TCW Transform Systems 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. The strategy earns an Average Process Pillar rating.  High liquidity exposure is attributed to stocks with a high trading volume, lending managers more flexibility. And momentum exposure is rooted in holding stocks currently on a winning streak. The strategy's parent organization earns the firm an 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

Republic Services

General Electric

Saratoga Investment Corp - 6.25% NT REDEEM 31/08/2025 USD 25

Microsoft

AAR CORP.

Exxon Mobil

Vistra Energy

Diamondback Energy

Union Pacific

Vertiv Holdings Co

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. TCW Transform Systems ETF earns an Average Process Pillar rating. 

The main contributor to the rating is the parent firm's five-year risk-adjusted success ratio of 55%. 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 stability of talent across its parent firm also strengthens the process. The firm's asset-weighted manager tenure of 23 years demonstrates its ability to retain portfolio managers. Lastly, the process is limited by the experience of the management team, which averages two years at this fund.

 This strategy leans toward smaller, more growth-oriented companies than its average peer in the Large Blend Morningstar Category. Analyzing additional factors, this strategy has held more highly liquid stocks compared to Morningstar Category Peers in the past few years. Such stocks may have less potential upside than illiquid holdings, but they are easier to trade during market downturns. In recent months, the strategy was more exposed to the Liquidity factor compared with its Morningstar Category peers as well. This strategy has had more exposure to high-momentum stocks over its peers in recent years. Momentum approaches bet that rising stocks will continue to rise and that lagging stocks will continue to lag. Compared with category peers, the strategy also had more exposure to the Momentum factor in the most recent month. In addition, this strategy has exhibited a tilt toward higher-volatility stocks in these years, meaning companies that have a higher historical standard deviation of returns compared with peers. This contributes to a higher-risk, higher-reward approach. In this month, the strategy also had more exposure to the Volatility factor over 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 industrials and energy relative to the category average by 59.9 and 9.4 percentage points, respectively. The sectors with low exposure compared to category peers are technology and financial services, underweight the average by 15.9 and 13.5 percentage points of assets, respectively. The portfolio is positioned across 27 holdings and is relatively concentrated. In particular, 64.9% of the strategy's assets are housed within the top 10 holdings, compared with the typical peer's 49.5%. And finally, in terms of portfolio turnover, this fund trades more frequently than its average peer, potentially racking up additional expenses for investors and creating a drag on performance.

Average

Process

TCW Transform Systems ETF earns an Average People Pillar rating. The main contributor to the rating is its parent firm's five-year success ratio of 55%. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median return for the period. The stability of talent across its parent firm also influences the rating. The firm's asset-weighted manager tenure of 23 years demonstrates its ability to retain portfolio managers. Lastly, the rating is limited by the experience of the management team, which averages two years at this fund.


The management team is invested in the fund, but the maximum investment by any manager is between $100,000 and $500,000. An investment of more than $1 million would be ideal to align managers' interests with those of the fund's investors.

People

TCW enters 2023 with a new CEO and the potential for big changes across its franchise, underpinning an Average Parent rating.
Katie Koch stepped into the CEO role in early 2023 following the retirement of David Lippman, who had been in that seat since TCW management and The Carlyle Group partnered to buy the firm from Société Générale in 2013. Koch joined from Goldman Sachs, where she spent 20 years and most recently was CIO of Goldman's $300 billion public equity business. While TCW's decision to hire an outsider with an equity background was a surprise, it's clear that Koch was chosen for her vision for the firm and experience at running an investment business. It's unlikely that there will be major changes to the investment teams, especially the standout fixed-income group that oversees roughly 90% of the firm's $205 billion in assets.
Carlyle owns 31% of TCW, while employees own 44%. The remaining 25% is owned by Nippon Life, which entered the picture in 2017 when it bought its stake from Carlyle. The two outside owners have been largely hands-off and, except for a brief foray into liquid alternatives, TCW has hewed close to its core competencies. The ownership structure has been at a standstill since 2017, though going forward there is the potential for change to that makeup, which brings its own attendant risks and opportunities.

Parent

Engine NO 1 Transform Climate ETF

NETZ is actively managed and seeks to invest in companies that will drive and benefit from the development of sustainable business practices and climate-friendly business models.

NETZ is an actively managed portfolio of US equities that are considered to be driving and benefiting from the energy transformation. Stocks can be from any economic sector but generally are from carbon-intensive industries such as energy, agriculture, and transportation and have a strategy to reduce or enable decarbonization at scale.

TCW Transform Systems ETF is an actively managed fund that focuses on capturing alpha from growth and value opportunities, with a heavy weighting towards the Industrials sector. The fund's top holdings include Republic Services, GE Aerospace, Safran, Microsoft, and Airbus, all of which have shown strong performance and growth potential. Despite the high interest rate environment and potential market corrections, NETZ has delivered excellent returns and I expect it to continue performing well in the future.

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It would have been a pretty quiet week in terms of new ETFs, except for Thursday, October 19. That was the day that saw 19 fund launches, possibly the most ETF rollouts in one day that the industry has ever seen.

This Week in ETFs: One Very Busy Day Sees 19 New Funds

SAN FRANCISCO--(BUSINESS WIRE)--Engine No. 1, an alternative asset manager that provides capital and operational expertise to industries undergoing fundamental transition, today announced the close of the sale of its Transform ETF platform to The TCW Group. “The closing of the sale of our ETF platform to TCW marks the successful evolution of a business we launched and rapidly developed to become a leader in the active thematic space,” said Chris James, Engine No. 1 Founder and Chief Investment.

Engine No. 1 Closes Sale of ETF Business to TCW

LOS ANGELES--(BUSINESS WIRE)--The TCW Group, a leading global asset management firm, today announced the successful completion of its previously announced agreement to acquire the exchange-traded fund (ETF) business and its infrastructure from Engine No. 1. With the completion of the transaction, TCW has acquired the entirety of Engine No. 1's Transform ETF platform, which includes the Transform Climate ETF (Ticker: NETZ); Transform Supply Chain ETF (Ticker: SUPP); and the Transform 500 ETF (Ti.

TCW Completes Acquisition of Engine No. 1 ETF Business

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TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today announced that Michael Psihogios has resigned as President and Chief Executive Officer of the Company for personal reasons. Justin Cochrane, the current Executive Chairman, has been named Chief Executive Officer and will resume that role effective immediately. About Carbon Streaming Carbon Streaming aims to accelerate a net-zero future. We pioneered the use of.

Carbon Streaming Announces Executive Change

TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is delighted to announce the launch of its website marketplace, enabling individuals and small businesses to support climate action projects in Carbon Streaming's portfolio. Developed in collaboration with Patch, the marketplace enhances the accessibility of carbon credits, enabling individuals and businesses to take tangible climate action. By providing a user-frie.

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TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today held its annual general meeting of shareholders (the “Meeting”), where each of the eight nominees proposed as directors and listed in the Company's management proxy circular dated April 21, 2023 were elected as directors. A total of 15,620,331 common shares were voted in respect of the election of directors at the Meeting, representing approximately 33.2% of t.

Carbon Streaming Announces Annual General Meeting Results

TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today announced that as part of the Company's leadership succession plan, Michael Psihogios, the Company's current Chief Investment Officer, has been promoted to President and Chief Executive Officer, and Justin Cochrane, the Company's current Chief Executive Officer, will shift to the role of Founder and Executive Chair, effective immediately. “Michael is an except.

Carbon Streaming Announces Executive Leadership Changes

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TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today announced that the release of its financial results for the year ended June 30, 2022, will be rescheduled. The Company has adjusted the release of its results from September 14, 2022, to allow for it to finalize its financial reporting, including the completion of the annual audit requirements. In accordance with regulatory requirements, the Company expects to

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TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to announce that it has entered into a carbon credit streaming agreement (“Carbon Stream”) with Will Solutions Inc. (“Will Solutions”), an established operator of carbon projects, to scale its Sustainable Community Projects (the “Projects”) in Quebec and Ontario, Canada. These grouped Projects enroll and reward members (including small and medium enterpri

Carbon Streaming Announces First Stream Investment in Canada With Will Solutions

TORONTO & WINNIPEG, Manitoba--(BUSINESS WIRE)---- $NETZ #NETZ--IG Wealth Management (“IG”) and Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming”) are pleased to announce that they have collaborated to position the IG Climate Action Portfolios (the “Portfolios”) as unique, sustainable investment solutions available to Canadian investors that are aligned with the global effort to reach net-zero emissions through the purchase and retirement of carbon credits to offset asset em

IG Wealth Management Works With Carbon Streaming Corporation to Deliver Funds That Align With Global Effort to Reach Net Zero

TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to announce that it has entered into a US$20.0 million carbon credit streaming agreement (“Carbon Stream”) with Community Carbon and UpEnergy Group (“UpEnergy”) to bring fuel-efficient cookstoves and safe water solutions to millions of households in eastern and southern Africa. These vital energy-saving devices will reduce emissions, improve health outcom

Carbon Streaming Announces US$20m Stream in Clean Cookstoves and Safe Water Solutions Portfolio With Community Carbon

TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) has released its financial results for the three and nine months ended March 31, 2022. All figures are in United States Dollars, unless otherwise indicated. The Company is hosting a live audio call at 11 a.m. EDT on Tuesday May 17, 2022. Details on how to register and participate in the conference call are provided below. Carbon Streaming Founder and CEO Justin Coch

Carbon Streaming Announces Quarterly Financial Results

TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to announce that it has entered into a carbon credit streaming agreement (the “Stream Agreement”) with a subsidiary of Restoration Bioproducts LLC (“Restoration Bioproducts”) to support construction of a biochar production facility in Virginia (the “Project”). Biochar, short for biological charcoal, is produced by heating organic feedstocks in a limited o

Carbon Streaming Announces First Biochar Carbon Stream With Restoration Bioproducts

TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) will release its interim financial results for the quarter ended March 31, 2022, on Monday May 16, 2022. A conference call for investors and analysts providing an overview of the Company's interim financial results will be held on Tuesday May 17, 2022, starting at 11:00 a.m. (EDT). Date: Tuesday May 17, 2022 Time: 11:00 a.m. (EDT) Registration Link: http://www.direc

Carbon Streaming to Release Q3 Financial Results on May 16th

TORONTO--(BUSINESS WIRE)---- $NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to provide an update on its investment pipeline as the Company continues to build a diversified portfolio of high-quality carbon streaming investments around the globe. Investment Pipeline Update Over 5 investment opportunities are in late-stage due diligence and negotiation or have signed term sheets. These near-term investment opportunities are expected

News for Engine NO 1 Transform Climate ETF ETF (NETZ)