The combination of a middling Process Pillar rating and a Below Average People Pillar rating limit  Simplify Volt TSLA Revolution ETF to a Morningstar Medalist Rating of Neutral.  Fees are a weakness here. The strategy's lofty fees are a high hurdle to clear, as it is priced within the second-highest quintile among peers.  

 The strategy's management team is about as experienced as others, but due to other weaknesses, the strategy earns a Below Average People Pillar. The strategy gets an Average Process Pillar rating.  High liquidity exposure is attributed to stocks with a high trading volume, lending managers more flexibility. And high volatility exposure is rooted in stocks that have a higher standard deviation of returns. The strategy's parent organization is industry standard, albeit with some strong attributes like low portfolio manager turnover, but is held back by portfolio managers with limited tenures at the firm. This earns the firm an Average Parent Pillar rating.

Analyst Rating

NVIDIA

Advanced Micro Devices

Microsoft

Tesla

Lemonade

Block

Alphabet

Amazon

Apple

Meta

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. Simplify Volt TSLA Revolution ETF earns an Average Process Pillar rating. 

The most notable contributor to the rating is the firm's five-year retention rate of 100% over the period. The fund's concentrated portfolio, with its top 10 holdings accounting for 70% of assets, strengthens the process. High-conviction picks court the risk of blowing up, but can also drive outperformance. Lastly, the process is limited by the experience of the management team, which averages five years at this fund.

 This strategy tends to hold smaller, higher-growth companies compared with its average peer in the Large Growth Morningstar Category. Analyzing additional factors, the fund has held stocks with higher trading volumes compared to Morningstar Category Peers in the past few years. More-liquid assets contribute to more-flexible exit strategies without price changes and tend to be a ballast during market selloffs. For example, if the portfolio faces successive redemptions in a short period of time, it will be less likely to experience a significant loss. In recent months, the strategy was more exposed to the Liquidity factor compared with its Morningstar Category peers as well. This strategy has also exhibited a tilt toward high-volatility stocks over these years, meaning it has invested in companies that have a higher historical standard deviation of returns. This is a higher-risk, higher-reward approach. Compared with category peers, the strategy also had more exposure to the Volatility factor in the most recent month. In addition, this strategy has shown a tendency to hold fewer stocks with high dividend or buyback yields over peers in recent years. This is demonstrated by the portfolio's low exposure to dividends or buybacks. While companies with high yields provide steady income payments, they may cut payouts if their earnings decline. In recent months, the strategy also had less Yield factor exposure than 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 by 29.8 percentage points in terms of assets compared with the category average, and its basic materials allocation is similar to the category. The sectors with low exposure compared to category peers are healthcare and industrials, underweight the average by 12.3 and 5.5 percentage points of assets, respectively. The portfolio is composed of 82 holdings and is relatively concentrated. Specifically, 70.5% of the strategy's assets are housed within the top 10 holdings, compared with the category’s 53.2% average. And finally, in terms of portfolio turnover, looking at year-over-year movements, 255% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Average

Process

Simplify Volt TSLA Revolution ETF earns a Below Average People Pillar rating. The team is strengthened by the firm's five-year retention rate of 100%. However, the rating is weakened by the experience of the management team, which averages five years at this fund. The parent firm's inferior risk-adjusted performance, as shown by its average overall Morningstar Rating of 2.0 stars, also weakens the team. A lower star rating suggests that the firm has struggled to outperform on a risk-adjusted basis.


The strategy is backed by Paul Kim, the longest-tenured manager, who has been a listed portfolio manager for nine years. The average Morningstar Rating of the strategies they currently manage is 2.0 stars, reflecting below-average risk-adjusted performance relative to category peers. Paul Kim draws on only two other listed supporting managers. Although, together they are adequately equipped, with five years of average listed portfolio management experience.

Below Average

People

Simplify Asset Management has some investor-friendly attributes, but other attributes warrant caution, leading to an Average Parent Pillar rating. Portfolio management turnover has been minimal at the firm since the firm's inception. Long-term stability signals a strong investment culture. Only two years of average tenure among Simplify Asset Management's longest-tenured managers gives us pause. In isolation, seasoned teams tend to have more experience to draw upon should they need to navigate turbulent market conditions. The Simplify Asset Management roster of open-end and exchange-traded funds has had below-average risk-adjusted performance, as evidenced by its average three-year Morningstar Rating of 2.0 stars.

Parent

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