WMW

Elements Morningstar Wide Moat Focus Total Return Index ETN
D

71
*Unless otherwise stated, data provided by FactSet.

WMW Fund Description

The ELEMENTS Morningstar Wide Moat Focus Total Return ETN tracks a staggered, equal-weighted index of 40 stocks that Morningstar determines to have the highest fair value among firms with a sustainable competitive advantage.

WMW Factset Analytics Insight

WMW launched in 2007, has since been eclipsed by a superior substitute. The ETN’s index picks firms with competitive advantages over peers (patents, high switching costs, etc.), then chooses the 40 most undervalued companies in the group. The index is equal weighted with a staggered rebalance: half the portfolio is reconstituted with equal weights every six months, and the other half follows three months later. It also caps turnover and sector exposure. This results in WMW tracking more than 40 names at times. Such exposure translates to serious active risk (despite the index-based methodology).

The ETN competes with Van Eck’s MOAT, tracking the same underlying index. WMW has languished with thin assets and poor liquidity, while MOAT has attracted strong interest since its 2012 launch, demonstrating investors' belief in the underlying strategy. In short, investors have no reason to choose WMW over MOAT, which is bigger, cheaper and comes in an ETF wrapper. Ironically, WMW lacks a wide moat of its own.

WMW CHARTS AND PERFORMANCE

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COMPARE
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Select ETFs to compare their performance:
PERFORMANCE [as of 06/19/18] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
WMW 2.15% 2.32% 4.33% 14.33% 13.48% 13.12% 12.84%
WMW (NAV) 3.54% 1.39% 3.54% 13.76% 13.36% 12.88% 12.83%
Morningstar Wide Moat Focus Index 3.63% 1.62% 3.95% 14.70% 14.28% 13.80% 12.83%
MSCI USA Investable Markets_net 2.34% 3.06% 5.14% 15.71% 11.46% 13.47% 10.00%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

WMW Top 10 Countries

WMW Top 10 Sectors

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WMW Top 10 Holdings

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WMW Summary Data

ELEMENTS
10/17/07
Exchange-Traded Note
0.75%
$19.59M
$24.79K
2.56%

WMW Portfolio Data

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0.00%
N/A
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WMW Index Data

Equal
Proprietary
MSCI USA Investable Markets_net

WMW Portfolio Management

0.75%
-0.95%
-0.87%
-1.07%

WMW Tax Exposures

20.00% / 39.60%
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No distributions
No

WMW Fund Structure

Exchange-Traded Note
No
N/A
N/A / N/A
Deutsche Bank AG
Low
High
None
Bats Book Viewer
TOP OF BOOK
LAST 10 TRADES
Bats BZX Real-time Quote -
Daily Spread
Premium/Discount
Volume

WMW Factset Analytics Block Liquidity

As of 06/20/18
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of WMW. WMW is rated a 0 out of 5.

WMW Tradability

682
$24.79K
356
$19.22K
2.56%
$0.80
-0.80%
2.40% / -3.19%
Potential
100.00%
250,000
0.00
0.00%
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$31.42
0

WMW Countries


WMW
Segment Benchmark
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0.07%
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99.93%

WMW Regions


WMW
Segment Benchmark
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100.00%

WMW Economic Development


WMW
Segment Benchmark
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100.00%

WMW Performance Statistics

0.86
0.93
0.93
0.93
0.33%
MSCI USA Investable Markets_net

WMW BENCHMARK COMPARISON HOLDINGS

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WMW BENCHMARK COMPARISON SUMMARY


WMW
Segment Benchmark
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WMW BENCHMARK COMPARISON MARKET CAP SIZE


WMW
Segment Benchmark
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