Harbor Human Capital Factor US Small Cap ETF (HAPS) (HAPS) Research

HAPS is an exchange-traded fund that invests in small-capitalization U.S. companies. It targets firms across all 11 GICS sectors that are identified as having strong human capital attributes. Sourced from the Solactive GBS United States 2000 Index, the fund's strategy is founded on the principle that a highly engaged and motivated workforce can lead to superior business performance. The selection process employs a proprietary quantitative methodology, drawing on human capital, behavioral, and data sciences, to gauge how a company's corporate culture influences its financial results. This evaluation encompasses factors such as employee engagement, motivation, trust, transparency, diversity of viewpoints, and compensation fairness. The portfolio uses market-capitalization weighting, with a maximum allocation of 5% to any single stock. To maintain sector exposure consistent with the parent index, the fund makes adjustments by incorporating specific small-cap sector ETFs. The index is rebalanced annually. Prior to September 5, 2023, this ETF was known as the Harbor Corporate Culture Small Cap ETF.

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