Morningstar Indexes | Reconstitution Report Page 1 of 5 Morningstar® Global ex-US Moat Focus IndexSM 19 March 2021
The index follows a staggered rebalancing approach in which the index is divided into two sub-portfolios, each containing 50 stocks. One For More Information: sub-portfolio reconstitutes in December and June; the other sub-portfolio reconstitutes in March and September. The information here pertains http://indexes.morningstar.com only to the subportfolio being reconstituted. US: +1 312 384-3735 Europe: +44 20 3194 1082
Reconstituted Holdings Name Ticker Country Sector Moat Rating Price/Fair Value Weight (%) Imperial Brands Plc IMB United Kingdom Consumer Defensive Wide 0.46 2.00 Just Eat Takeaway.com NV TKWY Netherlands Consumer Cyclical Narrow 0.53 2.00 Bayer Motoren Werke AG (BMW) BMW Germany Consumer Cyclical Narrow 0.66 2.00 Dassault Aviation AM France Industrials Narrow 0.67 2.00 Vodafone Group VOD United Kingdom Communication Services Narrow 0.69 2.00 Shanghai Pharmaceuticals Holding Co Ltd-H 02607 China Healthcare Narrow 0.70 2.00 WPP Plc WPP United Kingdom Communication Services Narrow 0.70 2.00 China Yuhua Education Corp Ltd 06169 China Consumer Defensive Narrow 0.71 2.00 Anheuser Busch Inbev NV ABI Belgium Consumer Defensive Wide 0.71 2.00 Link Administration Holdings Limited LNK Australia Technology Narrow 0.71 2.00 Continental AG CON Germany Consumer Cyclical Narrow 0.71 2.00 Calbee Inc 2229 Japan Consumer Defensive Narrow 0.71 2.00 Danske Bank A/S DANSKE Denmark Financial Services Narrow 0.72 2.00 MEIJI Holdings Co Ltd 2269 Japan Consumer Defensive Narrow 0.73 2.00 Roche Hldgs AG Ptg Genus ROG Switzerland Healthcare Wide 0.73 2.00 China East Education Holdings Ltd 00667 China Consumer Defensive Narrow 0.75 2.00 SJM Holdings Ltd. 00880 Hong Kong Consumer Cyclical Narrow 0.75 2.00 Alibaba Group Holding Ltd 09988 China Consumer Cyclical Wide 0.76 2.00 SK Telecom Co Ltd 017670 South Korea Communication Services Narrow 0.77 2.00 Brambles Industries Ltd BXB Australia Industrials Wide 0.77 2.00 Takeda Pharmaceutical Co Ltd 4502 Japan Healthcare Narrow 0.77 2.00 Pendal Group Ltd PDL Australia Financial Services Narrow 0.78 2.00 Taiwan Semiconductor Manufacturing Co Ltd 2330 Taiwan Technology Wide 0.78 2.00 CapitaLand Integrated Commercial Trust C38U Singapore Real Estate Narrow 0.79 2.00 ConvaTec Group Plc CTEC United Kingdom Healthcare Narrow 0.79 2.00 Sanofi-Aventis SAN France Healthcare Wide 0.79 2.00 ING Groep NV INGA Netherlands Financial Services Narrow 0.80 2.00 Banco Bilbao Vizcaya Argentaria SA BBVA Spain Financial Services Narrow 0.80 2.00 Win Semiconductors Corp 3105 Taiwan Technology Narrow 0.80 2.00 Anhui Conch Cement Co Ltd A 600585 China Basic Materials Narrow 0.80 2.00 China Gas Holdings Ltd. 00384 China Utilities Narrow 0.81 2.00 Daqin Railway Co Ltd A 601006 China Industrials Narrow 0.81 2.00 Telstra Corp Ltd TLS Australia Communication Services Narrow 0.82 2.00 Perpetual Limited PPT Australia Financial Services Narrow 0.82 2.00 Ubisoft Entertainment SA UBI France Communication Services Narrow 0.82 2.00 Kirin Holdings Co Ltd 2503 Japan Consumer Defensive Narrow 0.82 2.00 BOC Hong Kong (Holdings) Ltd. 02388 China Financial Services Narrow 0.83 2.00 Sun Hung Kai Properties Ltd. 00016 Hong Kong Real Estate Narrow 0.83 2.00 Yum China Holdings Inc YUMC China Consumer Cyclical Wide 0.83 2.00 Schroders Plc SDR United Kingdom Financial Services Narrow 0.84 2.00 Swedbank AB SWED A Sweden Financial Services Narrow 0.84 2.00 Credit Suisse Group AG CSGN Switzerland Financial Services Narrow 0.84 2.00 KDDI Corp 9433 Japan Communication Services Narrow 0.84 2.00 Keppel DC REIT AJBU Singapore Real Estate Narrow 0.85 2.00 Swire Properties Ltd 01972 Hong Kong Real Estate Narrow 0.86 2.00
©2021 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice. Morningstar Indexes | Reconstitution Report | 19 March 2021 Page 2 of 5 Morningstar® Global ex-US Moat Focus IndexSM
Reconstituted Holdings Name Ticker Country Sector Moat Rating Price/Fair Value Weight (%) Computershare Ltd CPU Australia Technology Narrow 0.87 2.00 Sands China Ltd. 01928 Hong Kong Consumer Cyclical Narrow 0.88 2.00 MGM China Holdings Ltd 02282 Hong Kong Consumer Cyclical Narrow 0.90 2.00 Crown Resorts Ltd CWN Australia Consumer Cyclical Narrow 0.90 2.00 Smiths Group SMIN United Kingdom Industrials Narrow 0.91 2.00
Added Holdings Previous Recon Failed Screen Moat 12-month Name Ticker Country Sector Weight(%) Rating momentum Price/Fair Value Others KDDI Corp 9433 Japan Communication Services 2.01 Narrow • Imperial Brands Plc IMB United Kingdom Consumer Defensive 1.99 Wide • Anhui Conch Cement Co Ltd A 600585 China Basic Materials 1.95 Narrow • Daqin Railway Co Ltd A 601006 China Industrials 1.94 Narrow • China Gas Holdings Ltd. 00384 China Utilities 1.92 Narrow • Sanofi-Aventis SAN France Healthcare 1.84 Wide • MEIJI Holdings Co Ltd 2269 Japan Consumer Defensive 1.83 Narrow • China Yuhua Education Corp Ltd 06169 China Consumer Defensive 1.79 Narrow • Win Semiconductors Corp 3105 Taiwan Technology 1.03 Narrow • Taiwan Semiconductor Manufacturing Co Ltd 2330 Taiwan Technology 1.03 Wide • Banco Bilbao Vizcaya Argentaria SA BBVA Spain Financial Services 1.02 Narrow • Vodafone Group VOD United Kingdom Communication Services 1.02 Narrow • Brambles Industries Ltd BXB Australia Industrials 1.01 Wide • China East Education Holdings Ltd 00667 China Consumer Defensive 1.01 Narrow • Just Eat Takeaway.com NV* TKWY Netherlands Consumer Cyclical 1.00 Narrow • CapitaLand Integrated Commercial Trust C38U Singapore Real Estate 1.00 Narrow • Yum China Holdings Inc YUMC China Consumer Cyclical 1.00 Wide • Keppel DC REIT AJBU Singapore Real Estate 1.00 Narrow • Schroders Plc SDR United Kingdom Financial Services 1.00 Narrow • Ubisoft Entertainment SA UBI France Communication Services 1.00 Narrow • Dassault Aviation AM France Industrials 0.99 Narrow • Anheuser Busch Inbev NV ABI Belgium Consumer Defensive 0.98 Wide • Alibaba Group Holding Ltd** 09988 China Consumer Cyclical 0.98 Wide • WPP Plc WPP United Kingdom Communication Services 0.98 Narrow • Kirin Holdings Co Ltd 2503 Japan Consumer Defensive 0.97 Narrow • * Missing Price/Fair Value ** Missing 12m momentum
Removed Holdings Failed Screen (Reason for removal) Moat 12-month Name Ticker Country Sector Rating momentum Price/Fair Value Others Industrial and Commercial Bank of China Ltd H Shares 01398 China Financial Services Narrow • Seven & I Holdings Co Ltd 3382 Japan Consumer Defensive Narrow • Overseas-Chinese Banking O39 Singapore Financial Services Narrow • Cameco Corp CCO Canada Energy Narrow • Koninklijke KPN NV KPN Netherlands Communication Services Narrow •
©2021 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice. Morningstar Indexes | Reconstitution Report | 19 March 2021 Page 3 of 5 Morningstar® Global ex-US Moat Focus IndexSM
Removed Holdings Failed Screen (Reason for removal) Moat 12-month Name Ticker Country Sector Rating momentum Price/Fair Value Others Compagnie financiere Richemont SA CFR Switzerland Consumer Cyclical Wide • Julius Baer Group BAER Switzerland Financial Services Wide • UBS Group AG UBSG Switzerland Financial Services Narrow • Baidu.com ADR BIDU China Communication Services Wide • WEIBO CORP ADR WB China Communication Services Narrow • Grifols SA GRF Spain Healthcare Narrow • Largan Precision Co Ltd 3008 Taiwan Technology Narrow • Industrial and Commercial Bank of China Ltd H Shares 03988 China Financial Services Narrow • Wynn Macau 01128 Hong Kong Consumer Cyclical Narrow • Agricultural Bank of China Ltd H Shares 01288 China Financial Services Narrow • WH Group Ltd 00288 Hong Kong Consumer Defensive Narrow • British American Tobacco Plc BATS United Kingdom Consumer Defensive Wide • Capitaland Ltd C31 Singapore Real Estate Narrow • Bayer AG BAYN Germany Healthcare Wide • America Movil SAB de CV L AMX L Mexico Communication Services Narrow • Enbridge Inc ENB Canada Energy Wide • Telecom Italia SpA TIT Italy Communication Services Narrow • Japan Tobacco Inc 2914 Japan Consumer Defensive Wide • Fresenius SE & Co KGaA FRE Germany Healthcare Narrow •
Next Potential Holdings Name Ticker Country Sector Moat Rating Price/Fair Value Yakult Honsha Co 2267 Japan Consumer Defensive Narrow 0.85 Unilever ULVR United Kingdom Consumer Defensive Wide 0.85 Elekta B EKTA B Sweden Healthcare Wide 0.85 AstraZeneca Plc AZN United Kingdom Healthcare Wide 0.85 Banco Santander SA SAN Spain Financial Services Narrow 0.86 Safran SA SAF France Industrials Wide 0.87 Publicis Groupe PUB France Communication Services Narrow 0.87 Shaw Communications Inc B SJR.B Canada Communication Services Narrow 0.88 Innovent Biologics Inc 01801 China Healthcare Narrow 0.88 Danone BN France Consumer Defensive Narrow 0.88
Index Holdings Name Ticker Country Sector Weight(%) MGM China Holdings Ltd 02282 Hong Kong Consumer Cyclical 2.09 Danske Bank A/S DANSKE Denmark Financial Services 2.07 Sun Hung Kai Properties Ltd. 00016 Hong Kong Real Estate 2.02 BOC Hong Kong (Holdings) Ltd. 02388 China Financial Services 2.01 KDDI Corp 9433 Japan Communication Services 2.01 SJM Holdings Ltd. 00880 Hong Kong Consumer Cyclical 2.00 Link Administration Holdings Limited LNK Australia Technology 1.99 Imperial Brands Plc IMB United Kingdom Consumer Defensive 1.99 SK Telecom Co Ltd 017670 South Korea Communication Services 1.98 Telstra Corp Ltd TLS Australia Communication Services 1.96
©2021 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice. Morningstar Indexes | Reconstitution Report | 19 March 2021 Page 4 of 5 Morningstar® Global ex-US Moat Focus IndexSM
Index Holdings Name Ticker Country Sector Weight(%) Swedbank AB SWED A Sweden Financial Services 1.96 Anhui Conch Cement Co Ltd A 600585 China Basic Materials 1.95 Daqin Railway Co Ltd A 601006 China Industrials 1.94 Swire Properties Ltd 01972 Hong Kong Real Estate 1.93 Takeda Pharmaceutical Co Ltd 4502 Japan Healthcare 1.93 China Gas Holdings Ltd. 00384 China Utilities 1.92 Bayer Motoren Werke AG (BMW) BMW Germany Consumer Cyclical 1.92 Continental AG CON Germany Consumer Cyclical 1.89 Roche Hldgs AG Ptg Genus ROG Switzerland Healthcare 1.87 ConvaTec Group Plc CTEC United Kingdom Healthcare 1.87 Credit Suisse Group AG CSGN Switzerland Financial Services 1.87 Sanofi-Aventis SAN France Healthcare 1.84 MEIJI Holdings Co Ltd 2269 Japan Consumer Defensive 1.83 China Yuhua Education Corp Ltd 06169 China Consumer Defensive 1.79 Calbee Inc 2229 Japan Consumer Defensive 1.79 Baidu.com ADR BIDU China Communication Services 1.73 Cameco Corp CCO Canada Energy 1.57 Publicis Groupe PUB France Communication Services 1.22 Trip.com Group Limited ADR TCOM China Consumer Cyclical 1.18 Westpac Banking Corp WBC Australia Financial Services 1.16 Swatch Group AG-B UHR Switzerland Consumer Cyclical 1.13 KION Group AG KGX Germany Industrials 1.11 Koninklijke KPN NV KPN Netherlands Communication Services 1.08 Compagnie financiere Richemont SA CFR Switzerland Consumer Cyclical 1.08 Nutrien Ltd. NTR Canada Basic Materials 1.08 Overseas-Chinese Banking O39 Singapore Financial Services 1.06 Svenska Handelsbanken A SHB A Sweden Financial Services 1.04 Win Semiconductors Corp 3105 Taiwan Technology 1.03 Taiwan Semiconductor Manufacturing Co Ltd 2330 Taiwan Technology 1.03 Banco Bilbao Vizcaya Argentaria SA BBVA Spain Financial Services 1.02 Vodafone Group VOD United Kingdom Communication Services 1.02 Industrial and Commercial Bank of China Ltd H Shares 01398 China Financial Services 1.01 Brambles Industries Ltd BXB Australia Industrials 1.01 China East Education Holdings Ltd 00667 China Consumer Defensive 1.01 Crown Resorts Ltd CWN Australia Consumer Cyclical 1.01 Shanghai Pharmaceuticals Holding Co Ltd-H 02607 China Healthcare 1.01 Just Eat Takeaway.com NV TKWY Netherlands Consumer Cyclical 1.00 Pendal Group Ltd PDL Australia Financial Services 1.00 CapitaLand Integrated Commercial Trust C38U Singapore Real Estate 1.00 Perpetual Limited PPT Australia Financial Services 1.00 Yum China Holdings Inc YUMC China Consumer Cyclical 1.00 Keppel DC REIT AJBU Singapore Real Estate 1.00 Julius Baer Group BAER Switzerland Financial Services 1.00 Schroders Plc SDR United Kingdom Financial Services 1.00 Ubisoft Entertainment SA UBI France Communication Services 1.00 Computershare Ltd CPU Australia Technology 1.00 Smiths Group SMIN United Kingdom Industrials 0.99 Thales HO France Industrials 0.99 Dassault Aviation AM France Industrials 0.99 Anheuser Busch Inbev NV ABI Belgium Consumer Defensive 0.98 Alibaba Group Holding Ltd 09988 China Consumer Cyclical 0.98 WPP Plc WPP United Kingdom Communication Services 0.98 New Oriental Education & Technology ADR EDU China Consumer Defensive 0.98 ING Groep NV INGA Netherlands Financial Services 0.97 Kirin Holdings Co Ltd 2503 Japan Consumer Defensive 0.97
©2021 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice. Morningstar Indexes | Reconstitution Report | 19 March 2021 Page 5 of 5 Morningstar® Global ex-US Moat Focus IndexSM
Index Holdings Name Ticker Country Sector Weight(%) Sands China Ltd. 01928 Hong Kong Consumer Cyclical 0.97 China Construction Bank Corp H Shares 00939 China Financial Services 0.96 British American Tobacco Plc BATS United Kingdom Consumer Defensive 0.95 Bank of China Ltd H Shares 03988 China Financial Services 0.95 Capitaland Ltd C31 Singapore Real Estate 0.93 Elekta B EKTA B Sweden Healthcare 0.93 TAL Education Group TAL China Consumer Defensive 0.91 Henkel AG & Co. KGaA Nvtg - Pref HEN3 Germany Consumer Defensive 0.89 Japan Tobacco Inc 2914 Japan Consumer Defensive 0.83 America Movil SAB de CV L AMX L Mexico Communication Services 0.83
©2021 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice.