MOAT ETF Stands Out Among Peers Thanks to Quality Stock Selection Fund performance current to the most recent month end is available by visiting or by calling 800.826.2333. It is not possible to invest directly in an index. Index performance is not representative of fund performance. Past performance is no guarantee of future results. Moat Indexes Lead Broad Equity Markets at the Half However, the Morningstar US Small-Mid Cap Moat Focus Index (the “SMID Moat Index”) ended June ahead of both the small- and mid-cap broad benchmark indexes for the month- and year-to-date periods. While smaller-cap companies rebounded in June, they still remain behind large caps in terms of year-to-date performance. This performance puts it ahead of the S&P 500 Index by more than 600 basis points. The Morningstar Wide Moat Focus Index (the “Moat Index”) has also recorded a strong first half-its strongest since its inception in 2007-gaining over 23% year-to-date as of the end of June. Additionally, Apple, the world's most valuable company, closed above the $3 trillion market capitalization mark for the first time. In the face of these concerns, the Nasdaq registered its strongest first-half performance in 40 years with a gain of over 31%. equities have refused to slow down despite debt ceiling angst, regional banking fears, continued tightening credit conditions, and a commercial real estate market teetering on the edge. The first half of the year is officially complete, and this lopsided tech rally is possibly becoming one of the most hated bull markets in history. By Coulter Regal, CFA, Associate Product Manager
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