At a glance
HCRB charges 0.29% a year, above the 0.05% average of the 7 funds most like it (the most expensive of 8). It has $398.6M in assets, the 8th largest of that group; it paid 4.37% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.7% with distributions reinvested, 7th of those 8 funds; over three years it returned +5.5% a year. At its worst it fell 16.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 35 months after the low. Its ten largest positions make up 26.0% of the fund, out of 770 in all.
The short version
Hartford Core Bond ETF (HCRB) is an actively managed bond fund. Wellington Management picks mostly investment-grade US bonds, mainly Treasuries and mortgage-backed securities, and measures the results against the Bloomberg U.S. Aggregate Bond Index. The main trade-off is cost. Its 0.29% expense ratio is far above the 0.03% charged by AGG and BND, so the managers have to earn back that gap through their choices.
Price history
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HCRB -1.7% 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 | |
|---|---|---|---|---|---|---|
| HCRB official prospectus, to Dec 31, 2024 | — | +2.20% | — | — | — | -0.40% |
| HCRB price data to Oct 27, 2026 | -1.3% | -1.7% | +5.5% | -0.3% | — | +0.5% |
- Over the year to Oct 27, 2026, HCRB returned -1.7%, 7th of 8 among similar funds.
- Its 5-year annualized return was -0.3%.
- Its worst full calendar year was 2022 (-14.6%); its best was 2025 (+7.0%).
- The deepest fall in its price history was 19.9% (Aug 4, 2020 to Oct 20, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.4% | — |
| 2025 | +7.0% | — |
| 2024 | +2.2% | +2.20% |
| 2023 | +7.0% | +6.62% |
| 2022 | -14.6% | -14.43% |
| 2021 | -1.8% | -1.72% |
| 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 | Lost 16.1% over that stretch · deepest drop along the way 16.1%, back to its old high 35 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0700 | |
| 2025 | $1.4600 | +1.4% |
| 2024 | $1.4400 | +21.0% |
| 2023 | $1.1900 | +60.8% |
| 2022 | $0.7400 | +25.4% |
| 2021 | $0.5900 |
What's inside
As of Jul 31, 2026, the fund held 770 securities; the ten largest made up 26.04% of assets.
| Holding | Weight | |
|---|---|---|
| UMBS, TBA Mortgage-backed securities | 3.77% | |
| United States Treasury Bonds and notes | 3.39% | |
| UMBS, TBA Mortgage-backed securities | 2.84% | |
| United States Treasury Bonds and notes | 2.83% | |
| UMBS, TBA Mortgage-backed securities | 2.72% | |
| United States Treasury Bonds and notes | 2.44% | |
| United States Treasury Bonds and notes | 2.34% | |
| United States Treasury Bonds and notes | 2.04% | |
| United States Treasury Bonds and notes | 1.95% | |
| UMBS, TBA Mortgage-backed securities | 1.74% | |
| United States Treasury Bonds and notes | 1.69% | |
| United States Treasury Bonds and notes | 1.42% | |
| United States Treasury Bonds and notes | 1.37% | |
| United States Treasury Bonds and notes | 1.35% | |
| United States Treasury Bonds and notes | 1.30% |
By country
United States 109.28%Cayman Islands 0.67%Mexico 0.61%United Kingdom 0.26%Jersey 0.21%By issuer
US Treasury 47.25%Companies 31.92%US government-sponsored enterprises 28.79%US government agencies 3.39%Foreign governments 1.05%The bonds mature in 17.3 years on average (weighted by size), with an average coupon of 4.18%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $45.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.30%, +0.23%, -1.30%.
How it works
HCRB is actively managed, not an index fund. Wellington Management buys bonds it considers attractive for long-term total return, which means interest plus price changes. At least 80% of net assets must be in fixed income, mainly investment-grade bonds (bonds rated relatively safe from default). The fund can hold Treasuries, agency and corporate debt, mortgage- and asset-backed securities, collateralized loan obligations (pools of business loans), and up to 25% in debt from foreign issuers. Generalist managers set the sector and interest-rate positioning. Wellington specialists may pick individual securities.
The main guardrail is duration, a measure of how much a bond's price moves when interest rates change. The fund keeps its average duration within 1.5 years of its benchmark, the Bloomberg U.S. Aggregate Bond Index. The index's duration was 6.08 years as of September 30, 2025. There is no limit on maturity. The average time to maturity was 17.3 years as of July 31, 2026. The prospectus reports portfolio turnover of 47%.
Two mechanics stand out. First, the fund buys mortgage pools in the "to be announced" (TBA) market, agreeing to take delivery later. Four of its 10 largest positions were Uniform Mortgage-Backed Security TBA contracts, and these commitments helped push debt holdings to 117.6% of net assets as of July 31, 2026. Second, it uses interest-rate swaps, credit default swaps and Treasury futures, which can add leverage.
What it really costs
- HCRB charges 0.29% a year, versus an average of 0.05% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $368 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HCRB | $30 | $93 | $163 | $368 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It is a broad, mostly investment-grade bond fund benchmarked to the Bloomberg U.S. Aggregate Bond Index, the kind of fund often used as a portfolio's main bond holding.
HCRB could fill the bond core of a portfolio. It pays income monthly, and its trailing 12-month yield was 4.37% as of October 27, 2026. It launched in February 2020, so its record doesn't cover the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 16.1% and took 35 months, until September 2025, to recover. Its worst calendar year was 2022, at -14.43%. Its deepest drop was 19.9%, from August 2020 to October 2022, and it had not fully recovered as of October 27, 2026. Anyone who sold shares to cover spending in 2022 would have sold at a loss. In the SEC's example, $10,000 invested costs $30 in the first year and $368 over 10 years. Its 0.29% expense ratio compares with a 0.05% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Wellington Management choosing bonds actively, with the Bloomberg U.S. Aggregate Bond Index as the benchmark, rather than a fund that simply tracks an index.
- Income seekers who value monthly payouts. The trailing 12-month yield was 4.37% as of October 27, 2026.
- Those comfortable with heavy Treasury and mortgage exposure: about 47% US Treasury and 44% mortgage-backed securities as of July 31, 2026.
Look elsewhere if
- Cost-focused investors. HCRB's 0.29% expense ratio is nearly ten times the 0.03% charged by AGG and BND.
- People who need steady values. HCRB fell 19.9% from August 2020 to October 2022 and had not fully recovered as of October 27, 2026.
- Those who want a simple bond fund. TBA mortgage trades, swaps, futures and collateralized loan obligations make HCRB more complex than a plain bond portfolio.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HCRB this fund | 17.3 yrs | 0.29% | $398.6M | -1.7% | +5.5% |
| AGG iShares Core U.S. Aggregate Bond ETF | 12.4 yrs | 0.03% | $138.32B | -0.4% | +4.7% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| LQD iShares iBoxx $ Investment Grade Corporate … | 13 yrs | 0.14% | $32.04B | -2.3% | +5.2% |
| BSV Vanguard Short-Term Bond ETF | 2.9 yrs | 0.03% | $69.75B | +1.7% | +4.5% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
Questions investors ask
Does HCRB pay monthly dividends?
Yes. HCRB pays distributions monthly. Over the 12 months through October 27, 2026, it paid $1.48 per share, a trailing yield of 4.37%. The payments come mainly from the interest on the fund's bonds, so they can rise or fall as rates and holdings change. A trailing yield looks back at past payments. It doesn't promise what the fund will pay next.
What's the difference between HCRB and AGG?
The biggest differences are management, cost and size. HCRB is actively managed by Wellington Management and charges 0.29% a year. The iShares Core U.S. Aggregate Bond ETF (AGG) charges 0.03%. AGG had $138.3 billion in net assets as of August 31, 2026, against HCRB's $398.6 million as of July 31, 2026. HCRB's bonds had a longer average time to maturity: 17.3 years versus 12.4. Over three years, their annualized returns were similar: 5.5% for HCRB through October 27, 2026, and 5.4% for AGG through October 30, 2026.
What is HCRB's expense ratio?
HCRB's expense ratio is 0.29%, made up entirely of the management fee, with no fee waiver, according to the prospectus filed November 26, 2025. In the SEC's standard example, $10,000 invested with a 5% yearly return costs about $30 after one year, $163 after five years and $368 after ten. It ranks 8th of 8 on cost among similar funds, whose average expense ratio is 0.05%.
How did HCRB do in 2022 when interest rates rose?
It lost money. HCRB returned -14.43% in 2022, its worst calendar year, according to the prospectus. Its worst quarter was the first quarter of 2022, at -6.27%. Bond prices fall when interest rates rise, and longer-dated bonds fall more. From January to October 2022, the fund dropped 16.1%. It took 35 months, until September 2025, to recover that loss.
Why are HCRB's holdings more than 100% of its assets?
Mostly because of forward mortgage trades. HCRB buys mortgage pools in the "to be announced" (TBA) market, agreeing to pay and take delivery at a later date. Those commitments count toward holdings before settlement, and debt holdings reached 117.6% of net assets as of July 31, 2026. The prospectus lists TBA transactions and leverage as risks. This kind of exposure can make both gains and losses bigger.