Despite People Pillar weakness and an Average Process Pillar, ProShares MSCI Trnsfmtnl Chngs ETF gets enough right to retain its Morningstar Medalist Rating of Bronze. The portfolio maintains a cost advantage over competitors, priced within the cheapest fee quintile among peers.  

 The strategy gets an Average Process Pillar. Independent of the rating, analysis of the strategy's portfolio shows it has maintained an overweight in liquidity exposure and volatility exposure compared with category peers. High liquidity exposure is attributed to stocks with a high trading volume, lending managers more flexibility. And high volatility exposure is rooted in stocks that have a higher standard deviation of returns. The team managing this passive strategy earns a Below Average People Pillar rating. The strategy's parent organization is industry standard, albeit with some strong attributes like overall reasonable fees and a favorable lineup success ratio. This earns the firm an Average Parent Pillar rating.

Analyst Rating

NVIDIA

DoorDash

Eli Lilly

AbbVie

Amazon

Netflix

Danaher

Intuitive Surgical

Corteva Inc

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. ProShares MSCI Trnsfmtnl Chngs ETF earns an Average Process Pillar rating. The predominant contributor to the rating is that this fund tracks an index. Historical data, like Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. Management team experience, which averages 17 years at this fund, also strengthens the process. Lastly, the process is limited by the parent firm's five-year risk-adjusted success ratio of 38%. The measure indicates the percentage of a firm's funds that survived and outperformed 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 investment strategy as stated in the fund's prospectus is:  The investment seeks investment results, before fees and expenses, that track the performance of the MSCI Global Transformational Changes Index (the "index").  The index selects companies which may benefit from transformational changes in how people work, take care of their health, and consume and connect ("Transformational Changes") - changes accelerated by COVID-19. The fund will generally use a “replication strategy” to achieve its investment objective, and meaning that it will invest in all of the component securities of the index in approximately the same proportion as the index. 

 The portfolio is overweight in healthcare and communication services relative to the category average by 13.0 and 8.3 percentage points, respectively. The sectors with low exposure compared to category peers are technology and consumer cyclical, underweight the average by 14.5 and 6.8 percentage points of assets, respectively. The strategy owns 168 securities and its assets are more dispersed than peers in the category. In particular, 23.4% of the fund’s assets are concentrated in the top 10 fund holdings, as opposed to the typical peer's 54.8%. And in closing, in terms of portfolio turnover, looking at year-over-year movements, 28% of the fund's holdings have turned over, whether through increasing, decreasing, or changing a position.

Average

Process

ProShares’s team earns a Below Average People Pillar rating. The team is strengthened by the fund's structure. It tracks an index, which is helpful because historical data, like Morningstar's Active/Passive Barometer, finds that index funds have generally outperformed their active counterparts, especially over longer time periods. However, the rating is weakened by the parent firm's five-year success ratio of 32%. 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 modest success ratio suggests that the firm could do better across its fund lineup. The parent firm's five-year retention rate of 58% also detracts from the team.

Below Average

People

In a competitive industry, ProShares doesn't differentiate itself enough, leading to an Average Parent Pillar rating. One notable advantage of ProShares is its below-average fees. On average, the firm's open-end and exchange-traded fund fees fall in the second-cheapest quintile of category peers. The firm’s lineup has demonstrated industry-average durability. Its 10-year success ratio is 57%, meaning that 57% of strategies have both survived and beaten their respective category median. A firm's success ratio indicates relative performance and provides insight into a firm’s discipline around investment strategy and product development. ProShares has faced above-average manager turnover in the past five years. This is a concern, as long-term stability tends to support positive results.

Parent

ProShares MSCI Transformational Changes ETF

ANEW tracks a market-cap-weighted index of global stocks that benefit from transformational changes in peoples work, health care, consumption, and connection.

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