ETF Evaluator:
Harbor Human Capital Factor US Sm CapETF ()
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(as of Aug 18)
Best Performing in Small Blend Over the Last Year
| 55.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 45.8% | iShares Micro-Cap ETF (IWC) |
| 45.6% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
| 43.8% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 38.9% | Inspire Small/Mid Cap ETF (ISMD) |
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ETF Details
Harbor Human Capital Factor US Sm CapETF Overview
Harbor Human Capital Factor US Sm CapETF (HAPS) is a passively managed U.S. Equity Small Blend exchange-traded fund (ETF). Harbor Capital Advisors Inc launched the ETF in 2023.
The investment seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Small 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 200 small cap U.S. companies identified by Irrational Capital LLC those the advisor believes to possess strong corporate culture based on its proprietary scoring methodology.
About Harbor Human Capital Factor US Sm CapETF (HAPS)
There are 3 members of the management team with an average tenure of 2.67 years: Stephen Cook (2023), James Erceg (2023) 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 Russell 2000 TR USD index with a weighting of 100%. Harbor Human Capital Factor US Sm CapETF has 196 securities in its portfolio. The top 10 holdings constitute 18.0% 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 Sm CapETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Harbor Human Capital Factor US Sm CapETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.5% There is 0.5% 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 Sm CapETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $170 million in total assets, which is below the $4 billion average for the Small 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.
HAPS 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 Sm CapETF expense ratio is above average compared to funds in the Small Blend category. Harbor Human Capital Factor US Sm CapETF has an expense ratio of 0.61%, which is 44% higher than its category average, making the fund expense ratio grade a D. 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 Sm CapETF has a portfolio turnover rate of 75%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of July 2026, Harbor Human Capital Factor US Sm CapETF returned -0.6%, which earned it a grade of B, as the Small Blend category had an average return of -2.1%. 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 Sm CapETF has a trailing yield of 0.48%, which is below the 1.17% 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 Sm CapETF Grades
Year to date, the ETF has returned 18.8%, 0.9 percentage points better than the category, which translates into a grade of B. The fund has returned 30.6% over the past year (grade of C) and 11.2% over the past three years (grade of F).
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HAPS 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 |
|
| HAPS Return (NAV) | -0.6% | 8.4% | 30.6% | 11.2% | na | na |
| HAPS Return (Price) | 0.2% | 9.4% | 27.7% | 11.3% | na | na |
| NAV +/- Price Return | -0.768% | -1.029% | 2.849% | -0.059% | na | na |
| Small Blend Avg | -2.1% | 5.7% | 28.5% | 14.0% | 8.0% | 10.8% |
| HAPS Grade (NAV) | B | A | C | F | na | na |
| +/- Category (NAV) | 1.5% | 2.7% | 2.1% | -2.7% | na | na |
| HAPS Tax-Cost Ratio | na | na | 0.1% | 0.2% | na | na |
HAPS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HAPS Return (NAV) | 18.8% | 8.4% | 4.1% | na | na | na | na | na | na | na | na |
| HAPS Return (Price) | 17.0% | 9.5% | 4.5% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.095% | 0.136% | 0.111% | na | na | na | na | na | na | na | na |
| Small Blend Avg | 18.0% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| HAPS Grade (NAV) | B | C | F | na | na | na | na | na | na | na | na |
| +/- Category | 0.9% | -0.3% | -7.7% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.16 |
| R-Squared: | 58% |
| Standard Deviation: | 19.9% |
| Category Risk Index: | 1.09 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.62 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.5% |
| Total Assets: | $ 171 Mil |
| Share Class Assets: | $ 171 Mil |
| Turnover: | 75.0% |
| Expense Ratio: | 0.61% |
| 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: 3.3 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Cook Stephen (2023), Erceg James (2023), Despain Elizabeth (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 196 |
| % in Top 10 Holdings: | 18.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.5% |
| Foreign Stock: | 0.5% |
| 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: | April 12, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.61% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.42% |
