ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	Exchange Traded Concepts
Website	netleaseetf.com
Inception date	Mar 22, 2019
Assets (mns)	$31
Currency	USD
Expense ratio	60 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	Yes
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	24
Wgt avg mkt cap (mns)	$6,080
Large cap (>$10bn)	8.2%
Mid cap ($2-10bn)	59.2%
Small cap (<$2bn)	32.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	60.8 %
STORE CAPITAL CORP	8.3 %
REALTY INCOME CORP	8.2 %
VEREIT, INC. CLASS A	7.9 %
NATIONAL RETAIL PROPERTIES	7.7 %
WP CAREY INC	7.2 %
ESSENTIAL PROPERTIES REALTY TRUST,	4.5 %
SPIRIT REALTY CAPITAL INC	4.4 %
GLOBAL NET LEASE INC	4.2 %
STAG INDUSTRIAL INC	4.2 %
LEXINGTON REALTY TRUST	4.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
13.8%	--	--	--	13.8%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$27.99
30d moving avg.	$28.14
Annualized volatility	0.0%
Short interest (ETF)	0.6%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.9%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$886

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the NETLease Corporate Real Estate ETF based on the alternatives' overlap in portfolio holdings with NETL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

NETL

Expense:

60 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NETL
Ticker	Fund Name	Overlap¹ vs NETL (%)	Expense ratio (bp)	Savings vs NETL (bp)	ALTAR Score™ (%)	ALTAR vs NETL (%)
RTL	Pacer Benchmark Retail Real Estate	31.1	60	0	7.2	+1.4
ROOF	IQ US Real Estate Small Cap	19.0	70	-10	8.5	+2.7
INDS	Pacer Benchmark Industrial Real Estate	18.8	60	0	4.5	-1.2
RORE	Hartford Multifactor REIT	16.2	45	15	13.0	+7.3
KBWY	Invesco KBW Premium Yield Equity REIT	13.2	35	25	14.8	+9.0
FRI	First Trust S&P REIT	12.0	50	10	6.0	+0.3
BBRE	JPMorgan BetaBuilders MSCI U.S. REIT	12.0	11	49	6.4	+0.6
USRT	iShares Core. U.S. REIT	11.6	8	52	6.5	+0.8
PPTY	PPTY-U.S. Diversified Real Estate	9.8	53	7	5.3	-0.5
FREL	Fidelity MSCI Real Estate	9.5	8	52	6.1	+0.4
BJK	VanEck Vectors Gaming	9.2	66	-6	6.1	+0.3
DDIV	First Trust Dorsey Wright Momentum & Dividend	8.8	60	0	6.6	+0.9
PSR	Invesco Active US Real Estate	8.5	35	25	5.5	-0.3
REET	iShares Global REIT	8.2	14	46	6.2	+0.4
VNQ	Vanguard REIT ETF	8.1	12	48	6.0	+0.3
IYR	iShares U.S. Real Estate	8.0	42	18	5.7	0.0
LVHD	Legg Mason Low Volatility High Dividend ETF	7.8	27	33	6.7	+1.0
SRET	Global X SuperDividend REIT	7.7	59	1	9.8	+4.0
PSCF	Invesco S&P Small Cap Financials	7.4	29	31	8.6	+2.9
GQRE	FlexShares Global Quality Real Estate	7.2	45	15	6.3	+0.6

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	NETLease Corporate Real Estate
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.6	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.