ETF Evaluator:
Harbor Active Small Cap ETF ()
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(as of Aug 24)
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 Active Small Cap ETF Overview
Harbor Active Small Cap ETF (SMLL) is an actively managed U.S. Equity Small Blend exchange-traded fund (ETF). Harbor Capital Advisors Inc launched the ETF in 2024.
The investment seeks long-term total return.
The fund invests primarily in equity securities, principally common and preferred stocks, of U.S. small cap companies. Under normal market circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of small cap companies. The managers define small cap companies as those with market capitalizations that fall within the range of the Russell 2000® Index. The fund is non-diversified.
About Harbor Active Small Cap ETF (SMLL)
There are 1 members of the management team with an average tenure of 1.92 years: Glenn Gawronski (2024). 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 Active Small Cap ETF has 51 securities in its portfolio. The top 10 holdings constitute 36.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Harbor Active Small Cap ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Harbor Active Small Cap ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.5% There is 0.0% 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 Active Small Cap ETF has 4.5% of the portfolio in cash.
Assets Under Management
The fund has $13 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.
SMLL 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 Active Small Cap ETF expense ratio is high compared to funds in the Small Blend category. Harbor Active Small Cap ETF has an expense ratio of 0.80%, which is 89% higher than its category average, making the fund expense ratio grade a F. 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 Active Small Cap ETF has a portfolio turnover rate of 47%, 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 Active Small Cap ETF returned 0.5%, which earned it a grade of A, 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 Active Small Cap ETF has a trailing yield of 0.67%, 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 Active Small Cap ETF Grades
Year to date, the ETF has returned 7.9%, 10.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.5% over the past year (grade of F).
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SMLL 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 |
|
| SMLL Return (NAV) | 0.5% | 5.0% | 3.5% | na | na | na |
| SMLL Return (Price) | 0.5% | 5.0% | 2.4% | na | na | na |
| NAV +/- Price Return | 0.092% | 0.050% | 1.041% | na | na | na |
| Small Blend Avg | -2.1% | 5.7% | 28.5% | 14.0% | 8.0% | 10.8% |
| SMLL Grade (NAV) | A | C | F | na | na | na |
| +/- Category (NAV) | 2.6% | -0.7% | -25.0% | na | na | na |
| SMLL Tax-Cost Ratio | na | na | 0.8% | na | na | na |
SMLL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMLL Return (NAV) | 7.9% | -6.2% | na | na | na | na | na | na | na | na | na |
| SMLL Return (Price) | 7.9% | -6.4% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.007% | 0.022% | na | 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% |
| SMLL Grade (NAV) | F | F | na | na | na | na | na | na | na | na | na |
| +/- Category | -10.0% | -14.9% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 14 Mil |
| Share Class Assets: | $ 14 Mil |
| Turnover: | 47.0% |
| Expense Ratio: | 0.80% |
| Index Fund: | No |
| 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: 1 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Gawronski Glenn (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 51 |
| % in Top 10 Holdings: | 36.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 95.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Harbor Capital Advisors Inc |
| Phone Number: | 800-422-1050 |
| Website: | |
| Inception Date: | August 28, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.80% (Rating: High) |
| Category Average Expense Ratio (%): | 0.42% |
