ELEMENTS Linked to the Morningstar Wide Moat Focus Total Return Index
WMWXF
Other OTC40.25
USD
- -
- -
Return %
Stock
S&P500
1Y
-10.56
19.01
3Y
-10.56
65.48
5Y
-10.56
72.20
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Investment - Banking & Investment Services
- Address
- IPO Date
- Apr 15, 2019
- Similar Companies
- Business
- ELEMENTS Linked to the Morningstar Wide Moat Focus Total Return Index (WMWXF) is an exchange-traded note issued by Deutsche Bank AG that provides investors with exposure to the performance of the Morningstar Wide Moat Focus Total Return Index, less fees; the underlying index tracks U.S. companies identified by Morningstar as possessing sustainable competitive advantages, or wide economic moats, and trading at attractive valuations relative to their fair value estimates. Launched in 2015 by Deutsche Bank AG, London Branch, with issuer operations structured through Deutsche Bank Securities Inc. in New York, NY, the ETN offers a cash payment at maturity on October 24, 2022, or upon early repurchase, replicating the total return of the index without guaranteeing principal or paying periodic interest. The product targets broad U.S. equity market exposure focused on high-quality firms across sectors including technology, healthcare, consumer defensive, financials, and industrials; it serves institutional and retail investors seeking moat-based strategies with lower turnover through quarterly rebalancing. Core offerings center on the index's equal-weighted portfolio of 40 or more constituents selected for wide moat ratings, fair value discounts, and float-adjusted market caps; eligible securities must demonstrate maintainable returns exceeding their cost of capital, with selection prioritizing the best value opportunities from Morningstar's U.S. market universe covering approximately 97% of equity capitalization. The ETN delivers leveraged tracking of this basket, incorporating dividends via total return methodology; geographic operations are U.S.-centric, with holdings like those exemplified in related Morningstar Wide Moat products including Applied Materials, Thermo Fisher Scientific, and U.S. Bancorp. In June 2016, the index sponsor Morningstar implemented major methodology changes increasing target constituents from 20 to at least 40 stocks, alongside revised rebalancing rules to enhance diversification, reduce turnover, and improve risk-adjusted exposure; the ETN itself has been delisted from major U.S. exchanges, limiting secondary market trading to over-the-counter venues with minimal volume as of late 2025. No recent funding rounds, acquisitions, or new product launches are reported for the issuer specific to this ETN within the last two years, though the product remains outstanding in OTC markets trading around $40.25 amid broader ELEMENTS ETN wind-down activities.