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VanEck Morningstar Wide Moat Fund

As of June 30, 2026

Fund Details

Class I Ticker MWMIX
Class Z Ticker MWMZX
Net Assets (All Classes) $36.0M
Number of Holdings 55
Avg. Wtd. Market Cap $63.1B
Turnover Rate (2025) 84.4%
P/E (LTM) /  P/E (Forward) 23.9 / 19.4
P/B (LTM) 4.4
Benchmark Index Morningstar® Wide Moat Focus IndexSM
Inception Date 11/06/17

*Price-to-Earnings (P/E) ratio is the price of a stock divided by its earnings per share. Price-to-Book (P/B) ratio is the ratio of a stock's price to its book value.

Top 10 Holdings

Holdings % of Net Assets
Masco Corp 3.0
Kenvue Inc 2.6
Airbnb Inc 2.6
Palo Alto Networks Inc 2.5
Brown-Forman Corp 2.5
Charles Schwab Corp/The 2.5
Nvidia Corp 2.5
Datadog Inc 2.4
Bristol-Myers Squibb Co 2.4
Broadcom Inc 2.4
Top 10 Total 25.3

These are not recommendations to buy or sell any security. Holdings may vary.

Fund Expense Ratios*

Class Gross Net
I 1.88% 0.59%
Z 1.00% 0.49%
Other expenses are estimated for the current fiscal year based on the Fund’s fees. The Adviser has agreed to waive the fees payable to it or to pay or absorb the Other Expenses of the Fund, including, without limitation, organization and offering expenses (excluding management fee payments; brokerage and transactional expenses; borrowing and other investment-related costs and fees including interest and commitment fees; short dividend expense; acquired fund fees; taxes; litigation and indemnification expenses; judgments; and extraordinary expenses not incurred in the ordinary course of the Fund’s business – collectively, the “Exclusions”), to the extent necessary to limit the Other Expenses of the Fund less the Exclusions to the annual rate of 0.50% of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will continue until at least September 1, 2027,. The Expense Limitation may be terminated by the Board upon thirty days’ written notice to the Adviser. The Expense Limitation may not be terminated by the Adviser without the consent of the Fund’s Board of Trustees. For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed pursuant to the Expense Limitation, provided it is able to effect such recoupment without causing the Fund’s Other Expenses (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, or (b) the expense limit in effect at the time of recoupment. Additionally, the Adviser has agreed to partially waive its management fee in an amount equal to an annual rate of 0.50% based on the Fund’s average daily net assets through September 1, 2027. Separately, the Adviser has agreed to waive the fees payable to it by the Fund by any amount the Adviser or its affiliates collect as a management fee from investments in the investment companies managed by the Adviser or its affiliates.

Fund Description

The VanEck Morningstar Wide Moat Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Wide Moat Focus IndexSM (MWMFTR), which is intended to track the overall performance of attractively priced companies with sustainable competitive advantages according to Morningstar's equity research team.

Performance History:

Average Annual Total Returns* (%) (In USD)

Month End as of June 30, 2026 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
Class I: NAV (Inception 11/06/17)
 0.25 7.49 0.34 12.22 10.44 8.21 -- 12.91
Class Z: NAV (Inception 11/06/17)
 0.25 7.54 0.41 12.31 10.54 8.31 -- 13.02
Morningstar® Wide Moat Focus IndexSM
 0.29 7.65 0.66 12.89 11.09 8.86 14.32 13.62
S&P 500 Index
 -0.95 15.20 10.21 22.32 20.61 13.41 15.51 14.93
Quarter End as of June 30, 2026 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
Class I: NAV (Inception 11/06/17)
 0.25 7.49 0.34 12.22 10.44 8.21 -- 12.91
Class Z: NAV (Inception 11/06/17)
 0.25 7.54 0.41 12.31 10.54 8.31 -- 13.02
Morningstar® Wide Moat Focus IndexSM
 0.29 7.65 0.66 12.89 11.09 8.86 14.32 13.62
S&P 500 Index
 -0.95 15.20 10.21 22.32 20.61 13.41 15.51 14.93

*Returns less than one year are not annualized.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance may be lower or higher than performance data quoted.

The "Net Asset Value" (NAV) of a Fund is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. Investors should not expect to buy or sell shares at NAV.

Calendar Year Returns (%)

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
VanEck Morningstar Wide Moat Fund: Class Z
At Net Asset Value (NAV) -- -- -1.22 35.02 14.31 24.15 -13.52 31.76 10.73 13.23
Morningstar® Wide Moat Focus IndexSM 22.37 23.79 -0.74 35.65 15.09 24.81 -13.08 32.41 11.29 13.80
S&P 500 Index 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 26.29 25.02 17.88

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the Fund incurred all expenses and fees, investment returns would have been reduced. Investment returns and Fund share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

VanEck Morningstar Wide Moat Fund

As of June 30, 2026

Sector Weightings

Sector % of Net Assets
Information Technology 28.1
Health Care 17.8
Consumer Staples 17.8
Industrials 12.7
Consumer Discretionary 11.0
Financials 9.5
Communication Services 2.4
Real Estate 0.7
Cash -0.0

Market Capitalization Breakdown

Market Capitalization % of Net Assets
Large (>$10.0B) 96.8
Mid ($2.0 - $10.0B) 3.2
Small (<$2.0B) --
Average Weighted Market Cap $343.4B

Market capitalization (cap) is the value of a corporation as determined by the market price of its issued and outstanding common stock.

Country Weightings

Country % of Net Assets
■ United States 97.1
■ Netherlands 1.6
■ Brazil 1.3

Three-Year Risk Measures and Statistics

Volatility (Standard Deviation) 12.88
Sharpe Ratio 0.36
Alpha vs. S&P 500 Index -4.49
Beta vs. S&P 500 Index 0.73
R-squared vs. S&P 500 Index 54.04

Five-Year Risk Measures and Statistics

Volatility (Standard Deviation) 17.22
Sharpe Ratio 0.12
Alpha vs. S&P 500 Index -5.92
Beta vs. S&P 500 Index 0.91
R-squared vs. S&P 500 Index 70.88
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Portfolio facts and statistics are shown for Class Z shares only unless otherwise noted; other classes may have different characteristics.

The Morningstar Wide Moat Focus Index was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Morningstar Wide Moat ETF and bears no liability with respect to the Fund or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar Wide Moat Focus Index is a service mark of Morningstar, Inc.

The Morningstar Wide Moat Focus Index consists of companies identified as having sustainable, competitive advantages and whose stocks are attractively priced, according to Morningstar. The S&P 500® Index consists of 500 widely held common stocks. 

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Index returns assume that dividends have been reinvested.

You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program rather than a complete program. The Fund is subject to risks which may include, but are not limited to, risks related to consumer staples sector, competitive advantage assessment, equity securities, health care sector, high portfolio turnover, index tracking, industrials sector, industry concentration, information technology sector, market, medium-capitalization companies, non-diversification, operational, passive management, and underlying fund investments risk, all of which may adversely affect the Fund. Medium-capitalization companies may be subject to elevated risks. The Fund's assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

Investing involves risk, including possible loss of principal. Please call 800.826.2333 or visit vaneck.com for a free prospectus and summary prospectus. An investor should consider the investment objective, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information about the investment company. Please read the prospectus and summary prospectus carefully before investing.

Van Eck Securities Corporation, Distributor, a wholly-owned subsidiary of Van Eck Associates Corporation, 666 Third Avenue, New York, NY 10017

FUND TICKER: MWMIX | MWMZX 800.826.2333 VANECK.COM