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Harbor Capital Advisors Launches Third Corporate Culture ETF

ETF Powered by Irrational Capital’s Proprietary Human Capital Factor Scores

Harbor Capital Advisors, Inc. (“Harbor”), an asset manager known for curating an intentionally select suite of active ETFs from boutique managers, today launched the Harbor Corporate Culture Small Cap ETF (ticker: HAPS). The new ETF, which tracks a proprietary index methodology developed by the Canadian Imperial Bank of Commerce (CIBC) and Irrational Capital LLC, provides diversified access to U.S. small cap companies with strong corporate cultures to help investors capture the connection between human capital and performance.

HAPS is a fully transparent ETF which seeks to provide investment results that correspond, before fees and expenses, to the performance of the Canadian Imperial Bank of Commerce Human Capital Small Cap Index (the “Index”). The Index is comprised primarily of a modified market capitalization-weighted portfolio of U.S. small cap companies identified by their Human Capital Factor, a new investment factor developed by Irrational Capital.

Based on proprietary data and research, the Human Capital Factor enables a strong, systematic assessment of a company’s corporate culture and its link to potential future equity performance. The Human Capital Factor first became publicly investable through the Harbor Corporate Culture Leaders ETF (ticker: HAPY), and also serves as the foundation for the Harbor Corporate Culture ETF (ticker: HAPI).

“We are thrilled to expand our partnership with Irrational Capital to grow our suite of human capital ETFs, the latest focusing on small caps which we believe are poised to continue to help investors meet their long-term investing goals,” said Kristof Gleich, President & CIO, Harbor Capital.

“We’re delighted to be enhancing our partnership with Harbor to improve investor access to the Human Capital Factor,” said David van Adelsberg, Co-Founder & Partner, Irrational Capital. “A high-performance work culture is a powerful competitive advantage, particularly in an environment where recruiting and retaining talent is among the top challenges facing companies. Harbor’s growing suite of corporate culture ETFs provide investors with an opportunity to tap into an often-overlooked catalyst for corporate growth.”

HAPS adds to Harbor’s growing lineup of ETFs across investment themes and asset classes. Along with ETFs, Harbor Capital offers a curated experience of mutual funds and collective investment trusts (CITs).

About Harbor Capital

Harbor Capital Advisors is an asset manager known for curating an intentionally select suite of active ETFs from boutique managers. Advisors looking for distinct and differentiated investment options for their clients’ portfolios often connect with our passionate obsession to find what we believe to be the best – bold solutions that have the potential to produce compelling, risk-adjusted returns. For more information, visit

About Irrational Capital

Irrational Capital is an investment research and development firm that applies workplace behavioral science, financial acumen, and data science to quantify the impact of corporate culture and employee motivation on potential future equity performance. Through cutting edge research on large, proprietary and public data sets, Irrational Capital works with partners to provide access to the Human Capital Factor, a systematic, quantitative and investment factor which is designed to link workplace environments/culture with positive-future equity returns. Irrational Capital was founded in 2017 and is headquartered outside of Philadelphia, Pennsylvania. To learn more about Irrational Capital, please visit

About CIBC

CIBC is a leading North American financial institution with 13 million personal banking, business, public sector, and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the US, CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning.

Investors should carefully consider the investment objectives, risks, charges and expenses of a Harbor fund before investing. To obtain a summary prospectus or prospectus for this and other information, visit or call 800-422-1050. Read it carefully before investing.

All investments involve risk including the possible loss of principal.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issues, political, regulatory, market and economic conditions. Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. The Fund may not exactly track the performance of the Index with perfect accuracy at all times. Tracking errors may occur because of pricing differences, timing and costs incurred by the fund or during times of heightened market volatility. The Fund relies on the Index provider's methodology in assessing whether a company may be considered a corporate culture leader. There is no guarantee that the construction methodology will accurately assess a company to include or exclude it from the index which could have an adverse effect on the Fund's returns. The Fund's assets may be concentrated in a particular sector or industries to the extent the Index is concentrated and is subject to the risk that economic, political, or other market conditions that have a negative effect on that sector or industry will negatively impact the value of the Fund. The Fund’s assets may be concentrated in a particular sector, industry or group of industries to the extent the Index is so concentrated and could subject the Fund to the risk that economic, political or other conditions that have a negative effect on the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund.

Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. The ETF is new and has limited operating history to judge.

Shares are bought and sold at market price not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

The CIBC Human Capital Small Cap Index consists of a modified market capitalization-weighted portfolio of the equity securities of small cap U.S. companies identified by Irrational Capital LLC as those it believes to possess strong corporate culture based on its proprietary scoring methodology. The Index is developed by the Canadian Imperial Bank of Commerce (the “Index Provider”). Irrational Capital evaluates companies based on a proprietary, rules-based scoring methodology it developed by leveraging its research in behavioral science, data science and human capital.

Constituents of the Solactive GBS United States 500 Index (the “index universe”) at the time of Index reconstitution are eligible for inclusion in the Index. Each company in the index universe that is also identified by Irrational Capital on its list of high-scoring companies (based on the most current scores as of each reconstitution) will be included in the Index. Index constituents in the same sector are weighted based on their float-adjusted market capitalizations. On reconstitution dates, the Index will target the same sector weights as the index universe. If after the Index’s weighting and capping rules are applied, a sector’s weight in the Index would be less than its weight in the index universe, the Index will hold exchange-traded funds that invest specifically in the stocks and securities of the corresponding sector (known as sector ETFs), or such other sector proxy as the Index Provider may determine, to fill the remaining weight and ensure sector neutrality as compared with the index universe. The Index listed is unmanaged and does not reflect fees and expenses and is not available for direct investment.

Foreside Fund Services, LLC. is the Distributor of the Harbor Corporate Culture Leaders ETF, the Harbor Corporate Culture ETF, and the Harbor Corporate Culture Small Cap ETF.


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