ETF Evaluator:
Harbor Human Capital Factor US LrgCapETF ()
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(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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ETF Details
Harbor Human Capital Factor US LrgCapETF Overview
Harbor Human Capital Factor US LrgCapETF (HAPI) is a passively managed U.S. Equity Large Blend exchange-traded fund (ETF). Harbor Capital Advisors Inc launched the ETF in 2022.
The investment seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Large Cap Index.
The fund invests at least 80% of its total assets in securities that are included in the index. The index consists of a modified market capitalization-weighted portfolio of equity securities of approximately 150 U.S. companies identified by Irrational Capital LLC (“Irrational Capital”) as those the advisor believes to possess strong corporate culture based on its proprietary scoring methodology.
About Harbor Human Capital Factor US LrgCapETF (HAPI)
There are 3 members of the management team with an average tenure of 3.01 years: Stephen Cook (2022), James Erceg (2022) and Elizabeth Despain (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Human Capital Factor Large Cap TR USD index with a weighting of 100%. Harbor Human Capital Factor US LrgCapETF has 157 securities in its portfolio. The top 10 holdings constitute 41.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Harbor Human Capital Factor US LrgCapETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Harbor Human Capital Factor US LrgCapETF has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.6% There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Harbor Human Capital Factor US LrgCapETF has -0.0% of the portfolio in cash.
Assets Under Management
The fund has $490 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HAPI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Harbor Human Capital Factor US LrgCapETF expense ratio is below average compared to funds in the Large Blend category. Harbor Human Capital Factor US LrgCapETF has an expense ratio of 0.35%, which is 15% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Harbor Human Capital Factor US LrgCapETF has a portfolio turnover rate of 27%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Harbor Human Capital Factor US LrgCapETF returned 1.3%, which earned it a grade of A, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Harbor Human Capital Factor US LrgCapETF has a trailing yield of 0.79%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Harbor Human Capital Factor US LrgCapETF Grades
Year to date, the ETF has returned 9.7%, 0.2 percentage points better than the category, which translates into a grade of C. The fund has returned 17.0% over the past year (grade of D) and 19.5% over the past three years (grade of B).
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HAPI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HAPI Return (NAV) | 1.3% | 4.3% | 17.0% | 19.5% | na | na |
| HAPI Return (Price) | 1.5% | 4.4% | 17.0% | 19.6% | na | na |
| NAV +/- Price Return | -0.146% | -0.116% | 0.033% | -0.104% | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| HAPI Grade (NAV) | A | C | D | B | na | na |
| +/- Category (NAV) | 2.2% | 0.6% | -0.5% | 2.1% | na | na |
| HAPI Tax-Cost Ratio | na | na | 0.2% | 0.2% | na | na |
HAPI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HAPI Return (NAV) | 9.7% | 16.3% | 27.5% | 30.3% | na | na | na | na | na | na | na |
| HAPI Return (Price) | 9.8% | 16.2% | 27.6% | 30.3% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.008% | -0.002% | 0.006% | -0.001% | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| HAPI Grade (NAV) | C | C | A | A | na | na | na | na | na | na | na |
| +/- Category | 0.2% | 0.9% | 5.6% | 7.5% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.93 |
| R-Squared: | 96% |
| Standard Deviation: | 12.4% |
| Category Risk Index: | 0.92 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.01 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.8% |
| Total Assets: | $ 490 Mil |
| Share Class Assets: | $ 490 Mil |
| Turnover: | 27.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.8 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Cook Stephen (2022), Erceg James (2022), Despain Elizabeth (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 157 |
| % in Top 10 Holdings: | 41.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 99.6% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Harbor Capital Advisors Inc |
| Phone Number: | 800-422-1050 |
| Website: | |
| Inception Date: | October 12, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.41% |
