Key findings (as at Q3 2026)
- MOAT is the VanEck Morningstar Wide Moat ETF: approximately 57 US companies rated wide moat by Morningstar and priced below Morningstar's fair value estimate, at 0.49% p.a..
- Each company gets a similar weight when the index rebalances, so the largest position is approximately 4.4% of the fund, against approximately 8.5% for the largest company in IVV.
- Trailing distribution yield is approximately 1.4%, paid semi-annually, with no franking. Past performance is not a reliable indicator of future returns.
- On the largest-holdings basis MOAT shares approximately 25% of its holdings with IVV by weight: the same market, a very different portfolio.
Last updated: Q3 2026. Figures are computed from ETFLens data as at Q3 2026, sourced from the issuer's published disclosure documents and reviewed quarterly. Always verify current figures directly with VanEck at vaneck.com.au before making any investment decisions.
MOAT is the VanEck Morningstar Wide Moat ETF. It gives ASX investors a single trade into a portfolio of US companies that Morningstar's equity analysts rate as having a wide economic moat, bought when they trade below Morningstar's estimate of what they are worth. It has been listed on the ASX since 2015, which makes it one of the longer-running rules-based global funds on the exchange, and it is one of the funds investors most often ask about as an alternative to a plain S&P 500 index fund.
This review covers what MOAT holds and how the index chooses it, its fee, its distributions, its historical returns with the past-performance disclaimer that applies to every figure, the risks that come with a concentrated rules-based portfolio, and how it differs from IVV, the cap-weighted S&P 500 fund it is most often compared with.
At a glance
| Full name | VanEck Morningstar Wide Moat ETF |
| ASX code | MOAT |
| Provider | VanEck |
| Index | Morningstar Wide Moat Focus Index |
| Listed on the ASX | 2015 |
| Annual fee (MER) | 0.49% p.a. |
| Fund size | $880.14M |
| Holdings | 57 |
| Distribution yield | approximately 1.4% |
| Distribution frequency | Semi-annually |
| Currency hedging | Unhedged |
Distribution yield is a trailing figure. Past performance is not a reliable indicator of future returns. Fee and fund size data is sourced from the issuer's published disclosure documents, reviewed quarterly.
What is the MOAT ETF?
MOAT is an index fund, but not a market-cap index fund. It tracks the Morningstar Wide Moat Focus Index, which starts from the US companies covered by Morningstar's equity analysts, keeps only those rated as having a wide economic moat, and then selects the ones trading at the largest discount to Morningstar's estimate of fair value. The result is a portfolio of approximately 57 companies as at Q3 2026, a fraction of the 500 in an S&P 500 fund, chosen by analyst judgement and a valuation rule rather than by size.
Two things follow from that design. The portfolio looks nothing like the S&P 500's largest names, and its returns can diverge from the broad US market for long stretches in either direction. That divergence is the product working as designed, not a fault, and it is the main thing to understand before holding it.
How the wide moat index works
An economic moat is Morningstar's term for a durable competitive advantage: something that lets a company defend its profits from competitors for many years. Morningstar groups the sources of moats into five types: intangible assets such as brands and patents, switching costs that make customers reluctant to leave, network effects that make a service more valuable as more people use it, cost advantages, and efficient scale in markets that only support a few players. A wide moat rating means the analysts expect the advantage to last at least 20 years.
The index adds a valuation screen on top of the moat rating. Among the wide-moat companies, it selects those priced lowest relative to Morningstar's fair value estimate, and it gives each selected company a similar weight rather than weighting by market size. The portfolio is reviewed in stages through the year, with roughly half of it reconsidered at a time, so holdings change more often than they do in a cap-weighted index. Morningstar's ratings and fair value estimates are analyst opinions, and the index follows them mechanically.
MOAT holdings: what does it own?
MOAT's largest holdings as at Q3 2026 are Fortinet Inc. (4.4%), Nxp Semiconductors Nv (3.46%), Mondelez International Inc. (2.81%), NVIDIA Corporation (2.8%), Masco Corporation (2.78%). Because every company starts at a similar weight, the largest position is approximately 4.4% of the fund and the ten largest add up to approximately 29%. In IVV the single largest company is approximately 8.5% of the fund and the ten largest are approximately 39%. The list rotates as the valuation screen does its work, so the names above may already have changed.
By sector, information technology is approximately 31.1% of the portfolio, industrials approximately 18%, consumer staples approximately 17.3% and health care approximately 16.4%. That is a heavier tilt to staples and health care, and a lighter one to financials and communication services, than the S&P 500 carries. Geographically the fund is US-only: approximately 96.5% of holdings are listed in the United States. Full live holdings are on the MOAT page.
MOAT fees and costs
MOAT charges a management expense ratio of 0.49% p.a., which works out to approximately $49/year per $10,000. For context, IVV charges 0.04% p.a. and QUAL, VanEck's other rules-based global fund, charges 0.4% p.a.. The gap between MOAT and a plain S&P 500 fund is the price of the analyst research and the valuation screen, and it compounds every year whether or not the strategy is ahead of the market in that year. The Fee Analyser shows what that difference adds up to over time.
MOAT distributions and yield
MOAT distributes semi-annually. The trailing distribution yield as at Q3 2026 is approximately 1.4%. Past performance is not a reliable indicator of future returns. The underlying companies are US-listed, so the income carries no franking credits, and because the index turns holdings over more than a cap-weighted index does, distributions can include realised capital gains in some years. Distributions vary each period and are not guaranteed. Tax treatment depends on your individual circumstances; consider a registered tax agent for personal tax questions.
MOAT historical performance
Past performance is not a reliable indicator of future returns. As at Q3 2026, MOAT's reported total returns were approximately 7.8% over one year, 14.2% p.a. over three years and 11.6% p.a. over five years. Over the same horizons, as at Q3 2026, IVV reported approximately 9.4%, 17.2% p.a. and 14.2% p.a.. Past performance is not a reliable indicator of future returns. The two funds' results have diverged in both directions over different periods: a concentrated, valuation-driven portfolio will lag a market led by its largest companies and can lead when that leadership rotates. Neither pattern is predictable in advance.
MOAT vs IVV: key differences
IVV holds every company in the S&P 500, weighted by market value, for 0.04% p.a.. MOAT holds approximately 57 of them, chosen by moat rating and valuation and held at similar weights, for 0.49% p.a.. On the largest-holdings basis the two funds overlap by approximately 25% by weight: every MOAT company sits somewhere in the S&P 500, but at a fraction of the weight MOAT gives it. IVV's return is dominated by its largest technology companies; MOAT's is spread across its equal-sized positions and tilted towards whichever wide-moat businesses the screen currently rates as priced lowest relative to fair value. Holding both means owning MOAT's companies twice, once at MOAT's weight and once at IVV's. The MOAT vs IVV comparison puts the live data side by side.
Things to consider before investing in MOAT
MOAT is concentrated: approximately 57 companies against 500, with sector weights set by where the screen finds value rather than by the market. It follows analyst opinions mechanically, so its results depend on Morningstar's judgement being right often enough to cover a fee several times that of a plain index fund. It is US-only and unhedged, so the AUD/USD exchange rate moves returns in both directions. Its valuation-driven turnover can show up in distributions. And it can trail the broad market for extended periods, which investors have historically found harder to sit through than they expected.
It also overlaps very little with QUAL, VanEck's quality-factor fund: approximately 13% by weight, because QUAL weights by size and holds global names while MOAT gives similar weights to a smaller US list. Investors sometimes hold a rules-based fund such as MOAT as a satellite alongside a broad core rather than as the core itself. Whether that suits any individual depends on personal circumstances. For the full VanEck range, see the VanEck ETFs Australia guide. Always read the relevant PDS.
Conclusion
MOAT is the VanEck Morningstar Wide Moat ETF: approximately 57 US companies with Morningstar wide-moat ratings, selected on valuation and held at similar weights, at 0.49% p.a., with a trailing yield of approximately 1.4% paid semi-annually. It is a concentrated, rules-based portfolio whose returns can differ from the S&P 500 for long stretches in either direction. Past performance is not a reliable indicator of future returns.
This article is general information only and not personal financial or tax advice. ETFLens does not hold an Australian Financial Services Licence (AFSL). Consider your own objectives, financial situation and needs, or speak with a licensed financial adviser before making investment decisions. Past performance is not a reliable indicator of future returns.