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Trending ETFs

Columbia Research Enhanced Real Estate ETF

ETF
CRED
Payout Change
Pending
Price as of:
$20.9784 +0.49 +2.38%
primary theme
N/A
CRED (ETF)

Columbia Research Enhanced Real Estate ETF

Payout Change
Pending
Price as of:
$20.9784 +0.49 +2.38%
primary theme
N/A
CRED (ETF)

Columbia Research Enhanced Real Estate ETF

Payout Change
Pending
Price as of:
$20.9784 +0.49 +2.38%
primary theme
N/A

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.98

$3.14 M

2.50%

$0.52

0.33%

Vitals

YTD Return

-2.0%

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$3.14 M

Holdings in Top 10

61.3%

52 WEEK LOW AND HIGH

$20.5
$17.26
$21.78

Expenses

OPERATING FEES

Expense Ratio 0.33%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.98

$3.14 M

2.50%

$0.52

0.33%

CRED - Profile

Distributions

  • YTD Total Return -2.0%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 2.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Columbia Research Enhanced Real Estate ETF
  • Fund Family Name
    Columbia Funds Complex
  • Inception Date
    Apr 26, 2023
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Mauro

Fund Description

The Fund is an exchange-traded fund (ETF) that seeks to replicate the performance of the Beta Advantage® Lionstone Research Enhanced REIT Index (the Index). The Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in the component securities of the Index. The Index reflects a rules-based strategic beta approach to investing in the companies that comprise the FTSE Nareit All Equity REITs Index (the Starting Universe), which is a broad measure of the performance of publicly listed U.S real estate investment trusts (REITs). The Index is comprised of a subset of the companies within the Starting Universe. Like the Starting Universe, the Index and the Fund typically hold only common stocks.
The Index was developed by the Fund’s investment adviser, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), in collaboration with its real estate investment advisory subsidiary, Lionstone Partners, LLC (Lionstone). The Index is sponsored and administered by Columbia Management, and is calculated by Solactive AG (the Index Calculation Agent). In constructing the Index, all constituents of the Starting Universe are assigned a Lionstone Exposure Score (the Lionstone Exposure Score or LES) and an issuer 12-month forward dividend yield score (REIT Dividend Yield Score). These two scores (as discussed below) are used to adjust a REIT’s market capitalization weighting in determining the weightings of the final constituents of the Index, as described below.
Initially and at Index reconstitution, to determine which REITs in the Starting Universe are initially eligible for inclusion in the Index, the Index methodology applies the results of the Investment Manager’s multi-factor real estate industry quantitative investment model to rate each REIT within the Starting Universe on a 1 through 5 basis, where “1” is the strongest rating, “3” is a neutral rating and “5” is the weakest rating, based on three main company factor composites: quality (such as earnings quality), value (such as cash flow yield), and catalyst (such as price momentum), with the distribution of ratings as follows: “1” = top 15% of REITs; “2” = next 20% of REITs; “3” = next 30% of REITs; “4” = next 20% of REITs; and “5” = bottom 15% of REITs. The Index is then systematically constructed to exclude all REITs rated a “4” or “5”, and include all companies rated a “1”, “2” or “3”. If, however unlikely, all REITs in the Starting Universe receive the same overall rating from the model (and thus no 1-5 ratings are possible), then all REITs are assigned a rating of “3” (neutral) and all are eligible for inclusion in the Index at reconstitution. 
After excluding from the Index all REITs rated a “4” or “5” based on the Investment Manager’s quantitative investment models, the remaining Starting Universe constituents are percentile ranked by liquidity, with the constituents ranked in the bottom quartile excluded from the Index at reconstitution. Each of the remaining REITs is included in the Index at reconstitution. 
The Lionstone Exposure Score framework assesses a REIT based on the geographic location of its real estate assets, with Lionstone scoring U.S. cities and regions based on the particular real estate market’s growth potential, taking into consideration secular and cyclical trends in the particular market (e.g., employment, demographics, people migration). In short, the LES focuses on the location of properties owned by a REIT relative to Lionstone’s favored real estate markets. The LES calculated for a REIT is based on the percentage of its assets held in Lionstone favored markets. REITs in the Starting Universe for which there is an LES are divided into three groupings (based on the number of LES-scored REITs in the Starting Universe): LES-High (high relative percentage of REIT assets in Lionstone favored markets), LES-Neutral, and LES-Low (low relative percentage of REIT assets in Lionstone favored markets). REITs for which an LES does not exist are systematically assigned to the LES-Neutral group. As noted above, a REIT’s LES (and the REIT Dividend Yield Score, as discussed below) drive a REIT’s weighting in the Index at reconstitution. 
All REITs in the Starting Universe at reconstitution are separately assigned a REIT Dividend Yield Score, whereby the REITs are divided into three groupings (based on the number of REITs in the Starting Universe) looking at each REIT’s 12-month forward dividend yield: Dividend Yield-High, Dividend Yield-Neutral, and Dividend Yield-Low. As noted above, like the LES, the REIT Dividend Yield Score drives a REIT’s weighting in the Index. 
Each of the three LES groupings discussed above corresponds to a market capitalization multiplier used to calculate each REIT’s adjusted marketed capitalization in the Index (relative to the Starting Universe at Index reconstitution): LES-High = 1.25x; LES-Neutral = 1.0x; and LES-Low = 0.75x. Additionally, each of the three REIT Dividend Yield Score groupings discussed above corresponds to another market capitalization multiplier used to further calculate each 
REIT’s adjusted market capitalization in the Index (relative to the Starting Universe at Index reconstitution): Dividend Yield-High = 1.25x; Dividend Yield-Neutral = 1.0x; and Dividend Yield-Low= 0.75x. At Index reconstitution, each REIT’s weighting in the Index is determined by multiplying its market capitalization by the applicable LES and Dividend Yield multipliers for that REIT. 
The Index is reconstituted annually in March. 
The Fund uses a replication strategy to track the performance of the Index, whereby the Fund invests in or has investment exposure to substantially all the component securities of the Index in approximately the same proportions as in the Index. However, under various circumstances, including circumstances under which it may not be possible or practicable to purchase all of the securities in the Index, or in the same weightings, the Fund may purchase or have investment exposure to a sample of the securities in the Index in proportions expected to replicate generally the performance of the Index as a whole. There may also be instances in which the Fund may overweight (or underweight) an Index holding, purchase (or sell) instruments not in the Index as a substitute for one or more securities in the Index or utilize various combinations of other available investment techniques in seeking to replicate the performance of the Index. 
The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index. 
Neither the Investment Manager nor Lionstone provides day-to-day management of the Fund’s assets based on its view of the investment merits of a security, nor do they conduct fundamental investment research or analysis, or seek to forecast or otherwise consider market movements, conditions or trends in the day-to-day management of the Fund’s assets. The Fund pursues its investment objective of correlating performance with the Index regardless of market conditions and does not take defensive positions. 
The methodology applied to select Index holdings and weightings does not set limits on sector or industry exposures. To the extent the Index is concentrated in a sector or industry, the Fund will be concentrated in that sector or industry. The Index (and therefore the Fund) will concentrate in the real estate industry. The Index typically holds approximately 70-90 REITs, but the Fund may hold a greater or lesser number of REITs than the Index. 
The Fund may invest up to 20% of its assets in other securities or instruments not included within the Index that the Investment Manager believes will help the Fund replicate the performance of the Index. 
The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund. 
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CRED - Performance

Return Ranking - Trailing

Period CRED Return Category Return Low Category Return High Rank in Category (%)
YTD -2.0% -87.1% 10.7% N/A
1 Yr N/A -17.3% 45.4% 64.54%
3 Yr N/A* -3.3% 11.9% 78.40%
5 Yr N/A* -1.4% 8.1% 67.56%
10 Yr N/A* 0.7% 5.6% 71.64%

* Annualized

Return Ranking - Calendar

Period CRED Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -85.3% 4.9% N/A
2022 N/A -44.7% 31.5% 6.00%
2021 N/A -23.2% 34.5% 9.42%
2020 N/A -52.7% 4.7% 32.73%
2019 N/A -3.5% 18.3% 75.27%

Total Return Ranking - Trailing

Period CRED Return Category Return Low Category Return High Rank in Category (%)
YTD -2.0% -87.1% 10.7% N/A
1 Yr N/A -18.3% 42.5% 61.17%
3 Yr N/A* -3.3% 11.2% 73.31%
5 Yr N/A* -1.4% 7.7% 63.30%
10 Yr N/A* 0.7% 5.6% 67.16%

* Annualized

Total Return Ranking - Calendar

Period CRED Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -85.3% 4.9% N/A
2022 N/A -44.7% 31.5% 0.50%
2021 N/A -23.2% 34.5% 0.32%
2020 N/A -52.7% 92.1% 0.36%
2019 N/A -3.5% 18.3% 83.33%

CRED - Holdings

Concentration Analysis

CRED Category Low Category High CRED % Rank
Net Assets 3.14 M 6.52 M 44.4 B 6.41%
Number of Holdings 73 1 9191 0.24%
Net Assets in Top 10 1.98 M -29.6 M 3.34 B 22.25%
Weighting of Top 10 61.26% 1.8% 100.0% 99.75%

Top 10 Holdings

  1. Prologis Inc 15.42%
  2. American Tower Corp 9.82%
  3. Simon Property Group Inc 7.60%
  4. Crown Castle Inc 6.50%
  5. Public Storage 5.23%
  6. Digital Realty Trust Inc 5.11%
  7. Realty Income Corp 3.71%
  8. SBA Communications Corp 2.68%
  9. Iron Mountain Inc 2.65%
  10. Invitation Homes Inc 2.55%

Asset Allocation

Weighting Return Low Return High CRED % Rank
Stocks
98.85% 0.00% 5.27% 20.78%
Cash
1.15% -49.09% 100.00% 38.88%
Preferred Stocks
0.00% 0.00% 9.18% 30.32%
Other
0.00% -38.92% 3.98% 15.89%
Convertible Bonds
0.00% 0.00% 78.47% 26.41%
Bonds
0.00% 0.00% 141.47% 61.61%

Stock Sector Breakdown

Weighting Return Low Return High CRED % Rank
Utilities
0.00% 0.00% 100.00% N/A
Technology
0.00% 0.00% 24.68% N/A
Real Estate
0.00% 0.00% 100.00% N/A
Industrials
0.00% 0.00% 8.34% N/A
Healthcare
0.00% 0.00% 14.32% N/A
Financial Services
0.00% 0.00% 100.00% N/A
Energy
0.00% 0.00% 93.26% N/A
Communication Services
0.00% 0.00% 8.64% N/A
Consumer Defense
0.00% 0.00% 7.33% N/A
Consumer Cyclical
0.00% 0.00% 11.22% N/A
Basic Materials
0.00% 0.00% 3.60% N/A

Stock Geographic Breakdown

Weighting Return Low Return High CRED % Rank
US
98.85% 0.00% 5.27% 20.78%
Non US
0.00% 0.00% 0.23% 16.63%

CRED - Expenses

Operational Fees

CRED Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.33% 0.03% 3.62% 97.99%
Management Fee 0.33% 0.00% 1.35% 5.11%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

CRED Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

CRED Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CRED Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 259.00% 3.21%

CRED - Distributions

Dividend Yield Analysis

CRED Category Low Category High CRED % Rank
Dividend Yield 2.50% 0.00% 46.82% 87.25%

Dividend Distribution Analysis

CRED Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

CRED Category Low Category High CRED % Rank
Net Income Ratio N/A -0.69% 7.58% 43.61%

Capital Gain Distribution Analysis

CRED Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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CRED - Fund Manager Analysis

Managers

James Mauro


Start Date

Tenure

Tenure Rank

Jul 01, 2011

10.92

10.9%

Head of San Francisco Fixed Income Core PM at BlackRock, Inc. since 2020; Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2010 to 2014; Vice President of State Street Global Advisors from 2001 to 2010. James Mauro has been employed by BlackRock Fund Advisors and BlackRock Institutional Trust Company, N.A. (“BTC”) as a portfolio manager since 2011. Prior to joining BTC, Mr. Mauro was a Vice President at State Street Global Advisors. His primary responsibilities include management of all government, inflation linked and derivative strategies. Other responsibilities include hedging and managing risk across all asset classes through futures and option overlays. James joined State Street Corporation in 1993. Previously, he worked as a portfolio manager on the passive team where he co-managed several Bond Index portfolios.

Karen Uyehara


Start Date

Tenure

Tenure Rank

Jun 29, 2021

0.92

0.9%

Ms. Uyehara is a Director of BlackRock, which she joined in 2010. Ms. Uyehara is a portfolio manager and member of BlackRock’s Model-Based Fixed Income Portfolio Management Group. Prior to joining BlackRock, Ms. Uyehara was a portfolio manager at Western Asset Management Company from2002 to 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.05 24.76 5.74 2.41