ETF Research Center

VanEck Morningstar ESG Moat ETF

ALTAR
Score™

6.3%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	19.7x	P/Sales ratio	2.8x
P/BV ratio	3.7x	Div. yield	1.8%

Description
Performance
Comps
Fundamentals
Valuation
Rating

MOTE tracks an equal-weighted index of US stocks perceived to have high fair value, sustainable competitive advantage, positive momentum, and excellent ESG ratings.

FUND BASICS
Category	US Equities
Fund Sponsor	VanEck
Website	www.vaneck.com/us/en/investment/morningstar-esg-moat-etf-mote/
Inception date	Oct 05, 2021
Assets (mns)	$13
Currency	USD
Expense ratio	49 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2
Wgt avg mkt cap (mns)	$193,856
Large cap (>$10bn)	94.7%
Mid cap ($2-10bn)	5.3%
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.
2.9%	2.1%	--	--	4.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	90%
MSCI EAFE	0.77	58%
MSCI Emg. Mkts.	0.61	39%

Technical Indicators
Recent close	$28.78
30d moving avg.	$28.92
Annualized volatility	16.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	37
Turnover	8.2%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$26,475

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 ESG Moat ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	22.2	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.58

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.