HAPI vs SIZE: Grades, Fees and Holdings Compared

Harbor Human Capital Factor US Large Cap ETF (HAPI)

HAPICNYSE Arca

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Overlap

22.6%by weight

Expense ratio

SIZE −0.20pt a year

HAPI0.35%SIZE0.15%

Avg volume · 30D

SIZE 2.5×the volume

HAPI2.08KSIZE5.21K

3Y return · a year

HAPI +3.9pt

HAPI+22.8%SIZE+18.9%

HAPI vs SIZE Performance

Oct 31, 2025 – Oct 30, 2026

+10.9%HAPI+13.8%SIZE

Expense ratio: HAPI 0.35%; SIZE 0.15%, better
Fund size: HAPI $493M; SIZE $433M
1Y total return: HAPI +10.9%; SIZE +13.8%, better
Yield (12M): HAPI 0.79%; SIZE 1.37%, better
Holdings: HAPI 157; SIZE 518
Avg volume (30D): HAPI 2.08K sh; SIZE 5.21K sh, better
NAV per share: HAPI $45.19; SIZE $180.22
52W range

ETF.net Grade

Pillar letters and Scores for HAPI, SIZE, with each pillar’s weight
Pillar	HAPI	SIZE
Cost30% weight	D34	A81Higher
Mission25% weight	A88	A93Higher
Risk15% weight	B67Higher	B66
Tradability15% weight	F16	F23Higher
Holdings10% weight	D36	A88Higher
Durability5% weight	F21	B57Higher

Rank among US Factor Index funds

How we build Categories ›

Same Category. HAPI and SIZE are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

SIZE ranks 3rd and HAPI 18th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 4ADXUVU.S. Vector Equity Portfolio ETF Class SharesScore 70
Rank 17CSPHBInvesco S&P 500 High Beta ETFScore 50
Rank 18CHAPIHarbor Human Capital Factor US Large Cap ETF (HAPI)Score 49
Rank 19CTMFCMotley Fool 100 Index ETFScore 46

Our read on each fund

ETF.net Research

HAPICHarbor Human Capital Factor US Large Cap ETF (HAPI)

SIZEAiShares MSCI USA Size Factor ETF

In short

HAPI Most factor funds screen balance sheets. HAPI screens culture, tracking an index that picks roughly 150 U.S. large caps using a proprietary corporate-culture score. A human-capital bet in a plain index wrapper.

SIZE The size factor without leaving the large-cap pool: SIZE holds roughly 500 US stocks and leans toward the smaller names in that universe, spreading weight away from the mega-cap giants. An iShares factor original from 2013.

Stated mandate

HAPI The Fund uses an indexing strategy to track the Human Capital Factor Large Cap Index, investing at least 80% of assets in index securities. The index selects roughly 150 U.S. companies using a proprietary corporate-culture scoring methodology.

SIZE The fund seeks to track an index of U.S. stocks that have smaller market capitalizations relative to their peers.

Why people hold it

HAPI A genuinely different screen. The index selects its U.S. large caps on a corporate-culture score rather than the usual value, size or momentum plumbing.
No black-box trading overlay. It is a straightforward indexing strategy that keeps at least 80% of assets in the index's own securities.
Spread across roughly 160 U.S. large caps, so the culture screen arrives as a diversified portfolio rather than a concentrated thematic bet.
Live since 2022 with a real asset base in the hundreds of millions. Past the fragile launch-week stage for a niche idea.

SIZE Charges 0.15%, roughly half the typical fee among US factor ETFs.
Tracks the MSCI USA Low Size Index tightly, one of the closer index implementations in its peer group.
Roughly 500 holdings, so no single name dominates the way it does in a cap-weighted US index.
Running since 2013, one of the original iShares single-factor funds rather than a recent launch.ishares.com

Worth knowing

HAPI At 0.35% a year it prices above the typical U.S. factor ETF. Broad factor tilts like SIZE (0.15%) or MGV (0.05%) cost far less if the culture angle isn't the draw.
Thinly traded next to the giants of its category, so limit orders and trading during regular market hours matter more here.
The culture score is proprietary, and with a 2022 launch there's limited history showing how the screen behaves across a full market cycle.

SIZE Thinly traded next to headline index funds, so bid-ask spreads can run wider and bigger orders need more care.
This is a tilt, not a small-cap fund: the index draws from US large and mid caps and favors the smaller end of that pool.
A mid-sized fund by category standards, not one of the asset-gathering giants. Pays quarterly.

Full HAPI profile⁠

Full SIZE profile⁠

HAPI vs SIZE Holdings

How HAPI and SIZE differ

Overlap by weight

22.6%

Shared holdings make up 98.2% of HAPI and 26.8% of SIZE.

Level by level

Holdings141 in both22.6%
Sector11 Sectors72.1%
Countryby domicile97.9%
Asset classEquity100%

Sector

Sector weights in HAPI and SIZE, widest gap first
Sector	More in HAPIMore in SIZE	HAPI	SIZE
Technology	HAPI +16.2 points	34.1%	17.9%
Communication	HAPI +11.7 points	15.0%	3.3%
Industrials	SIZE +7.8 points	8.4%	16.2%
Financials	SIZE +4.7 points	11.4%	16.1%
Health Care	SIZE +4.2 points	8.6%	12.8%
Utilities	SIZE +3.5 points	1.7%	5.2%
Materials	SIZE +3.1 points	1.7%	4.8%
Real Estate	SIZE +3.1 points	1.4%	4.5%
Energy	SIZE +0.9 points	3.4%	4.3%
Consumer Discretionary	SIZE +0.3 points	8.7%	9.0%
Consumer Staples	SIZE +0.1 points	5.6%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in HAPI and SIZE, widest gap first
Country	More in HAPIMore in SIZE	HAPI	SIZE
United States	HAPI +1.9 points	99.6%	97.7%
United Kingdom	SIZE +0.6 points	0.0%	0.6%
Switzerland	SIZE +0.6 points	0.0%	0.6%
Other countries (7)	SIZE +0.7 points	0.4%	1.1%

Concentration

Weight in the 10 largest Holdings

HAPI42.5%
SIZE3.7%

Securities held

HAPI157
SIZE515

Asset class

HAPI: Equity
SIZE: Equity

Holdings

Only in HAPI16
In both141
Only in SIZE374

Only in HAPI

16 securities, 1.8% of HAPI by weight

Spotify Technology SA0.65%
Ss Materials Select Sector0.31%
St Sr Utl Sl SE Spdr Etf-Usd0.21%
Vivmark Residential0.14%
Pinterest Inc- Class A0.12%
Trimble Inc0.11%
Draftkings Inc-Cl A0.05%
Lululemon Athletica Inc0.05%
Trade Desk Inc/The -Class A0.05%
Aptiv PLC0.03%
Insulet Corp0.03%
Builders Firstsource Inc0.03%
Mobility Global Inc0.02%
Ryan Specialty Holdings Inc0.02%
Amer Sports Inc0.02%
Versigent PLC<0.01%

Only in SIZE

374 securities, 73.0% of SIZE by weight

Okta Class A0.47%
Atlassian Corp Class A0.42%
Sharkninja0.39%
Veeva Systems Class A0.36%
Vivmark Residential0.36%
Snowflake0.33%
Dell Technologies Inc Class C0.32%
Illumina Inc0.32%
Everpure Inc Class A0.32%
Best Buy0.32%
Netapp Inc0.31%
Marathon Petroleum0.31%
Mettler Toledo0.30%
Agilent Technologies Inc0.30%
Cdw0.29%
Workday Class A0.29%
Crowdstrike Holdings Class A0.29%
Dollar Tree Inc0.28%
Phillips 660.28%
Williams Sonoma Inc0.28%
Thermo Fisher Scientific0.27%
Global Payments Inc0.27%
Labcorp Holdings0.27%
Estee Lauder Inc Class A0.27%
Roper Technologies0.27%
Toast Class A0.27%
Palo Alto Networks0.27%
Samsara Class A0.26%
Accenture PLC Class A0.26%
Waters Corp0.26%
Ptc0.26%
West Pharmaceutical Services0.26%
Zscaler0.26%
Genuine Parts0.26%
Corebridge Financial Inc0.25%
Ulta Beauty Inc0.25%
Quest Diagnostics Inc0.25%
Biogen0.25%
Arthur J Gallagher0.25%
Becton Dickinson0.25%
Humana0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Danaher0.25%
Cloudflare Class A0.25%
Cheniere Energy0.25%
Veralto0.25%
Revolution Medicines0.24%
Royalty Pharma PLC Class A0.24%
Masco0.24%

Weight gaps

The 100 widest of 141 Holdings in both funds.

Holding weights in HAPI and SIZE, widest gap first
Holding	More in HAPIMore in SIZE	HAPI	SIZE
Apple IncAAPL	HAPI +5.92 points	6.10%	0.18%
Microsoft CorpMSFT	HAPI +5.71 points	5.91%	0.20%
Amazon.com IncAMZN	HAPI +5.33 points	5.48%	0.15%
NVIDIA CorpNVDA	HAPI +5.09 points	5.23%	0.14%
Meta Platforms Inc-Class AMETA	HAPI +4.20 points	4.37%	0.17%
Alphabet Inc-Cl AGOOGL	HAPI +4.09 points	4.15%	0.06%
JPMorgan Chase & CoJPM	HAPI +2.91 points	3.10%	0.19%
Cisco Systems IncCSCO	HAPI +2.86 points	3.01%	0.15%
Eli Lilly & CoLLY	HAPI +2.60 points	2.83%	0.23%
Chevron CorpCVX	HAPI +2.10 points	2.30%	0.20%
Netflix IncNFLX	HAPI +1.80 points	1.92%	0.12%
Mastercard Inc - AMA	HAPI +1.51 points	1.73%	0.22%
Costco Wholesale CorpCOST	HAPI +1.42 points	1.58%	0.16%
Salesforce IncCRM	HAPI +1.41 points	1.64%	0.23%
Kla CorpKLAC	HAPI +1.32 points	1.48%	0.16%
Johnson & JohnsonJNJ	HAPI +1.31 points	1.51%	0.20%
Procter & Gamble Co/ThePG	HAPI +1.29 points	1.49%	0.20%
Philip Morris InternationalPM	HAPI +1.10 points	1.29%	0.19%
Arista Networks IncANET	HAPI +1.10 points	1.31%	0.21%
Marvell Technology IncMRVL	HAPI +1.10 points	1.30%	0.20%
AbbVie IncABBV	HAPI +0.97 points	1.21%	0.24%
Lam Research CorpLRCX	HAPI +0.93 points	1.08%	0.15%
General ElectricGE	HAPI +0.92 points	1.10%	0.18%
Bank of America CorpBAC	HAPI +0.91 points	1.08%	0.17%
Verizon Communications IncVZ	HAPI +0.78 points	0.94%	0.16%
Caterpillar IncCAT	HAPI +0.76 points	0.88%	0.12%
Automatic Data ProcessingADP	HAPI +0.69 points	0.93%	0.24%
Servicenow IncNOW	HAPI +0.68 points	0.86%	0.18%
Walt Disney Co/TheDIS	HAPI +0.64 points	0.83%	0.19%
Morgan StanleyMS	HAPI +0.63 points	0.80%	0.17%
Intuit IncINTU	HAPI +0.62 points	0.77%	0.15%
Ge Vernova IncGEV	HAPI +0.59 points	0.74%	0.15%
Merck & Co. Inc.MRK	HAPI +0.58 points	0.81%	0.23%
Prologis IncPLD	HAPI +0.58 points	0.74%	0.16%
Synopsys IncSNPS	HAPI +0.49 points	0.66%	0.17%
Freeport-Mcmoran IncFCX	HAPI +0.49 points	0.68%	0.19%
Cadence Design Sys IncCDNS	HAPI +0.46 points	0.63%	0.17%
Constellation EnergyCEG	HAPI +0.43 points	0.61%	0.18%
Emerson Electric CoEMR	HAPI +0.42 points	0.65%	0.23%
American Express CoAXP	HAPI +0.42 points	0.60%	0.18%
Booking Holdings IncBKNG	HAPI +0.40 points	0.57%	0.17%
S&P Global IncSPGI	HAPI +0.39 points	0.59%	0.20%
Schwab (Charles) CorpSCHW	HAPI +0.38 points	0.55%	0.17%
Amgen IncAMGN	HAPI +0.31 points	0.56%	0.25%
Altria Group IncMO	HAPI +0.31 points	0.49%	0.19%
Valero Energy CorpVLO	HAPI +0.30 points	0.58%	0.28%
Eaton Corp PLCETN	HAPI +0.29 points	0.47%	0.18%
Lockheed Martin CorpLMT	HAPI +0.28 points	0.50%	0.22%
Deere & CoDE	HAPI +0.28 points	0.49%	0.21%
Motorola Solutions IncMSI	HAPI +0.27 points	0.49%	0.22%
Natera IncNTRA	SIZE +0.24 points	0.16%	0.40%
Progressive CorpPGR	HAPI +0.25 points	0.45%	0.20%
Intuitive Surgical IncISRG	HAPI +0.24 points	0.41%	0.17%
Nucor CorpNUE	HAPI +0.23 points	0.46%	0.23%
SempraSRE	HAPI +0.22 points	0.39%	0.17%
Digital Realty Trust IncDLR	HAPI +0.20 points	0.38%	0.18%
Autodesk IncADSK	HAPI +0.20 points	0.39%	0.19%
Keysight Technologies InKEYS	HAPI +0.20 points	0.36%	0.16%
Incyte CorpINCY	SIZE +0.19 points	0.05%	0.24%
Hewlett Packard EnterpriseHPE	HAPI +0.20 points	0.51%	0.31%
Pfizer IncPFE	HAPI +0.19 points	0.40%	0.21%
Parker Hannifin CorpPH	HAPI +0.19 points	0.38%	0.19%
Ciena CorpCIEN	HAPI +0.17 points	0.28%	0.11%
Tradeweb Markets Inc-Class ATW	SIZE +0.17 points	0.04%	0.21%
Brown & Brown IncBRO	SIZE +0.16 points	0.07%	0.23%
Cme Group IncCME	HAPI +0.15 points	0.33%	0.18%
Ge Healthcare TechnologyGEHC	SIZE +0.15 points	0.08%	0.23%
Equifax IncEFX	SIZE +0.15 points	0.07%	0.22%
Mercadolibre IncMELI	HAPI +0.15 points	0.33%	0.18%
Steris PLCSTE	SIZE +0.14 points	0.06%	0.20%
Jacobs Solutions IncJ	SIZE +0.14 points	0.13%	0.27%
Dollar General CorpDG	SIZE +0.14 points	0.10%	0.24%
Honeywell International IncHON	HAPI +0.14 points	0.23%	0.09%
Loews CorpL	SIZE +0.14 points	0.06%	0.20%
Iqvia Holdings IncIQV	SIZE +0.13 points	0.16%	0.29%
Quanta Services IncPWR	HAPI +0.13 points	0.29%	0.16%
Sofi Technologies IncSOFI	SIZE +0.13 points	0.08%	0.21%
Trane Technologies PLCTT	HAPI +0.13 points	0.29%	0.16%
Blackstone IncBX	HAPI +0.13 points	0.32%	0.19%
Marriott International -Cl AMAR	HAPI +0.13 points	0.33%	0.20%
Pultegroup IncPHM	SIZE +0.12 points	0.09%	0.21%
Principal Financial GroupPFG	SIZE +0.12 points	0.09%	0.21%
General Mills IncGIS	SIZE +0.12 points	0.07%	0.19%
Mondelez International Inc-AMDLZ	HAPI +0.12 points	0.31%	0.19%
Marsh & Mclennan CosMRSH	HAPI +0.12 points	0.34%	0.22%
Resmed IncRMD	SIZE +0.12 points	0.09%	0.21%
Markel Group IncMKL	SIZE +0.11 points	0.08%	0.19%
Cincinnati Financial CorpCINF	SIZE +0.12 points	0.09%	0.21%
Synchrony FinancialSYF	SIZE +0.12 points	0.09%	0.21%
Oneok IncOKE	HAPI +0.11 points	0.30%	0.19%
Texas Pacific Land CorpTPL	SIZE +0.11 points	0.05%	0.16%
Zoetis IncZTS	SIZE +0.11 points	0.08%	0.19%
Lennox International IncLII	SIZE +0.11 points	0.03%	0.14%
Csx CorpCSX	HAPI +0.11 points	0.31%	0.20%
Stryker CorpSYK	HAPI +0.10 points	0.26%	0.16%
Colgate-Palmolive CoCL	HAPI +0.10 points	0.29%	0.19%
Honeywell Aerospace IncHONA	HAPI +0.10 points	0.16%	0.06%
Hilton Worldwide Holdings InHLT	HAPI +0.09 points	0.30%	0.21%
Cummins IncCMI	HAPI +0.09 points	0.23%	0.14%
Consolidated Edison IncED	HAPI +0.09 points	0.29%	0.20%

All 156 HAPI holdings⁠All 515 SIZE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HAPI vs SIZE Cost

Overpaying HAPI vs SIZE

$3,989

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HAPI 0.35%
$7,126
SIZE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

HAPI 0.35%
SIZE 0.15%
Overpaying

Year by year

Year	HAPI	SIZE	Overpaying
10	$634	$274	$360
20	$2,454	$1,071	$1,383
30	$7,126	$3,137	$3,989

Expense ratio

0.35%HAPI
0.15%SIZE, cheaper

SIZE0.15%HAPI0.35%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

SIZE 5th cheapest of 30 funds

HAPI 19th cheapest of 30 funds

HAPI vs SIZE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HAPI 0.79%; SIZE 1.37%, better
Payout (12M): HAPI $0.36; SIZE $2.47
Last payment: HAPI $0.36; SIZE $0.65
Ex-dividend: HAPI Dec 19, 2025; SIZE Sep 15, 2026
Paid on: HAPI Dec 24, 2025; SIZE Sep 18, 2026
Frequency: HAPI Annual; SIZE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

HAPIAnnual · 4 paymentsAll HAPI payments⁠

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

HAPI vs SIZE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HAPI 12.0%, betterSIZE 13.0%
Return per unit of riskSharpe ratio, 3 years: HAPI 1.42, betterSIZE 1.06
Worst fallMax drawdown, 5 years: HAPI −19.5%since Oct 2022SIZE −24.0%
Market sensitivityBeta, 5 years: HAPI 0.90SIZE 0.97; Market = 1

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