David Auerbach on ETF IQ

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Disclosure:

HAUS does not invest in crypto. Bitcoin and bitcoin futures are a relatively new asset class and the market for bitcoin is subject to rapid changes and uncertainty. Bitcoin and bitcoin futures are subject to unique and substantial risks, including significant price volatility and lack of liquidity. The value of an investment in the Bitcoin could decline significantly and without warning, including to zero. Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments.

BREIT

Investment Objective and Strategy:

To execute their investment strategy, they invest primarily in stabilized, income-generating commercial real estate across asset classes in the U.S. and, to a lesser extent, outside the U.S. They may also invest in equity of public and private real estate-related companies, including real estate-related operating companies. They may also acquire assets that require some amount of capital investment in order to be renovated or repositioned as well as develop properties and make investments in other real assets such as infrastructure.

They do not intend to make loans to other persons or to engage in the purchase and sale of any types of investments other than those related to real estate and other real assets.

While BREIT’s investment strategy is to invest in stabilized commercial real estate diversified by sector with a focus on providing current income to investors, an investment in BREIT is not an investment in fixed income. Fixed income has material differences from an investment in the Company, including those related to vehicle structure, investment objectives and restrictions, risks, fluctuation of principal, safety, guarantees or insurance, fees and expenses, liquidity and tax treatment.

Fees/expenses:

1.25% per annum of NAV, payable monthly

Liquidity:

There is no public trading market for their common stock and repurchase of shares by BREIT will likely be the only way to dispose of your shares. They are not obligated to repurchase any shares under their share repurchase plan and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, their board of directors may make exceptions to, modify or suspend their share repurchase plan. As a result, their shares should be considered as having only limited liquidity and at times may be illiquid.

Tax features:

The tax information herein is provided for informational purposes only, is subject to material change, and should not be relied upon as a guarantee or prediction of tax effects. This material also does not constitute tax advice to, and should not be relied upon by, potential investors, who should consult their own tax advisors regarding the matters discussed herein and the tax consequences of an investment. A portion of REIT ordinary income distributions may be tax deferred given the ability to characterize ordinary income as Return of Capital (“ROC”). ROC distributions reduce the stockholder’s tax basis in the year the distribution is received, and generally defer taxes on that portion until the stockholder’s stock is sold via redemption. Upon redemption, the investor may be subject to higher capital gains taxes as a result of a lower cost basis due to the return of capital distributions. Certain non-cash deductions, such as depreciation and amortization, lower the taxable income for REIT distributions. Investors should be aware that a REIT’s Return of Capital (ROC) percentage may vary significantly in a given year and, as a result, the impact of the tax law and any related advantages may vary significantly from year to year. While they currently believe that the estimations and assumptions referenced herein are reasonable under the circumstances, there is no guarantee that the conditions upon which such assumptions are based will materialize or are otherwise applicable. This information does not constitute a forecast, and all assumptions herein are subject to uncertainties, changes and other risks, any of which may cause the relevant actual, financial and other results to be materially different from the results expressed or implied by the information presented herein. No assurance, representation or warranty is made by any person that any of the estimations herein will be achieved, and no recipient of this example should rely on such estimations. Investors may also be subject to net investment income taxes of 3.8% and/or state income tax in their state of residence which would lower the after-tax yield received by the investor.

Performance:

Class I Performance Summary
November	YTD	1-YR	3-YR	5-YR	Inception to Date	Annualized Distribution Rate
-0.90%	8.40%	10.60%	14.90%	13.10%	12.70%	4.40%

Past performance does not guarantee future results. All figures as of November 30, 2022 unless otherwise noted. Financial data is estimated and unaudited. This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, and must be read in conjunction with the prospectus in order to understand fully all of the implications and risks of the offering to which this sales and advertising literature relates. A copy of the prospectus must be made available to you in connection with this offering, and is available at www.breit.com.

Starwood REIT

Investment Objective:

Their investment objectives are to invest in high quality assets that will enable us to:
• provide current income in the form of regular, stable cash distributions to achieve an attractive
distribution yield;
• preserve and protect invested capital;
• realize appreciation in NAV from proactive investment and asset management; and
• provide an investment alternative for stockholders seeking to allocate a portion of their long-term
investment portfolios to commercial real estate with lower volatility than publicly traded real estate
companies.

Investment Strategy:

Starwood Capital is a private investment firm with a primary focus on global real estate, founded and controlled by Barry S. Sternlicht, the Chairman of their board of directors. They believe the breadth of experience and the relationships that Starwood Capital has fostered since its inception provides them with competitive advantages in acquiring, developing, financing, asset managing, operating and selling their targeted investments in real estate, real estate-related debt and real estate-related securities. Their investment strategy is primarily to acquire stabilized, income-oriented commercial real estate. Their real estate portfolio may include multifamily, industrial, office, hotel and retail assets, as well as other property types, including, without limitation, medical office, student housing, single-family rental, senior living, data centers, manufactured housing and storage properties. To a lesser extent, they may invest in real estate debt, including loans secured by real estate and real estate-related debt securities. Their real estate loan investments focus on first mortgage, subordinated mortgage and mezzanine loans, participations in such loans and other forms of debt secured by or related to the foregoing types of commercial real estate. Their real estate-related debt securities
investments focus on agency and non-agency RMBS and may include, to a lesser extent, investments in CMBS and CLOs. They only invest in real estate debt to the extent such investments are not within the investment strategy of Starwood Property Trust and any future Other Starwood Accounts that may target such assets or if Starwood Property Trust passes on such investments, including when it does not have sufficient capital. They also invest in real estate-related equity securities investments, with a focus on non-controlling equity positions of public real estate-related companies, including preferred equity. They believe that their real estate-related debt and 101 equity securities help maintain liquidity to satisfy any stock repurchases they choose to make in any particular month and manage cash before investing subscription proceeds into properties while also seeking attractive investment returns. While their investment strategy is primarily to acquire stabilized, income-oriented commercial real estate in the United States, they have acquired and expect to continue to acquire properties outside of the United States with a focus on investments in Europe. They believe international investments may bring an additional level of diversification to their portfolio. In addition, Starwood Capital has considerable experience investing and managing international real estate and has affiliated offices in Amsterdam, Hong Kong, London, Luxembourg, Sydney and Tokyo. They will leverage the Starwood Capital team, offices and experience when making investments in international properties. Through their relationship with the Advisor, They capitalize upon Starwood Capital’s organizational scale, extensive industry relationships and expertise of investing through real estate cycles since 1991. Starwood Capital has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes and geographies as it perceives the risk/reward dynamic to be evolving. They seek to use the Advisor’s expertise, track record and contacts to identify and acquire assets at attractive pricing with long-term hold characteristics to produce stable, durable cash flows with long-term capital appreciation potential. Their structure as a perpetual-life REIT allows them to acquire and manage their investment portfolio in an active and flexible manner. They believe the structure is advantageous to stockholders, as they are not limited by a pre-determined operational period and the need to liquidate assets, potentially in an unfavorable market, to satisfy a liquidity event at the end of that period.

Fees and expenses:

1.25% per annum of NAV, payable monthly

Liquidity:

Since there is no public trading market for shares of their common stock, repurchase of shares by them will likely be the only way to dispose of your shares. Their share repurchase plan provides stockholders with the opportunity to request that they repurchase their shares on a monthly basis, but they are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in their discretion. In addition, repurchases are subject to available liquidity and other significant restrictions. Further, their board of directors may modify or suspend their share repurchase plan if it deems such action to be in their best interest and the best interest of their stockholders. As a result, their shares should. be considered as having only limited liquidity and at times may be illiquid.

Tax features:

Tax reporting: Form 1099-Div. A change in U.S. tax laws could adversely impact benefits of investing in their shares.

Performance:

Class I Performance Summary
Monthly NAV (NAV Per Share)	November	YTD	3-YR	Inception to Date	Annualized Distribution Rate
$27.05	-1.30%	8.70%	14.60%	13.70%	4.50%

All figures are as of December 31, 2022 unless otherwise noted. Past performance does not guarantee future results. Financial data is estimated and unaudited. This sales and advertising literature does not constitute an offer to sell nor a solicitation of an offer to buy or sell securities. An offering is made only by the prospectus. This material must be read in conjunction with the Starwood Real Estate Income Trust, Inc. prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering, and is available at www.starwoodnav.reit.

	NonTraded	Traded
Listing	not listed on a stock exchange	listed, typically on NYSE
Liquidity	redeem shares for cash (monthly)	Stock exchange traded
Liquidity Limits	typically monthly, with limitations	daily
Gating	can limit liquidity	no limits ‐ not applicable
Ownership	primarily retail investors	primarily institutional investors
Ownership Options	public or private nontraded structure	individual REITs, mutual fund, ETF
Management Structure	third‐party manager/adviser(external)	typically internally advised and managed
Dividend	distribution funded through borrowing and stock offerings	usually covered by operating free cash flow
Return of Capital	usually 80% + of dividend	usually 10‐30% of dividend
Leverage	usually greater than 10x debt/EBITDA	usually less than 7x debt/EBITDA
Checks and Balances	No independent research	third party research; usually by five or more banks

VNQ ETF

Investment Objective:

The Fund seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs and other real estate-related investments.

Investment Strategy:

The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Real Estate 25/50 Index, an index that is made up of stocks of large, mid-size, and small U.S. companies within the real estate sector, as classified under the Global Industry Classification Standard (GICS). The GICS real estate sector is composed of equity real estate investment trusts (known as REITs), which include specialized REITs, and real estate management and development companies.  The Fund attempts to track the Index by investing all, or substantially all, of its assets—either directly or indirectly through a wholly owned subsidiary (the underlying fund), which is itself a registered investment company—in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. The Fund may invest a portion of its assets in the underlying fund.

Expense Ratio: 0.12%

Guarantees or insurance:

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Tax Features:

The Fund’s distributions may be taxable as ordinary income or capital gain or may constitute non-taxable return of capital. If you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement or savings plan, special tax rules apply.

Fund Ticker	YTD	1m	3m	1y	3y	5y	10y	Since Inception Annualized	As Of Date
VNQ MKT	-26.21%	-5.08%	4.24%	-26.21%	-0.42%	3.66%	6.41%	7.43%	9/23/2004
VNQ NAV	-26.20%	-5.08%	4.32%	-26.20%	-0.43%	3.66%	6.41%	7.43%	9/23/2004

For standardized performance please click here. The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit the Fund’s website at https://investor.vanguard.com.

REZ ETF

Investment Objective:

The iShares Residential and Multisector Real Estate ETF seeks to track the investment results of an index composed of U.S. residential, healthcare and self-storage real estate equities.

Investment Strategy:

The Fund seeks to track the investment results of the FTSE Nareit All Residential Capped Index (the “Underlying Index”), which measures the performance of the residential apartments, manufactured homes, healthcare and self-storage real estate sectors of the U.S. equity market, as defined by FTSE International Limited (the “Index Provider” or “FTSE”). Only companies with a full market capitalization greater than US $100 million (on the date at which the data for the review are taken) will be included in the Underlying Index. As of March 31, 2022, a significant portion of the Underlying Index is represented by real estate investment trusts (“REITs”). The components of the Underlying Index are likely to change over time.

Expense Ratio: 0.48%

Guarantees or insurance:

There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.

Tax features:

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Average Annual Returns as of December 31, 2022
Fund Ticker	1y	3y	5y	10y	Inception
REZ NAV	-28.20%	-0.36%	5.10%	7.14%	6.11%
REZ MKT	-28.29%	-0.36%	5.08%	7.13%	6.09%

For standardized performance please click here. The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit the Fund’s website at https://www.ishares.com.

HAUS ETF

Investment Objective:

The Fund seeks total return.

Investment Strategy:

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in publicly-traded real estate investment trusts (“REITs”) that derive their revenue from ownership and/or management of residential properties.

Expense Ratio: 0.60%

Guarantees or insurance:

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Returns beyond 1 year are annualized. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded. The fund intends to pay out dividends and interest income, if any, monthly. There is no guarantee these distributions will be made.

Tax features:

Fund distributions are generally taxable to shareholders as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an individual retirement account (“IRA”) or other tax advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

Fund Ticker	1mo	3mo	6mo	YTD	1y	3y	5y	Since Inception Annualized	As Of Date
HAUS NAV	-6.12%	-4.04%	-13.77%	–	–	–	–	-23.37%	2/28/2022
HAUS MKT	-5.97%	-4.11%	-13.47%	–	–	–	–	-23.25%	2/28/2022

For standardized performance please click here. The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (800) 693-8288 or visit the Fund’s website at https://www.armadaetfs.com/.

Adjusted funds from operations (AFFO) refers to the financial performance measure primarily used in the analysis of real estate investment trusts (REITs). Though no one official measure exists, a AFFO formula is along the lines of AFFO = FFO + rent increases – capital expenditures – routine maintenance amounts.

Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole (usually the S&P 500).