MOAT ETF Down 7% in 2026 Amid Rising 10-Year Yields

The VanEck Morningstar Wide Moat ETF (MOAT) is down 7% in 2026, despite a 259% gain over the past decade. The ETF's performance is vulnerable to 10-year Treasury yields currently at 4.33%. Top holdings UPS and Bristol Myers Squibb face challenges with restructuring and debt, while Fortinet has posted record free cash flow but trades below its 52-week high. Rising 10-year yields compress the present value of long-duration cash flows that MOAT's quality-focused portfolio depends on. Quarterly reconstitution based on Morningstar's fair value estimates could trigger exits for UPS and other holdings that outperform.