At a glance
MGRO charges 0.49% a year, above the 0.44% average of the 7 funds most like it (the 4th cheapest of 8). It has $780K in assets, the 8th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds. Its ten largest positions make up 41.4% of the fund, out of 43 in all.
The short version
VanEck Morningstar Wide Moat Growth ETF (MGRO) tracks the Morningstar US Broad Growth Wide Moat Focus Index. As of June 30, 2025, it held 43 stocks that Morningstar judges to have lasting competitive edges and attractive prices. It leaves out pure value companies and leans toward pure growth names such as MarketAxess, TransUnion and Microsoft. It is the smallest of eight similar funds, and its 0.49% yearly expense ratio depends on a large fee waiver.
Price history
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MGRO 0.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MGRO price data to Oct 27, 2026 | 0.0% | 0.0% | — | — | — | +2.3% |
- Over the year to Oct 27, 2026, MGRO returned 0.0%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.3%); its best was 2025 (+5.3%).
- The deepest fall in its price history was 23.8% (Dec 9, 2024 to Apr 8, 2025), recovered by Jul 24, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +5.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2025, the fund held 43 securities; the ten largest made up 41.4% of assets.
| Holding | Weight | |
|---|---|---|
| MarketAxess Holdings Inc | 5.18% | |
| TransUnion | 5.15% | |
| Microsoft Corp | 4.66% | |
| Monolithic Power Systems Inc | 4.41% | |
| Manhattan Associates Inc | 4.33% | |
| Workday Inc | 3.82% | |
| Amazon.com Inc | 3.71% | |
| IDEX Corp | 3.51% | |
| Teradyne Inc | 3.34% | |
| Allegion plc | 3.29% | |
| Salesforce Inc | 3.04% | |
| West Pharmaceutical Services Inc | 3.00% | |
| Copart Inc | 2.94% | |
| Cadence Design Systems Inc | 2.57% | |
| Veeva Systems Inc | 2.51% |
By country
United States 95.67%Ireland 3.29%Netherlands 0.98%By asset type
Stocks 99.94%By sector
Sectors of the companies held, for the 58.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2025. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2025, investors added a net $5K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.39%, +5.96%, +4.62%.
How it works
MGRO tries to match the Morningstar US Broad Growth Wide Moat Focus Index, not beat it. Morningstar starts with its US Market Index, which covers about 97% of US stock market value. From it, Morningstar picks "wide moat" companies: businesses it expects to keep a competitive advantage, or moat, for at least 20 years. It checks whether a company earns more on its capital than that capital costs. It also weighs how costly it is for customers to switch, cost advantages, brands and patents, and network effects.
From that group, the index keeps stocks whose price looks attractive next to Morningstar's own estimate of what each is worth, called fair value. A 10-factor model then sorts companies into pure growth, blend and pure value. Pure value stocks are excluded. Holdings get roughly equal weights, tilted toward pure growth names. As of December 31, 2024, the index held 42 stocks, ranging from about $7.51 billion to $3.13 trillion in market value.
The index is split into two halves. Each half is reviewed and rebalanced twice a year, on alternating quarters, so part of the portfolio changes every quarter. The prospectus reports 16% portfolio turnover. The fund is "non-diversified," so it can hold bigger stakes in single companies than a diversified fund. It owns the index stocks directly, with no leverage or options.
What it really costs
- MGRO charges 0.49% a year, versus an average of 0.44% for the similar funds below (4th of 8, cheapest first).
- Of that, 0.45% is the management fee; the rest covers other fund expenses.
- The fee includes a 12.59% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $8,679 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MGRO | $50 | $2,568 | $4,695 | $8,679 |
In a retirement portfolio
It holds a concentrated set of 43 growth stocks, pays no income, has a short history and is very small, so it fits better as a small add-on than as a foundation.
MGRO could pair with a broad core fund by adding growth stocks that Morningstar believes have lasting competitive edges. It launched on March 28, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 5.3%. Its deepest drop was 23.8%, from December 9, 2024 to April 8, 2025. It regained that ground by July 24, 2025, about 3.5 months after the low. Anyone who cashed out near the low would have locked in the loss.
It paid no distributions in the year to October 27, 2026, so it offers no income. Its 0.49% expense ratio reflects a fee waiver. The SEC's standard $10,000 example shows $50 in costs after one year but $2,568 after three years. Its very small size also raises the risk that the fund closes. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a concentrated mix of 43 wide-moat growth stocks, such as Microsoft, Amazon and Workday, as of June 30, 2025.
- Those who like a price check: Morningstar picks wide-moat companies trading at attractive prices compared with its own fair value estimates.
- Investors who can ride out swings: it fell 23.8% from December 9, 2024 to April 8, 2025, then recovered by July 24, 2025.
Look elsewhere if
- Anyone wanting an established fund: it's the smallest of eight similar funds, and tiny ETFs can be costlier to trade and more likely to close.
- Cost-focused investors: the 0.49% expense ratio relies on a fee waiver, and the SEC example shows $2,568 in costs over three years on $10,000.
- Retirees needing income or a long record: it paid nothing in the year to October 27, 2026, and launched only in March 2024.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MGRO this fund | — | 0.49% | $780K | 0.0% | — |
| MOTE VanEck Morningstar ESG Moat ETF | 43% | 0.5% | $15.2M | 0.0% | +10.7% |
| MOAT VanEck Morningstar Wide Moat ETF | 35% | 0.47% | $11.62B | +9.7% | +17.7% |
| MVAL VanEck Morningstar Wide Moat Value ETF | 30% | 0.49% | $1.8M | +10.5% | — |
| CLOD Themes Cloud Computing ETF | 23% | 0.35% | $2.5M | +1.1% | — |
| LGRO Level Four Large Cap Growth Active ETF | 22% | 0.5% | $142.1M | +13.1% | +27.6% |
| PSET Principal Quality ETF | 21% | 0.15% | $28.8M | +3.4% | +16.4% |
| LSGR Natixis Loomis Sayles Focused Growth ETF | 20% | 0.59% | $839.1M | -2.0% | +23.9% |
Questions investors ask
What does the MGRO ETF invest in?
MGRO invests in growth companies that Morningstar believes have a "wide moat." That means a competitive advantage Morningstar expects to last at least 20 years. The stocks must also trade at attractive prices compared with Morningstar's fair value estimates. The fund tracks the Morningstar US Broad Growth Wide Moat Focus Index, which excludes pure value companies. As of June 30, 2025, it held 43 stocks. The largest were MarketAxess (5.2%), TransUnion (5.1%), Microsoft (4.7%), Monolithic Power Systems (4.4%) and Manhattan Associates (4.3%).
What's the difference between MGRO and MOAT?
Both are VanEck ETFs built on Morningstar's wide-moat research. MGRO's index leaves out pure value companies and leans toward pure growth stocks. MOAT is far larger and charges 0.47% a year, compared with MGRO's 0.49%. About 35% of their holdings overlapped, based on each fund's latest holdings report filed with the SEC. As of October 27, 2026, MOAT returned 9.7% over one year and 17.7% a year over three years. MGRO launched in March 2024 and has no three-year record.
Does MGRO pay dividends?
No. MGRO made no distributions in the year to October 27, 2026, so its yield for that period was 0%. That fits its design. The index favors growth companies, which Morningstar describes as having fast growth in earnings and sales, high share prices compared with those figures, or low dividend yields. Such firms often reinvest profits instead of paying them out. Investors who need regular income would have to get it from other holdings or by cashing out shares.
What is MGRO's expense ratio?
MGRO's expense ratio is 0.49%, according to the prospectus filed January 27, 2025. The expense ratio is the yearly fee taken from fund assets. MGRO's is above the 0.44% average of seven similar funds, and it ranks 4th cheapest of 8. That rate depends on a fee waiver. The SEC's standard example ($10,000 invested, 5% yearly return) shows $50 in costs after one year. It shows $2,568 after three years, $4,695 after five and $8,679 after ten, because after the first year the example uses the fund's much higher costs before the waiver.
Is MGRO a good fit for a retirement portfolio?
It may suit a small, higher-risk slice of a retirement portfolio rather than the core. It is non-diversified, which means it can put more money into single companies, and it held 43 stocks as of June 30, 2025. It paid no distributions in the year to October 27, 2026. Its deepest fall was 23.8%, from December 9, 2024 to April 8, 2025, and it recovered by July 24, 2025. Its record starts only in March 2024, and it is the smallest of eight similar funds. Past results don't predict future ones.