Harbor Capital Logo

Harbor AlphaEdge™ Small Cap Core ETF (AESB)

Active small cap core, without losing sight of the allocation

NAV as of 9/11/2026
$19.66
NAV Daily Change
$0.12
NAV YTD Return
-1.60%
Net Expense Ratio (%)
0.38
Total Net Assets (million) as of 9/14/2026
$1.966
Benchmark
Russell 2000® Index
  • Pursue alpha through a systematic process. AESB seeks to evaluate small cap companies across fundamental and market-based characteristics to identify securities with attractive expected return potential.
  • Adapt as market conditions change. An adaptive regime overlay incorporates factors such as growth, liquidity, inflation, and market sentiment to dynamically adjust portfolio exposures.
  • Stay focused on small cap core. Defined risk parameters seek to maintain a small cap core orientation while managing unintended portfolio risk.

Investment Team

Harbor Capital Advisors, Inc. dark blue logo on white background

Learn More

As of 9/11/2026

$19.66

Price (NAV)

$0.12

NAV Daily Change ($)

0.61%

NAV Daily Change (%)

-1.60%

NAV YTD Return

$19.66

Market Price

$0.14

Market Daily Change ($)

0.72%

Market Daily Change (%)

-1.60%

Market YTD Return

As of 9/11/2026

8/26/2026

Inception Date

0.38

Expense Ratio (%)

$1.966

Total Net Assets (million)

100,000

Shares Outstanding
(As of 9/14/2026)

AESB

Ticker

41151J539

Cusip

NYSA Arca

Exchange

US41151J5395

ISIN

Foreside Fund Services, LLC

Distributor

Annual

Dividend Frequency

Small Cap Core

Morningstar Category

Russell 2000® Index

Benchmark

2,160,061

Implied Liquidity™ (Shares)

$42,201,574.01

Implied Liquidity

Investment Objective:

The Fund seeks long-term growth of capital.

As of 9/11/2026

$19.67

Bid/Ask Mid Price

$19.66

Closing Market Price

$0.00

Premium/Discount ($)

0.01%

Premium/Discount (%)
Q3 2026
Since Incp.
Days Traded at a Premium
10
10
Days Traded at a Discount
1
1

0.30%

30-Day Median Bid/Ask Spread

8

Exchange Volume (Shares)

USD

Trading Currency

Historical Premium Discount to NAV

No Data Available

Performance

Select an option

Loading Performance Data...

Net Expense Ratio
Gross Expense Ratio
AlphaEdge Small Cap Core ETF - at NAV
0.38%
0.38%
Russell 2000® Index
--
--

Performance data shown represents past performance and is no guarantee of future results. Fund performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

The Russell 2000® Index measures the performance of the small‑cap segment of the US equity universe. It is a subset of the Russell 3000® and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index and Russell® are trademarks of Frank Russell Company. Index listed is unmanaged and does not reflect fees and expenses and is not available for direct investment.

Select an option

Sorry, there is no data available for this section

Holdings

Sorry, there is no data available for this section

As of 9/11/2026

Company Name [Ticker]
% of Net Assets
BREAD FINANCIAL HOLDINGS INC[BFH]
3.1
FIRST BANCORP PUERTO RICO[FBP]
3.1
APPLE HOSPITALITY REIT INC[APLE]
3.0
CATHAY GENERAL BANCORP[CATY]
2.5
LIVERAMP HOLDINGS INC[RAMP]
2.5
SLIDE INSURANCE HOLDINGS INC[SLDE]
2.0
ENNIS INC[EBF]
1.9
VICTORY CAPITAL HOLDING - A[VCTR]
1.6
OFG BANCORP[OFG]
1.6
ENOVA INTERNATIONAL INC[ENVA]
1.6
% of Total Holdings:
22.9%

This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector and/or countries mentioned may change at any time and may not represent current or future investments.

As of 9/11/2026

Company Name [Ticker]
Category Name
Country
Cusip
Shares
Current Price ($)
Market Value ($)
% of Net Assets
BREAD FINANCIAL HOLDINGS INC [BFH]
EQUITY
018581108
580
106.37
61,694.60
3.1
FIRST BANCORP PUERTO RICO [FBP]
EQUITY
318672706
2,213
27.69
61,277.97
3.1
APPLE HOSPITALITY REIT INC [APLE]
EQUITY
03784Y200
3,754
15.55
58,374.70
3.0
CATHAY GENERAL BANCORP [CATY]
EQUITY
149150104
792
62.01
49,111.92
2.5
LIVERAMP HOLDINGS INC [RAMP]
EQUITY
53815P108
1,292
37.60
48,579.20
2.5
SLIDE INSURANCE HOLDINGS INC [SLDE]
EQUITY
831349105
1,610
24.84
39,992.40
2.0
ENNIS INC [EBF]
EQUITY
293389102
1,738
21.30
37,019.40
1.9
VICTORY CAPITAL HOLDING - A [VCTR]
EQUITY
92645B103
294
110.30
32,428.20
1.6
OFG BANCORP [OFG]
EQUITY
67103X102
612
52.66
32,227.92
1.6
ENOVA INTERNATIONAL INC [ENVA]
EQUITY
29357K103
140
223.48
31,287.20
1.6
CHEESECAKE FACTORY INC/THE [CAKE]
EQUITY
163072101
294
102.70
30,193.80
1.5
HARMONY BIOSCIENCES HOLDINGS [HRMY]
EQUITY
413197104
704
41.52
29,230.08
1.5
CARTER BANKSHARES INC [CARE]
EQUITY
146103106
841
31.23
26,264.43
1.3
KORN FERRY [KFY]
EQUITY
500643200
322
77.59
24,983.98
1.3
PROTAGONIST THERAPEUTICS INC [PTGX]
EQUITY
74366E102
165
148.18
24,449.70
1.2
MATSON INC [MATX]
EQUITY
57686G105
100
230.18
23,018.00
1.2
OCEANEERING INTL INC [OII]
EQUITY
675232102
446
51.09
22,786.14
1.2
CAREDX INC [CDNA]
EQUITY
14167L103
430
50.26
21,611.80
1.1
STRATEGIC EDUCATION INC [STRA]
EQUITY
86272C103
258
81.66
21,068.28
1.1
INTERNATIONAL SEAWAYS INC [INSW]
EQUITY
Y41053102
202
103.65
20,937.30
1.1
ARBUTUS BIOPHARMA CORP [ABUS]
EQUITY
03879J100
4,028
5.12
20,623.36
1.0
ENERSYS [ENS]
EQUITY
29275Y102
112
179.45
20,098.40
1.0
FEDERATED HERMES INC [FHI]
EQUITY
314211103
334
59.57
19,896.38
1.0
SIGNET JEWELERS LTD [SIG]
EQUITY
G81276100
198
100.26
19,851.48
1.0
MEIRAGTX HOLDINGS PLC [MGTX]
EQUITY
G59665102
1,545
12.79
19,760.55
1.0
WSFS FINANCIAL CORP [WSFS]
EQUITY
929328102
242
79.73
19,294.66
1.0
TEEKAY TANKERS LTD-CLASS A [TNK]
EQUITY
G8726X106
186
100.83
18,754.38
1.0
INMODE LTD [INMD]
EQUITY
M5425M103
1,207
14.90
17,984.30
0.9
PROTO LABS INC [PRLB]
EQUITY
743713109
214
81.98
17,543.72
0.9
SSR MINING INC [SSRM]
EQUITY
784730103
482
36.24
17,467.68
0.9
ITURAN LOCATION AND CONTROL [ITRN]
EQUITY
M6158M104
326
52.67
17,170.42
0.9
SCORPIO TANKERS INC [STNG]
EQUITY
Y7542C130
194
84.52
16,396.88
0.8
ESSENT GROUP LTD [ESNT]
EQUITY
G3198U102
238
68.18
16,226.84
0.8
HINGE HEALTH INC-A [HNGE]
EQUITY
433313103
182
88.59
16,123.38
0.8
MONARCH CASINO & RESORT INC [MCRI]
EQUITY
609027107
132
121.89
16,089.48
0.8
PITNEY BOWES INC [PBI]
EQUITY
724479100
938
17.06
16,002.28
0.8
SPECTRUM BRANDS HOLDINGS INC [SPB]
EQUITY
84790A105
178
86.22
15,347.16
0.8
MOVADO GROUP INC [MOV]
EQUITY
624580106
458
32.75
14,999.50
0.8
KINIKSA PHARMACEUTICALS INTE [KNSA]
EQUITY
--
194
76.27
14,796.38
0.8
WORLD ACCEPTANCE CORP [WRLD]
EQUITY
981419104
76
190.75
14,497.00
0.7
ZIFF DAVIS INC [ZD]
EQUITY
48123V102
254
56.22
14,279.88
0.7
NEWMARKET CORP [NEU]
EQUITY
651587107
16
887.08
14,193.28
0.7
RALLIANT CORP [RAL]
EQUITY
750940108
210
67.25
14,122.50
0.7
PBF ENERGY INC-CLASS A [PBF]
EQUITY
69318G106
178
78.30
13,937.40
0.7
KRYSTAL BIOTECH INC [KRYS]
EQUITY
501147102
40
347.00
13,880.00
0.7
GARRETT MOTION INC [GTX]
EQUITY
366505105
486
27.62
13,423.32
0.7
STONEX GROUP INC [SNEX]
EQUITY
861896108
190
70.37
13,370.30
0.7
G-III APPAREL GROUP LTD [GIII]
EQUITY
36237H101
478
27.89
13,331.42
0.7
DIAMONDROCK HOSPITALITY CO [DRH]
EQUITY
252784301
1,090
12.20
13,298.00
0.7
MOOG INC-CLASS A [MOG/A]
EQUITY
615394202
36
367.02
13,212.72
0.7
TWIST BIOSCIENCE CORP [TWST]
EQUITY
90184D100
100
127.22
12,722.00
0.6
10X GENOMICS INC-CLASS A [TXG]
EQUITY
88025U109
182
68.59
12,483.38
0.6
NVE CORP [NVEC]
EQUITY
629445206
124
100.51
12,463.24
0.6
CONSTELLIUM SE [CSTM]
EQUITY
F21107101
450
26.17
11,776.50
0.6
ABERCROMBIE & FITCH CO-CL A [ANF]
EQUITY
002896207
80
145.23
11,618.40
0.6
KENNAMETAL INC [KMT]
EQUITY
489170100
386
29.44
11,363.84
0.6
CARGURUS INC [CARG]
EQUITY
141788109
326
34.425
11,222.55
0.6
PEBBLEBROOK HOTEL TRUST [PEB]
EQUITY
70509V100
628
17.84
11,203.52
0.6
PHINIA INC [PHIN]
EQUITY
71880K101
169
66.24
11,194.56
0.6
BRINKER INTERNATIONAL INC [EAT]
EQUITY
109641100
52
212.49
11,049.48
0.6
GEO GROUP INC/THE [GEO]
EQUITY
36162J106
342
31.49
10,769.58
0.5
INSIGHT ENTERPRISES INC [NSIT]
EQUITY
45765U103
64
165.37
10,583.68
0.5
ORGANON & CO [OGN]
EQUITY
68622V106
772
13.64
10,530.08
0.5
OSCAR HEALTH INC - CLASS A [OSCR]
EQUITY
687793109
318
32.77
10,420.86
0.5
PC CONNECTION INC [CNXN]
EQUITY
69318J100
120
85.76
10,291.20
0.5
NERDWALLET INC-CL A [NRDS]
EQUITY
64082B102
1,082
9.43
10,203.26
0.5
CALLAWAY GOLF COMPANY [CALY]
EQUITY
131193104
656
15.46
10,141.76
0.5
DONNELLEY FINANCIAL SOLUTION [DFIN]
EQUITY
25787G100
210
47.95
10,069.50
0.5
NMI HOLDINGS INC [NMIH]
EQUITY
629209305
226
43.89
9,919.14
0.5
ACADIAN ASSET MANAGEMENT INC [AAMI]
EQUITY
10948W103
108
91.02
9,830.16
0.5
YETI HOLDINGS INC [YETI]
EQUITY
98585X104
242
40.26
9,742.92
0.5
RINGCENTRAL INC-CLASS A [RNG]
EQUITY
76680R206
140
68.92
9,648.80
0.5
QUALYS INC [QLYS]
EQUITY
74758T303
64
150.28
9,617.92
0.5
TRANSOCEAN LTD [RIG]
EQUITY
H8817H100
1,686
5.67
9,559.62
0.5
ENCORE CAPITAL GROUP INC [ECPG]
EQUITY
292554102
96
98.56
9,461.76
0.5
AMN HEALTHCARE SERVICES INC [AMN]
EQUITY
001744101
274
33.34
9,135.16
0.5
DIODES INC [DIOD]
EQUITY
254543101
96
95.01
9,120.96
0.5
LEGACY HOUSING CORP [LEGH]
EQUITY
52472M101
314
27.67
8,688.38
0.4
ENACT HOLDINGS INC [ACT]
EQUITY
29249E109
174
49.43
8,600.82
0.4
PAYONEER GLOBAL INC [PAYO]
EQUITY
70451X104
1,203
7.12
8,565.36
0.4
NATIONAL ENERGY SERVICES REU [NESR]
EQUITY
--
G6375R107
254
33.54
8,519.16
0.4
HAMILTON BEACH BRAND-A [HBB]
EQUITY
40701T104
278
30.00
8,340.00
0.4
AMC GLOBAL MEDIA INC [AMCX]
EQUITY
00164V103
672
12.17
8,178.24
0.4
KAISER ALUMINUM CORP [KALU]
EQUITY
483007704
52
157.20
8,174.40
0.4
TUTOR PERINI CORP [TPC]
EQUITY
901109108
88
89.13
7,843.44
0.4
YELP INC [YELP]
EQUITY
985817105
358
21.28
7,618.24
0.4
LANTHEUS HOLDINGS INC [LNTH]
EQUITY
516544103
72
100.25
7,218.00
0.4
TERADATA CORP [TDC]
EQUITY
88076W103
258
27.84
7,182.72
0.4
IRONWOOD PHARMACEUTICALS INC [IRWD]
EQUITY
46333X108
1,738
4.08
7,091.04
0.4
CINEMARK HOLDINGS INC [CNK]
EQUITY
17243V102
202
35.08
7,086.16
0.4
MANPOWERGROUP INC [MAN]
EQUITY
56418H100
124
56.46
7,001.04
0.4
CHAMPION HOMES INC [SKY]
EQUITY
830830105
84
83.16
6,985.44
0.4
BENCHMARK ELECTRONICS INC [BHE]
EQUITY
08160H101
88
77.80
6,846.40
0.3
VISHAY INTERTECHNOLOGY INC [VSH]
EQUITY
928298108
198
33.21
6,575.58
0.3
LIQUIDIA CORP [LQDA]
EQUITY
53635D202
96
66.74
6,407.04
0.3
PARK HOTELS & RESORTS INC [PK]
EQUITY
700517105
418
15.28
6,387.04
0.3
PHOTRONICS INC [PLAB]
EQUITY
719405102
218
28.99
6,319.82
0.3
GENCOR INDUSTRIES INC [GENC]
EQUITY
368678108
350
17.93
6,275.50
0.3
MAXLINEAR INC [MXL]
EQUITY
57776J100
84
74.57
6,263.88
0.3
NEXA RESOURCES SA [NEXA]
EQUITY
L67359106
466
13.31
6,202.46
0.3
CORSAIR GAMING INC [CRSR]
EQUITY
22041X102
458
13.54
6,201.32
0.3
LAUREATE EDUCATION INC [LAUR]
EQUITY
518613203
165
36.13
5,961.45
0.3
XEROX HOLDINGS CORP [XRX]
EQUITY
98421M106
1,734
3.43
5,947.62
0.3
REDWIRE CORP [RDW]
EQUITY
75776W103
560
10.62
5,947.20
0.3
LIMBACH HOLDINGS INC [LMB]
EQUITY
53263P105
116
50.50
5,858.00
0.3
LIFESTANCE HEALTH GROUP INC [LFST]
EQUITY
53228F101
434
12.97
5,628.98
0.3
HARMONIC INC [HLIT]
EQUITY
413160102
466
12.00
5,592.00
0.3
AMPHASTAR PHARMACEUTICALS IN [AMPH]
EQUITY
03209R103
234
23.78
5,564.52
0.3
RIOT PLATFORMS INC [RIOT]
EQUITY
767292105
254
21.47
5,453.38
0.3
PAR PACIFIC HOLDINGS INC [PARR]
EQUITY
69888T207
64
84.65
5,417.60
0.3
MARA HOLDINGS INC [MARA]
EQUITY
565788106
446
11.98
5,343.08
0.3
PENGUIN SOLUTIONS INC [PENG]
EQUITY
706915105
104
51.16
5,320.64
0.3
ENOVIX CORP [ENVX]
EQUITY
293594107
1,714
3.10
5,313.40
0.3
SILICON LABORATORIES INC [SLAB]
EQUITY
826919102
24
220.33
5,287.92
0.3
ZETA GLOBAL HOLDINGS CORP-A [ZETA]
EQUITY
98956A105
174
30.18
5,251.32
0.3
IOVANCE BIOTHERAPEUTICS INC [IOVA]
EQUITY
462260100
608
8.60
5,228.80
0.3
CORECIVIC INC [CXW]
EQUITY
21871N101
148
34.93
5,169.64
0.3
KULICKE & SOFFA INDUSTRIES [KLIC]
EQUITY
501242101
60
86.13
5,167.80
0.3
RECURSION PHARMACEUTICALS-A [RXRX]
EQUITY
75629V104
1,614
3.20
5,164.80
0.3
AGIOS PHARMACEUTICALS INC [AGIO]
EQUITY
00847X104
152
33.60
5,107.20
0.3
IMMUNITYBIO INC [IBRX]
EQUITY
45256X103
644
7.91
5,094.04
0.3
MAGNITE INC [MGNI]
EQUITY
55955D100
214
23.77
5,086.78
0.3
PREFORMED LINE PRODUCTS CO [PLPC]
EQUITY
740444104
12
423.54
5,082.48
0.3
VIASAT INC [VSAT]
EQUITY
92552V100
68
74.31
5,053.08
0.3
LIVANOVA PLC [LIVN]
EQUITY
G5509L101
64
78.18
5,003.52
0.3
DIGITALBRIDGE GROUP INC [DBRG]
EQUITY
25401T603
314
15.90
4,992.60
0.3
ARGAN INC [AGX]
EQUITY
04010E109
12
413.74
4,964.88
0.3
CORCEPT THERAPEUTICS INC [CORT]
EQUITY
218352102
44
112.79
4,962.76
0.3
PUMA BIOTECHNOLOGY INC [PBYI]
EQUITY
74587V107
544
9.12
4,961.28
0.3
WORLD KINECT CORP [WKC]
EQUITY
981475106
140
35.21
4,929.40
0.3
IRIDIUM COMMUNICATIONS INC [IRDM]
EQUITY
46269C102
104
47.30
4,919.20
0.3
VERACYTE INC [VCYT]
EQUITY
92337F107
120
40.87
4,904.40
0.2
FLEXSTEEL INDS [FLXS]
EQUITY
339382103
60
81.40
4,884.00
0.2
AURA MINERALS INC [AUGO]
EQUITY
--
G06973112
56
87.08
4,876.48
0.2
AURINIA PHARMACEUTICALS INC [AUPH]
EQUITY
05156V102
302
16.10
4,862.20
0.2
APOGEE ENTERPRISES INC [APOG]
EQUITY
037598109
128
37.88
4,848.64
0.2
EVERQUOTE INC - CLASS A [EVER]
EQUITY
30041R108
202
23.98
4,843.96
0.2
POWER INTEGRATIONS INC [POWI]
EQUITY
739276103
92
52.28
4,809.76
0.2
SEZZLE INC [SEZL]
EQUITY
78435P105
40
118.87
4,754.80
0.2
VERICEL CORP [VCEL]
EQUITY
92346J108
124
38.34
4,754.16
0.2
COMPUGEN LTD [CGEN]
EQUITY
M25722105
1,924
2.47
4,752.28
0.2
ASTRONICS CORP [ATRO]
EQUITY
046433108
64
73.98
4,734.72
0.2
CONSENSUS CLOUD SOLUTION [CCSI]
EQUITY
20848V105
128
36.73
4,701.44
0.2
ADAPTIVE BIOTECHNOLOGIES [ADPT]
EQUITY
00650F109
194
24.20
4,694.80
0.2
DIGI INTERNATIONAL INC [DGII]
EQUITY
253798102
68
69.03
4,694.04
0.2
INDIVIOR PHARMACEUTICALS INC [INDV]
EQUITY
45579U109
136
34.49
4,690.64
0.2
OUSTER INC [OUST]
EQUITY
68989M202
132
35.33
4,663.56
0.2
MYR GROUP INC/DELAWARE [MYRG]
EQUITY
55405W104
16
291.26
4,660.16
0.2
PAYSIGN INC [PAYS]
EQUITY
70451A104
358
13.01
4,657.58
0.2
PLUG POWER INC [PLUG]
EQUITY
72919P202
2,217
2.10
4,655.70
0.2
MITEK SYSTEMS INC [MITK]
EQUITY
606710200
270
17.22
4,649.40
0.2
SKYWEST INC [SKYW]
EQUITY
830879102
48
96.14
4,614.72
0.2
GRIFFON CORP [GFF]
EQUITY
398433102
48
96.03
4,609.44
0.2
NWPX INFRASTRUCTURE INC [NWPX]
EQUITY
667746101
44
104.64
4,604.16
0.2
XENIA HOTELS & RESORTS INC [XHR]
EQUITY
984017103
258
17.64
4,551.12
0.2
AEHR TEST SYSTEMS [AEHR]
EQUITY
00760J108
48
94.69
4,545.12
0.2
MEDIAALPHA INC-CLASS A [MAX]
EQUITY
58450V104
390
11.65
4,543.50
0.2
BELLRING BRANDS INC [BRBR]
EQUITY
07831C103
495
9.14
4,524.30
0.2
HAEMONETICS CORP/MASS [HAE]
EQUITY
405024100
44
102.69
4,518.36
0.2
NEXXEN INTERNATIONAL LTD [NEXN]
EQUITY
M8T80P204
490
9.16
4,488.40
0.2
FIREFLY AEROSPACE INC [FLY]
EQUITY
31816X106
206
21.13
4,352.78
0.2
STRATTEC SECURITY CORP [STRT]
EQUITY
863111100
60
71.38
4,282.80
0.2
ASP ISOTOPES INC [ASPI]
EQUITY
00218A105
1,260
3.31
4,170.60
0.2
BUTTERFLY NETWORK INC [BFLY]
EQUITY
124155102
528
7.33
3,870.24
0.2
MARAVAI LIFESCIENCES HLDGS-A [MRVI]
EQUITY
56600D107
584
6.53
3,813.52
0.2
Total
--
--
--
--
--
1,958,582.53
99.1
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
0.9
Total Net Assets
--
--
--
--
--
--
100.0

Sorry, there is no data available for this section

Sorry, there is no data available for this section

Investment Team

Harbor Capital Advisors, Inc. dark blue logo on white background

Harbor's Multi‑Asset Solutions Team ("MAST") delivers actionable investment insights and builds multi‑asset portfolios and client solutions. MAST's investment platform combines proprietary quantitative and qualitative signals with inputs from Harbor's Investment Research Team, subadvisory network, and other sources to guide investment decisions across asset allocation, portfolio management, and risk oversight. With a focus on insights including asset allocation viewpoints, long‑term capital market assumptions, and an extensive investment and product network, MAST centers on long‑term portfolio construction that aims to help clients evaluate and implement more comprehensive solutions.

Important Information

Investing involves risk, principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. The ETF is new and has limited operating history to judge.

Shares are bought and sold at market price not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. The Fund utilizes a quantitative model and there are limitations in every quantitative model. There can be no assurances that the strategies pursued or the techniques implemented in the quantitative model will be profitable, and various market conditions may be materially less favorable to certain strategies than others. 

The views expressed herein may not be reflective of current opinions, are subject to change without prior notice, and should not be considered investment advice.

Alpha is the risk‑adjusted excess return of an investment relative to the return of a benchmark index.

Bid/Ask Mid Price: the midpoint between the highest bid and the lowest offer, as of the time that the Fund’s NAV is calculated, typically 4 p.m. Eastern Time.

Premium/Discount ($): the difference between the Fund’s market price and NAV, expressed as a percentage of NAV. A premium is the amount that the Fund is trading above the reported NAV. A discount is the amount that the Fund is trading below the reported NAV.

30‑Day Median Bid/Ask Spread: calculated by identifying national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage (rounded to the nearest hundredth).

Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.

Price/Book: The price‑to‑book (P/B) ratio evaluates a firm's market value relative to its book value.

Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.

% EPS Growth – Past 3 year: Earnings per share refers to the bottom‑line measure of a company’s profitability defined as net income divided by the number of outstanding shares.

Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.

Forecasted P/E Ratio: a measure of the P/E (price‑to‑earnings) ratio using forecasted earnings for the P/E calculation.