ELEMENTS Linked to the Morningstar Wide Moat Focus Total Return Index
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- ELEMENTS Linked to the Morningstar Wide Moat Focus Total Return Index (WMW) is an exchange-traded note (ETN) that provides investors with exposure to the performance of the Morningstar Wide Moat Focus Total Return Index, comprising up to 20 U.S. companies from the Morningstar US Market Index identified as having sustainable competitive advantages, or wide economic moats, and trading at attractive valuations relative to Morningstar's fair value estimates; the index emphasizes firms with high ratios of fair value to stock price within the wide moat universe, covering sectors such as health care, industrials, information technology, and consumer staples. The ETN offers a cash payment at scheduled maturity on October 24, 2022, or upon early repurchase, based on the total return of the underlying index, without guaranteeing principal or paying periodic interest; it tracks broad market equity performance focused on large-blend U.S. stocks with persistent competitive edges. Issued by Deutsche Bank AG, London Branch, as a senior unsecured obligation, the product targets institutional and retail investors seeking long-term capital appreciation through moat-driven strategies; operations are centered in the United States market with global investor access via NYSE Arca listing. Established around 2007 as part of the ELEMENTS suite of structured products, the ETN is headquartered at Deutsche Bank facilities in London, with U.S. administrative operations through Church Street Station, PO Box 1090, New York. The issuer maintains a portfolio of similar ETNs linked to diverse market measures, including commodities and high-yield indices; no parent-subsidiary relationships apply beyond Deutsche Bank's corporate structure, though affiliated agent Deutsche Bank Securities Inc. handles distribution. Recent developments include ongoing index reconstitution by Morningstar to reflect evolving wide moat ratings and valuation discounts as of late 2025, with sector weightings showing health care at approximately 26%, industrials at 23%, and information technology at 20% in related benchmark ETFs; the ETN prospectus was updated through amendments in 2019 under SEC Registration No. 333-226421, extending support amid low trading volumes and institutional ownership near zero. No major acquisitions, funding rounds, or name changes occurred in the last 1-2 years, though performance metrics highlight year-to-date returns around 15% and trailing 1-year returns near 12% as of December 2025, reflecting resilience in a volatile market; strategic focus remains on the index's quarterly reviews for optimal moat exposure without product launches or partnerships announced recently.