Harbor Commodity All-Weather Strategy ETF

Harbor Commodity All-Weather Strategy ETF (HGER) tracks the Quantix Commodity Index, which holds at least 15 commodity futures. It gets that exposure through swaps instead of buying the futures, and most of its assets sit in short-term Treasury bills. The index leans toward commodities that react more to inflation and cost less to hold, and it adds gold when a signal points to a weakening currency. It charges 0.68% a year, compared with 0.26% for BCI.

• Over the year to Oct 27, 2026, HGER returned +45.6%, 1st of 4 among similar funds.
• Its worst full calendar year was 2023 (+1.9%); its best was 2025 (+20.1%).
• The deepest fall in its price history was 14% (May 12, 2026 to Jun 24, 2026), recovered by Aug 11, 2026.

As of Jul 31, 2026, the fund held 7 securities; the ten largest made up 87.51% of assets.

The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.

• Over the three months to Jul 31, 2026, investors added a net $620.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -3.02%, -6.96%, +9.63%.

The fund aims to match the Quantix Commodity Index, before fees. Quantix Commodities Indices LLC built the index. That firm is an affiliate of the fund's subadvisor, Quantix Commodities LP, and Solactive AG calculates the index. The index chooses from 24 eligible futures, including crude oil, natural gas, corn, wheat, cattle, copper, gold and silver. Each contract starts with a weight based on its economic size. A "quality score" then raises the weight of contracts that respond more to inflation or cost less to "roll," and lowers the rest. Rolling means replacing an expiring futures contract with a later one. When the later contract costs more (called contango), rolling drags on returns. Caps on sectors and single commodities keep the index spread out. A "Scarcity Debasement Indicator" adds gold when inflation looks driven by a weakening currency. The index is rebuilt every quarter.

The fund doesn't buy most of the futures itself. Through a subsidiary, it uses excess return swaps. It pays a dealer a set rate and receives the return of the index's futures, or pays the dealer if those futures fall. As of July 31, 2026, its swap partners were Macquarie, Goldman Sachs, Citibank and JPMorgan. About 87.5% of assets sat in U.S. Treasury bills averaging about 0.2 years to maturity. The bills back the swaps and earn interest. If a dealer fails to pay, the fund could lose money.

• HGER charges 0.68% a year, versus an average of 0.64% for the similar funds below (3rd of 4, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $847 over 10 years (assuming a 5% annual return).

The index deliberately tilts toward commodities that react more to inflation, and the fund has barely moved with stocks.

HGER offers exposure to commodity prices, which can rise with inflation when stocks and bonds struggle. Beta measures how much a fund moves with the stock market. HGER's one-year beta was -0.11 as of October 27, 2026, so it has barely followed stocks. Its record is short, though. Price data starts in October 2022, so it has no record through the 2008, 2020 or 2022 bear markets. Its weakest calendar year was 2023, a gain of about 2%. Its deepest drop was 14%, from May to June 2026, and it recovered by August 11, 2026. Commodities can fall much further than that, which matters for anyone who may need to sell in a bad year. The fund pays once a year, and its trailing yield was 4.92% as of October 27, 2026. Costs total $847 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).