At a glance
VLLU charges 0.25% a year, above the 0.17% average of the 8 funds most like it (the 8th cheapest of 9). It has $4.6M in assets, the 9th largest of that group; it paid 1.37% of its price in distributions over the past 12 months, annual. Over the past year it returned +17.3% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds. Its ten largest positions make up 37.3% of the fund, out of 75 in all.
The short version
Harbor AlphaEdge Large Cap Value ETF (VLLU) tracks a Harbor Capital Advisors index of large U.S. stocks chosen by a five-factor scoring model and rebalanced monthly. It may suit investors wanting a value fund that also weighs momentum and quality, with a factor mix that shifts with the business cycle. Drawbacks include a 0.25% expense ratio, above the 0.17% average for similar funds, and just $4.6 million in assets as of July 31, 2026.
Price history
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VLLU +17.3% over the year to Oct 22, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VLLU official prospectus, to Dec 31, 2025 | — | +17.26% | — | — | — | +14.16% |
| VLLU price data to Oct 22, 2026 | +11.3% | +17.3% | — | — | — | +14.8% |
- Over the year to Oct 22, 2026, VLLU returned +17.3%, 6th of 9 among similar funds.
- Its worst full calendar year was 2025 (+17.4%); its best was 2025 (+17.4%).
- The deepest fall in its price history was 16.6% (Nov 25, 2024 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.3% | — |
| 2025 | +17.4% | +17.26% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.3600 |
What's inside
As of Jul 31, 2026, the fund held 75 securities; the ten largest made up 37.3% of assets.
| Holding | Weight | |
|---|---|---|
| Apple Inc | 6.48% | |
| Johnson & Johnson | 4.71% | |
| Bank of America Corp | 4.06% | |
| Amazon.com Inc | 3.42% | |
| Bank of New York Mellon Corp | 3.30% | |
| Alphabet Inc | 3.21% | |
| Principal Financial Group Inc | 3.05% | |
| SEI Investments Co | 3.03% | |
| Citigroup Inc | 3.02% | |
| Mueller Industries Inc | 3.02% | |
| Visa Inc | 3.01% | |
| Synchrony Financial | 2.84% | |
| General Dynamics Corp | 2.78% | |
| Altria Group Inc | 2.62% | |
| Micron Technology Inc | 2.54% |
By country
United States 96.77%Ireland 2.04%United Kingdom 0.51%Switzerland 0.51%By asset type
Stocks 99.82%By sector
Sectors of the companies held, for the 71.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $6K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.43%, +1.66%, +0.42%.
How it works
VLLU is an index fund that aims to match the Harbor AlphaEdge Large Cap Value Index, before fees. Harbor Capital Advisors, which manages the fund, also designs the index with its own rules; Solactive AG calculates it. The fund generally holds every index stock in about the same proportions and does not move to cash when markets fall.
The index starts with the largest U.S.-listed companies and scores each on five groups of measures: capital deployment (how a company uses its cash), momentum (recent price trends), quality, risk and valuation. The weight on each group shifts to keep factors balanced and to reflect Harbor's read of the business cycle, based on signals like growth, liquidity, inflation and sentiment. The index drops the stocks that look most expensive. A computer optimizer then picks and weights the rest, seeking the highest expected return within risk limits.
The index usually holds 50 to 150 stocks; it had 75 as of February 25, 2026, ranging in market value from about $281 million to $3.8 trillion. It rebalances monthly, and trading is heavy: the prospectus filed February 27, 2026 reported 105% portfolio turnover, roughly replacing the whole portfolio in a year. Trading costs aren't in the expense ratio. Sector weights can shift; financials were a significant exposure as of December 31, 2025.
What it really costs
- VLLU charges 0.25% a year, versus an average of 0.17% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VLLU | $26 | $80 | $141 | $318 |
In a retirement portfolio
Its price swings have been moderate, but its tiny size, short record, 105% turnover and proprietary model point to a small value tilt beside a broad core fund rather than a main holding.
VLLU could add a tilt toward cheaper-looking large U.S. companies. It launched on September 3, 2024, so it missed the 2008, 2020 and 2022 downturns. Its only full calendar year, 2025, returned 17.26%. Its deepest drop was 16.6%, from November 25, 2024 to April 8, 2025; it regained its old high by July 3, 2025, about three months later. A retiree selling near that low would have locked in losses. Income is modest: a 1.37% yield over the 12 months to October 22, 2026, paid once a year.
The 0.25% expense ratio means costs of $26 in year one and $318 over 10 years on $10,000 in the SEC's standard example. With $4.6 million in assets as of July 31, 2026, it could be closed if it fails to grow. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based value fund that also weighs momentum, quality and risk, with factor emphasis shifting with the business cycle.
- Investors seeking value exposure without dropping big tech: Apple, Amazon and Alphabet were among its top six holdings as of July 31, 2026.
- Investors who prefer moderate swings: one-year volatility was 11.1% as of October 22, 2026, and its deepest drop since launch was 16.6%.
Look elsewhere if
- Cost-focused investors: its 0.25% expense ratio is the second-highest among nine similar funds, while SPYV and IUSV charge 0.04%.
- Anyone wary of new, tiny funds: launched in September 2024, it held $4.6 million as of July 31, 2026, the smallest among similar funds.
- Income seekers: it yielded 1.37% over the 12 months to October 22, 2026, and has paid dividends just once a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VLLU this fund | — | 0.25% | $4.6M | +17.3% | — |
| SPYV SPDR Portfolio S&P 500 Value ETF | 29% | 0.04% | $35.30B | +16.8% | +17.8% |
| IVE iShares S&P 500 Value ETF | 29% | 0.18% | $47.74B | +16.7% | +17.7% |
| REVS Columbia Research Enhanced Value ETF | 28% | 0.19% | $333.7M | +22.2% | +23.6% |
| IUSV iShares Core S&P U.S. Value ETF | 28% | 0.04% | $26.46B | +16.8% | +17.8% |
| DFLV Dimensional US Large Cap Value ETF | 26% | 0.22% | $6.77B | +27.5% | +23.4% |
| IWD iShares Russell 1000 Value ETF | 26% | 0.19% | $79.74B | +28.8% | +22.2% |
| DFUV Dimensional US Marketwide Value ETF | 26% | 0.21% | $15.43B | +28.9% | +21.4% |
Questions investors ask
What stocks does VLLU hold?
VLLU held 75 stocks as of July 31, 2026, and its 10 largest made up 37.3% of assets. The top five were Apple (6.5%), Johnson & Johnson (4.7%), Bank of America (4.1%), Amazon (3.4%) and Bank of New York Mellon (3.3%). Alphabet, Principal Financial, SEI Investments, Citigroup and Mueller Industries rounded out the top 10. About 97% of assets were in U.S. companies, and the index had significant exposure to financials as of December 31, 2025.
How has VLLU performed since launch?
VLLU returned 17.26% in 2025, its first full calendar year, and averaged 14.16% a year from its September 3, 2024 launch through December 31, 2025, according to its prospectus. Based on share price, it gained 17.3% over the year to October 22, 2026, ranking 6th among nine similar funds. Some value peers did much better over roughly the same span, including the iShares Russell 1000 Value ETF (IWD) at 28.9% through October 30, 2026. Its record is too short to judge long-term results.
What's the difference between VLLU and SPYV?
The biggest differences are cost, size and method. SPYV, the SPDR Portfolio S&P 500 Value ETF, charges 0.04% a year versus VLLU's 0.25%, and held about $35.3 billion as of June 30, 2026, against VLLU's $4.6 million as of July 31, 2026. VLLU uses Harbor's multi-factor model and monthly rebalancing, and the two portfolios overlap by only about 29%. One-year returns were close: 16.9% for SPYV through October 30, 2026, and 17.3% for VLLU through October 22, 2026.
Does VLLU pay monthly dividends?
No. VLLU has paid dividends once a year. Over the 12 months to October 22, 2026, it paid $0.36 per share, a yield of 1.37%. The fund's goal is to track its index rather than to produce income, and its payouts have been modest, arriving in a single annual distribution. Retirees who rely on regular cash flow may find funds with monthly or quarterly payments easier to plan around.
Is VLLU a good ETF for retirement?
It can play a supporting role, but its record is short. VLLU launched in September 2024, so it missed the 2008, 2020 and 2022 downturns; its deepest drop was 16.6%, and it regained its prior high by July 3, 2025. Its 0.25% expense ratio costs $26 in the first year on $10,000 under the SEC's standard example. With $4.6 million in assets as of July 31, 2026, its prospectus warns the fund could be liquidated if it doesn't reach a viable size, possibly at an unfavorable time.