HAPY
Harbor Corporate Culture Leaders 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.
Fund Basics
| Fund sponsor | ORIX Corp. |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 23, 2022 |
| Assets (mns) | $10 |
| 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
| GLOBANT SA | 1.6 % |
| SPOTIFY TECHNOLOGY SA | 1.6 % |
| MORNINGSTAR INC | 1.5 % |
| EPAM SYSTEMS INC | 1.5 % |
| VMWARE, INC. CLASS A | 1.5 % |
| SAREPTA THERAPEUTICS INC | 1.5 % |
| ZSCALER, INC. | 1.5 % |
| GUIDEWIRE SOFTWARE INC | 1.5 % |
| RLI CORP | 1.4 % |
| BOSTON SCIENTIFIC CORP | 1.4 % |
Constituent Breakdown
| Number of holdings | 75 |
| Herfindahl-Hirschman Index | 129 |
| Wgt avg mkt cap (mns) | $166,585 |
| Large cap (>$10bn) | 71.4% |
| Mid cap ($2-10bn) | 23.1% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 91.2 % |
 |
LUXEMBOURG | 3.1 % |
 |
BRITAIN | 1.4 % |
 |
ISRAEL | 1.3 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 20.5% | 12.2% | -- | -- | -- | -- | -3.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.01 | 87% |
| MSCI EAFE | 0.91 | 66% |
| MSCI Emg Mkts | 0.69 | 44% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.31% |
| ADV of underlying (mns) | $50,281 |
Technical Indicators
| Recent close | $18.09 |
| 30d moving avg. | $18.71 |
| Annualized volatility | 22.5% |
| Relative strength (RSI) | 43 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
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. HAPY |
Expenses vs. HAPY |
ALTAR Score™ vs. HAPY |
|---|---|---|---|---|
| HAPI | Harbor Corporate Culture ETF | 25.3% | -14 bp | +1.0% |
| XITK | SPDR FactSet Innovative Technology ETF | 20.6% | -5 bp | -4.0% |
| OGIG | O'Shares Global Internet Giants ETF | 20.5% | -2 bp | -4.1% |
| XDAT | Franklin Exponential Data ETF | 20.4% | 0 bp | -0.6% |
| COWG | Pacer US Large Cap Cash Cows Growth Leaders ETF | 19.9% | -1 bp | +0.8% |
| ENTR | Entrepreneur 30 Fund | 19.5% | +25 bp | -1.1% |
| TECB | iShares US Tech Breakthrough Multisector ETF | 19.3% | -10 bp | +0.5% |
| DFNV | TrimTabs Donoghue Forlines Risk Managed Innovation ETF | 18.5% | +19 bp | +0.9% |
| JQUA | JPMorgan U.S. Quality Factor ETF | 18.3% | -38 bp | +2.1% |
| NZUS | SPDR MSCI USA Climate Paris Aligned ETF | 17.8% | -40 bp | +1.0% |
Risk and Returns: HAPY 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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 9/22/2023
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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
HAPY
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 Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
HAPY
4.3%
Cat. Avg
6.4%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 4.3% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 898 funds in the US Equities category, with an average ALTAR Score™
of 6.4% and a standard deviation of
3.1%. HAPY's ALTAR Score™ is approximately
0.7 standard deviations
below
the category average. This places HAPY in the 25th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
HAPY
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| HAPY | 50.0 | 31.1 | 81.1 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .