Harbor Human Capital Factor US Small Cap ETF (HAPS)
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- Harbor Human Capital Factor US Small Cap ETF (HAPS) is an exchange-traded fund that seeks to track the performance, before fees and expenses, of the CIBC Human Capital Factor Small Cap Index. The fund invests at least 80% of its total assets in securities comprising a modified market capitalization-weighted portfolio of approximately 180 to 200 small cap U.S. companies identified by Irrational Capital LLC as possessing strong corporate culture, based on proprietary Human Capital Factor (HCF) scores that measure employee motivation, engagement, and behavioral factors across seven dimensions including organizational effectiveness, innovation, and emotional connection; sector weights are constrained for diversification, with individual holdings capped at 2% and a median market capitalization of around $2.1 billion. It provides exposure to U.S. small cap equities across sectors such as financials (17.2%), industrials (16.3%), information technology (15.9%), and health care (14.7%), targeting investors seeking to capitalize on the link between superior human capital management and equity performance. Launched on April 12, 2023, and listed on the NYSE Arca with ticker HAPS and CUSIP 41151J851, the ETF is advised by Harbor Capital Advisors, Inc., an investment management firm founded in 1983 and headquartered at 111 South Wacker Drive, 34th Floor, Chicago, Illinois; Harbor Capital serves as the adviser with an investment team led by Steve Cook, Head of ETFs, and Jim Erceg, Head of Product, while the index is provided by Canadian Imperial Bank of Commerce (CIBC) and HCF scoring is developed by Irrational Capital. The fund maintains a net expense ratio of 0.60%, quarterly rebalancing, and full replication strategy, with net assets exceeding $142 million as of recent data; it forms part of Harbor's Human Capital Factor ETF suite alongside HAPI (large cap) and HAPY, emphasizing data-driven insights from over 750 million proprietary data points spanning 17 years. Recent developments include marking over two years of operation by late 2025 with competitive performance relative to the Russell 2000 Index, quarterly holdings updates as of February 2025 showing top positions in companies like PTC Therapeutics and Kratos Defense, and annual index reconstitution; Harbor Capital has expanded its broader ETF offerings through strategic sub-advisory partnerships, such as with EARNEST Partners for the June 2025 launches of Harbor Emerging Markets Equity ETF (EPEM) and Harbor International Equity ETF (EPIN), alongside celebrations of its three-year anniversary for the related HAPI ETF in October 2025, underscoring ongoing commitment to innovative, factor-based strategies without specific acquisitions, funding rounds, or name changes reported for HAPS itself in 2024-2025.