Harbor Multi-Asset Total Return ETF

Harbor Multi-Asset Total Return ETF (MATR) is a fund of funds: it owns other ETFs (25 as of July 31, 2026) covering US and foreign stocks, bonds, gold and alternative strategies. Harbor Capital Advisors shifts the mix using a model of economic growth, liquidity and inflation, aiming for long-term gains while limiting losses. It charges 0.80% a year and is small, with $10.2 million in net assets on that date.

• Over the year to Oct 27, 2026, MATR returned +5.6%, 8th of 8 among similar funds.
• Its worst full calendar year was 2024 (+14.3%); its best was 2025 (+18.7%).
• The deepest fall in its price history was 12.9% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.

As of Jul 31, 2026, the fund held 25 securities; the ten largest made up 71.73% of assets.

• Over the three months to Jul 31, 2026, investors withdrew a net $686K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.71%, -0.89%, -2.26%.

Harbor Capital Advisors actively manages MATR; it doesn't track an index. A proprietary model sorts the economy into “regimes” based on economic growth, liquidity (a read on the credit cycle) and the direction of inflation, and the regime sets the fund's risk level. The model estimates returns for global stocks, bonds, currencies and commodities, and the team builds a portfolio to match. Managers can adjust it for valuation, sentiment and sector fundamentals, within set limits.

It invests mostly in other ETFs, chiefly index funds, some focused on sectors (such as technology) or styles (such as low volatility). As of July 31, 2026, the largest of its 25 positions were the iShares Core S&P 500 ETF (12.0%), iShares Core MSCI Emerging Markets ETF (11.8%) and State Street SPDR Portfolio High Yield Bond ETF (9.1%), which holds lower-rated bonds. It may also use actively managed funds, including Harbor's own, which the prospectus flags as a potential conflict of interest.

For commodities, mainly gold, it can invest up to 25% of assets in a Cayman Islands subsidiary that may use derivatives. The mix shifts with the regime; turnover was 155%, meaning it traded about 1.5 times its portfolio in a year. When positioned defensively, it may lag rallies.

• MATR charges 0.8% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
• Of that, 0.7% is the management fee; the rest covers other fund expenses.
• 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).

Its model-driven mix of global stock, bond, gold and alternative-strategy ETFs could complement a fixed stock-and-bond core, though its small size, short record and 0.80% fee point to a supporting role.

MATR could add a model-driven blend of global stocks, bonds, gold and alternatives that can turn defensive. It launched in September 2023, so it has no record through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its worst calendar year, 2024, was still a 14.33% gain. Its deepest drop was 12.9%, from February 18 to April 8, 2025, and it recovered by June 10, about two months later. A longer slump could cut deeper, a risk for anyone needing to sell shares in a bad year.

Income arrives once a year: the trailing 12-month yield was 2.83% as of October 27, 2026. Costs are 0.80% a year; in the SEC's standard $10,000 example, that's $82 after one year and $990 after 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.