HIPS vs. AREA ETF Comparison

Comparison of Master Income ETF (HIPS) to Harbor AlphaEdge Next Generation REITs ETF (AREA)

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

$13.16

Average Daily Volume

31,726

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$20.14

Average Daily Volume

178

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	AREA
30 Days	3.55%	-1.86%
60 Days	1.87%	-4.63%
90 Days	3.35%
12 Months	20.42%

6 Overlapping Holdings

Symbol	Grade	Weight in HIPS	Weight in AREA	Overlap
EPR	D	2.28%	3.65%	2.28%
GLPI	C	2.48%	0.48%	0.48%
LTC	B	2.79%	1.13%	1.13%
OHI	C	2.46%	2.55%	2.46%
PK	B	2.41%	1.74%	1.74%
SBRA	C	2.48%	3.64%	2.48%

HIPS Overweight 31 Positions Relative to AREA

Symbol	Grade	Weight
BGX	A	2.79%
JQC	A	2.78%
JFR	A	2.75%
ARCC	A	2.72%
ET	A	2.68%
SLRC	A	2.66%
FSK	A	2.65%
EFT	A	2.64%
EPD	A	2.64%
FCT	A	2.63%
FDUS	A	2.62%
BXSL	A	2.62%
BLW	B	2.6%
MPLX	A	2.6%
DMLP	A	2.6%
GTY	B	2.59%
CQP	B	2.56%
GBDC	C	2.55%
NBB	D	2.54%
KRP	B	2.53%
DSU	B	2.52%
ALX	D	2.49%
PAA	B	2.48%
WES	C	2.48%
USAC	B	2.44%
BSM	B	2.44%
NMFC	D	2.26%
GSBD	F	2.2%
NNN	D	2.18%
NHS	D	2.02%
GNL	F	1.83%

HIPS Underweight 27 Positions Relative to AREA

Symbol	Grade	Weight
WY	D	-7.01%
LAMR	D	-6.89%
AMT	D	-6.24%
SBAC	D	-6.1%
EXR	D	-6.05%
HST	C	-5.76%
CUBE	D	-5.4%
ELS	C	-3.81%
IRM	D	-3.75%
DRH	B	-3.58%
RYN	D	-3.56%
VICI	C	-3.24%
SHO	C	-2.87%
NHI	D	-2.8%
PSA	D	-2.59%
DOC	D	-2.5%
LAND	F	-2.21%
OUT	A	-1.5%
SILA	C	-1.26%
NSA	D	-1.21%
INN	D	-1.06%
VTR	C	-1.0%
CCI	D	-0.71%
INVH	D	-0.42%
XHR	B	-0.26%
PEB	D	-0.25%
DHC	F	-0.19%