Weakness in Jhancock Dynamic Municipal Bond ETF's People and Process Pillar ratings limits this strategy to a Morningstar Medalist Rating of Negative. The portfolio maintains a cost advantage over competitors, priced within the second-lowest fee quintile among peers.  

 The longest-tenured manager has a wealth of experience, but due to other weaknesses, the strategy earns a Low People Pillar. The fund earns a Below Average Process Pillar rating. The strategy's parent organization earns the firm an Above Average Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Analyst Rating

Morningstar's style-agnostic evaluation of this fund's process seeks to understand whether the strategy has a performance objective and sensible, repeatable execution. Jhancock Dynamic Municipal Bond ETF earns a Below Average Process Pillar rating.    The process is strengthened by low costs across its parent firm's funds, whose fees rank in their respective category's middle quintile on average. The pattern of low fees at the firm suggests that it is focused on delivering strong results for investors. However, the rating is held back 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 modest success ratio suggests that the firm could do better across its fund lineup. The parent firm's subpar risk-adjusted performance, as shown by its average 10-year Morningstar Rating of 3.0 stars, also detracts from the process. A lower star rating suggests that the firm has struggled to outperform on a risk-adjusted basis.

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


The investment seeks a high level of interest income exempt from federal income tax.  Under normal market conditions, the fund invests at least 80% of its net assets, plus amounts borrowed for investment purposes, in municipal bonds of any maturity. It primarily invests in bonds that are investment grade when purchased, but the fund may also invest up to 20% of its net assets in non-investment grade bonds rated BB or lower by S&P Global Ratings, Fitch Ratings, or Moody’s Investors Service, Inc., and or comparable rating by any NRSRO or unrated equivalents.

Below Average

Process

Jhancock Dynamic Municipal Bond ETF earns a Low People Pillar rating. The most substantial detractor from the rating is the parent firm's five-year success ratio of 45%. 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 number of months that the management team has been running this vehicle together also holds the rating back. Since this is a newly incepted product, more time is needed to monitor the team's capability at executing the strategy. 


Adam A. Weigold, the longest-tenured manager on the strategy, boasts 16 years of listed portfolio management experience. The average Morningstar Rating of the strategies they currently manage is 3.7 stars, indicating that their risk-adjusted returns exceeded the category average. Adam A. Weigold has an experienced listed co-manager. Together, they average 11 years of listed portfolio management experience. None of the managers here invest any money in the strategy, which is disappointing, as such investments help align managers' interests with fundholders.

People

Manulife Financial Corp has revamped its wealth- and asset-management business off the long-term strength of its successful U.S. unit, meriting an Above Average Parent rating. 

One of Canada’s Big Three life insurance companies, Manulife operates primarily in Canada, the United States, and Asia, with the bulk of assets in the U.S. The firm united its investment and wealth-management groups into a single, global segment in 2017 and 2018 and showcased it as a high-potential business. Since then, the group has restructured to mix three regional heads—U.S. & Europe, Asia, and Canada—with three global leaders segmented by channel: Retail, Retirement, and Institutional.

Manulife has entrusted this initiative to key individuals from its U.S. outfit, John Hancock Investments. For instance, Andy Arnott recently shifted from focusing on the U.S. and European unit to head up the firm’s global retail efforts. Leadership hopes this structure will allow it to leverage successful initiatives in its distinct regional markets.

John Hancock’s manager research team has long prioritized best-in-class managers regardless of firm affiliation. While much of the firm’s fixed-income strategies are run by Manulife teams globally, external managers dominate the firm’s equity lineup in the U.S. In its home market of Canada, Manulife’s internal teams, which boast strengths and weaknesses, manage most of the firm’s offerings, though the firm also has a strategic partnership with investment stalwart Mawer.

Above Average

Parent

John Hancock Dynamic Municipal Bond ETF

JHMU tracks an index of large- and mid-cap US equities from the utilities sector. Stocks are selected by market cap and weighted based on multiple factors: size, value, profitability and momentum.

JHMU is an actively managed fund that primarily invests in investment grade municipal bonds of any maturity. The fund seeks to provide tax-exempt income.

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