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 two real-money portfolios.

The ETF Income Portfolio assembles a high-quality collection of income-generating ETFs with the goal of earning 5% in excess of the 30-day T-bill rate over a full business cycle. The portfolio adheres to a benchmark-agnostic strategy in its search for absolute returns.

The ETF Global Asset Allocation Portfolio, on the other hand, is more benchmark sensitive. It seeks undervalued asset classes with improving fundamentals. The strategy seeks to beat the 60/40 MSCI ACWI/Barclays US Aggregate benchmark over a full business cycle, with the least risk possible.

 
 
Jun 25, 2017
Welcome !
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
Featured Posts
New Issue: Have Strategic-Beta ETFs Delivered For Investors?

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

The iPad version will be available in approximately 3 business days.

Strategic-beta exchange-traded funds track indexes that make rules-based, active bets in an attempt to deliver better returns, less risk, or some combination of the two as measured against a conventional broadly diversified, market-cap-weighted index. As of the end of May, there were 637 strategic-beta exchange-traded products that collectively held $619 billion of investors’ assets. This month’s issue is dedicated to analyzing these funds’ performance.

In this month’s cover, we assess the track records of strategic-beta ETFs across the Morningstar Categories that make up the U.S. equity Morningstar Style Box.

Also in this issue:

  • Phillip Yoo stacks fixed-income strategic-beta ETFs up against their closest cap-weighted peers and actively-managed Morningstar Medalist funds.
  • Adam McCullough profiles FlexShares Quality Dividend ETF QDF which carries a Morningstar Analyst Rating of Bronze.
  • Alex Bryan shares his analysis of Bronze-rated Schwab Fundamental U.S. Small Company ETF FNDA.
  • I leverage our equity analysts’ bottom-up research to take a top-down look at current valuations among a variety of equity ETFs. Unfortunately, it appears the bargain bin is bare.
  • In this month’s Sector Snapshot, I once again look at the surging tech sector. While valuations in the space generally seem stretched, one of the segment’s market darlings is grossly overvalued, in our analyst’s opinion.

You can download this month's issue here:

http://etf.morningstar.com/Newsletter.aspx?download=currentIssue

Best,

Ben Johnson, CFA

Portfolio Holdings
Income Portfolio
ETF
YTD Ret %
Price $
2.4
106.6
CASH$
N/A
1.0
13.5
55.5
14.0
69.8
10.2
22.3
7.9
29.9
4.6
45.6
2.8
23.9
5.7
32.5
Global Asset Allocation Portfolio
ETF
YTD Ret %
Price $
2.4
106.6
CASH$
N/A
1.0
13.5
55.5
10.2
22.3
7.9
29.9
4.6
45.6
12.8
41.2
8.8
92.7
2.8
23.9
5.7
32.5
Most Popular ETFs
ETF Name
YTD Rtn %
3 Yr Rtn %
Trading Vol.
NASDAQ 100 Trust Shares
-10.76
1.45
125,000,944
SPDRs
-3.64
2.68
87,466,496
Semiconductor HOLDRs
-6.23
-11.66
26,838,700
iShares MSCI Japan Index
-6.59
7.18
17,256,500
iShares Russell 2000 Index
-7.46
6.43
16,210,700
Energy Select Sector SPDR
15.88
15.50
14,900,000
Financial Select Sector SPDR
-8.42
2.61
11,612,800
DIAMONDS Trust, Series 1
-3.75
2.21
7,350,600
Utilities Select Sector SPDR
6.84
6.82
3,848,200
Materials Select Sector SPDR
-4.31
8.50
2,179,300
 
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