Harbor Capital Logo

Harbor PanAgora Dynamic Large Cap Core ETF (INFO)

A storied systematic approach to large cap core investing

NAV as of 10/14/2026
$28.31
NAV Daily Change
-$0.33 ↓
NAV YTD Return
15.65% ↑
Net Expense Ratio (%)
0.35
Total Net Assets (million) as of 10/15/2026
$945.579
Benchmark
S&P 500 Index

Dynamic, quant investing in pursuit of differentiated alpha with INFO

  • The Harbor PanAgora Dynamic Large Cap Core ETF (INFO) is an actively managed quantitative strategy that aims to maintain beta exposure while generating consistent alpha.
  • INFO is managed by PanAgora, a leader in the quant space with over 35 years of experience. The firm leverages a strong research platform, an extensive alpha factor library, and leading technology to drive a systematic investment process.

Investment Team

Management Team Logo

Learn More

As of 10/14/2026

$28.31

Price (NAV)

-$0.33

NAV Daily Change ($)

-1.15%

NAV Daily Change (%)

15.65%

NAV YTD Return

$28.30

Market Price

-$0.36

Market Daily Change ($)

-1.26%

Market Daily Change (%)

15.46%

Market YTD Return

As of 10/14/2026

10/9/2024

Inception Date

0.35

Expense Ratio (%)

$945.579

Total Net Assets (million)

33,400,000

Shares Outstanding
(As of 10/15/2026)

INFO

Ticker

41151J745

Cusip

NYSE

Exchange

US41151J7458

ISIN

Foreside Fund Services, LLC

Distributor

Annual

Dividend Frequency

Large Cap Core

Morningstar Category

S&P 500 Index

Benchmark

168,942,052

Implied Liquidity™ (Shares)

$4,839,206,547.06

Implied Liquidity

Investment Objective:

The Fund seeks long-term total return.

Morningstar Medalist Rating™

Morningstar Silver
Analyst-Driven %
10
Data Coverage %
76
As of 7/31/2026
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.

Source: Morningstar

As of 10/14/2026

$28.33

Bid/Ask Mid Price

$28.30

Closing Market Price

$0.02

Premium/Discount ($)

0.07%

Premium/Discount (%)
2025
Q1 2026
Q2 2026
Q3 2026
Q4 2026
YTD
Days Traded at a Premium
171
39
44
57
10
150
Days Traded at a Discount
79
22
18
7
--
47

0.14%

30-Day Median Bid/Ask Spread

61,408

Exchange Volume (Shares)

USD

Trading Currency

Historical Premium Discount to NAV

No Data Available

Performance

Select an option

Loading Performance Data...

3 Mo.
YTD Return
1 Yr.
Since Fund Inception
Net Expense Ratio
Gross Expense Ratio
PanAgora Dynamic Large Cap Core ETF - at NAV
3.09%
14.46%
17.95%
18.47%
0.35%
0.35%
Market Price
3.16%
14.44%
18.07%
18.54%
--
--
S&P 500 Index
2.30%
12.75%
15.74%
16.54%
--
--

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 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.

Select an option

Ex-Date
Record Date
Payable Date
Ordinary Income
Short Term Capital Gains
Long Term Capital Gains
Total Distribution
12/18/2025
12/18/2025
12/23/2025
0.08592
--
--
0.08592
12/19/2024
12/19/2024
12/25/2024
0.03333
--
--
0.03333

Holdings

As of 9/30/2026

135

Number of Holdings

1743934.8

Wtd Avg Market Cap ($Mil)

7.5

Price/Book Ratio

28.6

Adjusted Trailing P/E Ratio

33.9

% EPS Growth - Past 3 Yr

22.29

Return on Equity (%)

23.3

Forecasted P/E Ratio

As of 10/14/2026

Company Name [Ticker]
% of Net Assets
NVIDIA CORP[NVDA]
8.7
APPLE INC[AAPL]
8.1
MICROSOFT CORP[MSFT]
6.1
ALPHABET INC-CL A[GOOGL]
5.9
AMAZON.COM INC[AMZN]
3.4
META PLATFORMS INC-CLASS A[META]
2.7
BROADCOM INC[AVGO]
2.0
ELI LILLY & CO[LLY]
1.9
MICRON TECHNOLOGY INC[MU]
1.7
JOHNSON & JOHNSON[JNJ]
1.6
% of Total Holdings:
42.1%

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 10/14/2026

Company Name [Ticker]
Category Name
Country
Cusip
Shares
Current Price ($)
Market Value ($)
% of Net Assets
NVIDIA CORP [NVDA]
EQUITY
67066G104
370,081
221.30
81,898,925.30
8.7
APPLE INC [AAPL]
EQUITY
037833100
223,041
342.96
76,494,141.36
8.1
MICROSOFT CORP [MSFT]
EQUITY
594918104
108,572
533.69
57,943,790.68
6.1
ALPHABET INC-CL A [GOOGL]
EQUITY
02079K305
160,334
347.64
55,738,511.76
5.9
AMAZON.COM INC [AMZN]
EQUITY
023135106
126,622
254.08
32,172,117.76
3.4
META PLATFORMS INC-CLASS A [META]
EQUITY
30303M102
34,541
737.54
25,475,369.14
2.7
BROADCOM INC [AVGO]
EQUITY
11135F101
53,263
346.25
18,442,313.75
2.0
ELI LILLY & CO [LLY]
EQUITY
532457108
14,857
1,208.74
17,958,250.18
1.9
MICRON TECHNOLOGY INC [MU]
EQUITY
595112103
17,874
914.13
16,339,159.62
1.7
JOHNSON & JOHNSON [JNJ]
EQUITY
478160104
59,130
253.91
15,013,698.30
1.6
ADVANCED MICRO DEVICES [AMD]
EQUITY
007903107
25,878
570.82
14,771,679.96
1.6
ABBVIE INC [ABBV]
EQUITY
00287Y109
48,436
281.75
13,646,843.00
1.4
PHILIP MORRIS INTERNATIONAL [PM]
EQUITY
718172109
61,394
205.58
12,621,378.52
1.3
MARATHON PETROLEUM CORP [MPC]
EQUITY
56585A102
23,632
484.92
11,459,629.44
1.2
TESLA INC [TSLA]
EQUITY
88160R101
28,946
367.16
10,627,813.36
1.1
CHEVRON CORP [CVX]
EQUITY
166764100
45,965
222.04
10,206,068.60
1.1
MASTERCARD INC - A [MA]
EQUITY
57636Q104
16,040
603.24
9,675,969.60
1.0
EOG RESOURCES INC [EOG]
EQUITY
26875P101
59,484
154.19
9,171,837.96
1.0
NEXTERA ENERGY INC [NEE]
EQUITY
65339F101
112,529
78.37
8,818,897.73
0.9
ANALOG DEVICES INC [ADI]
EQUITY
032654105
21,741
403.57
8,774,015.37
0.9
WALMART INC [WMT]
EQUITY
931142103
74,233
116.16
8,622,905.28
0.9
GENERAL MOTORS CO [GM]
EQUITY
37045V100
103,646
83.05
8,607,800.30
0.9
LAM RESEARCH CORP [LRCX]
EQUITY
512807306
29,835
286.92
8,560,258.20
0.9
JOHNSON CONTROLS INTERNATION [JCI]
EQUITY
G51502105
54,542
152.44
8,314,382.48
0.9
ALTRIA GROUP INC [MO]
EQUITY
02209S103
112,027
73.13
8,192,534.51
0.9
GENERAL ELECTRIC [GE]
EQUITY
369604301
25,994
307.02
7,980,677.88
0.8
METLIFE INC [MET]
EQUITY
59156R108
77,067
99.72
7,685,121.24
0.8
EBAY INC [EBAY]
EQUITY
278642103
64,640
116.88
7,555,123.20
0.8
BANK OF NEW YORK MELLON CORP [BNY]
EQUITY
064058100
54,740
137.64
7,534,413.60
0.8
BANK OF AMERICA CORP [BAC]
EQUITY
060505104
143,579
51.39
7,378,524.81
0.8
STATE STREET CORP [STT]
EQUITY
857477103
43,303
166.89
7,226,837.67
0.8
EXXONMOBIL HOLDINGS CORP [XOM]
EQUITY
30233Q108
40,758
177.01
7,214,573.58
0.8
BLOCK INC [XYZ]
EQUITY
852234103
92,564
75.85
7,020,979.40
0.7
NORTHERN TRUST CORP [NTRS]
EQUITY
665859104
43,085
162.64
7,007,344.40
0.7
AMERIPRISE FINANCIAL INC [AMP]
EQUITY
03076C106
13,961
495.82
6,922,143.02
0.7
FORTINET INC [FTNT]
EQUITY
34959E109
36,923
184.05
6,795,678.15
0.7
M & T BANK CORP [MTB]
EQUITY
55261F104
31,171
216.05
6,734,494.55
0.7
DELL TECHNOLOGIES -C [DELL]
EQUITY
24703L202
13,024
507.93
6,615,280.32
0.7
RTX CORP [RTX]
EQUITY
75513E101
35,367
186.47
6,594,884.49
0.7
AMPHENOL CORP-CL A [APH]
EQUITY
032095101
77,540
82.69
6,411,782.60
0.7
SYNCHRONY FINANCIAL [SYF]
EQUITY
87165B103
87,181
71.72
6,252,621.32
0.7
JPMORGAN CHASE & CO [JPM]
EQUITY
46625H100
18,585
335.28
6,231,178.80
0.7
INCYTE CORP [INCY]
EQUITY
45337C102
54,418
111.57
6,071,416.26
0.6
CITIGROUP INC [C]
EQUITY
172967424
48,977
122.27
5,988,417.79
0.6
UNITEDHEALTH GROUP INC [UNH]
EQUITY
91324P102
15,121
395.62
5,982,170.02
0.6
PALANTIR TECHNOLOGIES INC-A [PLTR]
EQUITY
69608A108
29,132
200.97
5,854,658.04
0.6
CUMMINS INC [CMI]
EQUITY
231021106
11,121
525.96
5,849,201.16
0.6
APPLIED MATERIALS INC [AMAT]
EQUITY
038222105
12,790
446.63
5,712,397.70
0.6
MCKESSON CORP [MCK]
EQUITY
58155Q103
5,516
976.57
5,386,760.12
0.6
ATMOS ENERGY CORP [ATO]
EQUITY
049560105
31,177
163.94
5,111,157.38
0.5
WILLIAMS-SONOMA INC [WSM]
EQUITY
969904101
20,684
242.48
5,015,456.32
0.5
NEWMONT CORP [NEM]
EQUITY
651639106
42,187
111.56
4,706,381.72
0.5
INTEL CORP [INTC]
EQUITY
458140100
45,571
98.12
4,471,426.52
0.5
COMFORT SYSTEMS USA INC [FIX]
EQUITY
199908104
2,882
1,541.68
4,443,121.76
0.5
WABTEC CORP [WAB]
EQUITY
929740108
15,416
286.49
4,416,529.84
0.5
RINGCENTRAL INC-CLASS A [RNG]
EQUITY
76680R206
58,701
75.20
4,414,315.20
0.5
HOST HOTELS & RESORTS INC [HST]
EQUITY
44107P104
190,661
22.93
4,371,856.73
0.5
ROSS STORES INC [ROST]
EQUITY
778296103
18,735
230.57
4,319,728.95
0.5
KEYSIGHT TECHNOLOGIES IN [KEYS]
EQUITY
49338L103
11,617
357.62
4,154,471.54
0.4
SERVICENOW INC [NOW]
EQUITY
81762P102
29,664
139.98
4,152,366.72
0.4
MEDTRONIC PLC [MDT]
EQUITY
G5960L103
43,930
94.23
4,139,523.90
0.4
POPULAR INC [BPOP]
EQUITY
733174700
26,298
155.95
4,101,173.10
0.4
RELIANCE INC [RS]
EQUITY
759509102
9,987
407.07
4,065,408.09
0.4
ZOOM COMMUNICATIONS INC [ZM]
EQUITY
98980L101
42,921
94.47
4,054,746.87
0.4
BORGWARNER INC [BWA]
EQUITY
099724106
68,766
58.50
4,022,811.00
0.4
GRACO INC [GGG]
EQUITY
384109104
49,838
80.48
4,010,962.24
0.4
GILEAD SCIENCES INC [GILD]
EQUITY
375558103
25,788
153.54
3,959,489.52
0.4
HEICO CORP [HEI]
EQUITY
422806109
13,209
298.58
3,943,943.22
0.4
AVERY DENNISON CORP [AVY]
EQUITY
053611109
22,440
171.84
3,856,089.60
0.4
INTUIT INC [INTU]
EQUITY
461202103
12,335
310.44
3,829,277.40
0.4
RENAISSANCERE HOLDINGS LTD [RNR]
EQUITY
G7496G103
11,195
339.51
3,800,814.45
0.4
CROWN HOLDINGS INC [CCK]
EQUITY
228368106
33,049
111.10
3,671,743.90
0.4
CROWDSTRIKE HOLDINGS INC - A [CRWD]
EQUITY
22788C105
14,667
249.29
3,656,336.43
0.4
HARTFORD INSURANCE GROUP INC [HIG]
EQUITY
416515104
26,257
131.96
3,464,873.72
0.4
ELASTIC NV [ESTC]
EQUITY
N14506104
37,025
92.06
3,408,521.50
0.4
SEAGATE TECHNOLOGY HOLDINGS [STX]
EQUITY
G7997R103
4,735
713.54
3,378,611.90
0.4
BERKSHIRE HATHAWAY INC-CL B [BRK/B]
EQUITY
084670702
6,340
526.35
3,337,059.00
0.4
REGENERON PHARMACEUTICALS [REGN]
EQUITY
75886F107
4,145
778.36
3,226,302.20
0.3
ZIONS BANCORP NA [ZION]
EQUITY
989701107
52,195
61.78
3,224,607.10
0.3
CLOUDFLARE INC - CLASS A [NET]
EQUITY
18915M107
9,867
324.33
3,200,164.11
0.3
CVS HEALTH CORP [CVS]
EQUITY
126650100
34,530
90.39
3,121,166.70
0.3
H&R BLOCK INC [HRB]
EQUITY
093671105
65,635
46.02
3,020,522.70
0.3
LAMAR ADVERTISING CO-A [LAMR]
EQUITY
512816109
20,744
145.58
3,019,911.52
0.3
CARIS LIFE SCIENCES INC [CAI]
EQUITY
142152107
97,635
30.255
2,953,946.93
0.3
KROGER CO [KR]
EQUITY
501044101
45,809
63.09
2,890,089.81
0.3
MONSTER BEVERAGE CORP [MNST]
EQUITY
61174X109
62,162
44.22
2,748,803.64
0.3
GARMIN LTD [GRMN]
EQUITY
H2906T109
9,692
279.72
2,711,046.24
0.3
THE CIGNA GROUP [CI]
EQUITY
125523100
9,322
289.58
2,699,464.76
0.3
CATERPILLAR INC [CAT]
EQUITY
149123101
3,422
748.98
2,563,009.56
0.3
BOOKING HOLDINGS INC [BKNG]
EQUITY
09857L108
15,916
160.68
2,557,382.88
0.3
EXPEDIA GROUP INC [EXPE]
EQUITY
30212P303
9,164
274.69
2,517,259.16
0.3
OSHKOSH CORP [OSK]
EQUITY
688239201
19,669
127.57
2,509,174.33
0.3
PALO ALTO NETWORKS INC [PANW]
EQUITY
697435105
6,516
375.04
2,443,760.64
0.3
TD SYNNEX CORP [SNX]
EQUITY
87162W100
9,226
263.76
2,433,449.76
0.3
BALL CORP [BALL]
EQUITY
058498106
40,250
60.43
2,432,307.50
0.3
NRG ENERGY INC [NRG]
EQUITY
629377508
23,208
100.85
2,340,526.80
0.2
ZSCALER INC [ZS]
EQUITY
98980G102
10,592
220.79
2,338,607.68
0.2
ACUITY INC [AYI]
EQUITY
00508Y102
7,862
296.87
2,333,991.94
0.2
ROYAL CARIBBEAN CRUISES LTD [RCL]
EQUITY
V7780T103
8,352
274.31
2,291,037.12
0.2
AMETEK INC [AME]
EQUITY
031100100
9,214
246.83
2,274,291.62
0.2
ALLEGION PLC [ALLE]
EQUITY
G0176J109
14,838
152.50
2,262,795.00
0.2
QUALCOMM INC [QCOM]
EQUITY
747525103
13,018
172.62
2,247,167.16
0.2
UBER TECHNOLOGIES INC [UBER]
EQUITY
90353T100
31,498
69.29
2,182,496.42
0.2
GAP INC/THE [GAP]
EQUITY
364760108
94,086
22.67
2,132,929.62
0.2
ALLSTATE CORP [ALL]
EQUITY
020002101
8,592
236.17
2,029,172.64
0.2
TYSON FOODS INC-CL A [TSN]
EQUITY
902494103
36,378
54.22
1,972,415.16
0.2
WESTERN DIGITAL CORP [WDC]
EQUITY
958102105
5,388
364.10
1,961,770.80
0.2
FLEX LTD [FLEX]
EQUITY
Y2573F102
19,519
100.35
1,958,731.65
0.2
WELLS FARGO & CO [WFC]
EQUITY
949746101
23,855
80.90
1,929,869.50
0.2
ROCKWELL AUTOMATION INC [ROK]
EQUITY
773903109
4,540
423.42
1,922,326.80
0.2
PARKER HANNIFIN CORP [PH]
EQUITY
701094104
1,990
956.32
1,903,076.80
0.2
TAPESTRY INC [TPR]
EQUITY
876030107
16,312
115.03
1,876,369.36
0.2
CIENA CORP [CIEN]
EQUITY
171779309
4,986
359.60
1,792,965.60
0.2
MAPLEBEAR INC [CART]
EQUITY
565394103
35,490
49.40
1,753,206.00
0.2
BROADRIDGE FINANCIAL SOLUTIO [BR]
EQUITY
11133T103
10,273
168.26
1,728,534.98
0.2
CENTENE CORP [CNC]
EQUITY
15135B101
24,539
70.16
1,721,656.24
0.2
CISCO SYSTEMS INC [CSCO]
EQUITY
17275R102
14,756
113.64
1,676,871.84
0.2
FOX CORP - CLASS A [FOXA]
EQUITY
35137L105
26,564
62.21
1,652,546.44
0.2
RYDER SYSTEM INC [R]
EQUITY
783549108
6,897
237.82
1,640,244.54
0.2
VISA INC-CLASS A SHARES [V]
EQUITY
92826C839
4,078
391.43
1,596,251.54
0.2
CONOCOPHILLIPS [COP]
EQUITY
20825C104
11,167
142.34
1,589,510.78
0.2
CRH PLC [CRH]
EQUITY
G25508105
19,065
79.20
1,509,948.00
0.2
MONDELEZ INTERNATIONAL INC-A [MDLZ]
EQUITY
609207105
23,986
62.57
1,500,804.02
0.2
DOCUSIGN INC [DOCU]
EQUITY
256163106
19,274
75.23
1,449,983.02
0.2
EQUINIX INC [EQIX]
EQUITY
29444U700
1,423
995.90
1,417,165.70
0.1
VERSANT MEDIA GROUP INC [VSNT]
EQUITY
925283103
43,937
30.98
1,361,168.26
0.1
IRON MOUNTAIN INC [IRM]
EQUITY
46284V101
11,701
110.86
1,297,172.86
0.1
EVERCORE INC - A [EVR]
EQUITY
29977A105
5,082
254.45
1,293,114.90
0.1
COMCAST CORP-CLASS A [CMCSA]
EQUITY
20030N101
60,459
21.05
1,272,661.95
0.1
TWILIO INC - A [TWLO]
EQUITY
90138F102
4,425
271.12
1,199,706.00
0.1
THERMO FISHER SCIENTIFIC INC [TMO]
EQUITY
883556102
1,779
673.20
1,197,622.80
0.1
COREBRIDGE FINANCIAL INC [CRBG]
EQUITY
21871X109
27,916
33.95
947,748.20
0.1
MEDPACE HOLDINGS INC [MEDP]
EQUITY
58506Q109
1,333
616.63
821,967.79
0.1
LEONARDO DRS INC [DRS]
EQUITY
52661A108
21,210
34.94
741,077.40
0.1
RAMBUS INC [RMBS]
EQUITY
750917106
7,795
92.11
717,997.45
0.1
EASTMAN CHEMICAL CO [EMN]
EQUITY
277432100
9,941
62.88
625,090.08
0.1
APPLOVIN CORP-CLASS A [APP]
EQUITY
03831W108
2,230
262.19
584,683.70
0.1
Total
--
--
--
--
--
943,152,816.50
99.5
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
0.5
Total Net Assets
--
--
--
--
--
--
100.0

As of 9/30/2026

Sector Breakdown

Information Technology

INFO

40.2%

Benchmark

39.7%

Financials

INFO

12.2%

Benchmark

11.4%

Communication Services

INFO

9.1%

Benchmark

10.0%

Consumer Discretionary

INFO

8.8%

Benchmark

8.6%

Health Care

INFO

8.5%

Benchmark

9.3%

Industrials

INFO

7.8%

Benchmark

8.0%

Consumer Staples

INFO

4.0%

Benchmark

4.4%

Energy

INFO

3.3%

Benchmark

3.4%

Materials

INFO

2.2%

Benchmark

1.7%

Utilities

INFO

2.2%

Benchmark

1.9%

Real Estate

INFO

1.5%

Benchmark

1.7%

Cash

INFO

0.3%

Benchmark

0.0%

INFO: PanAgora Dynamic Large Cap Core ETF

Benchmark: S&P 500 Index

As of 9/30/2026

Economic Sector
PanAgora Dynamic Large Cap Core ETF %
S&P 500 Index %

Energy

24.1
17.2

Information Technology

9.8
7.3

Communication Services

3.5
3.1

Health Care

3.5
6.5

Materials

2.8
-2.9

Consumer Staples

-1.4
-1.9

Consumer Discretionary

-1.6
-5.1

Financials

-1.9
-0.1

Real Estate

-3.0
-5.6

Industrials

-8.4
-9.6

Utilities

-18.5
-12.4

Investment Team

Sub-advisor logo

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.

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.

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. Large cap stocks may fall out of favor relative to small or mid cap stocks, which may cause the Fund to underperform other equity funds that focus on small or mid cap stocks. 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. A non‑diversified Fund may invest a greater percentage of its assets in securities of a single issuer, and/or invest in a relatively small number of issuers, it is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio.

The Subadvisor considers certain ESG factors in evaluating company quality which may result in the selection or exclusion of securities for reasons other than performance and the Fund may underperform relative to other funds that do not consider ESG factors.

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.

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.

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