The combination of a middling Process Pillar rating and a Below Average People Pillar rating limit  GraniteShares Blmbrg CmdtyBrdStr NoK1ETF to a Morningstar Medalist Rating of Neutral.  The portfolio maintains a cost advantage over competitors, priced within the cheapest fee quintile among peers.  

 The strategy's management team is about as experienced as others, but due to other weaknesses, the strategy earns a Below Average People Pillar. The fund earns an Average Process Pillar rating. The strategy's parent organization doesn't stand out, earning the firm an Average Parent Pillar rating. It has displayed a handful of investor-friendly attributes including high portfolio manager retention and a strong risk-adjusted track record.

Analyst Rating

Morningstar's evaluation of this fund's process aims to determine how repeatable, consistent, and reliable it is, and whether management maintains a competitive advantage. GraniteShares Blmbrg CmdtyBrdStr NoK1ETF earns an Average Process Pillar rating. The most important driver of the rating is the firm's five-year retention rate of 100% over the period. The stability of the management team also contributes to the process. Specifically, the fund has not seen a manager change in the last seven years. Lastly, the process is limited by the fund's unimpressive long-term risk-adjusted performance. This can be seen in its five-year information ratio calculated relative to the category index, which suggests that the process has struggled over that period.

The investment strategy as stated in the fund's prospectus is as follows: 

 The investment seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets.  The fund is an actively managed ETF that seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. While the fund generally will seek exposure to the commodity futures markets included in the COMB Benchmark, it is not an index tracking ETF and will seek to enhance its performance, in part through a cash management strategy consisting of investments in investment grade fixed income securities. The fund is non-diversified.

Average

Process

GraniteShares Blmbrg CmdtyBrdStr NoK1ETF earns a Below Average People Pillar rating. The team benefits from the firm's five-year retention rate of 100%. However, the rating is limited by the parent firm's five-year success ratio of 25%. 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 subpar success ratio suggests that the firm could do better across its fund lineup. 


The strategy is backed by Benoit Autier, the longest-tenured manager, who has been a listed portfolio manager for seven years. The strategies they currently manage have an average Morningstar Rating of 2.7 stars, demonstrating disappointing risk-adjusted performance compared with category peers. Benoit Autier draws on only one other listed manager. Together, they are adequately equipped with nine years of average listed portfolio management experience. The highest personal investment by either manager is less than $10,000. That is too low to promote alignment of their interests with the fund's investors.

Below Average

People

In a competitive industry, Graniteshares doesn't differentiate itself enough, leading to an Average Parent Pillar rating. A source of strength is that the firm has been skilled at retaining portfolio management talent, providing continuity for strategies, as shown by low turnover over the past five years compared with others in the industry. Graniteshares's risk-adjusted performance compares similarly to competitors. Across its open-end and exchange-traded funds, the firm’s average three-year Morningstar Rating is 3.3 stars, which is about standard. The longest-tenured managers’ average tenure is slim, two years, compared with peer firms. This contributes negatively to the rating as the current managers have limited experience running strategies at the firm.

Parent

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