LSAF vs. AREA ETF Comparison

Comparison of LeaderShares AlphaFactor US Core Equity ETF (LSAF) to Harbor AlphaEdge Next Generation REITs ETF (AREA)

LSAF

LeaderShares AlphaFactor US Core Equity ETF

LSAF Description

The investment seeks to provide investment results that correspond generally, before fees and expenses, to the performance of the AlphaFactor® US Core Equity Index. Under normal circumstances, at least 80% of the fund's net assets, including any borrowings for investment purposes, will be invested in a diversified portfolio of equity securities of U.S. common stocks included in the index. The index utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization.

Grade (RS Rating)

Last Trade

$43.63

Average Daily Volume

11,395

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	LSAF	AREA
30 Days	5.32%	-1.86%
60 Days	6.52%	-4.63%
90 Days	9.24%
12 Months	34.17%

1 Overlapping Holdings

	Symbol	Grade	Weight in LSAF	Weight in AREA	Overlap
	NSA	D	0.87%	1.21%	0.87%

LSAF Overweight 98 Positions Relative to AREA

Symbol	Grade	Weight
TRGP	B	1.34%
VST	B	1.32%
EXEL	B	1.27%
SYF	B	1.24%
UNM	A	1.21%
OWL	A	1.19%
AAON	B	1.18%
BKNG	A	1.17%
EXPE	B	1.17%
GM	B	1.17%
PLNT	A	1.16%
FI	A	1.15%
DUOL	A	1.15%
FTNT	C	1.15%
AMP	A	1.15%
NTNX	A	1.14%
GS	A	1.14%
FICO	B	1.14%
CPAY	A	1.13%
STLD	B	1.09%
LOPE	B	1.08%
CMI	A	1.08%
MAR	B	1.08%
TMUS	B	1.08%
PRI	A	1.06%
WSO	A	1.05%
EQH	B	1.05%
GWRE	A	1.04%
RS	B	1.04%
MO	A	1.04%
FOXA	B	1.04%
WRB	A	1.04%
AXP	A	1.03%
HLT	A	1.03%
JBL	B	1.03%
MUSA	A	1.02%
ORI	A	1.02%
GEN	B	1.02%
RL	B	1.01%
EXP	A	1.01%
AMG	B	1.0%
LPX	B	1.0%
EEFT	B	1.0%
BR	A	1.0%
ORLY	B	0.99%
LNW	D	0.99%
REG	B	0.98%
MET	A	0.98%
AIG	B	0.98%
HIG	B	0.97%
H	B	0.97%
FIS	C	0.97%
IT	C	0.97%
UTHR	C	0.97%
WWD	B	0.96%
GOOGL	C	0.96%
PSX	C	0.95%
AFL	B	0.95%
DVA	B	0.95%
CAT	B	0.94%
SPGI	C	0.94%
LOW	D	0.93%
COLM	B	0.93%
POST	C	0.93%
MPC	D	0.93%
PVH	C	0.93%
AAPL	C	0.93%
TOL	B	0.93%
CSL	C	0.93%
AZO	C	0.92%
SNX	C	0.92%
GPK	C	0.92%
MTG	C	0.92%
PSN	D	0.91%
SPB	C	0.9%
COKE	C	0.9%
TXT	D	0.9%
CI	F	0.9%
EBAY	D	0.89%
AN	C	0.89%
MAS	D	0.88%
DD	D	0.88%
LMT	D	0.88%
KBR	F	0.87%
NVR	D	0.86%
LEN	D	0.85%
SAIC	F	0.85%
THC	D	0.85%
BLDR	D	0.85%
BLD	D	0.84%
HRB	D	0.84%
PHM	D	0.84%
MHK	D	0.81%
FBIN	D	0.8%
HCA	F	0.78%
WMS	D	0.77%
MTD	D	0.76%
CROX	D	0.67%

LSAF Underweight 32 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%
EPR	D	-3.65%
SBRA	C	-3.64%
DRH	B	-3.58%
RYN	D	-3.56%
VICI	C	-3.24%
SHO	C	-2.87%
NHI	D	-2.8%
PSA	D	-2.59%
OHI	C	-2.55%
DOC	D	-2.5%
LAND	F	-2.21%
PK	B	-1.74%
OUT	A	-1.5%
SILA	C	-1.26%
LTC	B	-1.13%
INN	D	-1.06%
VTR	C	-1.0%
CCI	D	-0.71%
GLPI	C	-0.48%
INVH	D	-0.42%
XHR	B	-0.26%
PEB	D	-0.25%
DHC	F	-0.19%