AREA vs. PSR ETF Comparison

Comparison of Harbor AlphaEdge Next Generation REITs ETF (AREA) to PowerShares Active U.S. Real Estate Fund (PSR)

AREA

Harbor AlphaEdge Next Generation REITs ETF

AREA Description

AREA targetsNext Generation REITs through a proprietary rules-based methodology. Instead of traditional office, multi-family, retail, and industrial REITs, the fund favors non-traditional REITs (e.g., data center, gaming, healthcare & life sciences, hotel & motel, manufactured homes, and self-storage). From an index universe of 3,000 US-listed securities, the fund relies on FactSets RBICS sub-industry classification in filtering Next-Gen REITs. Each qualified company is scored across five factor composites (capital deployment, momentum, quality, risk, and valuation) for a combined stock selection score based on prevailing business cycle regimes. The index provider then selects and weights securities using an optimizer that measures the risk-adjusted returns of the portfolio against a benchmark with similar holdings. The fund holds between 35 and 70 REITs, subject to certain capping limits. The index is reconstituted and rebalanced monthly.

Grade (RS Rating)

Last Trade

$20.01

Average Daily Volume

182

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PSR

PowerShares Active U.S. Real Estate Fund

PSR Description

The PowerShares Active U.S. Real Estate Fund (Fund) structures and selects its investments primarily from a universe of securities that are included within the FTSE NAREIT All Equity REITs Index at the time of purchase. The selection methodology uses quantitative and statistical metrics to identify attractively priced securities and manage risk. The Fund will invest principally in equity real estate investment trusts (REITs). The Fund is rebalanced and reconstituted monthly.

Grade (RS Rating)

Last Trade

$96.65

Average Daily Volume

3,217

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	AREA	PSR
30 Days	-1.81%	-0.47%
60 Days	-4.28%	-1.43%
90 Days		1.66%
12 Months		20.10%

10 Overlapping Holdings

Symbol	Grade	Weight in AREA	Weight in PSR	Overlap
AMT	C	6.24%	6.27%	6.24%
CCI	C	0.71%	3.23%	0.71%
CUBE	C	5.4%	3.52%	3.52%
DOC	C	2.5%	2.48%	2.48%
ELS	C	3.81%	3.14%	3.14%
GLPI	C	0.48%	2.32%	0.48%
INVH	D	0.42%	3.76%	0.42%
PSA	C	2.59%	3.27%	2.59%
RYN	D	3.56%	2.13%	2.13%
SBAC	D	6.1%	4.55%	4.55%

AREA Overweight 23 Positions Relative to PSR

Symbol	Grade	Weight
WY	F	7.01%
LAMR	C	6.89%
EXR	C	6.05%
HST	C	5.76%
IRM	C	3.75%
EPR	C	3.65%
SBRA	C	3.64%
DRH	B	3.58%
VICI	C	3.24%
SHO	D	2.87%
NHI	D	2.8%
OHI	C	2.55%
LAND	F	2.21%
PK	C	1.74%
OUT	A	1.5%
SILA	C	1.26%
NSA	C	1.21%
LTC	B	1.13%
INN	D	1.06%
VTR	B	1.0%
XHR	B	0.26%
PEB	D	0.25%
DHC	F	0.19%

AREA Underweight 19 Positions Relative to PSR

Symbol	Grade	Weight
WELL	A	-8.81%
EQIX	A	-8.78%
BRX	A	-4.98%
EQR	C	-4.75%
DLR	B	-4.33%
O	C	-4.3%
PLD	F	-3.73%
SPG	A	-3.35%
ADC	A	-3.14%
KIM	A	-2.69%
KRC	B	-2.51%
EGP	D	-2.3%
REXR	F	-2.09%
ARE	F	-2.02%
ESRT	C	-1.99%
FR	D	-1.93%
EPRT	B	-1.52%
RLJ	C	-1.02%
CPT	B	-0.97%