Weakness in QRAFT AI-Enhanced US Large Cap Mmntm ETF's People and Process Pillar ratings limits this strategy to a Morningstar Medalist Rating of Negative. The portfolio maintains a sizable cost advantage over competitors, priced within the second-lowest fee quintile among peers.  

 The strategy's inexperienced portfolio management team drives the strategy's Low People Pillar. The strategy gets a Low Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a considerable overweight position in momentum exposure and has an overweight in liquidity exposure compared with category peers. Momentum exposure is attributed to holding stocks currently on a winning streak and selling those that are on a downtrend. And a high liquidity exposure is rooted in stocks with higher trading volumes, lending managers more flexibility. The strategy's parent organization still has a way to go to reach the industry standard, evidenced by minimal personal investments from portfolio managers and a relatively inexperienced portfolio management team. As a result, the firm obtains a Below Average Parent Pillar rating.

Analyst Rating

NVIDIA

Microsoft

Apple

Broadcom

Tesla

Netflix

Eli Lilly

Advanced Micro Devices

Cintas

Blackstone Group

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category index on a risk-adjusted basis over the long term. QRAFT AI-Enhanced US Large Cap Mmntm ETF earns a Low Process Pillar rating. 

The most meaningful detractor from the rating is the parent firm's five-year risk-adjusted success ratio of 0%. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median Morningstar Risk-Adjusted Return for the period. The parent's subpar success ratio suggests that the firm could do better across its fund lineup. The parent firm's five-year retention rate of 64% also detracts from the process. Management team experience, which averages four years at this fund, limits the rating as well.

 This strategy, over time, has opted for smaller market-cap companies, compared with others in the Large Growth Morningstar Category.  But in terms of investment style, it is on par with peers. Looking at additional factor exposure, this strategy has continually had exposure to high-momentum stocks compared with Morningstar Category peers in the last few years. Momentum strategies wager that market outperformers will continue to outperform, and laggards will continue to lag. Higher exposure to the former could mean the managers are overweighting stocks on winning streaks. In recent months, the strategy was more exposed to the Momentum factor compared with its Morningstar Category peers as well. This strategy has also exhibited a tilt towards more high-liquid assets over peers in recent years, evidenced by consistently holding companies with relatively higher trading volumes. More-liquid assets contribute to more-flexible exit strategies without price changes and tend to be a ballast during market selloffs. For example, if the portfolio faces successive redemptions in a short period of time, it will be less likely to suffer from a significant loss. Compared with category peers, the strategy also had more exposure to the Liquidity factor in the most recent month. Additionally, this strategy has had lower yield exposure than peers, with the portfolio holding fewer stocks with high dividend or buyback yields over these years. Its preference for stocks with lower yields may well lead to a growthier portfolio. However, growth stocks court additional risks if their forecasts do not come to fruition and are often more volatile than companies with stable dividends. In recent months, the strategy also had less Yield factor exposure than its peers. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section. 

 The portfolio is overweight in technology and financial services relative to the category average by 12.9 and 6.0 percentage points, respectively. The sectors with low exposure compared to category peers are industrials and healthcare, underweight the average by 4.7 and 4.7 percentage points of assets, respectively. The strategy owns 52 securities and is diversified among those holdings. In its most recent portfolio, 44.0% of the portfolio's assets were concentrated in the top 10 fund holdings, as opposed to the category’s 54.8% average. And in closing, in terms of portfolio turnover, looking at year-over-year movements, more than 400% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Process

QRAFT AI-Enhanced US Large Cap Mmntm ETF earns a Low People Pillar rating. The number one detractor from the rating is the experience of the management team, which averages four years at this fund. Turnover at its parent firm also detracts from the team. The firm's asset-weighted manager tenure of four years suggests it could do more to hold onto portfolio managers. The parent firm's five-year success ratio of 0% further holds the team back. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median return for the period. The parent's relatively low success ratio suggests that the firm could do better across its fund lineup.


None of the managers here invest any money in the strategy, which is disappointing, as such investments help align managers' interests with fundholders.

People

Exchange Traded Concepts lags peer asset managers in a number of stewardship qualities, resulting in a Below Average Parent Pillar rating. Portfolio managers at Exchange Traded Concepts tend not to invest alongside their shareholders, detracting from the overall stewardship assessment. None of the firm’s assets are covered by an invested manager. A notable weakness of Exchange Traded Concepts is the inexperience of its longest-tenured managers compared with other asset managers. Managing capital through a full market cycle is a challenging prospect for seasoned managers, but with only four years of average asset-weighted tenure, there's cause for concern. The firm charges fees on its open-end and exchange-traded funds that are on par with category peers. On average, fund fees on its products fall in the middle quintile, giving it neither an advantage nor disadvantage compared with the competition.

Below Average

Parent

Qraft AI-Enhanced US Large Cap Momentum ETF

AMOM is an actively-managed portfolio of U.S. Large Cap equities chosen with the aid of artificial intelligence.

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