Overview
Companies Morningstar's analysts judge to have durable competitive advantages — wide economic moats — bought only when trading below their estimated fair value.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| CRM | Salesforce Inc. | 2.9% |
| NKE | Nike Inc. | 2.8% |
| ADBE | Adobe Inc. | 2.7% |
| GOOGL | Alphabet Inc. A | 2.6% |
| PFE | Pfizer Inc. | 2.5% |
| BA | Boeing Co. | 2.5% |
| DIS | Walt Disney Co. | 2.4% |
| KVUE | Kenvue Inc. | 2.4% |
| BMY | Bristol-Myers Squibb | 2.3% |
| MKTX | MarketAxess Holdings | 2.2% |
Fund Details
Investment Thesis
MOAT mechanises Warren Buffett's core idea — buy great businesses at fair prices — using Morningstar's analyst-driven moat ratings and fair-value estimates. The index rebalances into whichever wide-moat companies look cheapest, which forces contrarian buys the market hates at the time. The long-term record against the S&P 500 is strong for a strategy fund, though the 0.46% fee and analyst dependence are the price of admission.
Who It's For
Buffett-minded investors who want quality-at-a-reasonable-price systematised, and who are comfortable holding temporarily out-of-favour names the screen drags in. A differentiated core satellite.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $30.25 | -- |
| 2017 | $36.90 | +22.0% |
| 2018 | $36.53 | -1.0% |
| 2019 | $48.95 | +34.0% |
| 2020 | $56.30 | +15.0% |
| 2021 | $69.81 | +24.0% |
| 2022 | $60.73 | -13.0% |
| 2023 | $80.17 | +32.0% |
| 2024 | $88.18 | +10.0% |
| 2025 | $97.00 | +10.0% |
| Year | Yield |
|---|---|
| 2016 | 1.50% |
| 2017 | 1.30% |
| 2018 | 1.50% |
| 2019 | 1.30% |
| 2020 | 1.10% |
| 2021 | 1.00% |
| 2022 | 1.20% |
| 2023 | 1.00% |
| 2024 | 1.00% |
| 2025 | 1.00% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.7B | -- |
| 2017 | $1.2B | +71.4% |
| 2018 | $1.4B | +16.7% |
| 2019 | $2.5B | +78.6% |
| 2020 | $3.5B | +40.0% |
| 2021 | $6B | +71.4% |
| 2022 | $6.5B | +8.3% |
| 2023 | $11B | +69.2% |
| 2024 | $13B | +18.2% |
| 2025 | $12B | -7.7% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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