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Harbor Human Capital Factor US Small Cap ETF (HAPS)

Linking strong corporate culture and potential equity value in the small cap arena.

NAV as of 10/23/2026
$37.33
NAV Daily Change
$0.06 ↑
NAV YTD Return
18.96% ↑
Net Expense Ratio (%)
0.61
Total Net Assets (million) as of 10/26/2026
$170.763
Benchmark
Human Capital Factor Small Cap Index

Research Suggests That Doing the Right Thing Pays.

  • Harbor Capital has partnered with Irrational Capital to develop a data-driven strategy built on the Human Capital Factor.
  • What is the Human Capital Factor? It’s a systematic measure of corporate culture that seeks to deeply understand the importance and value created between human capital and potential equity performance. In other words, the Human Capital Factor is based on the premise that happy and motivated employees can generate better outcomes for companies and investors.
  • HAPS offers exposure to small capitalization companies with strong Human Capital Factor scores while constraining sectors to enhance overall diversification.

Investment Solutions Built on the Human Capital Factor®

The Human Capital Factor® (HCF®) seeks to quantify levels of motivation and engagement of a company's workforce in an effort to capture the powerful connection between human capital and stock performance. HCF® scores are applied in the construction of the following products:

▼Currently Viewing▼
|Small Cap ETF|
Tracks the Human Capital Factor Small Cap Index

Index designed to deliver exposure to equity securities of small cap U.S. companies

Fund includes approximately 200 stocks as determined by the HCF® within HAPS universe

Market Cap‑Weighted Positions

Sector Neutral to Index
|Large Cap ETF|
Tracks the Human Capital Factor Large Cap Index

Index designed to deliver exposure to equity securities of 500 largest U.S. companies

Fund includes approximately 150 stocks as determined by the HCF® within HAPI universe

Market Cap‑Weighted Positions

Sector Neutral to Index

Related Funds to Consider

Investment Team

Harbor Capital Advisors, Inc. dark blue logo on white background
Steve Cook
Elizabeth Despain
Jim Erceg

Learn More

As of 10/23/2026

$37.33

Price (NAV)

$0.06

NAV Daily Change ($)

0.16%

NAV Daily Change (%)

18.96%

NAV YTD Return

$37.33

Market Price

$0.05

Market Daily Change ($)

0.13%

Market Daily Change (%)

18.92%

Market YTD Return

As of 10/23/2026

4/12/2023

Inception Date

0.61

Expense Ratio (%)

$170.763

Total Net Assets (million)

4,575,000

Shares Outstanding
(As of 10/26/2026)

HAPS

Ticker

41151J851

Cusip

NYSE Arca

Exchange

US41151J8514

ISIN

Foreside Fund Services, LLC

Distributor

Annually

Dividend Frequency

Small Cap Blend

Morningstar Category

Human Capital Factor Small Cap Index

Benchmark

68,426

Implied Liquidity™ (Shares)

$2,550,126.92

Implied Liquidity

Investment Objective:

The Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Small Cap Index.

As of 10/23/2026

$37.33

Bid/Ask Mid Price

$37.33

Closing Market Price

-$0.00

Premium/Discount ($)

0.00%

Premium/Discount (%)
2025
Q1 2026
Q2 2026
Q3 2026
Q4 2026
YTD
Days Traded at a Premium
231
53
53
56
16
178
Days Traded at a Discount
19
8
9
8
1
26

0.25%

30-Day Median Bid/Ask Spread

9

Exchange Volume (Shares)

USD

Trading Currency

Historical Premium Discount to NAV

No Data Available

Performance

Select an option

Loading Performance Data...

3 Mo.
YTD Return
1 Yr.
3 Yr.
Since Fund Inception
Net Expense Ratio
Gross Expense Ratio
Human Capital Factor US Small Cap ETF - at NAV
-2.72%
16.32%
17.30%
15.11%
12.45%
0.61%
0.61%
Market Price
-2.61%
16.44%
17.46%
15.18%
12.50%
--
--
Human Capital Factor Small Cap Total Return Index
-2.56%
17.00%
18.14%
15.90%
13.20%
--
--
Russell 2000® Index
-7.23%
13.71%
16.20%
17.72%
15.61%
--
--

Performance data shown represents past performance and is no guarantee of future results. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

The Human Capital Factor Small Cap Index is designed to deliver exposure to equity securities of U.S. companies that possess strong human capital, based on proprietary scoring methodology produced by Irrational Capital LLC. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The Russell 2000® Index measures the performance of the small‑cap segment of the US equity universe. It is a subset of the Russell 3000® and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index and Russell® are trademarks of Frank Russell Company. Indices listed are unmanaged and do not reflect fees and expenses and are not available for direct investment.

Select an option

Ex-Date
Record Date
Payable Date
Ordinary Income
Short Term Capital Gains
Long Term Capital Gains
Total Distribution
12/18/2025
12/18/2025
12/23/2025
0.17801
--
--
0.17801
12/19/2024
12/19/2024
12/25/2024
0.21074
--
--
0.21074
12/20/2023
12/21/2023
12/26/2023
0.11815
--
--
0.11815

Holdings

As of 9/30/2026

190

Number of Holdings

3748.9

Wtd Avg Market Cap ($Mil)

2.21

Price/Book Ratio

17.6

Adjusted Trailing P/E Ratio

6.3

% EPS Growth - Past 3 Yr

6.43

Return on Equity (%)

13.4

Forecasted P/E Ratio

As of 10/22/2026

Company Name [Ticker]
% of Net Assets
TWIST BIOSCIENCE CORP[TWST]
2.4
INVESCO S&P SMALLCAP HEALTH[PSCH]
2.1
MAGNOLIA OIL & GAS CORP - A[MGY]
2.0
ORGANON & CO[OGN]
2.0
KYMERA THERAPEUTICS INC[KYMR]
2.0
PHILLIPS EDISON & COMPANY IN[PECO]
2.0
APPLE HOSPITALITY REIT INC[APLE]
1.9
AVNET INC[AVT]
1.8
SENSIENT TECHNOLOGIES CORP[SXT]
1.8
ATRICURE INC[ATRC]
1.4
% of Total Holdings:
19.4%

This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector, countries mentioned may change at any time and may not represent current or future investments.

As of 10/22/2026

Company Name [Ticker]
Category Name
Country
Cusip
Shares
Current Price ($)
Market Value ($)
% of Net Assets
TWIST BIOSCIENCE CORP [TWST]
EQUITY
90184D100
29,998
135.47
4,063,829.06
2.4
INVESCO S&P SMALLCAP HEALTH [PSCH]
EQUITY
46138E149
67,452
54.293
3,662,137.71
2.1
MAGNOLIA OIL & GAS CORP - A [MGY]
EQUITY
559663109
136,538
25.27
3,450,315.26
2.0
ORGANON & CO [OGN]
EQUITY
68622V106
249,021
13.75
3,424,038.75
2.0
KYMERA THERAPEUTICS INC [KYMR]
EQUITY
501575104
30,713
110.85
3,404,536.05
2.0
PHILLIPS EDISON & COMPANY IN [PECO]
EQUITY
71844V201
88,708
38.29
3,396,629.32
2.0
APPLE HOSPITALITY REIT INC [APLE]
EQUITY
03784Y200
180,355
18.16
3,275,246.80
1.9
AVNET INC [AVT]
EQUITY
053807103
35,463
88.64
3,143,440.32
1.8
SENSIENT TECHNOLOGIES CORP [SXT]
EQUITY
81725T100
23,230
130.94
3,041,736.20
1.8
ATRICURE INC [ATRC]
EQUITY
04963C209
40,325
59.30
2,391,272.50
1.4
JFROG LTD [FROG]
EQUITY
M6191J100
23,358
93.89
2,193,082.62
1.3
TARSUS PHARMACEUTICALS INC [TARS]
EQUITY
87650L103
29,636
72.08
2,136,162.88
1.3
GATX CORP [GATX]
EQUITY
361448103
12,546
167.50
2,101,455.00
1.2
CHEMOURS CO/THE [CC]
EQUITY
163851108
154,650
13.03
2,015,089.50
1.2
HANCOCK WHITNEY CORP [HWC]
EQUITY
410120109
27,254
73.48
2,002,623.92
1.2
ATLANTIC UNION BANKSHARES CO [AUB]
EQUITY
04911A107
49,427
40.10
1,982,022.70
1.2
INVENTRUST PROPERTIES CORP [IVT]
EQUITY
46124J201
65,206
30.14
1,965,308.84
1.2
TRAVEL + LEISURE CO [TNL]
EQUITY
894164102
28,952
67.32
1,949,048.64
1.1
AGIOS PHARMACEUTICALS INC [AGIO]
EQUITY
00847X104
50,565
37.19
1,880,512.35
1.1
ARCHROCK INC [AROC]
EQUITY
03957W106
65,893
28.39
1,870,702.27
1.1
LAUREATE EDUCATION INC [LAUR]
EQUITY
518613203
45,403
38.79
1,761,182.37
1.0
CNO FINANCIAL GROUP INC [CNO]
EQUITY
12621E103
31,668
55.50
1,757,574.00
1.0
RADIAN GROUP INC [RDN]
EQUITY
750236101
49,166
34.70
1,706,060.20
1.0
ASBURY AUTOMOTIVE GROUP [ABG]
EQUITY
043436104
9,590
173.43
1,663,193.70
1.0
GRANITE CONSTRUCTION INC [GVA]
EQUITY
387328107
15,329
107.45
1,647,101.05
1.0
VIRTU FINANCIAL INC-CLASS A [VIRT]
EQUITY
928254101
29,168
56.25
1,640,700.00
1.0
KOSMOS ENERGY LTD [KOS]
EQUITY
500688106
599,239
2.70
1,617,945.30
0.9
GRAND CANYON EDUCATION INC [LOPE]
EQUITY
38526M106
9,746
165.46
1,612,573.16
0.9
PIPER SANDLER COS [PIPR]
EQUITY
724078209
23,840
65.54
1,562,473.60
0.9
COPA HOLDINGS SA-CLASS A [CPA]
EQUITY
P31076105
11,515
134.86
1,552,912.90
0.9
BOX INC - CLASS A [BOX]
EQUITY
10316T104
35,127
42.78
1,502,733.06
0.9
REMITLY GLOBAL INC [RELY]
EQUITY
75960P104
59,112
25.32
1,496,715.84
0.9
RESIDEO TECHNOLOGIES INC [REZI]
EQUITY
76118Y104
82,969
17.79
1,476,018.51
0.9
SAREPTA THERAPEUTICS INC [SRPT]
EQUITY
803607100
80,073
18.18
1,455,727.14
0.9
ULTRAGENYX PHARMACEUTICAL IN [RARE]
EQUITY
90400D108
86,445
15.95
1,378,797.75
0.8
MOELIS & CO - CLASS A [MC]
EQUITY
60786M105
24,892
55.06
1,370,553.52
0.8
BREAD FINANCIAL HOLDINGS INC [BFH]
EQUITY
018581108
13,351
102.45
1,367,809.95
0.8
YETI HOLDINGS INC [YETI]
EQUITY
98585X104
30,645
44.03
1,349,299.35
0.8
INDEPENDENT BANK CORP/MA [INDB]
EQUITY
453836108
15,966
83.43
1,332,043.38
0.8
LEVI STRAUSS & CO- CLASS A [LEVI]
EQUITY
52736R102
62,220
21.36
1,329,019.20
0.8
CONMED CORP [CNMD]
EQUITY
207410101
26,641
49.44
1,317,131.04
0.8
CALLAWAY GOLF COMPANY [CALY]
EQUITY
131193104
91,534
14.36
1,314,428.24
0.8
RINGCENTRAL INC-CLASS A [RNG]
EQUITY
76680R206
16,530
79.42
1,312,812.60
0.8
INTERNATIONAL BANCSHARES CRP [IBOC]
EQUITY
459044103
19,316
67.28
1,299,580.48
0.8
KODIAK GAS SERVICES INC [KGS]
EQUITY
50012A108
29,460
44.07
1,298,302.20
0.8
GEO GROUP INC/THE [GEO]
EQUITY
36162J106
47,889
26.94
1,290,129.66
0.8
OCEANEERING INTL INC [OII]
EQUITY
675232102
33,947
36.62
1,243,139.14
0.7
ROBERT HALF INC [RHI]
EQUITY
770323103
32,480
37.68
1,223,846.40
0.7
SYNAPTICS INC [SYNA]
EQUITY
87157D109
10,346
117.04
1,210,895.84
0.7
WORTHINGTON STEEL INC [WS]
EQUITY
982104101
29,906
40.47
1,210,295.82
0.7
HNI CORP [HNI]
EQUITY
404251100
24,162
48.21
1,164,850.02
0.7
FIRST FINANCIAL BANCORP [FFBC]
EQUITY
320209109
35,347
32.47
1,147,717.09
0.7
GENWORTH FINANCIAL INC [GNW]
EQUITY
37247D106
128,352
8.94
1,147,466.88
0.7
HURON CONSULTING GROUP INC [HURN]
EQUITY
447462102
5,852
193.35
1,131,484.20
0.7
INVESCO S&P SMALLCAP ENERGY [PSCE]
EQUITY
46138G474
18,957
57.049
1,081,481.68
0.6
TOWNE BANK [TOWN]
EQUITY
89214P109
29,309
36.74
1,076,812.66
0.6
ARCBEST CORP [ARCB]
EQUITY
03937C105
8,195
130.30
1,067,808.50
0.6
TENABLE HOLDINGS INC [TENB]
EQUITY
88025T102
25,247
42.00
1,060,374.00
0.6
BLACK HILLS CORP [BKH]
EQUITY
092113109
13,221
79.31
1,048,557.51
0.6
ITRON INC [ITRI]
EQUITY
465741106
11,722
88.17
1,033,528.74
0.6
WORKIVA INC [WK]
EQUITY
98139A105
11,895
85.04
1,011,550.80
0.6
WILEY (JOHN) & SONS-CLASS A [WLY]
EQUITY
968223206
18,586
54.05
1,004,573.30
0.6
DOLBY LABORATORIES INC-CL A [DLB]
EQUITY
25659T107
15,422
63.28
975,904.16
0.6
TERADATA CORP [TDC]
EQUITY
88076W103
28,478
34.21
974,232.38
0.6
BRAZE INC-A [BRZE]
EQUITY
10576N102
21,230
45.86
973,607.80
0.6
INVESCO S&P SMALLCAP MATERIA [PSCM]
EQUITY
46138G201
10,494
91.321
958,323.62
0.6
BANK OF HAWAII CORP [BOH]
EQUITY
062540109
13,563
70.26
952,936.38
0.6
EXTREME NETWORKS INC [EXTR]
EQUITY
30226D106
42,885
22.04
945,185.40
0.6
WORLD KINECT CORP [WKC]
EQUITY
981475106
25,527
36.50
931,735.50
0.5
H.B. FULLER CO. [FUL]
EQUITY
359694106
17,883
50.89
910,065.87
0.5
BANC OF CALIFORNIA INC [BANC]
EQUITY
05990K106
51,086
17.74
906,265.64
0.5
COLLEGIUM PHARMACEUTICAL INC [COLL]
EQUITY
19459J104
38,153
23.50
896,595.50
0.5
FIRST BUSEY CORP [BUSE]
EQUITY
319383204
28,963
30.63
887,136.69
0.5
CASTLE BIOSCIENCES INC [CSTL]
EQUITY
14843C105
26,356
33.19
874,755.64
0.5
FIRST MERCHANTS CORP [FRME]
EQUITY
320817109
21,383
40.83
873,067.89
0.5
BOSTON BEER COMPANY INC-A [SAM]
EQUITY
100557107
4,423
195.72
865,669.56
0.5
PRIVIA HEALTH GROUP INC [PRVA]
EQUITY
74276R102
37,617
22.885
860,865.05
0.5
SPS COMMERCE INC [SPSC]
EQUITY
78463M107
9,344
91.94
859,087.36
0.5
IRIDIUM COMMUNICATIONS INC [IRDM]
EQUITY
46269C102
19,478
43.79
852,941.62
0.5
NORTHWESTERN ENERGY GROUP IN [NWE]
EQUITY
668074305
10,694
77.13
824,828.22
0.5
PHIBRO ANIMAL HEALTH CORP-A [PAHC]
EQUITY
71742Q106
20,586
39.81
819,528.66
0.5
VISHAY INTERTECHNOLOGY INC [VSH]
EQUITY
928298108
30,070
27.03
812,792.10
0.5
BALDWIN INSURANCE GROUP INC/ [BWIN]
EQUITY
05589G102
25,482
31.89
812,620.98
0.5
BANNER CORPORATION [BANR]
EQUITY
06652V208
11,222
70.10
786,662.20
0.5
ENERGIZER HOLDINGS INC [ENR]
EQUITY
29272W109
33,288
23.43
779,937.84
0.5
MASTERBRAND INC [MBC]
EQUITY
57638P104
106,066
7.35
779,585.10
0.5
KOPPERS HOLDINGS INC [KOP]
EQUITY
50060P106
19,041
40.75
775,920.75
0.5
NETSCOUT SYSTEMS INC [NTCT]
EQUITY
64115T104
19,509
38.31
747,389.79
0.4
CENTERSPACE [CSR]
EQUITY
15202L107
12,954
57.45
744,207.30
0.4
DXP ENTERPRISES INC [DXPE]
EQUITY
233377407
4,646
157.66
732,488.36
0.4
WORTHINGTON ENTERPRISES INC [WOR]
EQUITY
981811102
11,003
64.44
709,033.32
0.4
MANPOWERGROUP INC [MAN]
EQUITY
56418H100
15,051
46.60
701,376.60
0.4
AVEANNA HEALTHCARE HOLDINGS [AVAH]
EQUITY
05356F105
52,555
13.32
700,032.60
0.4
RYERSON HOLDING CORP [RYZ]
EQUITY
783754104
24,817
28.05
696,116.85
0.4
INTERFACE INC [TILE]
EQUITY
458665304
18,964
36.51
692,375.64
0.4
INSPERITY INC [NSP]
EQUITY
45778Q107
12,904
53.48
690,105.92
0.4
PITNEY BOWES INC [PBI]
EQUITY
724479100
38,792
17.54
680,411.68
0.4
MARQETA INC A COMMON STOCK USD.0001 [MQ]
EQUITY
57142B203
34,640
19.35
670,284.00
0.4
ENCORE CAPITAL GROUP INC [ECPG]
EQUITY
292554102
6,647
100.36
667,092.92
0.4
MAGNITE INC [MGNI]
EQUITY
55955D100
28,256
23.13
653,561.28
0.4
TRIPADVISOR INC [TRIP]
EQUITY
896945201
66,873
9.67
646,661.91
0.4
ALLEGIANT TRAVEL CO [ALGT]
EQUITY
01748X102
9,119
70.36
641,612.84
0.4
CLEARWAY ENERGY INC-C [CWEN]
EQUITY
18539C204
20,362
31.43
639,977.66
0.4
KEMPER CORP [KMPR]
EQUITY
488401100
21,072
29.91
630,263.52
0.4
CARGURUS INC [CARG]
EQUITY
141788109
18,421
32.73
602,919.33
0.4
INVESCO S&P SMALLCAP FINANCI [PSCF]
EQUITY
46138E156
9,565
62.962
602,227.70
0.4
KURA ONCOLOGY INC [KURA]
EQUITY
50127T109
60,440
9.86
595,938.40
0.3
SCANSOURCE INC [SCSC]
EQUITY
806037107
9,848
59.96
590,486.08
0.3
AMERICAN STATES WATER CO [AWR]
EQUITY
029899101
6,848
85.05
582,422.40
0.3
CHESAPEAKE UTILITIES CORP [CPK]
EQUITY
165303108
4,202
134.17
563,782.34
0.3
ZIFF DAVIS INC [ZD]
EQUITY
48123V102
9,696
57.95
561,883.20
0.3
GLOBANT SA [GLOB]
EQUITY
L44385109
11,459
45.78
524,593.02
0.3
CALIX INC [CALX]
EQUITY
13100M509
14,189
36.91
523,715.99
0.3
ORIGIN BANCORP INC [OBK]
EQUITY
68621T102
9,841
53.03
521,868.23
0.3
MILLERKNOLL INC [MLKN]
EQUITY
600544100
23,758
21.68
515,073.44
0.3
HILLTOP HOLDINGS INC [HTH]
EQUITY
432748101
13,808
37.28
514,762.24
0.3
ADI GLOBAL DISTRIB [ADIG]
EQUITY
001026103
31,202
16.48
514,208.96
0.3
ADIENT PLC [ADNT]
EQUITY
G0084W101
29,713
17.19
510,766.47
0.3
BLACKBAUD INC [BLKB]
EQUITY
09227Q100
9,035
56.48
510,296.80
0.3
CIMPRESS PLC [CMPR]
EQUITY
G2143T103
6,126
82.27
503,986.02
0.3
INNODATA INC [INOD]
EQUITY
457642205
8,405
59.69
501,694.45
0.3
NCINO INC [NCNO]
EQUITY
63947X101
21,472
23.34
501,156.48
0.3
BANK FIRST CORP [BFC]
EQUITY
06211J100
3,340
145.36
485,502.40
0.3
BIOVENTUS INC - A [BVS]
EQUITY
09075A108
31,989
15.04
481,114.56
0.3
PROGRESS SOFTWARE CORP [PRGS]
EQUITY
743312100
10,421
45.98
479,157.58
0.3
PEOPLES BANCORP INC [PEBO]
EQUITY
709789101
12,443
38.19
475,198.17
0.3
OCEANFIRST FINANCIAL CORP [OCFC]
EQUITY
675234108
28,467
16.62
473,121.54
0.3
MYRIAD GENETICS INC [MYGN]
EQUITY
62855J104
81,936
5.76
471,951.36
0.3
LGI HOMES INC [LGIH]
EQUITY
50187T106
10,989
42.77
469,999.53
0.3
WALKER & DUNLOP INC [WD]
EQUITY
93148P102
13,443
34.68
466,203.24
0.3
UPWORK INC [UPWK]
EQUITY
91688F104
48,603
9.39
456,382.17
0.3
PORCH GROUP INC [PRCH]
EQUITY
733245104
25,362
17.94
454,994.28
0.3
AMERICAN PUBLIC EDUCATION [APEI]
EQUITY
02913V103
8,980
48.86
438,762.80
0.3
DOUBLEVERIFY HOLDINGS INC [DV]
EQUITY
25862V105
31,859
13.56
432,008.04
0.3
KESTRA MEDICAL TECHNOLOGIES [KMTS]
EQUITY
G52441105
15,244
28.32
431,710.08
0.3
OMNICELL INC [OMCL]
EQUITY
68213N109
11,628
37.10
431,398.80
0.3
FIRST ADVANTAGE CORP [FA]
EQUITY
31846B108
20,017
21.22
424,760.74
0.2
ARBOR REALTY TRUST INC [ABR]
EQUITY
038923108
132,947
2.96
393,523.12
0.2
SYLVAMO CORP [SLVM]
EQUITY
871332102
12,120
32.44
393,172.80
0.2
CONCENTRIX CORP [CNXC]
EQUITY
20602D101
10,774
34.25
369,009.50
0.2
ARLO TECHNOLOGIES INC [ARLO]
EQUITY
04206A101
28,690
12.60
361,494.00
0.2
COURSERA INC [COUR]
EQUITY
22266M104
69,943
5.07
354,611.01
0.2
MERCANTILE BANK CORP [MBWM]
EQUITY
587376104
5,788
60.42
349,710.96
0.2
PAGERDUTY INC [PD]
EQUITY
69553P100
19,559
17.23
337,001.57
0.2
SCHRODINGER INC [SDGR]
EQUITY
80810D103
14,594
22.60
329,824.40
0.2
GENIUS SPORTS LTD [GENI]
EQUITY
G3934V109
50,221
6.54
328,445.34
0.2
KFORCE INC [KFRC]
EQUITY
493732101
6,115
53.66
328,130.90
0.2
JETBLUE AIRWAYS CORP [JBLU]
EQUITY
477143101
120,642
2.65
319,701.30
0.2
LEGALZOOMCOM INC [LZ]
EQUITY
52466B103
44,040
7.12
313,564.80
0.2
MERCHANTS BANCORP/IN [MBIN]
EQUITY
58844R108
6,209
49.055
304,582.50
0.2
VERTEX INC - CLASS A [VERX]
EQUITY
92538J106
19,519
15.32
299,031.08
0.2
HAWAIIAN ELECTRIC INDS [HE]
EQUITY
419870100
34,165
8.75
298,943.75
0.2
FIRST WATCH RESTAURANT GROUP [FWRG]
EQUITY
33748L101
25,146
11.56
290,687.76
0.2
REGENXBIO INC [RGNX]
EQUITY
75901B107
40,471
7.17
290,177.07
0.2
ASANA INC - CL A [ASAN]
EQUITY
04342Y104
25,026
11.50
287,799.00
0.2
F&G ANNUITIES & LIFE INC [FG]
EQUITY
30190A104
13,313
21.45
285,563.85
0.2
DAKTRONICS INC [DAKT]
EQUITY
234264109
13,870
19.46
269,910.20
0.2
GOODRX HOLDINGS INC-CLASS A [GDRX]
EQUITY
38246G108
74,202
3.62
268,611.24
0.2
ALKAMI TECHNOLOGY INC [ALKT]
EQUITY
01644J108
16,454
15.95
262,441.30
0.2
AMPLITUDE INC-CLASS A [AMPL]
EQUITY
03213A104
15,323
17.07
261,563.61
0.2
BANDWIDTH INC-CLASS A [BAND]
EQUITY
05988J103
5,679
40.50
229,999.50
0.1
ABEONA THERAPEUTICS INC [ABEO]
EQUITY
00289Y206
50,580
4.47
226,092.60
0.1
VANDA PHARMACEUTICALS INC [VNDA]
EQUITY
921659108
52,603
4.05
213,042.15
0.1
FIRST BUSINESS FINANCIAL SER [FBIZ]
EQUITY
319390100
2,660
72.50
192,850.00
0.1
YEXT INC [YEXT]
EQUITY
98585N106
25,136
7.34
184,498.24
0.1
MIDDLESEX WATER CO [MSEX]
EQUITY
596680108
3,268
55.80
182,354.40
0.1
ONESPAN INC [OSPN]
EQUITY
68287N100
8,874
19.21
170,469.54
0.1
XPLR INFRASTRUCTURE LP [XIFR]
EQUITY
65341B106
17,269
9.84
169,926.96
0.1
UWM HOLDINGS CORP [UWMC]
EQUITY
91823B109
118,271
1.15
136,011.65
0.1
SABRE CORP [SABR]
EQUITY
78573M104
87,876
1.54
135,329.04
0.1
GRID DYNAMICS HOLDINGS INC [GDYN]
EQUITY
39813G109
15,463
8.56
132,363.28
0.1
EVOLENT HEALTH INC - A [EVH]
EQUITY
30050B101
26,362
4.89
128,910.18
0.1
TABOOLA.COM LTD [TBLA]
EQUITY
M8744T106
36,129
3.47
125,367.63
0.1
AGNT INC [AGNT]
EQUITY
30212W100
29,066
4.17
121,205.22
0.1
HYSTER-YALE INC [HY]
EQUITY
449172105
4,142
29.20
120,946.40
0.1
N-ABLE INC [NABL]
EQUITY
62878D100
23,793
4.92
117,061.56
0.1
LENDINGTREE INC [TREE]
EQUITY
52603B107
3,901
27.56
107,511.56
0.1
HACKETT GROUP INC/THE [HCKT]
EQUITY
404609109
8,255
12.64
104,343.20
0.1
ENTRADA THERAPEUTICS INC [TRDA]
EQUITY
29384C108
19,353
4.73
91,539.69
0.1
OPORTUN FINANCIAL CORP [OPRT]
EQUITY
68376D104
9,584
9.31
89,227.04
0.1
HERTZ GLOBAL HLDGS INC [HTZ]
EQUITY
42806J700
31,318
2.18
68,273.24
0.0
PLAYTIKA HOLDING CORP [PLTK]
EQUITY
72815L107
32,182
2.06
66,294.92
0.0
AMERICAN INTEGRITY INSURANCE [AII]
EQUITY
026948109
2,269
29.17
66,186.73
0.0
ZIPRECRUITER INC-A [ZIP]
EQUITY
98980B103
14,056
4.67
65,641.52
0.0
LENZ THERAPEUTICS INC [LENZ]
EQUITY
52635N103
18,918
3.25
61,483.50
0.0
EVERCOMMERCE INC [EVCM]
EQUITY
29977X105
6,153
9.26
56,976.78
0.0
AMC GLOBAL MEDIA INC [AMCX]
EQUITY
00164V103
5,536
9.33
51,650.88
0.0
TASKUS INC-A [TASK]
EQUITY
87652V109
5,181
8.69
45,022.89
0.0
UWM HOLDINGS CORP-RT [UWMC-R-W]
EQUITY
91823B125
117,857
0.00
0.00
0.0
Total
--
--
--
--
--
170,531,763.77
101.0
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
-1.0
Total Net Assets
--
--
--
--
--
--
100.0

As of 9/30/2026

Sector Breakdown

Health Care

HAPS

20.4%

Benchmark

20.6%

Financials

HAPS

19.4%

Benchmark

19.5%

Information Technology

HAPS

13.8%

Benchmark

14.0%

Industrials

HAPS

13.1%

Benchmark

13.2%

Consumer Discretionary

HAPS

7.9%

Benchmark

8.0%

Energy

HAPS

7.0%

Benchmark

7.0%

Real Estate

HAPS

5.3%

Benchmark

5.4%

Materials

HAPS

5.3%

Benchmark

5.3%

Communication Services

HAPS

3.1%

Benchmark

3.2%

Utilities

HAPS

2.4%

Benchmark

2.4%

Consumer Staples

HAPS

0.9%

Benchmark

0.9%

Cash

HAPS

0.7%

Benchmark

0.0%

Non-Energy Materials

HAPS

0.6%

Benchmark

0.6%

HAPS: Human Capital Factor US Small Cap ETF

Benchmark: Human Capital Factor Small Cap Total Return Index

Investment Team

Harbor Capital Advisors, Inc. dark blue logo on white background

The Fund employs an indexing investment approach designed to track the performance of the Human Capital Factor Small Cap Index (“The 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 (“Irrational Capital”) as those it believes to possess strong corporate culture based on its proprietary scoring methodology. The Index was developed by the Canadian Imperial Bank of Commerce (CIBC, the “Index Provider”).

Harbor Capital serves as the investment adviser.


Steve Cook

Steve Cook

Chief Operating Officer

Elizabeth Despain

Elizabeth Despain

Associate Index Portfolio Manager

Jim Erceg

Jim Erceg

Head of Product

Important Information

Investing involves risk, principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. The ETF is new and has limited operating history to judge.

Shares are bought and sold at market price not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. The Fund may not exactly track the performance of the Index with perfect accuracy at all times. Tracking error may occur because of pricing differences, timing and costs incurred by the fund or during times of heightened market volatility. The Fund relies on the Index provider's methodology in assessing whether a company may be considered a corporate culture leader. There is no guarantee that the construction methodology will accurately assess a company to include or exclude it from the index which could have an adverse effect on the Fund's returns. The Fund's assets may be concentrated in a particular sector or industries to the extent the Index is concentrated and is subject to the risk that economic, political, or other market conditions that have a negative effect on that sector or industry will negatively impact the value of the Fund. The Fund’s assets may be concentrated in a particular sector, industry or group of industries to the extent the Index is so concentrated and could subject the Fund to the risk that economic, political or other conditions that have a negative effect on the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund.

CIBC is a third‑party index provider to the Harbor Corporate Culture Small Cap ETF.

Bid/Ask Mid Price: the midpoint between the highest bid and the lowest offer, as of the time that the Fund’s NAV is calculated, typically 4 p.m. Eastern Time.

Premium/Discount ($): the difference between the Fund’s market price and NAV, expressed as a percentage of NAV. A premium is the amount that the Fund is trading above the reported NAV. A discount is the amount that the Fund is trading below the reported NAV.

30‑Day Median Bid/Ask Spread: calculated by identifying national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage (rounded to the nearest hundredth).

Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.

Price/Book: The price‑to‑book (P/B) ratio evaluates a firm's market value relative to its book value.

Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.

% EPS Growth – Past 3 year: Earnings per share refers to the bottom‑line measure of a company’s profitability defined as net income divided by the number of outstanding shares.

Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.

Forecasted P/E Ratio: a measure of the P/E (price‑to‑earnings) ratio using forecasted earnings for the P/E calculation.