Harbor Alpha Layering ETF (HOLD) Stock Price, Quote, News & History | Benzinga

The Fund seeks to achieve its investment objective by investing in two complementary investment strategies. The Funds subadvisor, PanAgora Asset Management, Inc., (PanAgora or the Subadvisor), employs a quantitative approach that layers an active, trend-following managed futures strategy on top of a passive position that is intended to replicate the returns of the S&P 500 Index (the Index). One dollar invested in the Fund provides a total exposure of approximately one dollar and fifty cents (150 percent total exposure), which is allocated 75 percent to the long passive U.S. equity strategy and 75 percent to the managed futures strategy. The Fund achieves its 150 percent total exposure by using leverage in the form of futures and forward contracts. Futures contracts and forward contracts result in leverage because they allow the Fund to obtain large investment exposures in return for meeting relatively small margin requirements. As a result of the Funds strategies, the Fund may have highly leveraged exposure to one or more asset classes at times, resulting in gross exposure (long plus short) significantly in excess of 150 percent total exposure.