HAPS vs SIZE

HAPSDHarbor Human Capital Factor US Small Cap ETF

SIZEAiShares MSCI USA Size Factor ETF

In short

HAPS A small-cap index fund that screens on corporate culture. Irrational Capital scores companies on how they treat their workforce, and Harbor holds the roughly 200 US small caps that rank highest. A people signal, not a balance-sheet one.

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

HAPS The fund seeks pre-fee and pre-expense returns that correspond to the Human Capital Factor Small Cap Index. It uses an indexing approach and invests at least 80% of assets in index securities.

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

• HAPS The screen is genuinely unusual: a proprietary corporate-culture score from Irrational Capital, not the standard value, quality or momentum recipe most small-cap factor funds run.sec.gov
• Plain index mechanics under the hood: at least 80% of assets in index names, roughly 200 small caps, and a portfolio that has stayed closely aligned with its stated mandate.
• Not a one-off experiment. Harbor applies the same Human Capital Factor scoring in its large-cap funds, so this is the small-cap extension of a methodology already running live.businesswire.com

• 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

• HAPS At 0.61% it costs more than double the small-cap cohort median of 0.25%, and the plain-vanilla leaders (VB and SCHA at 0.03%) charge a fraction of it.sec.gov
• Thinly traded next to category giants like IWM, so spreads can run wider and larger orders need more care.
• The index rules are proprietary, so you cannot fully reverse-engineer why a stock is in or out, and the fund has only traded since 2023.

• 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 HAPS profile⁠

Full SIZE profile⁠