NETL

NETLease Corporate Real Estate ETF

The NETLease Corporate Real Estate ETF seeks to track the performance before fees and expenses of the Fundamental Income Net Lease Real Estate Index. NETL seeks to provide investors access to sustainable income with predictable growth through investments


US

EQUITY

Rules-Based

MANAGEMENT STYLE

60 bp

EXPENSES

$56.4 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorExchange Traded Concepts
CategoryUS
Asset classEquity
Websitelink...
Inception dateMar 21, 2019
Assets (mns)$56
Expense ratio60 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionMarket Cap
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
STAG INDUSTRIAL INC 8.1 %
NATIONAL RETAIL PROPERTIES 8.0 %
REALTY INCOME CORP 7.9 %
VICI PROPERTIES INC 7.7 %
WP CAREY INC 7.6 %
LEXINGTON REALTY TRUST 4.3 %
ESSENTIAL PROPERTIES REALTY TRUST, INC. 4.2 %
SAFEHOLD, INC. 4.2 %
GLOBAL NET LEASE INC 4.1 %
BROADSTONE NET LEASE, INC. 4.1 %
Constituent Breakdown
Number of holdings21
Herfindahl-Hirschman Index 539
Wgt avg mkt cap (mns)$6,256
Large cap (>$10bn)27.2%
Mid cap ($2-10bn)41.0%
Small cap (<$2bn)31.9%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 99.0 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -4.0% 2.3% 0.4% -3.1% 2.4% -- 3.1%
Volatility 17.4% 18.6% 19.6% 19.3% 29.3% -- --
Market Correlations
versus...BetaR-squared
S&P 5000.9471%
MSCI EAFE0.9365%
MSCI Emg Mkts0.6230%
Liquidity Measures
Avg. volume (000)6
Turnover0.3%
Avg. Bid/Ask (% of price)0.44%
ADV of underlying (mns)$1,661
Technical Indicators
Recent close$25.36
30d moving avg.$23.00
Annualized volatility20.0%
Relative strength (RSI)50
Short interest (ETF)0.1%
Short interest (underlying)3.1%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Risk and Returns: NETL vs. Comps (1 YR)

Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
5.0 12.4 1.1 6.1% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
NETL



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

NETL

8.5%

Cat. Avg

5.7%

Fund Category: US

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™8.5%
Recommendation

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

Category Overview
There are 899 funds in the US category, with an average ALTAR Score™ of 5.7% and a standard deviation of 2.5%. NETL's ALTAR Score™ is approximately 1.1 standard deviations above the category average. This places NETL in the 87th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
NETL
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Rules-Based
US Equity ETFs
# of ETFs 609
Avg. Expense Ratio 46.6 bp
Std. Deviation 32.9 bp
NETL (60 bp) Percentile rank 66
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
NETL 60.0 44.1 104.1
Peer Avg. 44.3 17.3 61.6
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .