SEF vs. AREA ETF Comparison

Comparison of ProShares Short Financials (SEF) to Harbor AlphaEdge Next Generation REITs ETF (AREA)

SEF

ProShares Short Financials

SEF Description

The investment seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. FinancialsSM Index. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as the inverse (-1x) of the daily return of the index. The index measures the performance of the financial services sector of the U.S. equity market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$34.93

Average Daily Volume

14,108

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

$19.66

Average Daily Volume

1,674

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SEF	AREA
30 Days	-5.33%	-5.05%
60 Days	-9.97%	-5.48%
90 Days	-11.02%
12 Months	-26.20%

11 Overlapping Holdings

Symbol	Grade	Weight in SEF	Weight in AREA	Overlap
AMT	F	1.74%	6.19%	1.74%
CCI	F	1.02%	0.71%	0.71%
DOC	C	0.3%	2.59%	0.3%
ELS	B	0.22%	3.62%	0.22%
EXR	D	0.24%	5.93%	0.24%
HST	D	0.22%	5.8%	0.22%
INVH	D	0.28%	0.41%	0.28%
PSA	D	0.56%	2.54%	0.56%
SBAC	D	0.48%	6.04%	0.48%
VTR	C	0.37%	0.99%	0.37%
WY	F	0.39%	7.04%	0.39%

SEF Overweight 86 Positions Relative to AREA

Symbol	Grade	Weight
BRK.A	B	7.56%
JPM	A	7.27%
V	A	5.88%
MA	B	4.83%
BAC	A	4.46%
WFC	A	3.19%
C	B	2.98%
AXP	B	1.49%
GS	B	1.34%
USB	B	1.32%
TFC	B	1.27%
CME	B	1.25%
SPGI	C	1.22%
MS	A	1.19%
CB	C	1.17%
PNC	B	1.13%
BLK	A	1.06%
PLD	D	1.0%
MMC	D	0.97%
SCHW	B	0.93%
ICE	C	0.91%
EQIX	B	0.84%
AON	B	0.83%
COF	B	0.81%
AIG	B	0.77%
SPG	A	0.76%
PGR	A	0.75%
MCO	C	0.7%
MET	C	0.69%
BX	A	0.67%
PRU	B	0.66%
AFL	C	0.66%
BK	B	0.65%
ALL	B	0.64%
TRV	B	0.61%
WELL	B	0.59%
TROW	A	0.52%
AVB	B	0.51%
STT	B	0.5%
EQR	C	0.48%
DLR	C	0.44%
WTW	A	0.44%
DFS	B	0.44%
O	D	0.42%
MSCI	B	0.4%
CSGP	F	0.4%
NTRS	A	0.39%
AMP	A	0.37%
HIG	C	0.37%
SYF	B	0.36%
MTB	A	0.36%
FITB	A	0.35%
BXP	D	0.34%
CBRE	B	0.34%
ESS	C	0.34%
ARE	F	0.32%
KEY	B	0.32%
ACGL	C	0.31%
CFG	B	0.3%
AJG	A	0.3%
MKL	A	0.28%
RF	A	0.27%
CINF	A	0.27%
HBAN	A	0.26%
MAA	C	0.26%
PFG	C	0.25%
MKTX	C	0.24%
WPC	F	0.24%
SUI	F	0.24%
L	A	0.23%
NLY	C	0.23%
UDR	C	0.23%
FNF	C	0.22%
NDAQ	B	0.21%
RJF	A	0.2%
LNC	B	0.2%
EG	D	0.19%
MPW	F	0.19%
ALLY	C	0.19%
EQH	B	0.19%
GL	B	0.18%
FDS	A	0.18%
REG	A	0.18%
VNO	C	0.18%
CPT	C	0.18%
WRB	B	0.17%

SEF Underweight 22 Positions Relative to AREA

Symbol	Grade	Weight
LAMR	D	-7.14%
CUBE	D	-5.25%
IRM	D	-3.78%
SBRA	C	-3.77%
RYN	F	-3.7%
EPR	D	-3.59%
DRH	C	-3.58%
VICI	D	-3.13%
SHO	D	-2.97%
NHI	D	-2.82%
OHI	C	-2.56%
LAND	F	-2.41%
PK	C	-1.7%
OUT	B	-1.41%
SILA	D	-1.26%
NSA	D	-1.2%
LTC	B	-1.12%
INN	D	-1.05%
GLPI	D	-0.47%
PEB	F	-0.27%
XHR	B	-0.26%
DHC	F	-0.2%