At a glance
MVAL charges 0.5% a year, above the 0.49% average of the 4 funds most like it (the 3rd cheapest of 5). It has $1.8M in assets, the 4th largest of that group; it paid 1.62% of its price in distributions over the past 12 months, annual. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%), the best of those 5 funds. Its ten largest positions make up 40.5% of the fund, out of 45 in all.
The short version
VanEck Morningstar Wide Moat Value ETF (MVAL) tracks a Morningstar index of about 40 US "wide moat" companies, ones Morningstar expects to keep a competitive edge for at least 20 years. It favors those priced attractively against Morningstar's fair value estimates, drops pure growth stocks and tilts toward value. It is very small, at about $1.8 million in assets as of June 30, 2026, and its 0.50% expense ratio relies on a fee waiver.
Price history
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MVAL +10.5% 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 | |
|---|---|---|---|---|---|---|
| MVAL official prospectus, to Dec 31, 2025 | — | +14.02% | — | — | — | +12.95% |
| Morningstar® US Broad Value Wide Moat Focus Index SM (reflects no deduction for fees, expenses or taxes) index, same period | — | +14.63% | — | — | — | +13.54% |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | +18.32% |
| MVAL price data to Oct 27, 2026 | +7.2% | +10.5% | — | — | — | +10.6% |
- Over the year to Oct 27, 2026, MVAL returned +10.5%, 1st of 5 among similar funds.
- Its worst full calendar year was 2025 (+14.1%); its best was 2025 (+14.1%).
- The deepest fall in its price history was 19.6% (Dec 2, 2024 to Apr 8, 2025), recovered by Jul 22, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.2% |
| 2025 | +14.1% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6300 |
What's inside
As of Jun 30, 2026, the fund held 45 securities; the ten largest made up 40.46% of assets.
| Holding | Weight | |
|---|---|---|
| Kenvue Inc | 4.76% | |
| Brown-Forman Corp | 4.58% | |
| Bristol-Myers Squibb Co | 4.46% | |
| Danaher Corp | 4.42% | |
| Constellation Brands Inc | 4.24% | |
| Zimmer Biomet Holdings Inc | 4.22% | |
| Clorox Co | 4.04% | |
| GE HealthCare Technologies Inc | 3.56% | |
| Masco Corp | 3.19% | |
| NIKE Inc | 2.99% | |
| Applied Materials Inc | 2.97% | |
| Otis Worldwide Corp | 2.86% | |
| US Bancorp | 2.69% | |
| Microsoft Corp | 2.59% | |
| Charles Schwab Corp | 2.56% |
By country
United States 96.65%Netherlands 2.21%Ireland 1.18%By asset type
Stocks 100.04%By sector
Sectors of the companies held, for the 66.2% 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, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $4.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.18%, -0.76%, +1.49%.
How it works
MVAL is a passive fund that tries to match the Morningstar US Broad Value Wide Moat Focus Index, before fees. The index starts from the Morningstar US Market Index, which covers about 97% of US stock market value. Morningstar flags "wide moat" companies, those it expects to keep a competitive advantage for at least 20 years. It checks whether a company earns more on its invested capital than that capital costs, plus traits such as customer switching costs, cost advantages and strong brands.
Next, Morningstar sorts moat companies into pure growth, blend or pure value using a 10-factor model and drops pure growth. It then picks from the rest based on share price relative to its fair value estimate (its view of what a share is worth), favoring the most attractively priced. Holdings get roughly equal weights, adjusted to favor pure value stocks. As of December 31, 2025, the index held 39 companies.
The index is split into two halves, each rebuilt and rebalanced twice a year on alternating quarters, so part of the portfolio changes every quarter. Turnover, the share of the portfolio replaced in a year, was 44% per the prospectus, and trading has costs. MVAL is "non-diversified," so it can put more money into single companies than a diversified fund.
What it really costs
- MVAL charges 0.5% a year, versus an average of 0.49% for the similar funds below (3rd of 5, cheapest first).
- Of that, 14.02% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.59% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $2,294 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MVAL | $51 | $501 | $977 | $2,294 |
In a retirement portfolio
With 45 stocks as of June 30, 2026, a non-diversified structure, a short record and a very small asset base, it fits better as a side holding than as a core.
MVAL could add a value tilt, through names like Kenvue, Brown-Forman and Bristol-Myers Squibb, alongside a broad core fund. It launched in March 2024, so it has no record from the 2008, 2020 or 2022 downturns, and its only full calendar year, 2025, gained 14.02%. Its deepest drop, 19.6% from December 2, 2024, to April 8, 2025, was fully recovered by July 22, 2025, about 3.4 months after the low. Cashing out near that low would have locked in a loss.
Income is modest: a 1.62% yield as of October 27, 2026, paid once a year. Costs are 0.50% a year after a fee waiver; the SEC's $10,000 example shows $51 after one year but $2,294 after ten, suggesting higher costs if the waiver ends. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a value-tilted slice of US wide-moat companies, with top positions in Kenvue, Brown-Forman, Bristol-Myers Squibb and Danaher as of June 30, 2026.
- People who trust Morningstar's analyst research, since picks rest on its moat ratings and fair value estimates rather than company size.
- Owners of growth-heavy index funds wanting a counterweight; MVAL excludes pure growth stocks and leans toward consumer staples and health care.
Look elsewhere if
- Those wary of very small funds: assets were about $1.8 million as of June 30, 2026, versus $11.6 billion for VanEck's related MOAT.
- Those wanting a long record: it launched in March 2024 and returned an average 12.95% a year through 2025, versus 18.32% for the S&P 500.
- Investors wanting low costs or steady income: the 0.50% fee relies on a fee waiver, and distributions are paid only once a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MVAL this fund | — | 0.5% | $1.8M | +10.5% | — |
| MOAT VanEck Morningstar Wide Moat ETF | 61% | 0.47% | $11.62B | +9.7% | +17.7% |
| MOTE VanEck Morningstar ESG Moat ETF | 45% | 0.5% | $15.2M | 0.0% | +10.7% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 30% | 0.49% | $780K | 0.0% | — |
| MOTG VanEck Morningstar Global Wide Moat ETF | 28% | 0.52% | $17.2M | +2.7% | +18.8% |
Questions investors ask
What's the difference between MVAL and MOAT?
The biggest differences are focus, size and cost. Both are VanEck funds built on Morningstar's wide moat ratings, and about 61% of their holdings overlap. MVAL, as its name signals, is value-focused: its index excludes companies Morningstar classes as pure growth and tilts toward pure value. MOAT is far larger, with about $11.6 billion in assets versus about $1.8 million for MVAL as of June 30, 2026, and charges 0.47% a year versus 0.50%. In the year to October 27, 2026, MVAL gained 10.5% and MOAT 9.7%.
Does MVAL pay a dividend?
Yes, but only once a year. MVAL passes along dividends from the stocks it holds in a single annual distribution. In the year to October 27, 2026, it paid about $0.63 per share, a yield of 1.62%. That is modest income, and one yearly payment means investors who rely on regular cash may need to plan around it or draw on their shares. The amount can change from year to year with the dividends its companies pay.
What is MVAL's expense ratio?
MVAL's expense ratio, the yearly fee taken out of fund assets, is 0.50%, according to its prospectus filed January 27, 2026. That figure reflects a fee waiver worth 1.59%. The SEC's standard example, which assumes $10,000 invested and a 5% annual return, shows total costs of $51 after one year, $501 after three, $977 after five and $2,294 after ten. The steep rise suggests the example counts the waiver only in the first year. VanEck's MOAT charges 0.47%, and similar funds average 0.49%.
What are MVAL's top holdings?
As of June 30, 2026, MVAL's largest holdings were Kenvue (4.8%), Brown-Forman (4.6%), Bristol-Myers Squibb (4.5%), Danaher (4.4%), Constellation Brands (4.2%), Zimmer Biomet (4.2%) and Clorox (4.0%). The top 10 made up about 40% of assets, and the fund held 45 stocks, almost all US companies. Because the index uses roughly equal weights, no single stock dominates, but the mix leans toward consumer staples and health care. It also shifts often, since one of the index's two halves is reviewed each quarter.
How has MVAL performed vs the S&P 500?
It has trailed. From its March 2024 launch through December 31, 2025, MVAL returned an average of 12.95% a year, versus 18.32% for the S&P 500 and 13.54% for its own index, according to its prospectus. In 2025, its only full calendar year, it returned 14.02% against 17.88% for the S&P 500. In the year to October 27, 2026, its market-price return was 10.5%. The prospectus notes that a value strategy can trail growth stocks or the overall market, and past results don't predict future returns.