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Harbor Human Capital Factor Unconstrained ETF (HAPY)

Access a data-driven strategy that seeks to capture the link between strong corporate culture and equity value

Harbor Human Capital Factor Unconstrained ETF (HAPY)

Access a data-driven strategy that seeks to capture the link between strong corporate culture and equity value

Welcome
Overview
Performance
Holdings
Investment Team
Documents
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Research Suggests That Doing the Right Thing Pays.

Harbor Capital has partnered with Irrational Capital to develop a data-driven strategy built on the Human Capital Factor.

What is the Human Capital Factor? It’s a systematic measure of corporate culture that seeks to deeply understand the importance and value created between human capital and potential equity performance. In other words, the Human Capital Factor is based on the premise that happy and motivated employees can generate better outcomes for companies and investors.

The index underlying HAPY takes a socially conscious approach that seeks to access the potential alpha opportunity of strong corporate culture.

 

BE HAPY

assets0
assets0M+

assets0M+

The above figures represent Irrational Capital’s full data set. A subset of this data is used in constructing HAPY. Source: Irrational Capital. As of 3/31/2023.

Differentiated Research that Seeks to Uncover Alpha
  • Irrational Capital looks to identify companies with strong employer/employee relationships.
  • The Human Capital Factor seeks to deeply understand company culture and intrinsic employee motivation as a potential driver of stock performance.
  • Focused on capturing and investing in the benefits that strong corporate culture may have on a company's stock price.
employees_icon.png
Invests in Human Capital.

The Human Capital Factor measures intrinsic and extrinsic motivation that establishes the relationship between employee well-being and business fundamentals which, in turn, could impact equity performance.

public_companies_icon.png
Outcome Oriented. Socially Conscious.

The index underlying HAPY takes a socially conscious approach that aims to access the potential alpha opportunity of strong corporate culture.

data_points_icon.png
Backed by Data.

The Human Capital Factor is grounded in proprietary data that seeks to prove "doing the right thing" can pay. 

Overview

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

Current Price

As of 2/29/2024

$21.94

Price (NAV)

$0.13

NAV Daily Change ($)

0.60%

NAV Daily Change (%)

3.44%

NAV YTD Return

Fund Facts

As of 2/29/2024

2/23/2022

Inception Date

0.50

Expense Ratio (%)
disclaimer

$12.613

Total Net Assets (million)

575,000

Shares Outstanding
(As of 3/1/2024)

HAPY

Ticker

41151J604

Cusip

NYSE

Exchange

US41151J6047

ISIN

Foreside Fund Services, LLC

Distributor
disclaimer

Annually

Dividend Frequency

Mid Cap Growth

Morningstar Category

Human Capital Factor Unconstrained Index

Benchmark

Investment Objective:

The Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Unconstrained Index.

Morningstar Medalist Rating™

Morningstar Bronze
Analyst-Driven %
10
Data Coverage %
77
As of 12/31/2023

Pricing/Trading

As of 2/28/2024

$21.82

Bid/Ask Mid Price

$21.80

Closing Market Price

$0.00

Premium/Discount ($)

0.02%

Premium/Discount (%)

0.23%

30-Day Median Bid/Ask Spread

102

Exchange Volume (Shares)

USD

Trading Currency

Historical Premium Discount to NAV

Performance

Total Returns

Quarter-End

3 Mo.

YTD Return

1 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Human Capital Factor Unconstrained ETF - at NAV
17.35%
34.22%
34.22%
5.49%
0.50%disclaimer
0.50%
Fund Market Price
17.29%
34.15%
34.15%
5.46%
--
--
Human Capital Factor Unconstrained Index
17.46%
35.61%
35.61%
6.53%
--
--
S&P 500 Index
11.69%
26.29%
26.29%
8.54%
--
--

Performance data shown represents past performance and is no guarantee of future results. Past 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 Human Capital Factor Unconstrained Index is designed to deliver exposure to equity securities of large cap U.S. companies that demonstrate high employee engagement, based on scores produced by Irrational Capital LLC. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The S&P 500 Index is an unmanaged index generally representative of the U.S. market for large capitalization equities. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Price History

Chart

Ex-Date

Record Date

Payable Date

Ordinary Income

Short Term Capital Gains

Long Term Capital Gains

Total Distribution

12/21/2023
12/22/2023
12/27/2023
0.07642
--
--
0.07642
12/21/2022
12/22/2022
12/27/2022
0.02561
--
--
0.02561

Holdings

Portfolio Characteristics

As of 1/31/2024

74

Number of Holdings

159578.8

Wtd Avg Market Cap ($Mil)

5.75

Price/Book Ratio

35.4

Adjusted Trailing P/E Ratio

14.1

% EPS Growth - Past 3 Yr

8.26

Return on Equity (%)

31.3

Forecasted P/E Ratio

Top Ten Holdings

As of 2/28/2024

Company Name [Ticker]

% of Net Assets

GE HEALTHCARE TECHNOLOGY[GEHC]
1.5
SAREPTA THERAPEUTICS INC[SRPT]
1.5
STEEL DYNAMICS INC[STLD]
1.5
NVIDIA CORP[NVDA]
1.4
CBOE GLOBAL MARKETS INC[CBOE]
1.4
OCCIDENTAL PETROLEUM CORP[OXY]
1.4
TRIMBLE INC[TRMB]
1.4
PROCORE TECHNOLOGIES INC[PCOR]
1.4
RLI CORP[RLI]
1.4
EXELON CORP[EXC]
1.4
% of Total Holdings:
14.3%

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 2/28/2024

Company Name [Ticker]

Category Name

Country

Cusip

Shares

Current Price ($)

Market Value ($)

% of Net Assets

GE HEALTHCARE TECHNOLOGY [GEHC]
EQUITY
36266G107
2,011
93.02
187,063.22
1.5
SAREPTA THERAPEUTICS INC [SRPT]
EQUITY
803607100
1,350
137.50
185,625.00
1.5
STEEL DYNAMICS INC [STLD]
EQUITY
858119100
1,397
132.49
185,088.53
1.5
NVIDIA CORP [NVDA]
EQUITY
67066G104
229
776.63
177,848.27
1.4
CBOE GLOBAL MARKETS INC [CBOE]
EQUITY
12503M108
901
195.78
176,397.78
1.4
OCCIDENTAL PETROLEUM CORP [OXY]
EQUITY
674599105
2,909
60.26
175,296.34
1.4
TRIMBLE INC [TRMB]
EQUITY
896239100
2,877
60.91
175,238.07
1.4
PROCORE TECHNOLOGIES INC [PCOR]
EQUITY
74275K108
2,267
77.07
174,717.69
1.4
RLI CORP [RLI]
EQUITY
749607107
1,178
148.28
174,673.84
1.4
EXELON CORP [EXC]
EQUITY
30161N101
4,875
35.80
174,525.00
1.4
AMEREN CORPORATION [AEE]
EQUITY
023608102
2,435
71.49
174,078.15
1.4
SYNCHRONY FINANCIAL [SYF]
EQUITY
87165B103
4,258
40.87
174,024.46
1.4
COLGATE-PALMOLIVE CO [CL]
EQUITY
194162103
2,000
86.81
173,620.00
1.4
CUMMINS INC [CMI]
EQUITY
231021106
642
270.36
173,571.12
1.4
ARCH CAPITAL GROUP LTD [ACGL]
EQUITY
G0450A105
1,965
88.28
173,470.20
1.4
DOLBY LABORATORIES INC-CL A [DLB]
EQUITY
25659T107
2,114
81.85
173,030.90
1.4
TEXAS INSTRUMENTS INC [TXN]
EQUITY
882508104
1,059
163.04
172,659.36
1.4
DELTA AIR LINES INC [DAL]
EQUITY
247361702
4,106
42.01
172,493.06
1.4
MASTERCARD INC - A [MA]
EQUITY
57636Q104
360
478.85
172,386.00
1.4
LAMAR ADVERTISING CO-A [LAMR]
EQUITY
512816109
1,584
108.59
172,006.56
1.4
PULTEGROUP INC [PHM]
EQUITY
745867101
1,616
106.43
171,990.88
1.4
PROLOGIS INC [PLD]
EQUITY
74340W103
1,280
133.99
171,507.20
1.4
GUIDEWIRE SOFTWARE INC [GWRE]
EQUITY
40171V100
1,417
120.72
171,060.24
1.4
SOUTHSTATE CORP [SSB]
EQUITY
840441109
2,077
82.27
170,874.79
1.4
CME GROUP INC [CME]
EQUITY
12572Q105
773
220.84
170,709.32
1.4
GRACO INC [GGG]
EQUITY
384109104
1,897
89.98
170,692.06
1.4
MERCK & CO. INC. [MRK]
EQUITY
58933Y105
1,329
128.19
170,364.51
1.4
MAXIMUS INC [MMS]
EQUITY
577933104
2,040
83.41
170,156.40
1.4
LOCKHEED MARTIN CORP [LMT]
EQUITY
539830109
396
429.33
170,014.68
1.4
COMMERCIAL METALS CO [CMC]
EQUITY
201723103
3,137
54.19
169,994.03
1.4
TRAVELERS COS INC/THE [TRV]
EQUITY
89417E109
770
220.42
169,723.40
1.4
EAST WEST BANCORP INC [EWBC]
EQUITY
27579R104
2,353
72.13
169,721.89
1.4
CONOCOPHILLIPS [COP]
EQUITY
20825C104
1,514
112.04
169,628.56
1.4
L3HARRIS TECHNOLOGIES INC [LHX]
EQUITY
502431109
795
213.19
169,486.05
1.4
INTUIT INC [INTU]
EQUITY
461202103
257
659.16
169,404.12
1.4
CULLEN/FROST BANKERS INC [CFR]
EQUITY
229899109
1,587
106.67
169,285.29
1.3
FACTSET RESEARCH SYSTEMS INC [FDS]
EQUITY
303075105
362
465.99
168,688.38
1.3
NASDAQ INC [NDAQ]
EQUITY
631103108
2,994
56.32
168,622.08
1.3
LULULEMON ATHLETICA INC [LULU]
EQUITY
550021109
362
464.14
168,018.68
1.3
EVERCORE INC - A [EVR]
EQUITY
29977A105
913
183.75
167,763.75
1.3
PINNACLE FINANCIAL PARTNERS [PNFP]
EQUITY
72346Q104
2,060
81.36
167,601.60
1.3
CAMDEN PROPERTY TRUST [CPT]
EQUITY
133131102
1,787
93.77
167,566.99
1.3
CIENA CORP [CIEN]
EQUITY
171779309
2,951
56.62
167,085.62
1.3
ADVANCED MICRO DEVICES [AMD]
EQUITY
007903107
945
176.54
166,830.30
1.3
CADENCE DESIGN SYS INC [CDNS]
EQUITY
127387108
555
300.58
166,821.90
1.3
MICROSOFT CORP [MSFT]
EQUITY
594918104
409
407.72
166,757.48
1.3
PURE STORAGE INC - CLASS A [PSTG]
EQUITY
74624M102
3,952
42.12
166,458.24
1.3
JUNIPER NETWORKS INC [JNPR]
EQUITY
48203R104
4,501
36.83
165,771.83
1.3
TERADYNE INC [TER]
EQUITY
880770102
1,649
100.35
165,477.15
1.3
EXTRA SPACE STORAGE INC [EXR]
EQUITY
30225T102
1,196
138.29
165,394.84
1.3
NATIONAL STORAGE AFFILIATES [NSA]
EQUITY
637870106
4,639
35.52
164,777.28
1.3
APPLE INC [AAPL]
EQUITY
037833100
908
181.42
164,729.36
1.3
MSCI INC [MSCI]
EQUITY
55354G100
290
567.91
164,693.90
1.3
DAYFORCE INC [DAY]
EQUITY
15677J108
2,315
71.05
164,480.75
1.3
SOUTHERN CO/THE [SO]
EQUITY
842587107
2,460
66.81
164,352.60
1.3
ALLEGION PLC [ALLE]
EQUITY
G0176J109
1,279
128.16
163,916.64
1.3
AUTODESK INC [ADSK]
EQUITY
052769106
640
255.25
163,360.00
1.3
SAMSARA INC-CL A [IOT]
EQUITY
79589L106
4,897
33.21
162,629.37
1.3
HEALTHPEAK PROPERTIES INC [PEAK]
EQUITY
42250P103
9,818
16.55
162,487.90
1.3
SILICON LABORATORIES INC [SLAB]
EQUITY
826919102
1,191
134.99
160,773.09
1.3
SERVICENOW INC [NOW]
EQUITY
81762P102
211
759.79
160,315.69
1.3
DOUBLEVERIFY HOLDINGS INC [DV]
EQUITY
25862V105
4,071
39.24
159,746.04
1.3
SPS COMMERCE INC [SPSC]
EQUITY
78463M107
867
184.25
159,744.75
1.3
DEERE & CO [DE]
EQUITY
244199105
436
364.81
159,057.16
1.3
INTEL CORP [INTC]
EQUITY
458140100
3,785
41.99
158,932.15
1.3
BOOKING HOLDINGS INC [BKNG]
EQUITY
09857L108
45
3,495.63
157,303.35
1.3
ALPHABET INC-CL A [GOOGL]
EQUITY
02079K305
1,149
136.38
156,700.62
1.2
SENTINELONE INC -CLASS A [S]
EQUITY
81730H109
5,547
28.22
156,536.34
1.2
ETSY INC [ETSY]
EQUITY
29786A106
2,200
71.00
156,200.00
1.2
TRANSOCEAN LTD [RIG]
EQUITY
H8817H100
32,197
4.78
153,901.66
1.2
SMARTSHEET INC-CLASS A [SMAR]
EQUITY
83200N103
3,660
41.95
153,537.00
1.2
MONGODB INC [MDB]
EQUITY
60937P106
346
443.45
153,433.70
1.2
ADOBE INC [ADBE]
EQUITY
00724F101
275
551.82
151,750.50
1.2
CABLE ONE INC [CABO]
EQUITY
12685J105
342
442.75
151,420.50
1.2
DROPBOX INC-CLASS A [DBX]
EQUITY
26210C104
5,157
23.85
122,994.45
1.0
Total
--
--
--
--
--
12,529
100.2
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
-0.2
Total Net Assets
--
--
--
--
--
--
100%

As of 1/31/2024

Human Capital Factor Unconstrained ETF (HAPY)

Human Capital Factor Unconstrained Index

-

Information Technology

HAPY: 34.1%

Benchmark: 34.1%

-

Financials

HAPY: 18.4%

Benchmark: 18.4%

-

Health Care

HAPY: 13.1%

Benchmark: 13.1%

-

Communication Services

HAPY: 12.2%

Benchmark: 12.2%

-

Industrials

HAPY: 4.2%

Benchmark: 4.2%

-

Consumer Discretionary

HAPY: 3.9%

Benchmark: 3.9%

-

Utilities

HAPY: 3.7%

Benchmark: 3.7%

-

Materials

HAPY: 2.8%

Benchmark: 2.8%

-

Consumer Staples

HAPY: 2.6%

Benchmark: 2.6%

-

Real Estate

HAPY: 2.6%

Benchmark: 2.6%

-

Energy

HAPY: 2.4%

Benchmark: 2.4%

HAPY: Human Capital Factor Unconstrained ETF

Benchmark: Human Capital Factor Unconstrained Index

Investment Team


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

The Fund employs an indexing investment approach designed to track the performance of the Human Capital Factor Unconstrained Index (“The Index”). The Fund invests at least 80% of its total assets in securities that are included in the Index.

The Index is designed to deliver exposure to equity securities of large cap U.S. companies that demonstrate high employee engagement, based on scores produced by Irrational Capital LLC (“Irrational Capital” or the “Index Provider”). Large cap companies are defined by the Fund as those with market capitalizations over $1 billion at the time of Index reconstitution. The Index is equally weighted and composed of approximately 70 to 100 companies with top “Human Capital Factor” scores at the time of Index reconstitution.

Harbor Capital serves as the investment adviser.


Documents

Investing involves risk, principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Harbor ETFs are new and have 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. The Fund may not exactly track the performance of the Index with perfect accuracy at all times. Tracking error may occur because of pricing differences, timing and costs incurred by the fund or during times of heightened market volatility. The Fund relies on the Index provider's methodology in assessing whether a company may be considered a corporate culture leader. There is no guarantee that the construction methodology will accurately assess a company to include or exclude it from the index which could have an adverse effect on the Fund's returns. The Fund's assets may be concentrated in a particular sector or industries to the extent the Index is concentrated and is subject to the risk that economic, political, or other market conditions that have a negative effect on that sector or industry will negatively impact the value of the Fund.

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.

Alpha refers to excess returns earned on an investment.

Irrational Capital LLC is a third-party index provider to the Fund. The Fund is managed by Harbor Capital Advisors, Inc.

The Morningstar Medalist Ratings are shown for funds that have received a rating of Gold, Silver, or Bronze The funds shown without Medalist Ratings may not have received a Medalist Rating or may have received lower ratings.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

©2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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Harbor Funds Distributors, Inc. is the Distributor of the Harbor Mutual Funds.
Foreside Fund Services, LLC is the Distributor of the Harbor ETFs.
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Investing involves risk and the potential loss of capital.

Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.

All trademarks or product names mentioned herein are the property of their respective owners. Copyright © 2024 Harbor Capital Advisors, Inc. All rights reserved.