The combination of a middling Process Pillar rating and a Low People Pillar rating limit  Astoria US Equal Weight Qualty Kings ETF to a Morningstar Medalist Rating of Negative.  The portfolio maintains a sizable cost advantage over competitors, priced within the least expensive fee quintile among peers.  

 The team managing the strategy earns a Low People Pillar. The strategy merits 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 doesn't stand out, earning the firm an Average Parent Pillar rating. It has displayed a handful of investor-friendly attributes including modest portfolio manager turnover but is held back by relatively short-tenured portfolio managers.

Analyst Rating

Teradyne

Alphabet

Amphenol

Gen Digital Inc

Domino's Pizza

Public Service Enterprise Group

QUALCOMM

Texas Instruments

Broadcom

NXP Semiconductors

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. Astoria US Equal Weight Qualty Kings ETF earns an Average Process Pillar rating. 

The most significant contributor to the rating is the firm's five-year retention rate of 100% over the period. A low expense ratio also strengthens the process, with fees ranking in its category's second-cheapest fifth. Fees reduce net returns and are one of the most reliable predictors of future performance. Lastly, the process is limited by the experience of the management team, which averages two years at this fund.

 This strategy leans toward smaller, higher-growth companies than its average peer in the Large Value Morningstar Category. Looking at additional factor exposure, 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 is based on the premise that stocks that have recently outperformed will continue to outperform, and those that have underperformed will stay behind. Compared with category peers, the strategy also had more exposure to the Momentum factor in the most recent month. During the last few years, this strategy has also tilted in favor of high-quality stocks, those that have demonstrated low financial leverage and solid return on equity. Such holdings could cause it to trail peers during economic booms, but help it better endure busts. In this month, the strategy also had more exposure to the Quality 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 technology and consumer cyclical relative to the category average by 17.2 and 3.4 percentage points, respectively. The sectors with low exposure compared to category peers are financial services and energy, underweight the average by 6.8 and 4.1 percentage points of assets, respectively. The strategy owns 102 securities and its assets are more dispersed than peers in the category. In particular, 10.7% of the strategy's assets are concentrated in the top 10 fund holdings, as opposed to the typical peer's 27.4%.

Average

Process

Astoria US Equal Weight Qualty Kings ETF earns a Low People Pillar rating. The most substantial detractor from the rating is the experience of the management team, which averages two years at this fund. 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. Additionally, none of the managers have invested $1 million or more in the fund, which would align their interests with fundholders.

People

A short track record, in this case only eight months, is usually cause for caution when evaluating asset managers. However, Astoria Capital Partners has displayed qualities that suggest it can be trusted as much as the next asset manager, earning it an Average Parent Pillar rating. The firm currently manages one vehicle, with a total of $83.1 million under management and only one strategy manager. John Davi is unseasoned as a portfolio manager, with only two years in the industry. There's reason to be cautious until they grow more experienced.  
 
   

 As Astoria Capital Partners builds and continues to develop a track record, its rating will be adjusted accordingly.

Parent

Astoria US Quality Kings Etf

ROE is actively managed, seeking to provide long-term capital appreciation by investing in 100 high-quality US stocks in the large- and mid-cap space based on proprietary quantitative screens. Holdings are equally weighted and sector-optimized.

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