Weakness in AXS Astoria Inflation Sensitive 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 team managing the strategy earns a Low People Pillar. The strategy earns a Low Process Pillar rating.  To be considered a quality steward, this strategy's parent organization needs to improve factors like a bench of relatively inexperienced portfolio managers and discontinuity among portfolio managers. As a result, the firm obtains a Low Parent Pillar rating.

Analyst Rating

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Morningstar's style-agnostic evaluation of this fund's process seeks to understand whether the strategy has a performance objective and sensible, clearly defined, repeatable execution. AXS Astoria Inflation Sensitive ETF earns a Low Process Pillar rating. The primary detractor from the rating is the parent firm's five-year risk-adjusted success ratio of 30%. 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 instability of management across its parent firm also holds the rating back. The firm's asset-weighted manager tenure of three years suggests it could do more to retain portfolio managers. Management team experience, which averages two years at this fund, weakens the process as well.

 Its equity sleeve has a meaningful tilt toward both smaller market-cap and value-oriented stocks as opposed to the category average. The strategy has three region or sector biases compared to category peers. The most significant is a tilt to the North America region, where the strategy is consistently overweight. It also routinely positions more assets in developed markets regions. And finally, the portfolio has a consistent and large overweight in the basic materials sector. 

 The portfolio is overweight in industrials and energy relative to the category average by 26.8 and 23.0 percentage points, respectively. The sectors with low exposure compared to category peers are financial services and technology, underweight the average by 13.5 and 10.7 percentage points of assets, respectively. The portfolio is overweight in Japan and North America regions relative to the category average by 6.0 percentage points and 4.2 percentage points, respectively. The regions with low exposure compared to their category peers are Developed Europe and Developed Asia, underweight the average by 5.0 percentage points and 3.9 percentage points, respectively.

 The fund’s fixed-income sleeve has less credit and interest rate risk than the category average. More concretely, the fund’s average credit rating is AA compared with the category average’s BB and has a shorter average duration of 4.0 years versus the category average of 4.4 years.

Process

AXS Astoria Inflation Sensitive ETF earns a Low People Pillar rating. The number one detractor from the rating is the experience of the management team, which averages two years at this fund. The parent firm's five-year success ratio of 22% also limits the team. The measure indicates the percentage of a firm's funds that survived and outperformed 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 number of months that the management team has been running this vehicle together limits the rating further.

People

AXS lags peer asset managers in a number of stewardship qualities, resulting in a Low Parent Pillar rating. AXS's longest-tenured managers do not have the same experience as teams at other firms. Specifically, average asset-weighted tenure within the firm is only three years, building concern in the group's ability to manage capital through a full market cycle effectively. The AXS portfolio management team has lacked continuity over the past five years, denoted by elevated levels of turnover, which bears watching. AXS funds have demonstrated industry-standard durability, with a 56% three-year success ratio. This means that 56% of products have both survived and beaten their respective category median.

Parent

AXS Astoria Inflation Sensitive ETF

PPI is an actively managed, multi-asset ETF seeking long-term capital appreciation. The fund targets asset classes that are expected to benefit from an inflationary environment, such as global cyclical stocks, commodities, and TIPS.

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