Munificent Seven ETF (BBLS)
Seeks long-term growth of capital through exposure to the energy and infrastructure helping drive AI growth
Artificial intelligence is radically changing the world, with impacts stretching far beyond semiconductors and software. Many investors may think of chipmakers, hyperscalers, and software platforms as the primary beneficiaries of the AI revolution. But we believe the opportunity is much broader, especially as the AI build‑out will require far more resources and new infrastructure to power its growth in the years ahead.
Munificent Seven ETF (BBLS) seeks to capitalize on this burgeoning opportunity set within the AI ecosystem. BBLS is an actively managed thematic equity strategy designed to provide concentrated exposure to companies believed to be positioned to benefit from the expanding physical infrastructure required to support AI.
BBLS focuses on businesses expected to benefit from increasing demand for:
- Global energy production
- Electricity generation
- Industrial infrastructure
- Physical resource development
- Capital investment supporting AI expansion
BBLS is centered on what Harbor calls the “Munificent Seven,” what we believe to be a concentrated group of globally significant energy companies that includes BP, Chevron, ConocoPhillips, Equinor, ExxonMobil, Shell, and TotalEnergies. The portfolio can invest in additional companies that Harbor believes are positioned to benefit from AI‑driven infrastructure demand.
Rather than increase exposure to AI hyperscalers and traditional AI investments, BBLS offers a differentiated approach to exposure within the AI economy. Portfolio construction incorporates top‑down macroeconomic analysis, company fundamentals, infrastructure scarcity, and long‑term energy demand trends.
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Performance
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Holdings
As of 9/17/2026
Sorry, there is no data available for this section
Sorry, there is no data available for this section
As of 9/17/2026
Investment Team
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.
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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. Investments in energy companies may be adversely affected by changes in energy prices, commodity price volatility, and economic, geopolitical, regulatory, and environmental developments, which may result in greater volatility than the broader market. Swap agreements involve counterparty, liquidity, leverage, and correlation risks and may not provide the desired exposure, which could adversely affect the Fund's performance and ability to achieve its investment objective. Investments in foreign issuers may be subject to greater political, economic, regulatory, currency, and market risks than investments in U.S. issuers. American Depository Receipts (ADRs) are subject to the risks of investing in foreign securities and may involve additional liquidity and operational risks. A non‑diversified Fund may be more susceptible to risks affecting a single issuer or event than a diversified portfolio.
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.
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.