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Your Advisor Collects 1% Every Year Whether You Make Money or Not. These 3 ETFs Fire the Middleman and Pay You Instead247 Wallst · Aug 12, 2026The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index is comprised of securities issued by companies that Morningstar, Inc. ("Morningstar") determines to have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors ("wide moat companies"). The fund is non-diversified.