NETLease Corporate Real Estate ETF
ALTAR
Score™
10.5% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
10.1x P/Sales
ratio
5.0x
P/BV
ratio
1.1x Div.
yield
8.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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 23
Wgt avg mkt cap (mns) $4,041
Large cap (>$10bn) 8.1%
Mid cap ($2-10bn) 55.8%
Small cap (<$2bn) 36.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
WP CAREY INC 8.8 %
REALTY INCOME CORP 8.0 %
NATIONAL RETAIL PROPERTIES 6.5 %
LEXINGTON REALTY TRUST 6.0 %
VEREIT, INC. CLASS A 6.0 %
INNOVATIVE INDUSTRIAL PROPERTIES I 5.5 %
AGREE REALTY CORP 5.3 %
SAFEHOLD, INC. 5.2 %
INDUSTRIAL LOGISTICS PROPERTIES TR 5.0 %
STAG INDUSTRIAL INC 5.0 %
Total 61.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.5 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-30.7% -- -- -- -22.8%

Market Correlations
versus... Beta R-squared
S&P500 1.16 54%
MSCI EAFE 1.19 61%
MSCI Emg. Mkts. 0.89 48%

Technical Indicators
Recent close $17.21
30d moving avg. $21.82
Annualized volatility 31.3%
Short interest (ETF) 0.2%
Relative strength (RSI) 30

Liquidity measures
Avg. volume (thou.) 26
Turnover 1.4%
Bid/Ask (% of price) 0.70%
ADV underlying (mns) $744

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the NETLease Corporate Real Estate ETF 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™: 10.5%


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 SCTR ETF 30.0 60 0 15.3 +4.8
ROOF IQ US Real Estate Small Cap ETF 25.4 70 -10 14.4 +3.8
INDS Pacer Benchmark Industrial Real Estate SCTR ETF 20.4 60 0 4.9 -5.7
GRI ALPS REIT Dividend Dogs ETF 16.5 35 25 19.5 +9.0
RORE Hartford Multifactor REIT ETF 16.3 45 15 18.6 +8.0
KBWY Invesco KBW Premium Yield Equity REIT ETF 12.4 35 25 23.2 +12.6
FRI First Trust S&P REIT Index Fund 10.1 50 10 8.5 -2.1
BBRE JPMorgan BetaBuilders MSCI U.S. REIT ETF 10.0 11 49 8.8 -1.7
PSCF Invesco S&P SmallCap Financials ETF 9.8 29 31 14.7 +4.2
USRT iShares Core U.S. REIT ETF 9.7 8 52 8.9 -1.6
PPTY PPTY-U.S. Diversified Real Estate ETF 9.6 53 7 7.6 -2.9
SRET Global X SuperDividend REIT ETF 9.4 59 1 27.6 +17.1
BJK VanEck Vectors Gaming ETF 9.0 66 -6 9.9 -0.7
FREL Fidelity MSCI Real Estate Index ETF 7.5 8 52 7.9 -2.6
VRAI Virtus Real Asset Income ETF 7.3 55 5 14.6 +4.1
REET iShares Global REIT ETF 7.3 14 46 8.8 -1.7
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 6.9 60 0 9.2 -1.4
VNQ Vanguard REIT Index Fund 6.8 12 48 7.9 -2.6
XSLV Invesco S&P SmallCap Low Volatility ETF 6.6 25 35 11.2 +0.6
IYR iShares U.S. Real Estate ETF 6.0 42 18 7.8 -2.7
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 5.9 60 0 8.5 -2.0
LVHD Legg Mason Low Volatility High Dividend ETF 5.8 27 33 8.2 -2.3
PSR Invesco Active U.S. Real Estate Fund 5.7 35 25 7.1 -3.4
RZG Invesco S&P Smallcap 600 Pure Growth ETF 5.6 35 25 9.1 -1.4
CNBS Amplify Seymour Cannabis ETF 5.5 75 -15 -13.9 -24.5
YOLO AdvisorShares Pure Cannabis ETF 5.5 74 -14 -22.6 -33.1
PXSG Invesco S&P SmallCap Momentum ETF 5.3 39 21 7.1 -3.5
GQRE FlexShares Global Quality Real Estate Index Fund 4.2 45 15 8.8 -1.7
ICF iShares Cohen & Steers REIT ETF 4.1 34 26 6.8 -3.8
TOKE Cambria Cannabis ETF 3.5 42 18 -5.6 -16.1
NUMV Nuveen ESG Mid-Cap Value ETF 3.4 40 20 11.2 +0.7
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 3.3 30 30 16.3 +5.8
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 3.1 12 48 11.1 +0.6
PMOM Principal Sustainable Momentum Index ETF 2.8 29 31 6.6 -4.0
SLYG SPDR S&P 600 Small Cap Growth ETF 2.8 15 45 7.2 -3.4
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 2.8 24 36 10.4 -0.2
IJT iShares S&P Small-Cap 600 Growth ETF 2.7 25 35 7.1 -3.5
EWRE Invesco S&P 500 Equal Weight Real Estate ETF 2.7 40 20 7.4 -3.2
VIOG Vanguard S&P Small-Cap 600 Growth ETF 2.7 16 44 7.1 -3.4
SYV SPDR MFS Systematic Value Equity ETF 2.7 60 0 9.2 -1.3
SYE SPDR MFS Systematic Core Equity ETF 2.6 60 0 8.0 -2.6
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 2.5 20 40 7.4 -3.1
DES WisdomTree U.S. SmallCap Dividend Fund 2.5 38 22 11.8 +1.3
DTN WisdomTree U.S. Dividend ex-Financials Fund 2.5 38 22 9.6 -0.9
XLRE The Real Estate Select Sector SPDR Fund 2.5 13 47 6.4 -4.1
MFMS Motley Fool Small-Cap Growth ETF 2.4 85 -25 -2.1 -12.6
SPSM SPDR Portfolio Small Cap ETF 2.4 5 55 9.1 -1.4
SLY SPDR S&P 600 Small Cap ETF 2.4 15 45 9.0 -1.5
CVY Invesco Zacks Multi-Asset Income ETF 2.3 97 -37 17.5 +7.0
IJR iShares Core S&P Small Cap ETF 2.3 7 53 9.1 -1.4
VIOO Vanguard S&P Small-Cap 600 ETF 2.3 10 50 9.1 -1.5
JDIV JPMorgan U.S. Dividend ETF 2.3 12 48 10.2 -0.3
DON WisdomTree U.S. MidCap Dividend Fund 2.3 38 22 10.4 -0.2
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 2.2 39 21 8.2 -2.3
IWN iShares Russell 2000 Value ETF 2.2 24 36 9.5 -1.0
JKJ iShares Morningstar Small-Cap ETF 2.2 25 35 8.5 -2.0
DIV Global X SuperDividend US ETF 2.2 45 15 14.7 +4.2
JKG iShares Morningstar Mid-Cap ETF 2.2 25 35 7.7 -2.9
XMLV Invesco S&P MidCap Low Volatility ETF 2.2 25 35 7.8 -2.7
PSC Principal U.S. Small Cap Index ETF 2.2 38 22 10.1 -0.4
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 2.1 20 40 9.7 -0.8
VTWV Vanguard Russell 2000 Value Index Fund 2.1 15 45 9.7 -0.8
XSHQ Invesco S&P SmallCap Quality ETF 2.1 29 31 7.5 -3.0
SDY SPDR S&P Dividend ETF 2.0 35 25 7.7 -2.8
FYC First Trust Small Cap Growth AlphaDEX Fund 2.0 70 -10 3.4 -7.2
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 1.9 40 20 8.4 -2.1
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 1.9 60 0 6.0 -4.6
FFTY Innovator IBD 50 ETF 1.9 80 -20 5.4 -5.1
VBR Vanguard Small Cap Value Index Fund 1.9 7 53 11.4 +0.8
SLYV SPDR S&P 600 Small Cap Value ETF 1.9 15 45 11.6 +1.1
IJS iShares S&P Small-cap 600 Value ETF 1.8 25 35 11.5 +1.0
CZA Invesco Zacks Mid-Cap ETF 1.8 76 -16 8.7 -1.8
DHS WisdomTree U.S. High Dividend Fund 1.8 38 22 10.0 -0.5
VIOV Vanguard S&P Small-Cap 600 Value ETF 1.8 15 45 11.6 +1.1
RNSC Small Cap US Equity Select ETF 1.7 60 0 9.0 -1.5
PFI Invesco DWA Financial Momentum ETF 1.7 60 0 4.0 -6.5
XMMO Invesco S&P MidCap Momentum ETF 1.6 39 21 5.0 -5.6
IWS iShares Russell Mid-Cap Value ETF 1.6 24 36 9.4 -1.2
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 1.6 30 30 10.1 -0.4
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 1.5 25 35 9.5 -1.0
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 1.5 29 31 7.9 -2.7
FSMD Fidelity Small-Mid Factor ETF 1.5 29 31 9.4 -1.2
VXF Vanguard Extended Market Index Fund 1.5 7 53 5.5 -5.0
DWAS Invesco DWA SmallCap Momentum ETF 1.5 60 0 -1.1 -11.6
RNDV US Equity Dividend Select ETF 1.4 50 10 10.0 -0.5
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 1.4 35 25 8.6 -1.9
IYF iShares U.S. Financials ETF 1.4 42 18 8.8 -1.7
JHSC John Hancock Multifactor Small Cap ETF 1.4 50 10 8.2 -2.3
SFYX Sofi Next 500 ETF 1.4 0 60 7.7 -2.8
PBSM Invesco PureBeta MSCI USA Small Cap ETF 1.3 6 54 7.4 -3.1
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 1.3 35 25 7.2 -3.4
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 1.3 30 30 8.0 -2.5
SCHM Schwab U.S. Mid-Cap ETF 1.2 4 56 8.5 -2.0
VB Vanguard Small-Cap ETF 1.2 5 55 7.6 -2.9
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 1.2 40 20 7.6 -2.9
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 1.2 75 -15 6.7 -3.9
SPYD SPDR S&P 500 High Dividend ETF 1.2 7 53 13.4 +2.9
NOBL ProShares S&P 500 Dividend Aristocrats ETF 1.2 35 25 7.1 -3.5
IWM iShares Russell 2000 ETF 1.2 19 41 5.2 -5.3
RNMC Mid Cap US Equity Select ETF 1.2 60 0 9.5 -1.1

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%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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

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VALUATION METRICS
  2019 2020E 2021E
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 ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.7 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 10.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.51
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.