HAPS
Harbor Human Capital Factor US Small Cap ETF
The Harbor Human Capital Factor US Small Cap ETF seeks to provide investors with long-term capital appreciation by investing primarily in a diversified portfolio of small-cap U.S. companies that exhibit strong human capital factors.
US
EQUITY
Passive
MANAGEMENT STYLE
141.3 M
ASSETS UNDER MGMT
60 bp
EXPENSES
Fund Basics
| Fund sponsor | Harbor |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Apr 12, 2023 |
| Assets (mns) | $141 |
| Expense ratio | 60 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| RHYTHM PHARMACEUTICALS, INC. | 2.6 % |
| KRATOS DEFENSE & SECURITY | 2.4 % |
| INVESCO S&P SMALLCAP ENERGY ETF | 2.3 % |
| PHILLIPS EDISON & COMPANY, INC. | 2.2 % |
| ALLETE INC | 2.1 % |
| APPLE HOSPITALITY REIT INC | 1.9 % |
| PTC THERAPEUTICS INC | 1.9 % |
| PIPER JAFFRAY COS | 1.7 % |
| RADIAN GROUP INC | 1.6 % |
| INVENTRUST PROPERTIES CORP | 1.6 % |
Constituent Breakdown
| Number of holdings | 187 |
| Herfindahl-Hirschman Index | 111 |
| Wgt avg mkt cap (mns) | $4,169 |
| Large cap (>$10bn) | 5.0% |
| Mid cap ($2-10bn) | 75.4% |
| Small cap (<$2bn) | 24.3% |
| Developed mkts. | 105.7% |
| Emerging mkts. | 0.7% |
Country Exposure
 |
UNITED STATES | 104.4 % |
 |
PANAMA | 0.7 % |
 |
IRELAND | 0.7 % |
 |
PUERTO RICO | 0.6 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 6.0% | 6.8% | 16.9% | -- | -- | -- | -- | 8.3% |
| Dividend Yield | 0.0% | 0.0% | 0.3% | -- | -- | -- | -- | 0.2% |
| Total Returns | 6.0% | 6.8% | 17.2% | -- | -- | -- | -- | 8.5% | Ann. Volatility | 23.4% | 23.6% | 22.4% | -- | -- | -- | -- | 21.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.29 | 61% |
| MSCI EAFE | 0.46 | 9% |
| MSCI Emg Mkts | -0.07 | 0% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.38% |
Technical Indicators
| Recent close | $30.78 |
| 30d moving avg. | $31.27 |
| Annualized volatility | 18.8% |
| Relative strength (RSI) | 51 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| ESIX | SPDR S&P SmallCap 600 ESG ETF | 20.9% | -48 bp | +8.3% |
| BBSC | JPMorgan BetaBuilders U.S. Small Cap Equity ETF | 19.6% | -51 bp | +3.9% |
| IJT | iShares S&P Small-Cap 600 Growth ETF | 18.1% | -42 bp | +5.6% |
| XJR | iShares ESG Screened S&P Small-Cap ETF | 18.0% | -48 bp | +7.7% |
| EES | WisdomTree U.S. SmallCap Fund | 17.9% | -22 bp | +8.8% |
| CSA | VictoryShares US Small Cap Volatility Wtd ETF | 17.4% | -25 bp | +7.6% |
| QVMS | Invesco S&P SmallCap 600 QVM Multi-factor ETF | 17.3% | -45 bp | +7.8% |
| SLYG | SPDR S&P 600 Small Cap Growth ETF | 17.1% | -45 bp | +5.6% |
| TPSC | Timothy Plan US Small Cap Core ETF | 17.1% | -8 bp | +7.2% |
| BKSE | BNY Mellon US Small Cap Core Equity ETF | 17.0% | -56 bp | +5.8% |
Risk and Returns: HAPS vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/4/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
HAPS
3.9%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 996 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.4%. HAPS's ALTAR Score™ is approximately
0.7 standard deviations
below
the category average. This places HAPS in the 23rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
HAPSSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 217 |
| Avg. Expense Ratio | 31.1 bp |
| Std. Deviation | 25.2 bp |
| HAPS (60 bp) Percentile rank | 87 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| HAPS | 60.0 | 38.0 | 98.0 |
| Peer Avg. | 31.1 | 10.5 | 41.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .