The Morningstar Wide Moat Index is a float market cap weighted index of all securities in the Morningstar US Market Index with a ‘Wide Moat’ rating.
The Morningstar No Moat index consists of all securities in the Morningstar US Market Index where Morningstar expects the company to be unable to achieve high returns on invested capital relative to cost of capital and has little to no competitive advantage. The security weights are determined by free-float market capitalization.
The S&P 500 Index is an index of large company stocks considered to be representative of the U.S. stock market. Investors cannot invest directly in an index. Index performance does not reflect the deduction for fees, expenses, or taxes.
Performance data quoted represents past performance. Past performance is no guarantee of future results.
This material must be accompanied by the most recent fund fact sheet(s) if used in connection with the sale of mutual fund shares.
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