NikkoAM-StraitsTrding Asia ex Japan REIT CFA

NikkoAM-StraitsTrading Asia ex Japan REIT ETF's portfolio represents a small subset of the investment opportunity set available to its peers in the property—indirect Asia Morningstar Category. Despite its narrow focus, the fund has not exhibited greater risk compared with either the category index or the category average since its inception. The same holds true for the extended 10-year period as manifest in the performance of its benchmark index. Investors seeking this specific exposure may find that this fund fits the bill, but this doesn't belie the fact that it only covers a narrow slice of the available opportunity set for this market, which results in an Average Process Pillar rating. Its fee is average relative to other passive funds in the category. These considerations warrant a Morningstar Analyst Rating of Neutral.