At a glance
SMLL charges 0.8% a year. It has $14.0M in assets; it paid 1.52% of its price in distributions over the past 12 months, annual. Over the past year it returned +2.9% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 36.6% of the fund, out of 50 in all.
The short version
Harbor Active Small Cap ETF (SMLL) is an actively managed fund. Its subadvisor, Byron Place Capital Management, hand-picks U.S. small-company stocks with steady cash generation and proven management instead of tracking an index. It held just 50 stocks as of July 31, 2026, with 36.6% of assets in its top 10. That focus costs 0.80% a year, and the fund's record goes back only to its August 2024 launch.
Price history
The interactive chart needs JavaScript.
SMLL +2.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SMLL official prospectus, to Dec 31, 2025 | — | -6.23% | — | — | — | +3.44% |
| SMLL price data to Oct 27, 2026 | +9.1% | +2.9% | — | — | — | +5.5% |
- Over the year to Oct 27, 2026, SMLL returned +2.9%.
- Its worst full calendar year was 2025 (-7.0%); its best was 2025 (-7.0%).
- The deepest fall in its price history was 23.6% (Feb 18, 2025 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | -7.0% | -6.23% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.3300 |
What's inside
As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 36.6% of assets.
| Holding | Weight | |
|---|---|---|
| Pool Corp | 4.98% | |
| Morningstar Inc | 4.43% | |
| WillScot Holdings Corp | 4.09% | |
| Wintrust Financial Corp | 3.97% | |
| Douglas Dynamics Inc | 3.56% | |
| Paylocity Holding Corp | 3.33% | |
| United Bankshares Inc/WV | 3.27% | |
| SS&C Technologies Holdings Inc | 3.25% | |
| RLJ Lodging Trust | 2.99% | |
| Janus International Group Inc | 2.74% | |
| Artisan Partners Asset Management Inc | 2.65% | |
| FactSet Research Systems Inc | 2.54% | |
| StandardAero Inc | 2.42% | |
| CoStar Group Inc | 2.36% | |
| Remitly Global Inc | 2.35% |
By country
United States 95.01%Cayman Islands 0.54%By asset type
Stocks 95.55%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $503K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.10%, +4.34%, +0.51%.
How it works
SMLL is actively managed, so it does not track an index. It normally keeps at least 80% of its net assets in U.S. small cap companies, defined as those whose total stock market value falls within the Russell 2000 Index's range. As of January 31, 2026, that index's largest company was worth $38.2 billion and its median company $987 million.
The fund's subadvisor, Byron Place Capital Management, which had not managed an ETF or other registered fund before, picks about 30 to 80 stocks by researching individual companies. It favors lasting competitive advantages, sustainable free cash flow (cash left after running and reinvesting in the business), above-peer returns on invested capital, and managers who have allocated capital well. It also weighs price to free cash flow, insider buying, and whether a stock trades below its estimated worth. It sells when a company's prospects change, the stock looks overvalued, or a better idea appears.
The subadvisor, not an index formula, sets position sizes, and because the fund is non-diversified it can put more in a single company. As of July 31, 2026, it held 50 stocks, with the 10 largest at 36.6% of assets, led by Pool Corp at about 5%. That report showed no derivatives.
What it really costs
- SMLL charges 0.8% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $82 in the first year and $990 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMLL | $82 | $255 | $444 | $990 |
In a retirement portfolio
SMLL is a non-diversified basket of 50 small-company stocks as of July 31, 2026, with a short history and a 0.80% fee, so it fits better as a small add-on than as a foundation.
SMLL could add a focused set of smaller U.S. companies, chosen for cash generation and sound management, alongside a broader core. It launched in August 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned -6.23%. Its deepest price drop was 23.6%, from February 18 to April 8, 2025, and it had not regained that peak as of October 27, 2026. Taking money out during a slide like that locks in losses.
The trailing 12-month yield was 1.52% as of October 27, 2026, paid once a year, so the fund is not built for steady income. Expenses are 0.80% a year: $82 after one year and $990 after 10 in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, actively managed slice of U.S. small companies picked for cash flow and value, such as Pool Corp and Morningstar.
- People comfortable with concentration: 50 stocks as of July 31, 2026, with 36.6% of assets in the top 10.
- Long-term holders who can sit through drops like the 23.6% slide from February to April 2025 without needing the money.
Look elsewhere if
- Cost-focused investors: the 0.80% expense ratio pays for active stock picking, and broad small-cap index funds generally charge less.
- Retirees seeking regular income: the trailing 12-month yield was 1.52% as of October 27, 2026, paid just once a year.
- Investors wanting history and scale: launched in August 2024, SMLL held about $14.0 million in net assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is SMLL a leveraged ETF?
No. SMLL owns stocks directly and aims for long-term total return, not a multiple of an index's return. Its prospectus describes a portfolio of common and preferred shares of small U.S. companies, and it reported no derivatives as of July 31, 2026. That sets it apart from leveraged small-cap funds such as ProShares Ultra Russell2000 (UWM), which is built to deliver 2× the Russell 2000's moves. Funds like that typically reset daily, so over longer periods their results can drift far from the stated multiple.
What are SMLL's top holdings?
As of July 31, 2026, SMLL's largest holdings were Pool Corp (5.0% of assets), Morningstar (4.4%), WillScot Holdings (4.1%) and Wintrust Financial (4.0%). Paylocity, United Bankshares, SS&C Technologies, RLJ Lodging Trust and Janus International were also in the top 10, which together made up 36.6% of the fund. It held 50 stocks, nearly all of them U.S. companies. Because the fund is non-diversified, trouble at a single company can hurt it more than it would hurt a broad index fund.
What is SMLL's expense ratio?
SMLL's expense ratio, the yearly fee taken from fund assets, is 0.80%, all of it management fee, according to the prospectus filed February 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs total $82 after one year, $444 after five years and $990 after 10. Actively managed funds pay for stock research and generally cost more than index funds, so the manager's picks have to make up that difference.
How has SMLL performed since it launched?
The record is short and mixed. According to the prospectus, SMLL returned -6.23% in 2025 and averaged 3.44% a year from its August 2024 launch through December 31, 2025. Its strongest quarter gained 6.81% (ended December 31, 2024) and its weakest lost 5.43% (ended March 31, 2025). Based on market price, it was up 9.1% from the start of 2026 through October 27, 2026, and up 2.9% for the 12 months to that date.
Who manages the Harbor Active Small Cap ETF?
SMLL is a Harbor-branded ETF issued by ORIX, and subadvisor Byron Place Capital Management picks the stocks. The prospectus notes that Byron Place had never run an ETF or other registered fund before this one. Such funds face legal limits that don't apply to its other accounts. The fund is also small, with about $14.0 million in net assets as of July 31, 2026, after about $0.5 million in net outflows over the prior three months. The prospectus warns that a fund that doesn't reach a viable size can be closed.