Harbor Alpha Layering ETF (HOLD)
Offering the opportunity for equity and trend-following exposures in a single, actively managed ETF designed to enhance overall portfolio diversification and long-term, risk-adjusted returns.
- Over long time periods, U.S. large-cap equities have appreciated significantly, but many equity investors have lagged those returns because they don’t stay invested during potentially painful market downturns and may miss out on market recoveries. This behavior has led to a “performance gap” in which investors’ results often do not correspond to the long-term performance of equity indices such as the S&P 500.
- The Harbor Alpha Layering ETF (HOLD) which seeks long-term capital appreciation, may help overcome this challenge by investing in complementary assets — equity beta and dynamic trend-following through managed futures contracts — which may support better risk-adjusted returns over time.
- Managed by quantitative investment specialist PanAgora, HOLD’s systematic investment process aims to add alpha by reducing sharp equity drawdowns without having to sacrifice growth potential during normal equity market environments.
- As a result, the strategy offers the opportunity to help investors “HOLD” onto their exposure over time, with the potential of increasing portfolio diversification and generating better long-term outcomes.
Performance
Holdings
As of 9/10/2026
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Investment Team
PanAgora Asset Management is a Boston‑based investment firm founded in 1989, specializing in quantitative investing. Their proprietary approach is designed to capitalize on inefficiencies across market cycles and to deliver appealing relative and absolute returns. PanAgora's roots in managing money for large public pension plans and sovereign wealth funds underscore the institutional caliber and robustness of their approach.
Documents
Regulatory
As of 10/31/2025
As of 04/30/2026
Additional Documents
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.
The Fund’s objective is not guaranteed. Equity markets may decline due to issuer, political, regulatory, or economic factors. Large‑cap stocks may underperform smaller caps. The Fund’s quantitative model and trend‑following managed futures strategy may underperform or increase volatility. Investments in foreign and emerging markets carry additional risks. As a non‑diversified fund, it is more exposed to individual issuers. Use of derivatives, commodities, and commodity‑linked instruments may amplify losses, especially in flat or volatile markets. The Fund’s use of certain investments, such as derivative instruments, including futures contracts, and certain other transactions can give rise to leverage within the Fund’s portfolio, which could cause the Fund’s returns to be more volatile than if leverage had not been used.
The Société Générale Trend Index (SG Trend Index) is subject to periodic revisions after initial publication. As such, benchmark performance figures that incorporate this index are based on estimates that may be subsequently revised. The information presented herein is believed to be accurate as of the date of publication.
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 is the risk‑adjusted excess return of an investment relative to the return of a benchmark index.
Beta measures the relative volatility of an investment, as an indication of its relative risk.