Harbor Corporate Culture ETF (HAPI)
Access the link between strong corporate culture and potential equity value.
Locate Your Harbor Consultant
INSTITUTIONAL INVESTORS ONLY: Please enter your zip code to locate an Investment Consultant.
Research Suggests That Doing the Right Thing Pays.
Harbor Capital has partnered with Irrational Capital to develop a data-driven strategy built on the Human Capital Factor.
What is the Human Capital Factor? It’s a systematic measure of corporate culture that seeks to deeply understand the importance and value created between human capital and potential equity performance. In other words, the Human Capital Factor is based on the premise that happy and motivated employees can generate better outcomes for companies and investors.
HAPI offers exposure to larger capitalization companies with strong Human Capital Factor scores while constraining sectors to enhance overall diversification.
Behavioral Economist, Co-Founder, Irrational Capital
Of all the investments companies make, creating a strong corporate culture is one of the best ways to create value. This is why employee behavior and motivation can be such an important element of stock market performance.
The above figures represent Irrational Capital’s full data set. A subset of this data is used in constructing HAPI. Source: Irrational Capital. As of 3/31/2023.
- Irrational Capital looks to identify companies with strong employer/employee relationships.
- The Human Capital Factor seeks to deeply understand company culture and intrinsic employee motivation as a potential driver of stock performance.
- Focused on capturing and investing in the benefits that strong corporate culture may have on a company's stock price.
The Human Capital Factor measures intrinsic and extrinsic motivation that establishes the relationship between employee well-being and business fundamentals which, in turn, could impact equity performance.
The Human Capital Factor offers a socially conscious, systematic measure of business fundamentals.
The Human Capital Factor is grounded in proprietary data that seeks to prove "doing the right thing" can pay.
As of 5/26/2023
As of 5/26/2023
The Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the CIBC Human Capital Index.
Morningstar Medalist Rating™
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time.
As of 5/26/2023
|Days Traded at a Premium||41||40||28||68|
|Days Traded at a Discount||14||22||11||33|
Historical Premium Discount to NAV
"Of all the investments companies make, creating a strong corporate culture is one of the best ways to create value. This is why employee behavior and motivation can be such an important element of stock market performance."
Behavioral Economist, Co-Founder, Irrational Capital
Net Expense Ratio
Gross Expense Ratio
Corporate Culture ETF
Fund Market Price
CIBC Human Capital Index
Performance data shown represents past performance and is no guarantee of future results. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.
The CIBC Human Capital Index consists of a modified market-weighted portfolio of the equity securities of U.S. companies identified by Irrational Capital LLC (“Irrational Capital”) as those it believes to possess strong corporate culture based on its proprietary scoring methodology. Constituents eligible are chosen from Solactive GBS United States 500 Index (the “index universe”) at the time of Index reconstitution. The Solactive GBS United States 500 Index intends to track the performance of the largest 500 companies from the US stock market. The index listed is unmanaged and does not reflect fees and expenses and is not available for direct investment.
Short Term Capital Gains
Long Term Capital Gains
As of 4/30/2023
Top Ten Holdings
As of 5/25/2023
Company Name [Ticker]
% of Net Assets
MICROSOFT CORP COMMON STOCK USD.00000625[MSFT]
APPLE INC COMMON STOCK USD.00001[AAPL]
NVIDIA CORP COMMON STOCK USD.001[NVDA]
ALPHABET INC CL A COMMON STOCK USD.001[GOOGL]
ALPHABET INC CL C COMMON STOCK USD.001[GOOG]
MASTERCARD INC A COMMON STOCK USD.0001[MA]
JOHNSON + JOHNSON COMMON STOCK USD1.0[JNJ]
BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033[BRK.B]
ELI LILLY + CO COMMON STOCK[LLY]
META PLATFORMS INC CLASS A COMMON STOCK USD.000006[META]
% of Total Holdings:
This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector, countries mentioned may change at any time and may not represent current or future investments.
As of 5/25/2023
Company Name [Ticker]
Current Price ($)
Market Value ($)
% of Net Assets
MICROSOFT CORP COMMON STOCK USD.00000625 [MSFT]
APPLE INC COMMON STOCK USD.00001 [AAPL]
NVIDIA CORP COMMON STOCK USD.001 [NVDA]
ALPHABET INC CL A COMMON STOCK USD.001 [GOOGL]
ALPHABET INC CL C COMMON STOCK USD.001 [GOOG]
MASTERCARD INC A COMMON STOCK USD.0001 [MA]
JOHNSON + JOHNSON COMMON STOCK USD1.0 [JNJ]
BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033 [BRK.B]
ELI LILLY + CO COMMON STOCK [LLY]
META PLATFORMS INC CLASS A COMMON STOCK USD.000006 [META]
PROCTER + GAMBLE CO/THE COMMON STOCK [PG]
CHEVRON CORP COMMON STOCK USD.75 [CVX]
MERCK + CO. INC. COMMON STOCK USD.5 [MRK]
PFIZER INC COMMON STOCK USD.05 [PFE]
BOOKING HOLDINGS INC COMMON STOCK USD.008 [BKNG]
HONEYWELL INTERNATIONAL INC COMMON STOCK USD1.0 [HON]
BANK OF AMERICA CORP COMMON STOCK USD.01 [BAC]
UNITED PARCEL SERVICE CL B COMMON STOCK USD.01 [UPS]
LOCKHEED MARTIN CORP COMMON STOCK USD1.0 [LMT]
CONOCOPHILLIPS COMMON STOCK USD.01 [COP]
SALESFORCE INC COMMON STOCK USD.001 [CRM]
BOSTON SCIENTIFIC CORP COMMON STOCK USD.01 [BSX]
DEERE + CO COMMON STOCK USD1.0 [DE]
PHILIP MORRIS INTERNATIONAL COMMON STOCK [PM]
ADOBE INC COMMON STOCK USD.0001 [ADBE]
PROLOGIS INC REIT USD.01 [PLD]
ADVANCED MICRO DEVICES COMMON STOCK USD.01 [AMD]
NIKE INC CL B COMMON STOCK [NKE]
AMGEN INC COMMON STOCK USD.0001 [AMGN]
S+P GLOBAL INC COMMON STOCK USD1.0 [SPGI]
NETFLIX INC COMMON STOCK USD.001 [NFLX]
INTUITIVE SURGICAL INC COMMON STOCK USD.001 [ISRG]
GOLDMAN SACHS GROUP INC COMMON STOCK USD.01 [GS]
MORGAN STANLEY COMMON STOCK USD.01 [MS]
MONDELEZ INTERNATIONAL INC A COMMON STOCK [MDLZ]
MARRIOTT INTERNATIONAL CL A COMMON STOCK USD.01 [MAR]
VERTEX PHARMACEUTICALS INC COMMON STOCK USD.01 [VRTX]
SCHLUMBERGER LTD COMMON STOCK USD.01 [SLB]
BLACKROCK INC COMMON STOCK USD.01 [BLK]
SOUTHERN CO/THE COMMON STOCK USD5.0 [SO]
NORTHROP GRUMMAN CORP COMMON STOCK USD1.0 [NOC]
INTUIT INC COMMON STOCK USD.01 [INTU]
INTL BUSINESS MACHINES CORP COMMON STOCK USD.2 [IBM]
INTEL CORP COMMON STOCK USD.001 [INTC]
LULULEMON ATHLETICA INC COMMON STOCK USD.005 [LULU]
REGENERON PHARMACEUTICALS COMMON STOCK USD.001 [REGN]
SERVICENOW INC COMMON STOCK USD.001 [NOW]
AMERICAN EXPRESS CO COMMON STOCK USD.2 [AXP]
SCHWAB (CHARLES) CORP COMMON STOCK USD.01 [SCHW]
EQUINIX INC REIT USD.001 [EQIX]
ALTRIA GROUP INC COMMON STOCK USD.333 [MO]
PROGRESSIVE CORP COMMON STOCK USD1.0 [PGR]
AIRBNB INC CLASS A COMMON STOCK USD.0001 [ABNB]
COLGATE PALMOLIVE CO COMMON STOCK USD1.0 [CL]
CORTEVA INC COMMON STOCK USD.01 [CTVA]
AMERICAN ELECTRIC POWER COMMON STOCK USD6.5 [AEP]
PIONEER NATURAL RESOURCES CO COMMON STOCK USD.01 [PXD]
NEWMONT CORP COMMON STOCK USD1.6 [NEM]
DOW INC COMMON STOCK USD.01 [DOW]
GENERAL MILLS INC COMMON STOCK USD.1 [GIS]
PUBLIC STORAGE REIT USD.1 [PSA]
NUCOR CORP COMMON STOCK USD.4 [NUE]
EBAY INC COMMON STOCK USD.001 [EBAY]
EXELON CORP COMMON STOCK [EXC]
SYNOPSYS INC COMMON STOCK USD.01 [SNPS]
FORD MOTOR CO COMMON STOCK USD.01 [F]
KIMBERLY CLARK CORP COMMON STOCK USD1.25 [KMB]
CUMMINS INC COMMON STOCK USD2.5 [CMI]
CONSOLIDATED EDISON INC COMMON STOCK USD.1 [ED]
DUPONT DE NEMOURS INC COMMON STOCK USD.01 [DD]
CADENCE DESIGN SYS INC COMMON STOCK USD.01 [CDNS]
PALO ALTO NETWORKS INC COMMON STOCK USD.0001 [PANW]
TRAVELERS COS INC/THE COMMON STOCK NPV [TRV]
HESS CORP COMMON STOCK USD1.0 [HES]
IQVIA HOLDINGS INC COMMON STOCK USD.01 [IQV]
AGILENT TECHNOLOGIES INC COMMON STOCK USD.01 [A]
QUANTA SERVICES INC COMMON STOCK USD.00001 [PWR]
RESMED INC COMMON STOCK USD.004 [RMD]
DELTA AIR LINES INC COMMON STOCK USD.0001 [DAL]
KKR + CO INC COMMON STOCK USD.01 [KKR]
CONSTELLATION BRANDS INC A COMMON STOCK USD.01 [STZ]
P G + E CORP COMMON STOCK [PCG]
ILLUMINA INC COMMON STOCK USD.01 [ILMN]
EDISON INTERNATIONAL COMMON STOCK [EIX]
DIGITAL REALTY TRUST INC REIT USD.01 [DLR]
AUTODESK INC COMMON STOCK USD.01 [ADSK]
ELECTRONIC ARTS INC COMMON STOCK USD.01 [EA]
MARVELL TECHNOLOGY INC COMMON STOCK USD.002 [MRVL]
EXPEDIA GROUP INC COMMON STOCK USD.001 [EXPE]
GE HEALTHCARE TECHNOLOGY COMMON STOCK [GEHC]
FORTINET INC COMMON STOCK USD.001 [FTNT]
SBA COMMUNICATIONS CORP REIT USD.01 [SBAC]
WORKDAY INC CLASS A COMMON STOCK USD.001 [WDAY]
ONEOK INC COMMON STOCK USD.01 [OKE]
SNOWFLAKE INC CLASS A COMMON STOCK [SNOW]
DTE ENERGY COMPANY COMMON STOCK [DTE]
MSCI INC COMMON STOCK USD.01 [MSCI]
SOUTHWEST AIRLINES CO COMMON STOCK USD1.0 [LUV]
OMNICOM GROUP COMMON STOCK USD.15 [OMC]
ARISTA NETWORKS INC COMMON STOCK USD.0001 [ANET]
PPL CORP COMMON STOCK USD.01 [PPL]
ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01 [ALNY]
ARCH CAPITAL GROUP LTD COMMON STOCK USD.01 [ACGL]
VMWARE INC CLASS A W/I COMMON STOCK USD.01 [VMW]
UNITED AIRLINES HOLDINGS INC COMMON STOCK USD.01 [UAL]
HP INC COMMON STOCK USD.01 [HPQ]
ETSY INC COMMON STOCK USD.001 [ETSY]
HARTFORD FINANCIAL SVCS GRP COMMON STOCK USD.01 [HIG]
CROWDSTRIKE HOLDINGS INC A COMMON STOCK [CRWD]
JACOBS SOLUTIONS INC COMMON STOCK [J]
ATMOS ENERGY CORP COMMON STOCK [ATO]
ANSYS INC COMMON STOCK USD.01 [ANSS]
BROWN FORMAN CORP CLASS B COMMON STOCK USD.15 [BF.B]
BIOMARIN PHARMACEUTICAL INC COMMON STOCK USD.001 [BMRN]
NASDAQ INC COMMON STOCK USD.01 [NDAQ]
ALIGN TECHNOLOGY INC COMMON STOCK USD.0001 [ALGN]
TRADE DESK INC/THE CLASS A COMMON STOCK USD.000001 [TTD]
VEEVA SYSTEMS INC CLASS A COMMON STOCK USD.00001 [VEEV]
AES CORP COMMON STOCK USD.01 [AES]
PRINCIPAL FINANCIAL GROUP COMMON STOCK USD.01 [PFG]
ATLASSIAN CORP CL A COMMON STOCK USD.00001 [TEAM]
ESSEX PROPERTY TRUST INC REIT USD.0001 [ESS]
EQT CORP COMMON STOCK [EQT]
SYNCHRONY FINANCIAL COMMON STOCK USD.001 [SYF]
HEWLETT PACKARD ENTERPRISE COMMON STOCK USD.01 [HPE]
CINCINNATI FINANCIAL CORP COMMON STOCK USD2.0 [CINF]
INCYTE CORP COMMON STOCK USD.001 [INCY]
TRANSUNION COMMON STOCK USD.01 [TRU]
MONGODB INC COMMON STOCK USD.001 [MDB]
PALANTIR TECHNOLOGIES INC A COMMON STOCK USD.001 [PLTR]
CAMDEN PROPERTY TRUST REIT USD.01 [CPT]
ARES MANAGEMENT CORP A COMMON STOCK [ARES]
SPOTIFY TECHNOLOGY SA COMMON STOCK EUR.000625 [SPOT]
PINTEREST INC CLASS A COMMON STOCK USD.00001 [PINS]
TERADYNE INC COMMON STOCK USD.125 [TER]
FACTSET RESEARCH SYSTEMS INC COMMON STOCK USD.01 [FDS]
ZOOM VIDEO COMMUNICATIONS A COMMON STOCK USD.001 [ZM]
EPAM SYSTEMS INC COMMON STOCK USD.001 [EPAM]
TRIMBLE INC COMMON STOCK USD.001 [TRMB]
MATCH GROUP INC COMMON STOCK USD.001 [MTCH]
ROBLOX CORP CLASS A COMMON STOCK USD.0001 [RBLX]
SNAP INC A COMMON STOCK USD.00001 [SNAP]
TWILIO INC A COMMON STOCK USD.001 [TWLO]
ZSCALER INC COMMON STOCK USD.001 [ZS]
TRADEWEB MARKETS INC CLASS A COMMON STOCK USD.01 [TW]
FRANKLIN RESOURCES INC COMMON STOCK USD.1 [BEN]
VF CORP COMMON STOCK [VFC]
ZOOMINFO TECHNOLOGIES INC COMMON STOCK [ZI]
UNITY SOFTWARE INC COMMON STOCK USD.000005 [U]
BROWN FORMAN CORP CLASS A COMMON STOCK USD.15 [BF.A]
Cash and Other Assets Less Liabilities
Total Net Assets
As of 4/30/2023
Corporate Culture ETF (HAPI)
CIBC Human Capital Index
HAPI: Corporate Culture ETF
Benchmark: CIBC Human Capital Index
The Fund employs an indexing investment approach designed to track the performance of the CIBC Human Capital Index (“The Index”). The Fund invests at least 80% of its total assets in securities that are included in the Index.
The Index consists of a modified market capitalization-weighted portfolio of equity securities of approximately 150 U.S. companies identified by Irrational Capital LLC (“Irrational Capital”) as those it believes to possess strong corporate culture based on its proprietary scoring methodology. The Index was developed by the Canadian Imperial Bank of Commerce (CIBC, the “Index Provider”).
Harbor Capital serves as the investment adviser.
Investing involves risk, principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Harbor ETFs are new and have limited operating history to judge.
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 issuer, political, regulatory, market and economic conditions. The Fund may not exactly track the performance of the Index with perfect accuracy at all times. Tracking error 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.
Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.
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.
CIBC is a third-party index provider to the Harbor Corporate Culture ETF.
Bid/Ask Mid Price: the midpoint between the highest bid and the lowest offer, as of the time that the Fund’s NAV is calculated, typically 4 p.m. Eastern Time.
Premium/Discount ($): the difference between the Fund’s market price and NAV, expressed as a percentage of NAV. A premium is the amount that the Fund is trading above the reported NAV. A discount is the amount that the Fund is trading below the reported NAV.
30-Day Median Bid/Ask Spread: calculated by identifying national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage (rounded to the nearest hundredth).
Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.
Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.
Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.
% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.
Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.
Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.
Alpha refers to excess returns earned on an investment.
The Morningstar Medalist Ratings are shown for funds that have received a rating of Gold, Silver, or Bronze The funds shown without Medalist Ratings may not have received a Medalist Rating or may have received lower ratings.
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.