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MOAT
VanEck Vectors Morningstar Wide Moat ETF

Latest Market Updates*

  • MOAT’s index underwent its quarterly review on September 18, 2020 when it reinforced its previous shifts away from mega cap growth-oriented companies to a more value-oriented posturing. This positioning in what Morningstar believes are undervalued stocks has driven near-term underperformance relative to the broad US equity markets.
  • FAANG + Microsoft accounted for over 23% of the S&P 500 Index while only Amazon and Microsoft remain in MOAT which accounted for just over 2% of its assets as of October 12, 2020.
  • We believe MOAT’s valuations remain attractive signaling upside potential if the market recognizes the mispricing of the portfolio stocks based on Morningstar’s fair value assessments.

Fund Description

VanEck Vectors Morningstar Wide Moat ETF (MOAT®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Wide Moat Focus IndexSM (MWMFTR), which is intended to track the overall performance of attractively priced companies with sustainable competitive advantages according to Morningstar's equity research team.

 
 

  • Fund Ticker

    MOAT
  • Exchange

    Cboe
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    MWMFTR
  • Index Reconstitution

    Semi-Annually, Staggered quarterly

 
as of 10/21/20

  • 30-Day SEC Yield1

    1.91%
  • Total Net Assets

    $3.5B
  • Number of Holdings

    48
  • Options

    Available
  • Gross Expense Ratio2

    0.48%
  • Net Expense Ratio/TER2

    0.48%
  • Distribution Frequency

    Annual

Index Key Points

Underlying Index: 

Morningstar® Wide Moat Focus IndexSM

The Index Composition:

The Index contains at least 40 attractively priced U.S. companies with sustainable competitive advantages according to Morningstar's equity research team.

Companies eligible for inclusion in the Index:

  • Derived from Morningstar® US Market IndexSM (Parent Index)
  • Assigned an Economic Moat rating of wide by Morningstar’s equity research team
  • Assigned a fair value estimate by Morningstar's equity research team

Methodology Highlights:

  • Staggered reconstitution
    • Index is divided into two equally-weighted sub-portfolios, and each is reconstituted and rebalanced semi-annually on alternating quarters
    • Each sub-portfolio will contain 40 equally-weighted securities at its semi-annual reconstitution and weights will vary with market prices until the next reconstitution date.
    • Each sub-portfolio is reweighted to 50% of the total index every six months.
  • Buffer rule
    • At each quarterly review, current index constituents ranked within the top 150% of the eligible universe based on current market price/fair value ratio are given preference for inclusion
    • From among the remaining eligible securities, those with the lowest current market price/fair value ratios are included in the index
  • Sector cap: The greater of 40% or corresponding weight in Parent Index + 10%

Index provider:

Morningstar, Inc.

Effective June 20, 2016, Morningstar implemented several changes to the Morningstar Wide Moat Focus Index construction rules. Among other changes, the index increased its constituent count from 20 stocks to at least 40 stocks and modified its rebalance and reconstitution methodology. These changes may result in more diversified exposure, lower turnover, and longer holding periods for index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.

Index Profile

  • Ticker

    MWMFTR
  • Inception Date

    02/14/2007
  • Rebalance Frequency

    Semi-Annually, Staggered quarterly

Index Top 10 Constituents (%) as of 09/30/20 Download All Index Constituents

Total Constituents: 48
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full data
Constituent Name
Ticker
Weightings (%)
Salesforce.Com Inc
CRM US
2.87
Compass Minerals Internation
CMP US
2.83
Aspen Technology Inc
AZPN US
2.80
Berkshire Hathaway Inc-Cl B
BRK/B US
2.68
Pfizer Inc
PFE US
2.63
Bristol-Myers Squibb Co
BMY US
2.60
Biogen Idec Inc
BIIB US
2.59
Applied Materials Inc
AMAT US
2.58
Medtronic Inc
MDT US
2.57
Corteva Inc
CTVA US
2.56
Top 10 Total (%) 26.71
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Country Weightings (%) as of 09/30/20

  • Country

    Weightings (%)
  • United States

    100.0

Index Sector Weightings (%) as of 09/30/20

  • Sector

    Weightings (%)
  • Information Technology

    22.0
  • Health Care

    20.2
  • Financials

    16.0
  • Consumer Staples

    11.0
  • Industrials

    10.9
  • Consumer Discretionary

    7.5
  • Materials

    5.4
  • Communication Services

    3.6
  • Energy

    2.4
  • Utilities

    1.2