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Name

As of 05/15/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Harbor Scientific Alpha High-Yield ETF

SIHY | Active ETF

$45.18

$124 M

7.01%

$3.15

0.48%

Vitals

YTD Return

2.4%

1 yr return

13.3%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$124 M

Holdings in Top 10

11.5%

52 WEEK LOW AND HIGH

$45.0
$41.95
$45.65

Expenses

OPERATING FEES

Expense Ratio 0.48%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 05/15/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Harbor Scientific Alpha High-Yield ETF

SIHY | Active ETF

$45.18

$124 M

7.01%

$3.15

0.48%

SIHY - Profile

Distributions

  • YTD Total Return 2.4%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 7.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Harbor Scientific Alpha High-Yield ETF
  • Fund Family Name
    N/A
  • Inception Date
    Sep 14, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Harper

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a portfolio of below investment-grade corporate bonds, commonly referred to as “high yield” or “junk” bonds, or unrated securities that BlueCove Limited (the “Subadvisor”) considers to be of an equivalent credit quality, which may be represented by derivative instruments, including futures and swaps. The Subadvisor determines whether a bond is rated below investment grade using a composite rating calculated by assigning a numerical value to those ratings of Moody’s, S&P and Fitch which are available for the bond and averaging those amounts to determine the rating. The Fund invests primarily in U.S. dollar denominated securities, including those of foreign issuers. Derivative instruments in which the Fund may invest include credit-default swaps and U.S. Treasury futures. The Fund may also invest in exchange-traded funds to manage aggregate portfolio exposures.The Subadvisor defines scientific alpha as the investment returns generated from following a structured investment process based on the testing of investment hypotheses using historical data. The Subadvisor’s portfolio management team retains discretion with respect to all investment decisions.The Subadvisor’s investment process utilizes proprietary quantitative models to produce investment recommendations. The Subadvisor generates proprietary insights based on its experience and reasoned intuition to form an investment hypothesis. Using historical market data, the Subadvisor back-tests each investment hypothesis to determine whether actual observations appear consistent with the hypothesis over time. The Subadvisor’s back-testing process involves the development of research parameters, internal peer review, and consideration of a wide range of analyses. Insights are weighted in the Subadvisor’s models according to their deemed strength in predicting returns, as determined by the Subadvisor through this testing process. In managing the Fund, the Subadvisor will rely on insights that seek to target idiosyncratic company and security specific risk, which form the basis of security selection decisions and assess metrics such as company strength, company outlook, and credit spreads. In addition, the Fund will rely on the Subadvisor’s market timing insights which the Subadvisor uses to form a view on the attractiveness of credit and interest rate markets and assess metrics such as market expectations for growth and credit default rates. The Subadvisor’s models consider data from multiple sources, including issuer-specific and macroeconomic information such as company cash flow, default risk, and earnings expectations.As part of its investment process with respect to each portfolio investment, the Subadvisor considers environmental, social and governance (“ESG”) factors that it believes may have a material impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer.The Subadvisor expects that the majority of the Fund’s total returns will be generated from security selection of high yield bonds. Positions are sized based on an optimization which aims to effectively translate the insights gleaned from the Subadvisor’s proprietary models into portfolio positions. The Subadvisor’s optimization process seeks to maximize total returns while minimizing expected risk and transaction costs. The Subadvisor measures risk at the portfolio level and on each instrument. Furthermore, concentration risk is minimized by capping exposures based on internal limits for single issuer and single issue positions. The Subadvisor conducts performance measurement and risk analysis to seek to validate the accuracy of the investment process with the aim of achieving continuous improvement over time. The Subadvisor may engage in frequent trading in the Fund to achieve its principal investment strategies.Duration/Maturity: Although duration may be one of the characteristics considered in security selection, the Fund does not focus on bonds with any particular duration or maturity and does not seek to maintain the maturity of the Fund’s portfolio in any particular range.Credit Quality: The Fund invests primarily in below investment-grade debt securities, commonly referred to as “high yield” or “junk” bonds, but may invest in other fixed income instruments. As such, the Fund’s weighted average portfolio quality varies from time to time, depending on the level of assets allocated to such securities. The Subadvisor does not seek to actively invest in defaulted securities.
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SIHY - Performance

Return Ranking - Trailing

Period SIHY Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -39.9% 6.2% 95.92%
1 Yr 13.3% -22.1% 21.3% N/A
3 Yr N/A* -14.2% 66.8% N/A
5 Yr N/A* -13.6% 37.2% N/A
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Return Ranking - Calendar

Period SIHY Return Category Return Low Category Return High Rank in Category (%)
2023 5.3% -44.3% 3.7% N/A
2022 -13.2% -56.9% 9.2% N/A
2021 N/A -53.7% 70.9% N/A
2020 N/A -33.7% 5.1% N/A
2019 N/A -9.4% 12.0% N/A

Total Return Ranking - Trailing

Period SIHY Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -39.9% 6.2% 96.19%
1 Yr 13.3% -22.1% 22.2% N/A
3 Yr N/A* -14.2% 66.8% N/A
5 Yr N/A* -13.6% 37.2% N/A
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Total Return Ranking - Calendar

Period SIHY Return Category Return Low Category Return High Rank in Category (%)
2023 13.3% -44.3% 3.7% N/A
2022 -7.8% -56.9% 9.2% N/A
2021 N/A -53.7% 70.9% N/A
2020 N/A -33.7% 5.1% N/A
2019 N/A -9.4% 12.0% N/A

SIHY - Holdings

Concentration Analysis

SIHY Category Low Category High SIHY % Rank
Net Assets 124 M 1.47 M 26.2 B 90.66%
Number of Holdings 193 2 2736 88.95%
Net Assets in Top 10 14.2 M -492 M 2.55 B 88.29%
Weighting of Top 10 11.55% 3.0% 100.0% 33.42%

Top 10 Holdings

  1. UniCredit SpA 1.37%
  2. Hilton Domestic Operating Co Inc 1.24%
  3. New Fortress Energy Inc 1.20%
  4. Fortress Transportation and Infrastructure Investors LLC 1.18%
  5. DaVita Inc 1.15%
  6. Fair Isaac Corp 1.13%
  7. Tempur Sealy International Inc 1.10%
  8. AMC Networks Inc 1.06%
  9. Royal Caribbean Cruises Ltd 1.06%
  10. TEGNA Inc 1.05%

Asset Allocation

Weighting Return Low Return High SIHY % Rank
Bonds 		97.84% 0.00% 154.38% 32.90%
Cash 		2.16% -52.00% 100.00% 74.08%
Stocks 		0.00% -0.60% 52.82% 69.07%
Preferred Stocks 		0.00% 0.00% 14.10% 44.34%
Other 		0.00% -63.70% 32.06% 34.74%
Convertible Bonds 		0.00% 0.00% 17.89% 15.66%

Bond Sector Breakdown

Weighting Return Low Return High SIHY % Rank
Derivative 		0.00% 0.00% 45.95% 27.14%
Cash & Equivalents 		0.00% 0.00% 99.98% 81.03%
Securitized 		0.00% 0.00% 97.24% 44.80%
Corporate 		0.00% 0.00% 100.00% 11.99%
Municipal 		0.00% 0.00% 1.17% 9.49%
Government 		0.00% 0.00% 99.07% 35.31%

Bond Geographic Breakdown

Weighting Return Low Return High SIHY % Rank
US 		97.84% 0.00% 150.64% 67.24%
Non US 		0.00% 0.00% 96.17% 17.76%

SIHY - Expenses

Operational Fees

SIHY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.48% 0.02% 3.87% 86.11%
Management Fee 0.48% 0.00% 1.84% 28.78%
12b-1 Fee N/A 0.00% 1.00% 0.57%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

SIHY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

SIHY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SIHY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 327.00% 0.16%

SIHY - Distributions

Dividend Yield Analysis

SIHY Category Low Category High SIHY % Rank
Dividend Yield 7.01% 0.00% 39.36% 58.90%

Dividend Distribution Analysis

SIHY Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SIHY Category Low Category High SIHY % Rank
Net Income Ratio N/A -2.39% 14.30% 86.93%

Capital Gain Distribution Analysis

SIHY Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

SIHY - Fund Manager Analysis

Managers

Michael Harper

Start Date

Tenure

Tenure Rank

Sep 14, 2021

0.71

0.7%

Michael Harper, CFA, Director and portfolio manager, has been employed by BlackRock International Limited since 2009. Mr. Harper's service with the firm dates back to 1999, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was also acting co-head of the team focusing primarily on corporate bond portfolios within the Portfolio Solutions team. Mr. Harper earned a BSc degree in mathematics and finance from Southampton University in 1998. Mr. Harper holds the Securities Institute Bond and Fixed Interest Diploma

Benjamin Brodsky

Start Date

Tenure

Tenure Rank

Sep 14, 2021

0.71

0.7%

Mr. Brodsky joined BlueCove in 2018 and is Chief Investment Officer. He was Co-Chief Investment Officer from 2018 until 2019. Prior to joining BlueCove, Mr. Brodsky was Managing Director and Deputy Chief Investment Officer of Systematic Fixed Income at BlackRock. Mr. Brodsky previously held the role of Global Head of Fixed Income Asset Allocation for Barclays Global Investors before it merged with BlackRock in 2009. Mr. Brodsky started his career in 1999 at Salomon Brothers Asset Management.

Benoy Thomas

Start Date

Tenure

Tenure Rank

Sep 14, 2021

0.71

0.7%

Mr. Thomas joined BlueCove in 2018 and is Head of Credit. Prior to joining BlueCove, Mr. Thomas was a Managing Director in Systematic Fixed Income at BlackRock focusing on Credit and Capital structure investment strategies. During his 16 years at BlackRock and Barclays Global Investors, Mr. Thomas helped formulate investment insights and improve portfolio management processes. Previously, Mr. Thomas was Assistant Vice President of Global Markets at JP Morgan from 1999 to 2001.

Garth Flannery

Start Date

Tenure

Tenure Rank

Sep 14, 2021

0.71

0.7%

Mr. Flannery joined BlueCove in 2018 and is Head of Asset Allocation. Prior to joining BlueCove, Mr. Flannery was Director of Fixed Income Beta Research at BlackRock from 2016 to 2018. Prior to this, Mr. Flannery was a Portfolio Manager and Researcher in Systematic Fixed Income at BlackRock (formerly Barclays Global Investors) from 2003 to 2016.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.07 2.92

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