Munificent Seven
ETF
| BBLS |
Summary Prospectus – August 20, 2026
Before you
invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and
other information about the Fund online at harborcapital.com/prospectus. You can also get this information at no cost by calling 800-422-1050 or by sending an email request to funddocuments@harborcapital.com. If you purchase shares of the Fund through a financial intermediary, the prospectus and other information will also be available from your financial intermediary. The current prospectus and statement of additional information, dated August 17, 2026, as amended or supplemented from time to time, are incorporated by referenced into this summary prospectus and may be obtained, free of charge, at the website, phone number or email address noted above.
Investment
Objective
The Fund seeks long-term growth of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if
you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
| Management Fees |
0.32% |
| Distribution and Service (12b-1) Fees |
None |
| Other Expenses1,2 |
0.00% |
| Total Annual Fund Operating Expenses |
0.32% |
1
Pursuant to the Investment Advisory Agreement, the Advisor pays all of the operating expenses of the Fund, except for (i) the fee payment
under the Investment Advisory Agreement; (ii) payments under the Fund’s 12b-1 plan (if any); (iii) the costs of borrowing, including interest and dividend expenses; (iv) taxes and governmental fees; (v) acquired fund
fees and expenses; (vi) brokers’ commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of
the Fund; (vii) costs of holding shareholder meetings; (viii) any gains or losses attributable to investments under a deferred compensation plan for Trustees who are not “interested persons” of the Trust; and (ix) litigation and indemnification expenses and other extraordinary
expenses not incurred in the ordinary course of the Fund’s business.
2 “Other Expenses” are estimated
for the current fiscal year.
Expense Example
This Expense Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other exchange-traded funds. The Expense Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Expense
Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your
costs would be:
| One
Year |
Three
Years |
| $33 |
$103 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in
higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund’s
performance. The Fund had not commenced operations as of the date of this Prospectus and no portfolio turnover rate existed at the time of this publication.
Principal Investment Strategy
The Fund provides focused exposure to a concentrated group of
large-capitalization energy companies that the Advisor (as defined below) refers to as the “Munificent Seven”—ExxonMobil, Chevron, ConocoPhillips, Shell, TotalEnergies, BP and Equinor—due to their central role in
global energy markets.
Harbor Capital
Advisors, Inc. (the “Advisor”), the investment adviser to the Fund, uses the term “Munificent,” meaning giving lavishly, to reflect these companies’ historically high free cash flow yields
and their record of returning capital to shareholders through dividends and/or
share repurchases.
The Fund expects to
gain exposure to the “Munificent Seven” companies primarily through direct investments in the equity securities of such companies and swap agreements. A swap is a derivative instrument whereby payments are exchanged between the
counterparties based upon the price of an underlying asset. Equity securities in which the Fund invests primarily include common stocks and American Depositary Receipts (ADRs). As collateral for the
Fund’s derivatives holdings or to generate interest income and capital appreciation on the cash balances arising from its use of derivatives, the Fund may invest in cash, cash equivalents, U.S.
Treasury bills, or other investment companies providing similar exposure, including ETFs advised by the Advisor or its affiliates and ETFs advised by unaffiliated investment advisers.
The Fund’s exposures to the Munificent Seven companies
are generally weighted by market capitalization, though the Advisor retains discretion to adjust weightings based on diversification
considerations and/or its assessment of individual company
fundamentals or macroeconomic factors. The Advisor rebalances the Fund
quarterly.
Under normal circumstances, the
Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in investments consistent with the Fund’s strategy of providing focused exposure to
Munificent Seven companies.
The Advisor
may, from time to time, update, the list of companies included in the Munificent Seven to reflect mergers, acquisitions, spin-offs, or similar corporate actions affecting one or more of the
constituent companies. In the event that the companies the Advisor considers the “Munificent Seven” change, the Fund will seek to effect such change as soon as reasonably practicable, but in no event later than
its next regularly scheduled rebalance.
1
