Visit www.HoyaCapital.com for more information and important disclosures. Hoya Capital ("Hoya Capital") is an SEC-Registered Investment Advisor committed to making real estate more accessible to all investors. Hoya Capital Real Estate advises an ETF and individual accounts by investing in portfolios of publicly-traded commercial and residential real estate companies. Research is produced by Alex Pettee, CFA. President, Director of Research & ETFs. Nothing on this site nor any commentary published by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Neither the information, nor any opinion, contained on this website or any published commentary by Hoya Capital constitutes a solicitation or offer by Hoya Capital or its affiliates to buy or sell any securities, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. No representation or warranty is made as to the efficacy of any particular strategy or fund, or the actual returns that may be achieved. Investing involves risk. Loss of principal is possible. Investments in real estate companies and/or housing industry companies involve unique risks. Real estate companies, including REITs, may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. Many factors may affect real estate values, including the availability of mortgages and changes in interest rates. Real estate companies are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation. The housing industry can be significantly affected by the real estate markets. Compared to large-cap companies, small and mid-capitalizations companies may be less stable and their securities may be more volatile and less liquid. There are also unique risks associated with investing in ETFs. Shares may be bought and sold in the secondary market at market prices and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Although it is expected that the market price of an ETF will approximate the Fund's NAV, there may be times when the market price an ETF is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the ETF or during periods of market volatility. Before acquiring the shares of any ETF, it is your responsibility to read the fund's prospectus. The prospectus to the ETF in which Hoya Capital advises is available at www.HoyaCapital.com. An investor cannot invest directly in an index. Index performance does not reflect the deduction of any fees, expenses, or taxes. The information and any index data presented do not reflect the performance of any fund or other strategies or accounts managed or serviced by Hoya Capital, and there is no guarantee that investors will experience the type of performance reflected. Data quoted represents past performance, which is no guarantee of future results. The views and opinions in all published commentary are as of the date of publication and are subject to change without notice. There is no guarantee that any historical trend illustrated will be repeated in the future, and there is no way to predict precisely when such a trend will begin. Commentary and data are believed to be accurate, but we cannot guarantee it's accuracy. We do not represent that it is a complete analysis of all factors and risks. It should not be relied upon as the sole source of suitability for any investment. Please consult with your investment, tax, or legal adviser regarding your individual circumstances before investing. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliates, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings is available and updated at www.HoyaCapital.com. Decisions based on information contained on this site or any commentary published by Hoya Capital are the sole responsibility of the reader, and in exchange for using this website or reading any published commentary, the reader agrees to hold Hoya Capital harmless against any claims for damages arising from any decisions that the reader makes based on such information.
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