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MOAT

$128.50+0.94%Global / All World38/100
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VanEck Morningstar Wide Moat ETF · VanEck

Data as at 29 March 2026

TL;DR

Tracks 40-50 US companies that Morningstar analysts rate as having wide competitive moats and that are currently trading below their estimated fair value — combining quality and value in one screen.

MER (Annual Fee)
0.49%
#8 lowest in Global / All World
1Y Return
+16.8%
3Y Return (p.a.)
+12.4%
Dividend Yield
1.05%
Trailing 12 months
AUM
$1,800M
Assets under management
Avg Daily Turnover
$4.5M
Avg shares × unit price
Unit Price
$128.50
As at 29 March 2026
Provider
VanEck
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Strategy

Uses Morningstar's research process to identify companies with sustainable competitive advantages, then filters for those trading at the largest discount to fair value. Portfolio rebalances quarterly, which means the holdings change frequently as valuations shift.

Top Holdings

Key Fact

MOAT has at times held almost no Apple or NVIDIA — not because they are poor businesses, but because Morningstar's analysts concluded they were trading above their fair value estimates. This makes MOAT genuinely different from most ETFs, not just a repackaged index.

Suited for

Value-oriented investors who want a differentiated approach to US equities. MOAT's portfolio often looks very different from the S&P 500, sometimes holding little or no Apple or NVIDIA when Morningstar rates them as overvalued.

Risks

Concentrated 40-50 stock portfolio that can deviate significantly from S&P 500 performance. Relies on Morningstar's proprietary valuation methodology being correct. Can underperform for extended periods when growth and momentum lead the market.

ETFCheck Score38/100
Fees (40%)27
Fund Size (25%)58
Liquidity (20%)45
Yield (15%)27
How scores are calculated →
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Frequently Asked Questions - MOAT

What does 'wide moat' actually mean and how does Morningstar decide which companies qualify?+
Morningstar's proprietary research assigns moat ratings based on five sources of competitive advantage: switching costs, network effects, intangible assets, cost advantages, and efficient scale. Only companies rated 'wide moat' - meaning Morningstar expects the advantage to persist for at least 20 years - qualify for MOAT's index. The fund also applies a valuation overlay, tilting toward undervalued wide-moat stocks, which distinguishes it from pure quality ETFs like QUAL or QLTY on the ASX.
Why has MOAT underperformed QUAL and QLTY over the past year despite holding high-quality businesses?+
MOAT returned 16.8% over one year versus QUAL's 20.2% and QLTY's 19.4%, largely because its valuation-conscious methodology rotates toward temporarily out-of-favour stocks rather than momentum-driven winners. This contrarian value tilt can lag during strong bull markets dominated by expensive growth names. Australian investors should view MOAT as a long-term compounder - Morningstar's research shows wide-moat companies historically outperform over full market cycles, including downturns.
Is MOAT's 0.49% MER too expensive for what it delivers Australian investors?+
At 0.49%, MOAT is the most expensive among popular ASX-listed global smart-beta ETFs, costing 14 basis points more than QLTY and 9 basis points more than QUAL. However, you're paying for Morningstar's proprietary equity research and active-style valuation screening, which no other ASX ETF replicates. For SMSF trustees seeking a differentiated global strategy beyond standard factor tilts, MOAT's unique methodology can justify the higher fee within a diversified portfolio.
How concentrated is MOAT's portfolio and what sectors does it favour?+
MOAT holds approximately 50 wide-moat US and global stocks, making it relatively concentrated compared to broad global ETFs like VGS with over 1,500 holdings. It historically overweights healthcare, technology, and financial services - sectors where durable competitive advantages are most common. Australian investors should note the fund is almost entirely US-focused despite being labelled 'global,' so pairing it with emerging market or Asia-Pacific exposure like VAE can improve geographic diversification.