SMLL ETF — Holdings & Analysis

small-cap companies within the Russell 2000 Index. The fund utilizes a bottom-up analysis, focusing on companies with competitive advantages, strong business models, and consistent cash flow, differentiating itself through a concentrated portfolio and active stock selection.

Harbor Active Small Cap ETF (SMLL) (SMLL) ETF — Price, Holdings & Analysis

The Harbor Active Small Cap ETF (SMLL) is an actively managed fund with $0.01 billion in assets under management and an expense ratio of 0.80%. SMLL aims for long-term total return by investing in 30 to 80 U.S. small-cap companies within the Russell 2000 Index. The fund utilizes a bottom-up analysis, focusing on companies with competitive advantages, strong business models, and consistent cash flow, differentiating itself through a concentrated portfolio and active stock selection.

ETF Overview

SMLL focuses on long-term total return through investments in US small capitalization companies that fall within the Russell 2000 Index. Employing a proprietary bottom-up analysis, SMLL selects approximately 30 to 80 companies based on competitive advantages, strong business models, and consistent cash flow. The selection process involves metrics like Price to Free Cash Flow, Return on Invested Capital, and insider share purchases. The Fund also analyzes a companys competitive position and assesses management's ability to allocate capital effectively. Regular valuation analysis is conducted to determine a stock's intrinsic value and assess whether it is trading at a discount. SMLL may divest from certain holdings if there are shifts in fundamentals, market overvaluation, or when better investment opportunities arise.

The Harbor Active Small Cap ETF (SMLL) seeks to achieve long-term total return by investing in U.S. small-capitalization companies. SMLL's investment strategy involves a proprietary bottom-up analysis to identify companies with competitive advantages, strong business models, and consistent cash flow. The fund selects approximately 30 to 80 companies, focusing on metrics such as Price to Free Cash Flow, Return on Invested Capital, and insider share purchases. The fund's top holdings include Pool Corp (POOL) at 4.74%, Reliance Inc (RS) at 4.28%, and WillScot Mobile Mini Holdings Corp (WSC) at 3.88%. Sector allocation is heavily weighted towards Industrials (30.3%), Financial Services (19.7%), and Technology (16.5%). This concentrated approach aims to outperform the broader small-cap market by capitalizing on undervalued companies with strong fundamentals. Regular valuation analysis is conducted to determine a stock's intrinsic value and assess whether it is trading at a discount. SMLL may divest from certain holdings if there are shifts in fundamentals, market overvaluation, or when better investment opportunities arise.

Risk Metrics

SMLL's active management and concentrated portfolio of 47 holdings introduce specific risks. The fund's focus on a limited number of companies means that its performance is highly dependent on the success of those individual holdings, increasing concentration risk. The significant allocation to Industrials (30.3%), Financial Services (19.7%), and Technology (16.5%) exposes the fund to sector-specific risks. With a 3-year Beta of 0.00, SMLL's volatility is not measurable relative to the market. The expense ratio of 0.80% is higher than passively managed small-cap ETFs, which can create a drag on performance, especially in periods of lower returns. these may be worth researching factors when evaluating SMLL's suitability for their risk tolerance and investment objectives. Past performance does not guarantee future results.

Expense Ratio

0.80%

What does SMLL hold?

Holding	Weight
Pool Corp (POOL)	4.74%
Reliance Inc (RS)	4.28%
WillScot Holdings Corp Ordinary Shares - Class A (WSC)	3.88%
Douglas Dynamics Inc (PLOW)	3.82%
Wintrust Financial Corp (WTFC)	3.73%
Liberty Energy Inc Class A (LBRT)	3.70%
Andersen Group Inc Ordinary Shares- Class A (ANDG)	3.49%
Remitly Global Inc (RELY)	3.47%
Morningstar Inc (MORN)	3.44%
SS&C Technologies Holdings Inc (SSNC)	3.14%

How Is the Fund Allocated?

Sector	Weight
Industrials	30.3%
Financial Services	19.7%
Technology	16.5%
Consumer Cyclical	10.3%
Healthcare	6.0%
Energy	5.8%
Basic Materials	5.5%
Real Estate	4.0%
Consumer Defensive	1.9%

Country	Weight
United States	95.3%
Other	4.3%
Cayman Islands	0.5%

Dividend Yield

0.00%

Harbor Long-Short Equity ETF (LSEQ) (LSEQ) (Equity) — 2.28% expense ratio
Harbor AlphaEdge Small Cap Earners ETF (EBIT) (EBIT) (Equity) — 0.29% expense ratio
Harbor International Equity ETF (EPIN) (EPIN) (Equity) — 0.80% expense ratio
Harbor Transformative Technologies ETF (TEC) (TEC) (Equity) — 0.69% expense ratio
Harbor Disruptive Innovation ETF (INNO) (Equity) — 0.75% expense ratio
Harbor AlphaEdge Next Generation REITs ETF (AREA) (AREA) (Equity) — 0.50% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is SMLL and what does it track?

The Harbor Active Small Cap ETF (SMLL) is an actively managed exchange-traded fund that focuses on investing in small-capitalization companies within the United States.

Unlike passive ETFs that track an index, SMLL employs a bottom-up investment approach, selecting approximately 30 to 80 companies based on their competitive advantages, strong business models, and consistent cash flow.

What is the expense ratio for SMLL?

The expense ratio for the Harbor Active Small Cap ETF (SMLL) is 0.80%. This means that for every $10,000 invested in the fund, $80 is deducted annually to cover operating expenses.

What are the top holdings in SMLL?

As of 2026-03-15, the top holdings in the Harbor Active Small Cap ETF (SMLL) are: Pool Corp (POOL) at 4.74%, Reliance Inc (RS) at 4.28%, WillScot Mobile Mini Holdings Corp (WSC) at 3.88%, Douglas Dynamics Inc (PLOW) at 3.82%, and…

Wintrust Financial Corp (WTFC) at 3.73%.

Is SMLL a good long-term investment?

Evaluating whether SMLL is a suitable long-term investment requires careful consideration of its investment strategy, risk profile, and expense ratio. SMLL's active management and concentrated portfolio offer the potential for outperformance, but also introduce higher risk.

The fund's expense ratio of 0.80% can impact long-term returns.

How does SMLL compare to similar ETFs?

SMLL differentiates itself from many small-cap ETFs through its active management and concentrated portfolio. Many small-cap ETFs are passively managed, tracking indexes like the Russell 2000. SMLL, with its 47 holdings, has a more focused approach than broader small-cap ETFs.

The expense ratio of 0.80% is higher than many passive small-cap ETFs. As of 2026-03-15, SMLL has $0.01 billion in AUM, which is smaller than many established small-cap ETFs.

Does SMLL pay dividends?

As of 2026-03-15, the Harbor Active Small Cap ETF (SMLL) has a dividend yield of 0.00%. This indicates that the fund currently does not distribute dividends to its shareholders.

Investors seeking income-generating investments may need to consider other ETFs with a history of dividend payments. The fund's focus is on capital appreciation through active stock selection.