The VanEck Morningstar Wide Moat ETF (MOAT) is an exchange-traded fund designed to provide exposure to U.S. companies with durable competitive advantages that are trading at attractive valuations relative to their estimated fair value. The ETF is managed by VanEck and trades under the ticker MOAT on the Cboe BZX Exchange.

Classified as a factor-based equity ETF, the fund invests in large- and mid-cap companies identified as having a wide economic moat, a Morningstar concept that describes businesses with sustainable competitive advantages capable of protecting long-term profitability.

The ETF follows a passive management approach and seeks to replicate the performance of the Morningstar® Wide Moat Focus Index℠, a benchmark that selects companies with Morningstar's wide moat rating while emphasizing stocks considered undervalued based on Morningstar's fundamental fair value estimates.

Diversification and sector exposure

MOAT provides exposure primarily associated with:

• U.S. companies.

• Value-oriented equities.

• Technology.

• Healthcare.

• Financial services.

• Industrials.

• Consumer sectors.

• Companies with durable competitive advantages.

The portfolio includes businesses from multiple sectors of the U.S. economy that Morningstar considers to possess sustainable competitive advantages capable of supporting long-term earnings power.

The ETF's performance reflects both the operating results of the underlying companies and changes in their market valuations, as the index combines business quality with valuation-based security selection.

Structure and costs

MOAT shares trade on the secondary market on the Cboe BZX Exchange during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF's market price with its net asset value (NAV).

The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. Dividends received from portfolio holdings may be distributed periodically to shareholders according to the fund's distribution policy.

Because it tracks a fundamentally driven index rather than a market-cap-weighted benchmark, the portfolio's composition may differ significantly from that of the S&P 500 or other broad U.S. equity indexes.

History and evolution of the ETF

The VanEck Morningstar Wide Moat ETF was launched in 2012 to provide investors with exposure to U.S. companies that combine durable competitive advantages with attractive valuations. Since inception, the fund has become one of the leading ETFs focused on applying fundamental research to identify high-quality businesses.

In recent years, the strategy has continued to attract investors seeking companies capable of sustaining competitive advantages across different market environments while combining business quality with valuation discipline.

Additional Information

VanEck Morningstar Wide Moat ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $11.65 billion.

Over the past 12 months, VanEck Morningstar Wide Moat ETF recorded a return of 9.99%, with its price trading between $94.29 and $115.14 during the same period.

The ETF is traded under the ticker MOAT.