VanEck MSCI International Quality ETF QUAL
Fund description: QUAL gives investors exposure to a diversified portfolio of quality international companies listed on exchanges in developed markets around the world (ex Australia). QUAL aims to provide investment returns before fees and other costs which track the performance of the Index.
Index description: The MSCI World ex Australia Quality Index is intended to capture the performance of quality stocks selected from the Parent Index, MSCI World ex Australia, by identifying companies with high quality scores based on three key fundamental factors: high return on equity; stable year-on-year earnings growth; and low financial leverage.
Management style: Replication
Country of domicile: Australia
as at 06-Dec-21
-
Exchange
ASX -
ASX code
QUAL -
Bloomberg index code
M4CXMVIA -
Index provider
MSCI Inc. -
NAV1
$43.61 -
Units outstanding1
62,623,871 -
Net assets1
$2.7B -
Number of holdings1
301 -
Inception date2
29-Oct-14 -
ASX commencement
31-Oct-14
2The date the ETF was seeded prior to quotation on ASX.
as at 06-Dec-21
-
Dividend frequency
1 each year -
Management costs p.a.
0.40% - Investment management team »
- Market Announcements
- QUAL Fact Sheet
- QUAL Fund Flyer
- White Paper: The long term case for Quality
- Learn about the Quality Factor
Key points
Underlying Index
MSCI World ex Australia Quality Index
Overview
The Index is based on a traditional market capitalisation-weighted parent index, the MSCI World ex Australia Index (the ‘Parent Index’), which includes large- and mid-capitalisation stocks. The Index aims to capture the performance of quality growth stocks selected from the Parent Index. The Index reweighs the selected quality growth stocks from the Parent Index to emphasise stocks with the highest quality scores. The components, sectors and countries represented in the Index will change over time.
Index calculation methodology
A four step process is followed to determine the Index constituents:
1. The eligible universe of securities is defined as the securities in the Parent Index.
2. A quality score is calculated for each security in the universe based on the following fundamental variables:
(a) return on equity;
(b) earnings variability; and
(c) debt to equity ratio.
If all three variables are available, a quality score for each security is calculated based on the average scores for the three variables. If (a) is positive and (b) or (c) is unavailable, the quality score is calculated based on the 2 available variables. If (a) is positive but both (b) and (c) are unavailable, the security is ineligible for inclusion.
3. The securities are ranked by quality score and a fixed number required to cover 30% of the Market Capitalisation of the Parent Index rounded up to the nearest 25 are selected, with the aim of attaining a high exposure to the quality factor, while maintaining sufficient Market Capitalisation and number of securities coverage. Individual issuer weight is capped at 5%.
4. Securities eligible for inclusion are weighted as follows:
Quality weight = Quality score x Market Capitalisation weight in the Parent Index
Rebalances
The Index is rebalanced on a semi-annual basis, usually as of the close of the last business day of May and November. The quality scores are recalculated at the end of April and October and used for May and November rebalances respectively. The updated Index is generally announced nine business days before the effective date.
Index provider
MSCI Inc. MSCI is not a related entity of VanEck Investments Limited.
QUAL is indexed to a MSCI index. QUAL is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to QUAL or the MSCI Index. The PDS contains a more detailed description of the limited relationship MSCI has with VanEck and QUAL.
Index profile
-
Bloomberg index code
M4CXMVIA -
Base date
30-Nov-94 -
Rebalance frequency
Semi-annual
Top ten index constituents (%) as at 30-Nov-21
| Constituent name |
TIcker
|
Weightings (%) | |
|---|---|---|---|
| MICROSOFT CORP |
MSFT US
|
6.02 | |
| APPLE INC |
AAPL US
|
5.57 | |
| NVIDIA CORP |
NVDA US
|
4.46 | |
| FACEBOOK INC-CLASS A |
FB US
|
4.40 | |
| ALPHABET INC-CL A |
GOOGL US
|
2.80 | |
| ALPHABET INC-CL C |
GOOG US
|
2.75 | |
| JOHNSON & JOHNSON |
JNJ US
|
2.44 | |
| UNITEDHEALTH GROUP INC |
UNH US
|
2.29 | |
| ADOBE INC |
ADBE US
|
2.22 | |
| ASML HOLDING NV |
ASML NA
|
2.08 | |
| Top ten total (%) | 35.03 | ||
Index country weightings (%) as of 30-Nov-21
-
Country
Weightings (%) -
United States
74.7 -
Switzerland
6.0 -
United Kingdom
4.3 -
Japan
4.0 -
Netherlands
2.6 -
Denmark
2.1 -
Canada
1.3 -
Germany
1.1 -
Sweden
1.1 -
France
1.0 -
Hong Kong
0.6 -
Italy
0.4 -
Finland
0.2 -
Ireland
0.2 -
New Zealand
0.1 -
Israel
0.1 -
Singapore
0.1 -
Norway
0.1 -
Total
100.0
Index sector weightings (%) as at 30-Nov-21
-
Sector
Weightings (%) -
Semiconductors & Semiconductor Equipment
13.3 -
Software
11.2 -
Pharmaceuticals
10.5 -
Interactive Media & Services
10.0 -
IT Services
8.1 -
Computers & Peripherals
5.8 -
Health Care Equipment & Supplies
3.2 -
Food & Staples Retailing
2.9 -
Capital Markets
2.6 -
Health Care Providers & Services
2.4 -
Food Products
2.2 -
Machinery
2.0 -
Textiles, Apparel & Luxury Goods
1.8 -
Road & Rail
1.8 -
Insurance
1.6 -
Beverages
1.6 -
Communications Equipment
1.6 -
Personal Products
1.6 -
Industrial Conglomerates
1.3 -
Chemicals
1.2 -
Professional Services
1.0 -
Aerospace & Defense
1.0 -
Multiline Retail
1.0 -
Electrical Equipment
0.8 -
Biotechnology
0.8 -
Electronic Equipment, Instruments & Components
0.7 -
Trading Companies & Distributors
0.7 -
Building Products
0.6 -
Entertainment
0.6 -
Life Sciences Tools & Services
0.6 -
Household Durables
0.6 -
Household Products
0.5 -
Metals & Mining
0.5 -
Commercial Services & Supplies
0.4 -
Specialty Retail
0.4 -
Automobiles
0.4 -
Health Care Technology
0.3 -
Equity Real Estate Investment
0.3 -
Air Freight & Logistics
0.2 -
Commercial Banks
0.2 -
Wireless Telecommunication Services
0.2 -
Tobacco
0.2 -
Internet & Catalog Retail
0.2 -
Leisure Equipment & Products
0.2 -
Distributors
0.2 -
Hotels, Restaurants & Leisure
0.1 -
Containers & Packaging
0.1 -
Marine
0.1 -
Diversified Telecommunication Services
0.1 -
Construction & Engineering
0.1 -
Media
0.1 -
Paper & Forest Products
0.1 -
OTHERS
0.2 -
Total
100.2
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.