HAPI vs USCA: Grades, Fees and Holdings Compared

Harbor Human Capital Factor US Large Cap ETF (HAPI)

HAPICNYSE Arca

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

51.7%by weight

Expense ratio

USCA −0.28pt a year

HAPI0.35%USCA0.07%

Avg volume · 30D

USCA 47.0×the volume

HAPI2.08KUSCA97.9K

3Y return · a year

HAPI +1.5pt

HAPI+22.8%USCA+21.3%

HAPI vs USCA Performance

Oct 31, 2025 – Oct 30, 2026

+10.9%HAPI+6.8%USCA

Expense ratio: HAPI 0.35%; USCA 0.07%, better
Fund size: HAPI $493M; USCA $3.42B
1Y total return: HAPI +10.9%, better; USCA +6.8%
Yield (12M): HAPI 0.79%; USCA 1.06%, better
Holdings: HAPI 157; USCA 392
Avg volume (30D): HAPI 2.08K sh; USCA 97.9K sh, better
NAV per share: HAPI $45.19; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for HAPI, USCA, with each pillar’s weight
Pillar	HAPI	USCA
Cost30% weight	D34	A97Higher
Mission25% weight	A88	A91Higher
Risk15% weight	B67Higher	C54
Tradability15% weight	F16	B61Higher
Holdings10% weight	D36Higher	D29
Durability5% weight	F21	C49Higher

Rank among US Factor Index funds

How we build Categories ›

Same Category. HAPI and USCA 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 ›

USCA ranks 2nd 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 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)

USCAAXtrackers MSCI USA Climate Action Equity 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.

USCA The largest US ETF debut on record when it launched in 2023, seeded by a Finnish pension fund. It owns roughly 400 US large- and mid-caps, keeping only the top half of each sector on MSCI's climate-transition scoring, for 0.07% a year.

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.

USCA The fund seeks to track the MSCI USA Climate Action Index before fees and expenses through a passive indexing strategy. The index selects U.S. large- and mid-capitalization companies assessed as leading sector peers in climate-transition positioning and actions.

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.

USCA Costs 0.07% a year against a typical screened US equity peer near 0.28%, and undercuts bigger ESG names like SUSA at 0.25%.
No blanket sector bans: the index keeps the top 50% of companies in each GICS sector, so energy and industrials stay in, represented by their climate-transition leaders.dws.com msci.com
Rules do the picking. MSCI's climate metrics, ESG ratings and controversy screens set the roster; no manager discretion, no stock-by-stock calls.dws.com
A multi-billion-dollar fund with an institutional anchor investor from day one, and it pays quarterly.businesswire.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.

USCA Half of each sector is screened out, so results can drift from a plain MSCI USA index fund in either direction.dws.com
Market-cap weighted and filed as non-diversified, so America's largest companies carry heavy weight at the top.dws.com
Moderately traded next to the giants of US equity, so spreads can be a bigger part of the cost of getting in and out.

Full HAPI profile⁠

Full USCA profile⁠

HAPI vs USCA Holdings

How HAPI and USCA differ

Overlap by weight

51.7%

Shared holdings make up 92.0% of HAPI and 59.6% of USCA.

Level by level

Holdings116 in both51.7%
Sector11 Sectors88.3%
Asset classEquity100%
Countryby domicile99.5%

Sector

Sector weights in HAPI and USCA, widest gap first
Sector	More in HAPIMore in USCA	HAPI	USCA
Technology	USCA +9.3 points	34.1%	43.4%
Communication	HAPI +3.4 points	15.0%	11.6%
Financials	HAPI +2.4 points	11.4%	9.0%
Industrials	HAPI +2.2 points	8.4%	6.2%
Consumer Staples	HAPI +1.8 points	5.6%	3.8%
Energy	HAPI +1.5 points	3.4%	1.9%
Health Care	USCA +1.5 points	8.6%	10.1%
Consumer Discretionary	USCA +0.7 points	8.7%	9.4%
Real Estate	USCA +0.3 points	1.4%	1.7%
Materials	HAPI +0.3 points	1.7%	1.4%
Utilities	HAPI +0.2 points	1.7%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in HAPI and USCA, widest gap first
Country	More in HAPIMore in USCA	HAPI	USCA
United States	HAPI +0.3 points	99.6%	99.3%
Brazil	HAPI +0.2 points	0.3%	0.1%
Switzerland	USCA +0.2 points	0.0%	0.2%
China	USCA +0.1 points	0.0%	0.1%
Mexico	USCA +0.1 points	0.0%	0.1%
Canada	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
Finland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

HAPI42.5%
USCA44.6%

Securities held

HAPI157
USCA391

Asset class

HAPI: Equity
USCA: Equity

Holdings

Only in HAPI41
In both116
Only in USCA275

Only in HAPI

41 securities, 8.0% of HAPI by weight

Philip Morris International1.29%
Freeport-Mcmoran Inc0.68%
Spotify Technology SA0.65%
Valero Energy Corp0.58%
Lockheed Martin Corp0.50%
Altria Group Inc0.49%
Eaton Corp PLC0.47%
Ss Materials Select Sector0.31%
Royal Caribbean Cruises Ltd0.31%
Slb Ltd0.26%
St Sr Utl Sl SE Spdr Etf-Usd0.21%
Msci Inc0.17%
Edison International0.15%
Reddit Inc-Cl A0.14%
Dr Horton Inc0.14%
Axon Enterprise Inc0.12%
Pinterest Inc- Class A0.12%
Trimble Inc0.11%
Dollar General Corp0.10%
Invitation Homes Inc0.10%
Synchrony Financial0.09%
Resmed Inc0.09%
Cincinnati Financial Corp0.09%
Pultegroup Inc0.09%
Markel Group Inc0.08%
Brown & Brown Inc0.07%
Heico Corp-Class A0.06%
Loews Corp0.06%
Alnylam Pharmaceuticals Inc0.06%
Steris PLC0.06%
Draftkings Inc-Cl A0.05%
Lululemon Athletica Inc0.05%
Trade Desk Inc/The -Class A0.05%
Incyte Corp0.05%
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 USCA

275 securities, 40.0% of USCA by weight

Broadcom2.76%
Alphabet Class C2.44%
Tesla2.14%
Advanced Micro Dev1.54%
Visa Inc-Class A Shares1.29%
Wal-Mart Stores Inc1.01%
Palantir Technologies Inc Class A0.75%
Exxonmobil Hldgs Corp Npv0.73%
UnitedHealth Group Inc0.69%
Coca-Cola Co0.68%
Home Depot Inc0.62%
Palo Alto Networks0.56%
Thermo Fisher Scientific Inc0.48%
Micron Technology0.47%
2226792D0.44%
Applied Materials Inc0.44%
Gilead Sciences Inc0.40%
Analog Devices Inc0.38%
Goldman Sachs Group Inc0.37%
Pepsico0.35%
McDonald's Corp0.34%
International Business Machine Corp0.34%
Union Pacific Corp0.34%
QUALCOMM Inc0.33%
NextEra Energy Inc0.32%
Oracle Corp0.32%
Blackrock Inc0.31%
Welltower Inc0.31%
Accenture Ltd-Cl A0.29%
AT&T Inc0.28%
Danaher Corp0.28%
Intel Corp0.27%
Eaton Corp PLC0.27%
Vertex Pharm0.26%
Abbott Laboratories0.26%
Wells Fargo & Co0.24%
Bristol-Myers Squibb Co0.24%
Starbucks Corp0.22%
Uber Technologies Inc0.22%
Newmont Mining Corp0.21%
Seagate Technology0.20%
Citigroup Inc0.20%
Snowflake Inc0.19%
Adobe Systems Inc0.19%
Amphenol Corp A0.18%
Dell Technologies Inc0.18%
Western Digital0.18%
Intercontinental Exchange Inc0.18%
Chubb Ltd Npv0.18%
Medtronic plc0.18%

Weight gaps

The 100 widest of 116 Holdings in both funds.

Holding weights in HAPI and USCA, widest gap first
Holding	More in HAPIMore in USCA	HAPI	USCA
NVIDIA CorpNVDA	USCA +3.59 points	5.23%	8.82%
Apple IncAAPL	USCA +3.39 points	6.10%	9.49%
Cisco Systems IncCSCO	HAPI +2.24 points	3.01%	0.77%
Chevron CorpCVX	HAPI +1.89 points	2.30%	0.41%
JPMorgan Chase & CoJPM	HAPI +1.84 points	3.10%	1.26%
Meta Platforms Inc-Class AMETA	HAPI +1.84 points	4.37%	2.53%
Netflix IncNFLX	HAPI +1.44 points	1.92%	0.48%
Salesforce IncCRM	HAPI +1.30 points	1.64%	0.34%
Costco Wholesale CorpCOST	HAPI +1.16 points	1.58%	0.42%
Amazon.com IncAMZN	HAPI +1.12 points	5.48%	4.36%
Kla CorpKLAC	HAPI +1.09 points	1.48%	0.39%
Alphabet Inc-Cl AGOOGL	HAPI +1.07 points	4.15%	3.08%
Microsoft CorpMSFT	USCA +0.99 points	5.91%	6.90%
Marvell Technology IncMRVL	HAPI +0.99 points	1.30%	0.31%
Arista Networks IncANET	HAPI +0.97 points	1.31%	0.34%
Procter & Gamble Co/ThePG	HAPI +0.78 points	1.49%	0.71%
Mastercard Inc - AMA	HAPI +0.76 points	1.73%	0.97%
Eli Lilly & CoLLY	HAPI +0.70 points	2.83%	2.13%
Automatic Data ProcessingADP	HAPI +0.71 points	0.93%	0.22%
Lam Research CorpLRCX	HAPI +0.66 points	1.08%	0.42%
General ElectricGE	HAPI +0.66 points	1.10%	0.44%
Servicenow IncNOW	HAPI +0.66 points	0.86%	0.20%
Bank of America CorpBAC	HAPI +0.62 points	1.08%	0.46%
Intuit IncINTU	HAPI +0.59 points	0.77%	0.18%
Verizon Communications IncVZ	HAPI +0.59 points	0.94%	0.35%
Walt Disney Co/TheDIS	HAPI +0.56 points	0.83%	0.27%
Ge Vernova IncGEV	HAPI +0.52 points	0.74%	0.22%
Prologis IncPLD	HAPI +0.52 points	0.74%	0.22%
Synopsys IncSNPS	HAPI +0.50 points	0.66%	0.16%
Morgan StanleyMS	HAPI +0.49 points	0.80%	0.31%
Emerson Electric CoEMR	HAPI +0.48 points	0.65%	0.17%
Caterpillar IncCAT	HAPI +0.47 points	0.88%	0.41%
Cadence Design Sys IncCDNS	HAPI +0.46 points	0.63%	0.17%
Constellation EnergyCEG	HAPI +0.46 points	0.61%	0.15%
Motorola Solutions IncMSI	HAPI +0.42 points	0.49%	0.07%
Hewlett Packard EnterpriseHPE	HAPI +0.41 points	0.51%	0.10%
Nucor CorpNUE	HAPI +0.37 points	0.46%	0.09%
Booking Holdings IncBKNG	HAPI +0.35 points	0.57%	0.22%
S&P Global IncSPGI	HAPI +0.32 points	0.59%	0.27%
Progressive CorpPGR	HAPI +0.32 points	0.45%	0.13%
SempraSRE	HAPI +0.31 points	0.39%	0.08%
Autodesk IncADSK	HAPI +0.29 points	0.39%	0.10%
Digital Realty Trust IncDLR	HAPI +0.28 points	0.38%	0.10%
American Express CoAXP	HAPI +0.28 points	0.60%	0.32%
Schwab (Charles) CorpSCHW	HAPI +0.28 points	0.55%	0.27%
Johnson & JohnsonJNJ	HAPI +0.28 points	1.51%	1.23%
Keysight Technologies InKEYS	HAPI +0.26 points	0.36%	0.10%
Northrop Grumman CorpNOC	HAPI +0.23 points	0.27%	0.04%
AbbVie IncABBV	HAPI +0.23 points	1.21%	0.98%
Parker Hannifin CorpPH	HAPI +0.22 points	0.38%	0.16%
Consolidated Edison IncED	HAPI +0.21 points	0.29%	0.08%
Travelers Cos Inc/TheTRV	HAPI +0.20 points	0.28%	0.08%
Ciena CorpCIEN	HAPI +0.20 points	0.28%	0.08%
Intuitive Surgical IncISRG	HAPI +0.20 points	0.41%	0.21%
Occidental Petroleum CorpOXY	HAPI +0.19 points	0.26%	0.07%
Mercadolibre IncMELI	HAPI +0.19 points	0.33%	0.14%
Teradyne IncTER	HAPI +0.19 points	0.25%	0.06%
Oneok IncOKE	HAPI +0.19 points	0.30%	0.11%
Deere & CoDE	HAPI +0.18 points	0.49%	0.31%
Hp IncHPQ	HAPI +0.17 points	0.21%	0.04%
Stryker CorpSYK	HAPI +0.17 points	0.26%	0.09%
Marriott International -Cl AMAR	HAPI +0.17 points	0.33%	0.16%
Ww Grainger IncGWW	HAPI +0.16 points	0.22%	0.06%
Marsh & Mclennan CosMRSH	HAPI +0.16 points	0.34%	0.18%
Mondelez International Inc-AMDLZ	HAPI +0.16 points	0.31%	0.15%
Colgate-Palmolive CoCL	HAPI +0.15 points	0.29%	0.14%
Airbnb Inc-Class AABNB	HAPI +0.16 points	0.29%	0.13%
Blackstone IncBX	HAPI +0.16 points	0.32%	0.16%
Hilton Worldwide Holdings InHLT	HAPI +0.15 points	0.30%	0.15%
Delta Air Lines IncDAL	HAPI +0.15 points	0.17%	0.02%
Ebay IncEBAY	HAPI +0.15 points	0.24%	0.09%
Monster Beverage CorpMNST	HAPI +0.14 points	0.27%	0.13%
Cummins IncCMI	HAPI +0.13 points	0.23%	0.10%
Metlife IncMET	HAPI +0.14 points	0.19%	0.05%
Credo Technology Group HoldiCRDO	HAPI +0.13 points	0.17%	0.04%
P G & E CorpPCG	HAPI +0.14 points	0.19%	0.05%
Honeywell International IncHON	HAPI +0.13 points	0.23%	0.10%
Ford Motor CoF	HAPI +0.13 points	0.20%	0.07%
Csx CorpCSX	HAPI +0.13 points	0.31%	0.18%
Trane Technologies PLCTT	HAPI +0.12 points	0.29%	0.17%
Cme Group IncCME	HAPI +0.13 points	0.33%	0.20%
Merck & Co. Inc.MRK	HAPI +0.12 points	0.81%	0.69%
Nike Inc -Cl BNKE	HAPI +0.12 points	0.18%	0.06%
Quanta Services IncPWR	HAPI +0.12 points	0.29%	0.17%
3M CoMMM	HAPI +0.12 points	0.29%	0.17%
Prudential Financial IncPRU	HAPI +0.10 points	0.14%	0.04%
Dupont De Nemours IncDD	HAPI +0.10 points	0.13%	0.03%
Aon Plc-Class AAON	HAPI +0.10 points	0.22%	0.12%
Expedia Group IncEXPE	HAPI +0.10 points	0.16%	0.06%
Vylor IncVYLR	HAPI +0.09 points	0.16%	0.07%
Honeywell Aerospace IncHONA	HAPI +0.09 points	0.16%	0.07%
Jacobs Solutions IncJ	HAPI +0.10 points	0.13%	0.03%
Nasdaq IncNDAQ	HAPI +0.09 points	0.18%	0.09%
Amgen IncAMGN	HAPI +0.09 points	0.56%	0.47%
United Rentals IncURI	HAPI +0.09 points	0.23%	0.14%
Boston Scientific CorpBSX	HAPI +0.07 points	0.19%	0.12%
Pfizer IncPFE	HAPI +0.07 points	0.40%	0.33%
Kimberly-Clark CorpKMB	HAPI +0.07 points	0.14%	0.07%
Iqvia Holdings IncIQV	HAPI +0.08 points	0.16%	0.08%
Arch Capital Group LtdACGL	HAPI +0.07 points	0.12%	0.05%

All 156 HAPI holdings⁠All 394 USCA 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 USCA Cost

Overpaying HAPI vs USCA

$5,646

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

HAPI 0.35%
$7,126
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

HAPI 0.35%
USCA 0.07%
Overpaying

Year by year

Year	HAPI	USCA	Overpaying
10	$634	$128	$506
20	$2,454	$503	$1,951
30	$7,126	$1,480	$5,646

Expense ratio

0.35%HAPI
0.07%USCA, cheaper

USCA0.07%HAPI0.35%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

HAPI 19th cheapest of 30 funds

HAPI vs USCA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HAPI 0.79%; USCA 1.06%, better
Payout (12M): HAPI $0.36; USCA $0.47
Last payment: HAPI $0.36; USCA $0.10
Ex-dividend: HAPI Dec 19, 2025; USCA Sep 18, 2026
Paid on: HAPI Dec 24, 2025; USCA Sep 25, 2026
Frequency: HAPI Annual; USCA Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

HAPIAnnual · 4 paymentsAll HAPI payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

HAPI vs USCA 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%, betterUSCA 12.5%
Return per unit of riskSharpe ratio, 3 years: HAPI 1.42, betterUSCA 1.27
Worst fallMax drawdown, 5 years: HAPI −19.5%since Oct 2022USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: HAPI 0.90USCA 1.00; Market = 1

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