Technology ETF investors will have to tune on Monday as Netflix (NasdaqGS: NFLX) is set to reveal second quarter earnings.

Investors with exposure to technology ETFs like AdvisorShares New Tech and Media ETF (NYSEArca: FNG), Invesco NASDAQ Internet ETF (NasdaqGM: PNQI) and First Trust Dow Jones Internet Index (NYSEArca: FDN) will have to closely watch the Netflix earnings report Monday. NFLX makes up 7.5% of FNG’s underlying portfolio, 8.7% of PNQI and 6.4% of FDN.

Some market observers are already warning of weakness in Netflix earnings on July 16, pointing to a potential miss in new subscriber numbers.

According to Deutsche Bank, the internet video streaming giant could miss Wall Street second-quarter subscriber expectations next week, CNBC reports.

“We see limited upside and even some downside to 2Q guidance/consensus,” Deutsche Bank analyst Bryan Kraft said. “We don’t see 2Q earnings as a positive catalyst for the stock; in fact, we see some near term downside risk.”

Netflix Predictions

The analysts predict Netflix second-quarter global net subscriber additions will fall 1 million below to 500,000 above the Wall Street consensus, and US net member additions will either match expectations or miss by up to 500,000 subscribers for the same quarter.