The Morningstar® Developed Markets Technology Moat Focus IndexSM provides exposure to companies selected from global, developed markets with Morningstar Economic Moat Ratings of ‘wide’ or ‘narrow’ that are trading at low market price/fair value ratios. Economic Moat Ratings are a measure of quality that relates to the sustainability of a company’s competitive advantages. Wide moat companies are positioned to sustain economic profits for at least 20 years, narrow moat companies, 10.