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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

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Overview
Performance
Holdings
Investment Team
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Welcome

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.

 

headshot

Dan Ariely

Behavioral Economist, Co-Founder, Irrational Capital

left quote

Of all the investments companies make, creating a strong corporate culture is one of the best ways to create value. This is why employee behavior and motivation can be such an important element of stock market performance.

right quote
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. 

Help Clients Be Their Better Selves

 

Dan Ariely shares the important role that advisors play during times of market volatility.

Overview

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

Current Price

As of 9/29/2023

$18.14

Price (NAV)

$0.01

NAV Daily Change ($)

0.06%

NAV Daily Change (%)

14.38%

NAV YTD Return

$18.14

Market Price

$0.01

Market Daily Change ($)

0.06%

Market Daily Change (%)

14.38%

Market YTD Return

Fund Facts

As of 9/29/2023

2/23/2022

Inception Date

0.50

Expense Ratio (%)
disclaimer

$10.43

Total Net Assets (million)

575,000

Shares Outstanding
(As of 10/2/2023)

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 7/31/2023

Pricing/Trading

As of 9/29/2023

$18.15

Bid/Ask Mid Price

$18.14

Closing Market Price

$0.01

Premium/Discount ($)

0.06%

Premium/Discount (%)

0.31%

30-Day Median Bid/Ask Spread

2

Exchange Volume (Shares)

USD

Trading Currency

Historical Premium Discount to NAV

"Of all the investments companies make, creating a strong corporate culture is one of the best ways to create value. This is why employee behavior and motivation can be such an important element of stock market performance."

Dan Ariely

Behavioral Economist, Co-Founder, Irrational Capital

Performance

Total Returns

Quarter-End

Fund Name

3 Mo.

YTD Return

1 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Human Capital Factor Unconstrained ETF

-3.41%

14.38%

19.22%

-3.73%

0.50%disclaimer

0.50%

Fund Market Price

-3.46%

14.38%

19.06%

-3.73%

--

--

Human Capital Factor Unconstrained Index

-3.30%

15.45%

20.46%

-2.68%

--

--

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.

Price History

Chart

Ex-Date

Record Date

Payable Date

Ordinary Income

Short Term Capital Gains

Long Term Capital Gains

Total Distribution

12/21/2022

12/22/2022

12/27/2022

0.02561

--

--

0.02561

Holdings

Portfolio Characteristics

As of 8/31/2023

75

Number of Holdings

160970.3

Wtd Avg Market Cap ($Mil)

5.68

Price/Book Ratio

35.5

Adjusted Trailing P/E Ratio

17.9

% EPS Growth - Past 3 Yr

8.26

Return on Equity (%)

28.9

Forecasted P/E Ratio

Top Ten Holdings

As of 9/29/2023

Company Name [Ticker]

% of Net Assets

GLOBANT SA[GLOB]

1.6

SENTINELONE INC -CLASS A[S]

1.5

SPOTIFY TECHNOLOGY SA[SPOT]

1.5

TPG INC[TPG]

1.5

GUIDEWIRE SOFTWARE INC[GWRE]

1.5

SAREPTA THERAPEUTICS INC[SRPT]

1.5

ZSCALER INC[ZS]

1.5

MORNINGSTAR INC[MORN]

1.5

VMWARE INC-CLASS A[VMW]

1.5

EPAM SYSTEMS INC[EPAM]

1.5

% of Total Holdings:

15.1%

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 9/29/2023

Company Name [Ticker]

Category Name

Country

Cusip

Shares

Current Price ($)

Market Value ($)

% of Net Assets

GLOBANT SA [GLOB]

EQUITY

L44385109

820

197.85

162,237.00

1.6

SENTINELONE INC -CLASS A [S]

EQUITY

81730H109

9,571

16.86

161,367.06

1.5

SPOTIFY TECHNOLOGY SA [SPOT]

EQUITY

L8681T102

1,036

154.64

160,207.04

1.5

TPG INC [TPG]

EQUITY

872657101

5,260

30.12

158,431.20

1.5

GUIDEWIRE SOFTWARE INC [GWRE]

EQUITY

40171V100

1,734

90.00

156,060.00

1.5

SAREPTA THERAPEUTICS INC [SRPT]

EQUITY

803607100

1,284

121.22

155,646.48

1.5

ZSCALER INC [ZS]

EQUITY

98980G102

1,000

155.59

155,590.00

1.5

MORNINGSTAR INC [MORN]

EQUITY

617700109

659

234.24

154,364.16

1.5

VMWARE INC-CLASS A [VMW]

EQUITY

928563402

925

166.48

153,994.00

1.5

EPAM SYSTEMS INC [EPAM]

EQUITY

29414B104

593

255.69

151,624.17

1.5

SAMSARA INC-CL A [IOT]

EQUITY

79589L106

6,000

25.21

151,260.00

1.5

TRADE DESK INC/THE -CLASS A [TTD]

EQUITY

88339J105

1,923

78.15

150,282.45

1.4

AIRBNB INC-CLASS A [ABNB]

EQUITY

009066101

1,087

137.21

149,147.27

1.4

FACTSET RESEARCH SYSTEMS INC [FDS]

EQUITY

303075105

339

437.26

148,231.14

1.4

CADENCE DESIGN SYS INC [CDNS]

EQUITY

127387108

631

234.30

147,843.30

1.4

BOSTON SCIENTIFIC CORP [BSX]

EQUITY

101137107

2,796

52.80

147,628.80

1.4

CONOCOPHILLIPS [COP]

EQUITY

20825C104

1,227

119.80

146,994.60

1.4

RLI CORP [RLI]

EQUITY

749607107

1,072

135.89

145,674.08

1.4

ATLASSIAN CORP-CL A [TEAM]

EQUITY

049468101

722

201.51

145,490.22

1.4

INTUIT INC [INTU]

EQUITY

461202103

284

510.94

145,106.96

1.4

INTEL CORP [INTC]

EQUITY

458140100

4,074

35.55

144,830.70

1.4

ALPHABET INC-CL C [GOOG]

EQUITY

02079K107

1,096

131.85

144,507.60

1.4

NVIDIA CORP [NVDA]

EQUITY

67066G104

332

434.99

144,416.68

1.4

LULULEMON ATHLETICA INC [LULU]

EQUITY

550021109

374

385.61

144,218.14

1.4

ASGN INC [ASGN]

EQUITY

00191U102

1,764

81.68

144,083.52

1.4

ALPHABET INC-CL A [GOOGL]

EQUITY

02079K305

1,101

130.86

144,076.86

1.4

KKR & CO INC [KKR]

EQUITY

48251W104

2,324

61.60

143,158.40

1.4

STEEL DYNAMICS INC [STLD]

EQUITY

858119100

1,333

107.22

142,924.26

1.4

MASTERCARD INC - A [MA]

EQUITY

57636Q104

361

395.91

142,923.51

1.4

SERVICENOW INC [NOW]

EQUITY

81762P102

255

558.96

142,534.80

1.4

GITLAB INC-CL A [GTLB]

EQUITY

37637K108

3,149

45.22

142,397.78

1.4

META PLATFORMS INC-CLASS A [META]

EQUITY

30303M102

473

300.21

141,999.33

1.4

MICROSOFT CORP [MSFT]

EQUITY

594918104

447

315.75

141,140.25

1.4

TRADEWEB MARKETS INC-CLASS A [TW]

EQUITY

892672106

1,754

80.20

140,670.80

1.3

ADOBE INC [ADBE]

EQUITY

00724F101

275

509.90

140,222.50

1.3

ALNYLAM PHARMACEUTICALS INC [ALNY]

EQUITY

02043Q107

789

177.10

139,731.90

1.3

PIONEER NATURAL RESOURCES CO [PXD]

EQUITY

723787107

607

229.55

139,336.85

1.3

TERADYNE INC [TER]

EQUITY

880770102

1,382

100.46

138,835.72

1.3

DROPBOX INC-CLASS A [DBX]

EQUITY

26210C104

5,084

27.23

138,437.32

1.3

SALESFORCE INC [CRM]

EQUITY

79466L302

681

202.78

138,093.18

1.3

INTUITIVE SURGICAL INC [ISRG]

EQUITY

46120E602

472

292.29

137,960.88

1.3

ROBLOX CORP -CLASS A [RBLX]

EQUITY

771049103

4,763

28.96

137,936.48

1.3

CONSOLIDATED EDISON INC [ED]

EQUITY

209115104

1,609

85.53

137,617.77

1.3

AGILON HEALTH INC [AGL]

EQUITY

00857U107

7,717

17.76

137,053.92

1.3

MONGODB INC [MDB]

EQUITY

60937P106

396

345.86

136,960.56

1.3

TWILIO INC - A [TWLO]

EQUITY

90138F102

2,337

58.53

136,784.61

1.3

GE HEALTHCARE TECHNOLOGY [GEHC]

EQUITY

36266G107

2,002

68.04

136,216.08

1.3

MONDAY.COM LTD [MNDY]

EQUITY

M7S64H106

854

159.22

135,973.88

1.3

PINNACLE FINANCIAL PARTNERS [PNFP]

EQUITY

72346Q104

2,021

67.04

135,487.84

1.3

ZIFF DAVIS INC [ZD]

EQUITY

48123V102

2,127

63.69

135,468.63

1.3

S&P GLOBAL INC [SPGI]

EQUITY

78409V104

370

365.41

135,201.70

1.3

COLGATE-PALMOLIVE CO [CL]

EQUITY

194162103

1,897

71.11

134,895.67

1.3

PROCTER & GAMBLE CO/THE [PG]

EQUITY

742718109

923

145.86

134,628.78

1.3

MSCI INC [MSCI]

EQUITY

55354G100

262

513.08

134,426.96

1.3

CREDIT ACCEPTANCE CORP [CACC]

EQUITY

225310101

292

460.12

134,355.04

1.3

PROLOGIS INC [PLD]

EQUITY

74340W103

1,166

112.21

130,836.86

1.3

PPL CORP [PPL]

EQUITY

69351T106

5,547

23.56

130,687.32

1.3

DOXIMITY INC-CLASS A [DOCS]

EQUITY

26622P107

6,157

21.22

130,651.54

1.3

TRANSUNION [TRU]

EQUITY

89400J107

1,809

71.79

129,868.11

1.2

JOHNSON & JOHNSON [JNJ]

EQUITY

478160104

833

155.75

129,739.75

1.2

SYNCHRONY FINANCIAL [SYF]

EQUITY

87165B103

4,206

30.57

128,577.42

1.2

ZOOMINFO TECHNOLOGIES INC [ZI]

EQUITY

98980F104

7,807

16.40

128,034.80

1.2

NETFLIX INC [NFLX]

EQUITY

64110L106

339

377.60

128,006.40

1.2

FIRST AMERICAN FINANCIAL [FAF]

EQUITY

31847R102

2,256

56.49

127,441.44

1.2

COMMERCIAL METALS CO [CMC]

EQUITY

201723103

2,570

49.41

126,983.70

1.2

AGILENT TECHNOLOGIES INC [A]

EQUITY

00846U101

1,134

111.595

126,548.73

1.2

SBA COMMUNICATIONS CORP [SBAC]

EQUITY

78410G104

625

200.17

125,106.25

1.2

ROKU INC [ROKU]

EQUITY

77543R102

1,755

70.59

123,885.45

1.2

SPIRIT REALTY CAPITAL INC [SRC]

EQUITY

84860W300

3,680

33.53

123,390.40

1.2

DELTA AIR LINES INC [DAL]

EQUITY

247361702

3,258

37.00

120,546.00

1.2

SILICON LABORATORIES INC [SLAB]

EQUITY

826919102

1,028

115.89

119,134.92

1.1

ETSY INC [ETSY]

EQUITY

29786A106

1,830

64.58

118,181.40

1.1

INTELLIA THERAPEUTICS INC [NTLA]

EQUITY

45826J105

3,695

31.62

116,835.90

1.1

THOUGHTWORKS HOLDING INC [TWKS]

EQUITY

88546E105

28,383

4.08

115,802.64

1.1

AES CORP [AES]

EQUITY

00130H105

7,560

15.20

114,912.00

1.1

Total

--

--

--

--

--

10,422

99.8

Cash and Other Assets Less Liabilities

--

--

--

--

--

--

0.2

Total Net Assets

--

--

--

--

--

--

100%

As of 8/31/2023

Human Capital Factor Unconstrained ETF (HAPY)

Human Capital Factor Unconstrained Index

-

Information Technology

HAPY: 33.1%

Benchmark: 33.1%

-

Financials

HAPY: 17.1%

Benchmark: 17.2%

-

Communication Services

HAPY: 13.3%

Benchmark: 13.3%

-

Health Care

HAPY: 13.2%

Benchmark: 13.2%

-

Industrials

HAPY: 3.9%

Benchmark: 3.9%

-

Real Estate

HAPY: 3.9%

Benchmark: 3.9%

-

Consumer Discretionary

HAPY: 3.8%

Benchmark: 3.8%

-

Utilities

HAPY: 3.8%

Benchmark: 3.8%

-

Energy

HAPY: 2.7%

Benchmark: 2.7%

-

Materials

HAPY: 2.6%

Benchmark: 2.6%

-

Consumer Staples

HAPY: 2.6%

Benchmark: 2.6%

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.

©2023 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 © 2023 Harbor Capital Advisors, Inc. All rights reserved.