HAPY
Harbor Human Capital Factor Unconstrained ETF
HAPY tracks an equal-weighted index of US-listed large-cap companies scoring highest in terms of a quantitative measure that ties corporate culture to financial performance.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
3.4 M
ASSETS UNDER MGMT
50 bp
EXPENSES
Fund Basics
| Fund sponsor | ORIX Corp. |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 23, 2022 |
| Assets (mns) | $3 |
| Expense ratio | 50 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Equal |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| MERCK & CO. INC. | 1.6 % |
| AES CORP | 1.6 % |
| COLGATE-PALMOLIVE CO | 1.6 % |
| MARKETAXESS HOLDINGS INC | 1.5 % |
| TRAVELERS COS INC/THE | 1.5 % |
| PROCTER & GAMBLE CO/THE | 1.5 % |
| BUNGE GLOBAL SA | 1.5 % |
| CBOE HOLDINGS INC | 1.5 % |
| TEXAS INSTRUMENTS INC | 1.5 % |
| INTUIT INC | 1.5 % |
Constituent Breakdown
| Number of holdings | 76 |
| Herfindahl-Hirschman Index | 134 |
| Wgt avg mkt cap (mns) | $164,518 |
| Large cap (>$10bn) | 76.6% |
| Mid cap ($2-10bn) | 20.5% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 98.6% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 97.2 % |
 |
BERMUDA | 1.5 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -6.8% | 4.3% | 13.9% | 6.8% | -- | -- | -- | 3.4% |
| Dividend Yield | 0.0% | 0.0% | 0.2% | 0.2% | -- | -- | -- | 0.2% |
| Total Returns | -6.8% | 4.3% | 14.1% | 7.0% | -- | -- | -- | 3.6% | Ann. Volatility | 28.5% | 20.1% | 18.4% | 23.9% | -- | -- | -- | 24.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.12 | 85% |
| MSCI EAFE | 0.90 | 58% |
| MSCI Emg Mkts | 0.75 | 40% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.34% |
Technical Indicators
| Recent close | $22.71 |
| 30d moving avg. | $21.71 |
| Annualized volatility | 20.0% |
| Relative strength (RSI) | 49 |
| Short interest | 0.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| HAPI | Harbor Human Capital Factor US Large Cap ETF | 26.8% | -14 bp | +5.2% |
| RSPT | Invesco S&P 500 Equal Weight Technology ETF | 20.5% | -10 bp | +6.1% |
| CHGX | AXS Change Finance ESG ETF | 20.0% | -1 bp | +5.1% |
| ESMV | iShares ESG MSCI USA Min Vol Factor ETF | 19.7% | -32 bp | +5.7% |
| SPHB | Invesco S&P 500 High Beta ETF | 18.9% | -25 bp | +5.3% |
| TECB | iShares U.S. Tech Breakthrough Multisector ETF | 18.7% | -10 bp | +4.0% |
| RPG | Invesco S&P 500 Pure Growth ETF | 18.5% | -15 bp | +3.6% |
| KRMA | Global X Conscious Companies ETF | 18.4% | -7 bp | +6.2% |
| LGDX | Intech S&P Large Cap Diversified Alpha ETF | 17.8% | -25 bp | +5.6% |
| FTGS | First Trust Growth Strength ETF | 17.4% | +10 bp | +5.3% |
Risk and Returns: vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 5/9/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
5.9%
Cat. Avg
6.0%
ALTAR Score™ Calculation
Category Overview
There are 930 funds in the US Equity category, with an average ALTAR Score™
of 6.0% and a standard deviation of
2.3%. 's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places in the 48th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
HAPYSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| (50 bp) Percentile rank | 55 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 50.0 | 0.0 | 50 | |
| Peer Avg. | 36.6 | 15.1 | 51.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .