NETL vs. AREA ETF Comparison

Comparison of NETLease Corporate Real Estate ETF (NETL) to Harbor AlphaEdge Next Generation REITs ETF (AREA)

NETL

NETLease Corporate Real Estate ETF

NETL Description

The investment seeks to track the performance, before fees and expenses, of the Fundamental Income Net Lease Real Estate Index. The index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the net lease real estate sector ("Eligible Companies"). Under normal circumstances, at least 80% of the fund's total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the index. It is non-diversified.

Grade (RS Rating)

Last Trade

$25.49

Average Daily Volume

6,169

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

$20.01

Average Daily Volume

182

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	NETL	AREA
30 Days	-4.21%	-1.81%
60 Days	-5.28%	-4.28%
90 Days	-2.54%
12 Months	17.80%

3 Overlapping Holdings

Symbol	Grade	Weight in NETL	Weight in AREA	Overlap
EPR	C	3.95%	3.65%	3.65%
GLPI	C	3.47%	0.48%	0.48%
VICI	C	7.76%	3.24%	3.24%

NETL Overweight 17 Positions Relative to AREA

Symbol	Grade	Weight
WPC	C	7.83%
O	C	7.67%
STAG	D	7.63%
NNN	C	7.55%
GOOD	B	4.66%
ADC	A	4.3%
EPRT	B	4.29%
OLP	B	4.2%
GTY	A	4.17%
NTST	C	4.0%
BNL	D	3.99%
LXP	D	3.88%
GNL	F	3.79%
PSTL	D	3.62%
FCPT	C	3.58%
IIPR	D	3.54%
PINE	C	1.71%

NETL Underweight 30 Positions Relative to AREA

Symbol	Grade	Weight
WY	F	-7.01%
LAMR	C	-6.89%
AMT	C	-6.24%
SBAC	D	-6.1%
EXR	C	-6.05%
HST	C	-5.76%
CUBE	C	-5.4%
ELS	C	-3.81%
IRM	C	-3.75%
SBRA	C	-3.64%
DRH	B	-3.58%
RYN	D	-3.56%
SHO	D	-2.87%
NHI	D	-2.8%
PSA	C	-2.59%
OHI	C	-2.55%
DOC	C	-2.5%
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%
CCI	C	-0.71%
INVH	D	-0.42%
XHR	B	-0.26%
PEB	D	-0.25%
DHC	F	-0.19%