The combination of a middling Process Pillar rating and a Below Average People Pillar rating limit  God Bless America ETF to a Morningstar Medalist Rating of Neutral.  The strategy charges fees in line with its similarly distributed peers, priced within the middle quintile.  

 The longest-tenured manager has a wealth of experience, but due to other weaknesses, the strategy earns a Below Average People Pillar. The strategy gets an Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a substantial overweight position in liquidity exposure and has a significant underweight in quality exposure compared with category peers. High liquidity exposure is attributed to stocks with a high trading volume, lending managers more flexibility. And a low quality exposure is rooted in stocks with higher financial leverage and lower profitability. 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 and overall affordable fees.

Analyst Rating

Tesla

NVIDIA

Boeing

Charles Schwab

HCA Healthcare

Broadcom

Danaher

Costco

Amgen

Allstate

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. God Bless America ETF earns an Average Process Pillar rating. 

The leading factor in the rating is the firm's five-year retention rate of 100% over the period. Low costs across its parent firm's funds, whose fees, on average, rank in the middle quintile of their respective category, also support the process. The pattern of low fees at the firm indicates that it is focused on delivering strong results for investors. Lastly, the process is limited by the experience of the management team, which averages eight years at this fund.

 This strategy tends to hold smaller, higher-growth companies than its average peer in the Large Blend Morningstar Category. Examining additional factor exposure, the fund has held stocks with higher trading volumes compared to Morningstar Category Peers in the past few years. This gives the managers more flexibility during bear markets to sell without adversely affecting prices. In recent months, the strategy was more exposed to the Liquidity factor compared with its Morningstar Category peers as well. The strategy has also had a defensive tilt, demonstrated by lower exposure to the quality factor than peers in recent years. This means the fund has avoided holding companies that are consistently profitable, growing, and have solid balance sheets. Lacking this ballast, the fund's prospects could rest on its ability to surpass peers during economic booms. Similarly, in recent months, the strategy also had less exposure to the Quality factor than peers. Additionally, the managers have consistently taken on more risk, demonstrated by higher volatility exposure than peers. This is 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 consumer defensive relative to the category average by 9.1 and 3.7 percentage points, respectively. The sectors with low exposure compared to category peers are technology and consumer cyclical, underweight the average by 8.2 and 3.7 percentage points of assets, respectively. The portfolio is positioned across 41 holdings and is relatively top-heavy. Of the strategy's assets, 51.9% are concentrated within the top 10 holdings, as opposed to the typical peer's 48.8%. And finally, in terms of portfolio turnover, looking at year-over-year movements, 45% of the fund's holdings have turned over, whether through increasing, decreasing, or changing a position.

Average

Process

God Bless America ETF earns a Below Average People Pillar rating. The team is bolstered by the firm's five-year retention rate of 100%. However, the rating is held back by the managers' failure to consistently outperform peers at the funds they run, as measured by their combined three-year manager excess returns. 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.


Michael J. Venuto, the longest-tenured manager on the strategy, boasts 11 years of listed portfolio management experience. The average Morningstar Rating of the strategies they currently manage is 2.5 stars, demonstrating underwhelming risk-adjusted performance. The team is small but adequately equipped, with two other supporting listed managers. Together, the three boast eight years of average listed portfolio management experience.

Below Average

People

Since its inception one year ago, Curran Investment Partners has demonstrated that it will hold its own as a steward of capital, warranting an Average Parent Pillar rating. Curran Investment Partners currently manages one vehicle, with a total of $61.7 million under management and a bench of three portfolio managers.   

 The firm runs moderately priced open-end and exchange-traded funds, with the average net expense ratio falling within the middle quintile of firms.  

 To retain an Average rating, Curran Investment Partners needs to maintain a consistent track record of positive investor experience.

Parent

God Bless America ETF

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News for God Bless America ETF ETF (YALL)