At a glance
MOTI charges 0.58% a year, above the 0.06% average of the 5 funds most like it (the most expensive of 6). It has $70.1M in assets, the 6th largest of that group; it paid 3.25% of its price in distributions over the past 12 months, annual. Over the past year it returned −3.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +12.6% a year. At its worst it fell 30.8% in the 2020 crash (S&P 500: 33.7%) and 27.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 9 months after the lows. Its ten largest positions make up 28.3% of the fund, out of 46 in all.
The short version
VanEck Morningstar International Moat ETF (MOTI) tracks a Morningstar index of about 50 non-US companies. Morningstar's analysts judge these companies to have lasting competitive advantages and to trade below their estimated fair value. The fund costs 0.58% a year, far more than broad international index funds at about 0.04% to 0.07%. It held only 46 stocks as of June 30, 2026, so it can behave quite differently from the wider market.
Price history
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MOTI -3.9% 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 | |
|---|---|---|---|---|---|---|
| MOTI official prospectus, to Dec 31, 2025 | — | +23.73% | — | +5.40% | +6.76% | — |
| Morningstar® Global Markets ex-US Wide Moat Focus Index SM (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +24.35% | — | +6.10% | +7.38% | — |
| MSCI ACWI Net TR Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| MOTI price data to Oct 27, 2026 | -1.1% | -3.9% | +12.6% | +4.9% | +6.7% | +5.1% |
- Over the year to Oct 27, 2026, MOTI returned -3.9%, 6th of 6 among similar funds.
- Its 5-year annualized return was +4.9% and its 10-year +6.7%.
- In the 2020 COVID crash it fell 30.8% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2018 (-13.9%); its best was 2017 (+33.8%).
- The deepest fall in its price history was 36.7% (Jan 26, 2018 to Mar 23, 2020), recovered by Dec 16, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.1% | — |
| 2025 | +25.0% | +23.73% |
| 2024 | +1.9% | +2.39% |
| 2023 | +10.2% | +10.59% |
| 2022 | -6.9% | -7.42% |
| 2021 | +0.1% | +0.26% |
| 2020 | +7.3% | +7.29% |
| 2019 | +17.6% | +16.71% |
| 2018 | -13.9% | -13.35% |
| 2017 | +33.8% | +29.66% |
| 2016 | +4.6% | +5.12% |
| 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 | Lost 30.8% over that stretch · deepest drop along the way 30.8%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.5% over that stretch · deepest drop along the way 27.7%, back to its old high 9.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.1800 | -18.6% |
| 2024 | $1.4500 | +98.6% |
| 2023 | $0.7300 | -23.2% |
| 2022 | $0.9500 | -36.7% |
| 2021 | $1.5000 | +108.3% |
| 2020 | $0.7200 | -42.4% |
| 2019 | $1.2500 | +17.9% |
| 2018 | $1.0600 | -65.0% |
| 2017 | $3.0300 | +718.9% |
| 2016 | $0.3700 |
What's inside
As of Jun 30, 2026, the fund held 46 securities; the ten largest made up 28.25% of assets.
| Holding | Weight | |
|---|---|---|
| DSM-Firmenich AG | 3.62% | |
| Symrise AG | 3.16% | |
| Edenred SE | 2.94% | |
| Universal Music Group NV | 2.72% | |
| Unicharm Corp | 2.68% | |
| Koninklijke Philips NV | 2.66% | |
| Bureau Veritas SA | 2.64% | |
| ZOZO Inc | 2.62% | |
| Spirax Group PLC | 2.62% | |
| Melrose Industries PLC | 2.58% | |
| Endeavour Group Ltd/Australia | 2.53% | |
| Inner Mongolia Yili Industrial Group Co Ltd | 2.50% | |
| Pernod Ricard SA | 2.50% | |
| Dassault Systemes SE | 2.47% | |
| Thales SA | 2.46% |
By country
France 14.52%Germany 13.52%China 12.73%United Kingdom 11.48%Netherlands 10.25%By asset type
Stocks 100.08%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $115.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.81%, -0.30%, -4.51%.
How it works
MOTI is an index fund. It tries to match, before fees, the Morningstar Global Markets ex-US Wide Moat Focus Index, and it normally keeps at least 80% of its assets in that index's stocks. The starting pool is a broad Morningstar index. It covers about 97% of the value of stock markets outside the US, in both developed and emerging countries. From that pool, Morningstar's analysts pick out "wide moat" companies: those they expect to keep a competitive edge for at least 20 years. They compare returns on invested capital with the cost of that capital. They also look at customer switching costs, cost advantages, brands and patents, network effects and efficient scale.
Of those companies, the index keeps the ones that look most attractively priced, based on share price compared with Morningstar's own fair value estimate. Holdings change at each index review as prices and analyst views shift. Portfolio turnover was 110%, which means trading roughly equal to the whole portfolio over a year. Medium-sized companies can qualify.
As of June 30, 2026, the fund held 46 stocks and no derivatives, and the top 10 made up about 28% of assets. France (14.5%), Germany (13.5%) and China (12.7%) were the largest country weights. Because it follows the index, it may end up concentrated in certain industries or become "non-diversified," meaning more of its money sits in fewer companies.
What it really costs
- MOTI charges 0.58% a year, versus an average of 0.06% for the similar funds below (6th of 6, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.05% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $782 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MOTI | $59 | $197 | $346 | $782 |
In a retirement portfolio
It is a concentrated, research-driven, higher-cost slice of non-US stocks rather than a broad, low-cost international core.
MOTI could add a hand-picked group of non-US companies to a portfolio built mostly on US stocks, but the ride has been bumpy. In the 2020 COVID crash it fell 30.8% and took about 7.6 months to recover from the low. In 2022 it dropped 27.7%, and recovery took about 9.4 months after the October low. Its worst calendar year was 2018, at -13.35%. Its deepest drop was 36.7%, from January 2018 to March 2020, and it recovered by December 2020. It launched in 2015, so it has no 2008 record. Anyone forced to sell during drops like these would lock in losses.
Its trailing 12-month yield was 3.25% as of October 27, 2026, but it pays only once a year. Its 0.58% expense ratio compares with a 0.06% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want non-US stocks chosen through Morningstar's moat and valuation research rather than by company size alone.
- People comfortable with a 46-stock portfolio weighted toward France, Germany, China and the UK, as of June 30, 2026.
- Long-term holders willing to pay 0.58% a year and sit through drops like its 36.7% fall from 2018 to 2020.
Look elsewhere if
- Cost-focused investors: Vanguard's VXUS charges 0.05% and VEU charges 0.04%, against MOTI's 0.58%.
- Retirees who need steady monthly or quarterly income, since MOTI pays its distributions once a year.
- Investors wanting a broad international core: through December 31, 2025, MOTI's 6.76% 10-year return trailed its own index's 7.38%.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MOTI this fund | — | 0.58% | $70.1M | -3.9% | +12.6% |
| VWO Vanguard FTSE Emerging Markets ETF | 7% | 0.07% | $162.04B | +3.3% | +16.8% |
| IEMG iShares Core MSCI Emerging Markets ETF | 7% | 0.09% | $160.90B | +11.7% | +19.8% |
| VEU Vanguard FTSE All-World ex-US Index Fund | 6% | 0.04% | $95.84B | +13.4% | +20.6% |
| IXUS iShares Core MSCI Total International Stock… | 6% | 0.07% | $58.39B | +13.8% | +19.5% |
| VXUS Vanguard Total International Stock ETF | 6% | 0.05% | $645.86B | +12.9% | +20.3% |
Questions investors ask
What does MOTI invest in?
MOTI invests in non-US companies that Morningstar rates as having a "wide moat," meaning a competitive edge expected to last at least 20 years, and that look cheap compared with Morningstar's fair value estimates. As of June 30, 2026, it held 46 stocks. The largest were DSM-Firmenich (3.6%), Symrise (3.2%), Edenred (2.9%), Universal Music Group (2.7%) and Unicharm (2.7%). France, Germany, China, the UK and the Netherlands had the largest country weights.
What is MOTI's expense ratio?
MOTI's expense ratio is 0.58% a year, according to its prospectus filed January 27, 2026. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs come to about $59 after one year, $346 after five years and $782 after ten. That is much higher than broad international index funds such as Vanguard Total International Stock ETF (VXUS), at 0.05%. Similar funds average 0.06%.
What's the difference between MOTI and VXUS?
The main differences are breadth and cost. VXUS is a Vanguard index fund that covers the whole non-US stock market. It had about $646 billion in assets as of July 31, 2026 and charges 0.05%. MOTI holds 46 stocks picked through Morningstar's moat and valuation research, had $70.1 million as of June 30, 2026, and charges 0.58%. The two share only about 6% of holdings. Over one year, VXUS returned 12.9% (to October 30, 2026) and MOTI returned -3.9% (to October 27, 2026).
Does MOTI pay dividends?
Yes, but only once a year. MOTI's distributions over the 12 months to October 27, 2026 totaled $1.18 per share, a trailing yield of 3.25%. The payout depends on the dividends its foreign holdings pay and on currency moves against the US dollar, so the amount can change a lot from year to year. Investors who want regular monthly or quarterly income may find the once-a-year timing awkward.
How has MOTI performed over the long term?
Its long-term record has been modest. Through December 31, 2025, MOTI returned 6.76% a year over 10 years and 5.40% over five years. Its own index returned 7.38% and 6.10% over the same periods. The MSCI ACWI, a global index that includes US stocks, returned 11.72% and 11.19%. MOTI gained 23.73% in 2025 but returned -3.9% in the year to October 27, 2026. Past results don't predict future returns.