BBRE vs. AREA ETF Comparison

Comparison of JPMorgan BetaBuilders MSCI U.S. REIT ETF (BBRE) to Harbor AlphaEdge Next Generation REITs ETF (AREA)

BBRE

JPMorgan BetaBuilders MSCI U.S. REIT ETF

BBRE Description

The investment seeks to provide total return. Under normal circumstances, the fund will invest at least 80% of its assets in bonds. It will invest at least 40% of its assets in countries other than the United States. The fund may invest in developed or emerging markets. It generally invests at least 25% of its assets in securities that, at the time of purchase are rated investment grade or the unrated equivalent. "Assets" means net assets plus the amount of borrowings for investment purposes. The fund may also use currency related transactions involving currency derivatives as part of its primary investment strategy.

Grade (RS Rating)

Last Trade

$100.05

Average Daily Volume

36,485

Number of Holdings ^*

114

* 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 ^*

33

* may have additional holdings in another (foreign) market

Performance

Period	BBRE	AREA
30 Days	0.29%	-1.81%
60 Days	-0.53%	-4.28%
90 Days	2.37%
12 Months	28.63%

25 Overlapping Holdings

	Symbol	Grade	Weight in BBRE	Weight in AREA	Overlap
	CUBE	C	0.94%	5.4%	0.94%
	DHC	F	0.03%	0.19%	0.03%
	DOC	C	1.33%	2.5%	1.33%
	DRH	B	0.17%	3.58%	0.17%
	ELS	C	1.12%	3.81%	1.12%
	EPR	C	0.3%	3.65%	0.3%
	EXR	C	2.99%	6.05%	2.99%
	GLPI	C	1.11%	0.48%	0.48%
	HST	C	1.13%	5.76%	1.13%
	INN	D	0.07%	1.06%	0.07%
	INVH	D	1.79%	0.42%	0.42%
	IRM	C	2.92%	3.75%	2.92%
	LAND	F	0.04%	2.21%	0.04%
	LTC	B	0.14%	1.13%	0.14%
	NHI	D	0.31%	2.8%	0.31%
	NSA	C	0.33%	1.21%	0.33%
	OHI	C	0.85%	2.55%	0.85%
	PEB	D	0.15%	0.25%	0.15%
	PK	C	0.3%	1.74%	0.3%
	PSA	C	4.26%	2.59%	2.59%
	SBRA	C	0.4%	3.64%	0.4%
	SHO	D	0.2%	2.87%	0.2%
	VICI	C	2.63%	3.24%	2.63%
	VTR	B	2.26%	1.0%	1.0%
	XHR	B	0.16%	0.26%	0.16%

BBRE Overweight 89 Positions Relative to AREA

	Symbol	Grade	Weight
	PLD	F	8.82%
	EQIX	A	7.26%
	WELL	A	6.14%
	SPG	A	4.71%
	DLR	B	4.55%
	O	C	3.78%
	AVB	B	2.82%
	EQR	C	2.25%
	ESS	B	1.71%
	MAA	B	1.62%
	ARE	F	1.48%
	KIM	A	1.46%
	SUI	C	1.35%
	UDR	B	1.27%
	REG	A	1.08%
	CPT	B	1.07%
	BXP	C	1.04%
	AMH	C	1.04%
	WPC	C	1.01%
	BRX	A	0.76%
	FRT	B	0.73%
	REXR	F	0.67%
	EGP	D	0.67%
	NNN	C	0.67%
	FR	D	0.62%
	VNO	C	0.62%
	ADC	A	0.6%
	STAG	D	0.58%
	COLD	D	0.54%
	RHP	B	0.53%
	KRG	B	0.53%
	SLG	B	0.45%
	EPRT	B	0.42%
	CUZ	B	0.42%
	PECO	A	0.41%
	IRT	A	0.41%
	TRNO	F	0.41%
	MAC	B	0.37%
	KRC	B	0.37%
	SKT	A	0.34%
	CDP	C	0.32%
	APLE	B	0.31%
	HIW	C	0.3%
	DEI	B	0.29%
	BNL	D	0.27%
	CTRE	C	0.27%
	IIPR	D	0.26%
	UE	B	0.25%
	MPW	F	0.23%
	LXP	D	0.23%
	IVT	A	0.21%
	FCPT	C	0.21%
	AKR	B	0.21%
	EQC	B	0.2%
	ROIC	A	0.19%
	ELME	D	0.14%
	JBGS	F	0.14%
	RLJ	C	0.14%
	VRE	B	0.13%
	ALEX	B	0.13%
	AAT	B	0.13%
	GNL	F	0.13%
	ESRT	C	0.13%
	GTY	A	0.12%
	AIV	C	0.12%
	PDM	D	0.11%
	UMH	B	0.1%
	NXRT	B	0.1%
	CSR	B	0.1%
	DEA	D	0.1%
	PLYM	F	0.08%
	NTST	C	0.08%
	AHH	D	0.08%
	BDN	C	0.08%
	PGRE	F	0.08%
	GOOD	B	0.07%
	WSR	A	0.07%
	BFS	C	0.06%
	FPI	B	0.06%
	OLP	B	0.05%
	ALX	D	0.05%
	GMRE	F	0.05%
	HPP	F	0.05%
	UHT	D	0.05%
	CBL	B	0.04%
	CLDT	B	0.04%
	CHCT	C	0.04%
	SVC	F	0.04%
	PKST	F	0.03%

BBRE Underweight 8 Positions Relative to AREA

	Symbol	Grade	Weight
	WY	F	-7.01%
	LAMR	C	-6.89%
	AMT	C	-6.24%
	SBAC	D	-6.1%
	RYN	D	-3.56%
	OUT	A	-1.5%
	SILA	C	-1.26%
	CCI	C	-0.71%

BBRE: Top Represented Industries & Keywords

Industries: REIT - Retail REIT - Diversified REIT - Office REIT - Residential REIT - Industrial REIT - Healthcare Facilities REIT - Hotel & Motel Business Services

Keywords: Real Estate Investment Trust Real Estate Market S&P 500 Retail Properties Real Estate Properties Equity Global Management Equity Real Estate Investment Trust Shopping Mall Champion Reit Dream Office Real Estate Investment Trust Industrial Properties Assisted Living David Sobelman Healthcare Facilities Property Management Real Estate Investment Retail Space Hawaii Hotel Industrial Real Estate

AREA: Top Represented Industries & Keywords

Industries: REIT - Healthcare Facilities REIT - Hotel & Motel REIT - Diversified REIT - Industrial Lumber & Wood Production REIT - Residential Telecom Services Business Services REIT - Retail

Keywords: Real Estate Investment Trust S&P 500 Assisted Living Hotel Real Estate Market Sba Communications Self Storage Tourism Advertising Advertising Space Billboard Cellulose Cellulose Fiber Communications Sites Distributed Antenna System Extra Space Storage Golf Courses Healthcare Facilities Healthcare Properties Healthcare Real Estate