BYRE vs. HIPS ETF Comparison

Comparison of Principal Real Estate Active Opportunities ETF (BYRE) to Master Income ETF (HIPS)

BYRE

Principal Real Estate Active Opportunities ETF

BYRE Description

Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies principally engaged in the real estate industry at the time of purchase. It invests primarily in equity securities of U.S. companies, including those of small companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$23.07

Average Daily Volume

1,125

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HIPS

Master Income ETF

HIPS Description

The Master Income ETF seeks to track the total return performance, before fees and expenses, of the TFMS HIPS 300 Index. The Index is constructed to capture 300 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (“CEFs”), (ii) mortgage real estate investment trusts (“REITs”), (iii) commercial equity REITs, (iv) residential/diversified REITs, (v) asset management and business development companies (“BDCs”), and (vi) energy production and energy transportation & processing companies. Energy-related companies included in the Index are expected to primarily be structured as master limited partnerships (“MLPs”). CEFs included in the Index are limited to taxable, debt-based funds and may include CEFs that invest primarily in bank loans, high-yield securities (also known as “junk bonds”), foreign securities (including those in emerging markets), and mortgage- or asset-backed securities. The Index is constituted using proprietary methodology developed by Trust and Fiduciary Management Services, Inc. The Index Provider determines the relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

Grade (RS Rating)

Last Trade

$12.77

Average Daily Volume

21,404

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BYRE	HIPS
30 Days	6.24%	2.05%
60 Days	-0.18%	1.72%
90 Days	-1.02%	4.50%
12 Months	7.42%	22.22%

2 Overlapping Holdings

	Symbol	Grade	Weight in BYRE	Weight in HIPS	Overlap
	GLPI	D	4.33%	2.25%	2.25%
	SBRA	B	3.79%	2.45%	2.45%

BYRE Overweight 20 Positions Relative to HIPS

Symbol	Grade	Weight
AMT	C	7.72%
VTR	C	7.67%
EQIX	C	7.16%
INVH	C	6.84%
EXR	C	6.28%
REXR	F	5.22%
COLD	C	5.18%
SUI	F	4.89%
WELL	A	4.59%
TRNO	F	4.47%
AMH	C	4.29%
VICI	D	4.27%
SBAC	F	4.09%
ARE	C	3.26%
DLR	B	3.18%
NHI	B	2.45%
RHP	D	2.17%
CCI	D	1.95%
DRH	F	1.85%
VAC	D	1.65%

BYRE Underweight 34 Positions Relative to HIPS

Symbol	Grade	Weight
WES	B	-3.29%
PAA	D	-2.9%
ET	C	-2.81%
BXSL	D	-2.79%
MPLX	D	-2.75%
BGX	B	-2.72%
EPD	C	-2.68%
JFR	A	-2.67%
EFT	B	-2.67%
SLRC	A	-2.67%
JQC	A	-2.67%
ARCC	A	-2.65%
GBDC	C	-2.65%
LTC	B	-2.63%
FCT	B	-2.63%
PK	D	-2.59%
GSBD	C	-2.59%
DSU	A	-2.53%
OHI	B	-2.53%
USAC	D	-2.52%
FDUS	B	-2.51%
DMLP	D	-2.49%
BLW	B	-2.49%
BSM	B	-2.49%
FSK	A	-2.48%
FSD	A	-2.48%
NMFC	B	-2.44%
CQP	C	-2.4%
ALX	C	-2.38%
NBB	B	-2.37%
NNN	C	-2.37%
GTY	D	-2.33%
EPR	D	-2.07%
GNL	D	-1.86%