Fieldstone UVA Uncons Md-Trm Fxd Inc ETF's Average People Pillar and Process Pillar ratings result in a Morningstar Medalist Rating of Neutral. The strategy charges fees in line with its similarly distributed peers, priced within the middle quintile.  

 The strategy benefits from a notable effort from managers to align personal interests with shareholders by investing alongside them. This helps drive the team's Average People Pillar rating, following a recent upgrade from Below Average. The fund's assessment garners an Average Process Pillar rating. The strategy's parent firm has some investor-friendly attributes, like a favorable lineup success ratio and a high average Morningstar Rating. As a result, the firm gets an Average Parent Pillar rating.

Analyst Rating

Morningstar's evaluation of this fund's process seeks to understand management's investment philosophy, and whether it has been applied consistently over time and can add value across the market cycle. Fieldstone UVA Uncons Md-Trm Fxd Inc ETF earns an Average Process Pillar rating.    The most important driver of the rating is the parent firm's five-year risk-adjusted success ratio of 100%. 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 firm's five-year retention rate of 100% also strengthens the process. 

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


The investment seeks current income with limited risk to principal.  The fund seeks to achieve its investment objective of current income by investing principally in fixed income securities of any kind with a dollar-weighted average effective duration of between three and nine years. Under normal market conditions, Sub-Adviser intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in such securities. Fixed income securities include bonds, debt securities, and and income-producing instruments of any kind issued by governmental or private-sector entities.

 This strategy's 12-month yield is 3.3%, lower than its average peers' 4.4%. A lower yield tends to indicate lower credit risk.

Average

Process

Fieldstone UVA Uncons Md-Trm Fxd Inc ETF earns an Average People Pillar rating. The most significant contributor to the rating is the firm's five-year retention rate of 100%. The stability of the management team also supports the rating. Specifically, the fund has not seen a manager change in the last seven years. Lastly, the rating is limited by the parent firm's five-year success ratio of 0%. 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.


The team is backed by Robert N. Barone, the longest-tenured manager on the strategy, who brings 20 years of listed portfolio management experience. They are currently not a named manager on any additional investment vehicles, narrowing their focus to one strategy. Robert N. Barone has an experienced listed co-manager. Together, they average 14 years of listed portfolio management experience. The highest personal investment in the fund by any of its managers is between $500,000 and $1 million. That's on the low side--it would need to be more than $1 million for us to see the investment as sufficient to promote the strong alignment of their interests with the strategy's investors.

People

In a competitive industry, Spinnaker ETF Trust doesn't differentiate itself enough, leading to an Average Parent Pillar rating.  Spinnaker ETF Trust has served investors well through its very competitive risk-adjusted performance, with an average five-year Morningstar Rating of 4.0 stars across its open-end and exchange-traded funds. Average asset-weighted tenure of seven years among the longest-tenured managers at Spinnaker ETF Trust is on par with peer firms. In isolation, seasoned teams tend to have more experience to draw upon should they need to weather turbulent market conditions.

Parent

Fieldstone UVA Unconstrained Medium-Term Fixed Income ETF

FFIU is an actively managed portfolio of a broad array of fixed income securities with dollar-weighted average effective duration between three and seven years.

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Investors continued to plow money into taxable (+$32.0 billion) and tax-exempt (+$4.8 billion) bond funds (including ETFs) for the month of September. For the month, the average taxable and tax-exempt fixed income mutual fund posted a 0.48% and 0.75% decline, respectively, for September and are up 0.50% and 1.27% so far this year.

Despite Inflationary Concerns, Investors Favor Fixed Income Funds In September

News for Fieldstone UVA Unconstrained Medium-Term Fixed Income ETF ETF (FFIU)