About the Editor
Ben Johnson, CFA, is director of global ETF research for Morningstar. Before assuming his current role in 2012, he was director of ETF research for Europe and Asia. He also previously served as a senior equity analyst, covering the agriculture and chemicals industries. Before joining Morningstar in 2006, he worked as a financial advisor for Morgan Stanley.

Johnson holds a bachelor’s degree in economics from the University of Wisconsin. He also holds the Chartered Financial Analyst® designation. In 2015, Fund Directions and Fund Action named Johnson among the 2015 Rising Stars of Mutual Funds.


Investment Strategy
Morningstar ETFInvestor scans the globe for value and improving fundamentals across virtually all asset classes. Editor Ben Johnson draws upon academic and practitioner research — including Morningstar's sizeable bench of stock, bond and fund analysts — to find reliable drivers of outperformance.

Morningstar ETFInvestor features five model portfolios.

The Basic Portfolio harnesses the market's collective wisdom with ultra-low-cost funds and is the baseline portfolio against which the three other portfolios will be compared.

The Defensive Portfolio aims to provide lower volatility, better downside protection, and better risk-adjusted performance than the basic portfolio over the long-term.

The Factor Portfolio is designed to earn higher returns than the basic portfolio over the long-term.

The Income Portfolio attempts to earn a higher distribution yield than the basic portfolio, without taking a lot more risk.

The ESG Portfolio targets firms with strong corporate governance and sustainable environmental and social practices, while offering competitive returns and similar risk to the basic portfolio.

 
About Editor Editor's Photo
Ben Johnson, CFA
Director, Global ETF Research and Editor
Ben Johnson, CFA, is director of global ETF research for Morningstar. Before assuming his current role in 2012, he was director of ETF research for Europe and Asia. He also previously served as a senior equity analyst, covering the agriculture and chemicals industries. Before joining Morningstar in 2006, he worked as a financial advisor for Morgan Stanley.
Featured Posts
New Issue: Active ETFs

The PDF version of the May issue of ETFInvestor is now available for download.

If the link above doesn’t work, you can download this month's issue by copying this address into your browser: http://etf.morningstar.com/Newsletter.aspx?download=currentIssue

This month, we dig into active ETFs.

At first blush, investors might think that an actively managed exchange-traded fund is an oxymoron. They can be forgiven for this mistake. After all, for their first 15 years of existence, ETFs were the exclusive domain of indexers. Even today, active ETFs account for just 3.5% of the $6.6 trillion investors have allocated to ETFs.

Active ETFs are not a contradiction, but an innovation. ETFs are just a vessel, a wrapper in which asset managers package and distribute investment strategies to investors—active, passive, and everything in between. The ETF wrapper can deliver material benefits for investors partnering with active managers. But, as with everything, there are trade-offs. Not every strategy is a good fit for an ETF. Also, depending on the strategy, ETFs’ benefits might not always materialize. I explore the benefits and drawbacks of active ETFs in this month’s cover.

Here’s a rundown of what else you’ll find in this month’s issue:     

  • This month’s adjustment to the Income portfolio adds a pair of top-rated actively-managed income-seeking funds to the mix.
  • Spotlights on ARK Innovation ETF ARKK and PIMCO Enhanced Short Maturity Active ETF MINT.
  • Ryan Jackson covers the pros and cons of investing in active stock ETFs, animating them by way of examining three Morningstar Medalists in this category and how they compare to their mutual fund predecessors.
  • Active bond ETFs have opened up certain active bond strategies to more investors and tend to sport lower price tags than their mutual fund elders, but their track record has been mixed when it comes to tax-efficiency. Neal Kosciulek puts a trio of Morningstar Medalist active bond ETFs under the microscope to see how they stack up versus their mutual fund counterparts.

Ben

 
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