HAPI
Harbor Human Capital Factor US Large Cap ETF
HAPI tracks an index of large-cap US companies scored highly for their strong corporate culture contributions to financial performance. The portfolio is weighted by market-cap and then adjusted to meet sector neutrality.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
343.0 M
ASSETS UNDER MGMT
36 bp
EXPENSES
Fund Basics
| Fund sponsor | ORIX |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 12, 2022 |
| Assets (mns) | $343 |
| Expense ratio | 36 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| APPLE INC | 5.2 % |
| MICROSOFT CORP | 5.1 % |
| ALPHABET INC. CLASS A | 5.0 % |
| META PLATFORMS INC | 4.5 % |
| NVIDIA CORP | 4.4 % |
| HOME DEPOT INC | 3.9 % |
| JPMORGAN CHASE & CO | 3.6 % |
| ELI LILLY & CO | 2.8 % |
| VISA INC. CLASS A | 2.3 % |
| WALT DISNEY CO/THE | 2.0 % |
Constituent Breakdown
| Number of holdings | 152 |
| Herfindahl-Hirschman Index | 213 |
| Wgt avg mkt cap (mns) | $789,949 |
| Large cap (>$10bn) | 99.6% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 99.3% |
| Emerging mkts. | 0.7% |
Country Exposure
 |
UNITED STATES | 96.3 % |
 |
ARGENTINA | 0.9 % |
 |
IRELAND | 0.8 % |
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 2.7% | 20.3% | 27.1% | -- | -- | -- | -- | 27.5% |
| Dividend Yield | -7.0% | -12.6% | -27.1% | -- | -- | -- | -- | -9.7% |
| Total Returns | -4.3% | 7.7% | -- | -- | -- | -- | -- | 17.8% | Ann. Volatility | 13.7% | 13.4% | 13.1% | -- | -- | -- | -- | 14.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.04 | 101% |
| MSCI EAFE | 0.65 | 44% |
| MSCI Emg Mkts | 0.59 | 29% |
Liquidity Measures
| Avg. volume (000) | 12 |
| Turnover | 0.1% |
| Avg. Bid/Ask (% of price) | 0.20% |
| ADV of underlying (mns) | $110,430 |
Technical Indicators
| Recent close | $32.74 |
| 30d moving avg. | $33.45 |
| Annualized volatility | 13.8% |
| Relative strength (RSI) | 42 |
| Short interest (ETF) | 0.0% |
| 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. HAPI |
Expenses vs. HAPI |
ALTAR Score™ vs. HAPI |
|---|---|---|---|---|
| USCL | iShares Climate Conscious & Transition MSCI USA ETF | 52.4% | -28 bp | +0.1% |
| USCA | Xtrackers MSCI USA Climate Action Equity ETF | 52.4% | -29 bp | +0.1% |
| EPS | WisdomTree U.S. LargeCap Fund | 51.9% | -28 bp | +1.2% |
| JUST | Goldman Sachs JUST U.S. Large Cap Equity ETF | 51.2% | -16 bp | +0.2% |
| MODL | VictoryShares WestEnd U.S. Sector ETF | 50.8% | +6 bp | -0.1% |
| IVW | iShares S&P 500 Growth ETF | 50.6% | -18 bp | -0.5% |
| VOOG | Vanguard S&P 500 Growth ETF | 50.6% | -26 bp | -0.4% |
| SPYG | SPDR Portfolio S&P 500 Growth ETF | 50.6% | -32 bp | -0.4% |
| IUSG | iShares Core S&P U.S. Growth ETF | 49.3% | -32 bp | -0.3% |
| IWL | iShares Russell Top 200 ETF | 49.2% | -21 bp | +0.1% |
Risk and Returns: HAPI 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 | 2025E | 2026E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2024 | 2025E | Fwd Est | 2026E | |
| 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 4/23/2025
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
HAPI
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™
HAPI
5.5%
Cat. Avg
6.1%
ALTAR Score™ Calculation
Category Overview
There are 960 funds in the US Equity category, with an average ALTAR Score™
of 6.1% and a standard deviation of
3.0%. HAPI's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places HAPI in the 41st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
HAPISELL
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 |
| HAPI (36 bp) Percentile rank | 38 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| HAPI | 36.0 | 19.5 | 55.5 |
| Peer Avg. | 36.6 | 15.2 | 51.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .