ETF Research Center

VanEck Morningstar Wide Moat Growth ETF

ALTAR
Score™

4.7%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	26.8x	P/Sales ratio	4.2x
P/BV ratio	5.1x	Div. yield	0.9%

Description
Performance
Comps
Fundamentals
Valuation
Rating

MGRO tracks a modified equal-weighted index of 30 to 60 growth-oriented US stocks that Morningstar determines to be attractively priced and have sustainable competitive advantages.

FUND BASICS
Category	US Equities
Fund Sponsor	VanEck
Website	www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/equity/overview/
Inception date	Mar 26, 2024
Assets (mns)	$1
Currency	USD
Expense ratio	49 bp
Distributions

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2
Wgt avg mkt cap (mns)	$355,571
Large cap (>$10bn)	92.8%
Mid cap ($2-10bn)	7.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	0.0 %
	0.0 %

TOP COUNTRY EXPOSURE
		0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.6%	5.4%	--	--	12.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	75%
MSCI EAFE	0.29	6%
MSCI Emg. Mkts.	-0.10	0%

Technical Indicators
Recent close	$32.21
30d moving avg.	$32.25
Annualized volatility	15.4%
Short interest (ETF)	1.1%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.00%
ADV underlying (mns)	$24,284

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	VanEck Morningstar Wide Moat Growth ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	23.2	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.59

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.