ELEMENTS Morningstar Wide Moat Focus Total Return Index

This ETN offered by Deutsche Bank is designed to track the Morningstar Wide Moat Focus Total Return Index, which is made up of the common stocks of the twenty companies within the Morningstar Wide Moat universe that have the highest ratio of fair value to stock price. A company with a Wide Moat has a sustainable competitive advantage over other companies in its industry.

The ETN trades on the NYSE ARCA exchange under the symbol WMW, and charges an expense fee of 0.75%.