intangible

Assets

Network

Effect

Switch

Cost

1 Sun Pharmaceuticals Industries Ltd 2.20 IND Healthcare Narrow ● - - - -

2 Commonwealth Bank of Australia 2.18 AUS Financial Services Wide ● - - - ●

3 ITC Ltd 2.17 IND Consumer Defensive Narrow - - ● - -

4 Rogers Communications Inc Class B 2.15 CAN Communication Services Narrow ● - ● - -

5 America Movil SAB de CV Class L 2.14 MEX Communication Services Narrow ● - ● - -

6 National Australia Bank Ltd 2.14 AUS Financial Services Wide ● - - - ●

7 Australia and New Zealand Banking Group Ltd 2.12 AUS Financial Services Wide ● - - - ●

8 CapitaLand Ltd 2.11 SGP Real Estate Narrow - ● ● ● -

9 Ambuja Cements Ltd 2.10 IND Basic Materials Narrow ● - ● - -

10 Westpac Banking Corp 2.10 AUS Financial Services Wide ● - - - ●

11 CapitaLand Commercial Trust 2.09 SGP Real Estate Narrow - ● ● - -

12 State Bank of India 2.09 IND Financial Services Narrow ● - - - ●

13 Potash Corp of Saskatchewan Inc 2.08 CAN Basic Materials Wide ● - - - -

14 Oversea-Chinese Banking Corp Ltd 2.08 SGP Financial Services Narrow ● - - - ●

15 Agricultural Bank of China Ltd H Shares 2.08 CHN Financial Services Narrow ● - ● ● ●

16 Sun Hung Kai Properties Ltd 2.07 HKG Real Estate Narrow ● ● - - -

17 Wharf holdings 2.07 HKG Real Estate Narrow - ● - - -

18 Goodman Group 2.06 AUS Real Estate Narrow - ● - - ●

19 QBE Insurance Group Ltd 2.06 AUS Financial Services Narrow ● - - - -

20 Lloyds Banking Group PLC 2.05 GBR Financial Services Narrow ● - - - ●

21 Veda Group Ltd 2.04 AUS Industrials Wide - - ● - -

22 Unilever NV DR 2.03 NLD Consumer Defensive Wide ● - ● - -

23 Banco Santander Chile 2.02 CHL Financial Services Wide ● - - - ●

24 Svenska Handelsbanken A 2.02 SWE Financial Services Wide ● - - - ●

25 Banco De Chile 2.01 CHL Financial Services Wide ● - - - ●

Holdings, June 30, 2015 (26-50)

45

Name

Portfolio

Weight (%) Country Sector

Moat

Rating

Cost

Advantage

Efficient

Scale

Intangible

Assets

Network

Effect

Switch

Cost

26 Tata Motors Ltd 2.01 IND Consumer Cyclical Narrow ● - ● - -

27 Bank of Montreal 2.00 CAN Financial Services Narrow ● - - - ●

28 BG Group PLC 2.00 GBR Energy Narrow ● - - - -

29 Wipro Ltd 2.00 IND Technology Narrow - - - - ●

30 Nestle SA 1.98 CHE Consumer Defensive Wide ● - ● - -

31 Canadian Imperial Bank of Commerce 1.98 CAN Financial Services Narrow ● - - - ●

32 CSL Ltd 1.98 AUS Healthcare Narrow ● - ● - -

33 Holcim Ltd 1.98 CHE Basic Materials Narrow ● - ● - -

34 Bank of Nova Scotia 1.97 CAN Financial Services Wide ● - - - ●

35 Toronto-Dominion Bank 1.97 CAN Financial Services Wide ● - - - ●

36 Lafarge SA 1.97 FRA Basic Materials Narrow ● - ● - -

37 National Bank of Canada 1.96 CAN Financial Services Narrow ● - ● - ●

38 HSBC Holdings PLC 1.94 GBR Financial Services Narrow ● - - - ●

39 Precinct Properties New Zealand Ltd 1.94 NZL Real Estate Narrow - ● - - -

40 Millicom International Cellular SA DR 1.93 GTM Communication Services Narrow ● ● - - -

41 Empresa Nacional de Electricidad SA 1.92 CHL Utilities Narrow - ● - - -

42 Kingfisher PLC 1.91 GBR Consumer Cyclical Narrow ● - ● - -

43 Royal Philips NV 1.90 NLD Industrials Narrow - - ● - ●

44 Eldorado Gold Corp 1.89 CAN Basic Materials Narrow ● - - - -

45 Sky Network Television Ltd 1.88 NZL Communication Services Wide - ● - - -

46 Iluka Resources Ltd 1.88 AUS Basic Materials Narrow ● - - - -

47 Genesis Energy Ltd 1.85 NZL Utilities Narrow - ● - - -

48 Dongfeng Motor Group Co Ltd H Shares 1.84 CHN Consumer Cyclical Narrow ● - - - -

49 Contact Energy Ltd 1.84 NZL Utilities Narrow - ● - - -

50 Slater & Gordon Ltd 1.20 AUS Consumer Cyclical None* - - - - -

*Downgraded July 10


Morningstar® Economic Moat™ Rating - ETF.comMorningstar Wide Moat Focus Index is a rules -based,...

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