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Harbor Commodity All-Weather Strategy ETF (HGER)

Access a specialized and dynamic portfolio for your strategic allocation to commodities

Harbor Commodity All-Weather Strategy ETF (HGER)

Access a specialized and dynamic portfolio for your strategic allocation to commodities

Welcome
Overview
Performance
Holdings
Investment Team
Documents
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The Harbor Commodity All-Weather Strategy ETF (HGER) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Quantix Commodity Index.

Fund Highlights

  • Distinctive. Leverages proprietary technology to target liquid commodities with high expected inflation sensitivity while aiming to maximize futures roll yield.
  • Dynamic. Adjusts commodity weights based on different market and inflationary regimes, particularly commodity scarcity and debasement.
  • Broad-Based. Provides exposure to 24 of the most liquid commodity futures traded on a U.S. or UK exchange.
  • No K-1s. Offered as a 1940-Act ETF structure, eliminating the need for Schedule K-1 tax filing.

Quantix Commodity Index

Through a distinctive construction and exposure to a diversified basket of commodities, the Quantix Commodity Index (“QCI”) is designed to deliver a dynamic, all-weather approach to commodity investing and outperformance to traditional commodity indices, particularly in inflationary environments.

QCI is comprised of commodity futures, which are distinct in their relationship to inflation and are generally regarded as having the highest positive correlation to inflation of all the major asset classes.

As part of its methodology, QCI considers the relative inflation sensitivity of each commodity, dynamically adjusts the weight of gold or other commodities based on the different market and inflationary regimes, and allocates to commodities with favorable roll yield dynamics. The Index is rebalanced on a quarterly basis.

Engineered to be All-Weather

  1. Designed to increase inflation sensitivity in periods of higher inflation by targeting commodities with high pass-through costs, a higher correlation to CPI, and taking in account the cost to hold the exposure.
  2. Though commodities with low pass-through costs are filtered out, the index retains relevant exposure to a broad spectrum of commodity sectors to help potential diversification to an investment portfolio.
  3. Sector weights are determined to achieve inflation protection from a variety of sources by analyzing historical correlations.
  4. Quantix understands the critical importance of implementation methodology in rolling commodity indices, especially in differing commodity price environments.
  5. Quantix carefully optimizes the implementation of the inflation sensitivity framework using a scarcity/debasement lens.

Related Products to Consider

Overview

Investment Team
Management Team Logo

Current Price

As of 7/12/2024

$22.65

Price (NAV)

-$0.03

NAV Daily Change ($)

-0.13%

NAV Daily Change (%)

8.43%

NAV YTD Return

$22.67

Market Price

-$0.10

Market Daily Change ($)

-0.44%

Market Daily Change (%)

8.26%

Market YTD Return

3.90%

Current 30-Day Sub. SEC Yield
disclaimer

3.90%

Current 30-Day Unsub. SEC Yield
disclaimer

3.97%

Effective 30-Day Sub. SEC Yield
disclaimer

3.97%

Effective 30-Day Unsub. SEC Yield
disclaimer

Fund Facts

As of 7/12/2024

2/9/2022

Inception Date

0.68

Expense Ratio (%)
disclaimer

$208.408

Total Net Assets (million)

9,200,000

Shares Outstanding
(As of 7/15/2024)

HGER

Ticker

41151J505

Cusip

NYSE

Exchange

US41151J5056

ISIN

Foreside Fund Services, LLC

Distributor
disclaimer

Annually

Dividend Frequency

Commodities Broad Basket

Morningstar Category

Quantix Commodity Index (QCITR)

Benchmark

Investment Objective:

The Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Quantix Commodity Index.

Pricing/Trading

As of 7/12/2024

$22.67

Bid/Ask Mid Price

$22.67

Closing Market Price

$0.01

Premium/Discount ($)

0.05%

Premium/Discount (%)

 

2023

Q1 2024

Q2 2024

Q3 2024

YTD

Days Traded at a Premium1964039786
Days Traded at a Discount542024246

0.09%

30-Day Median Bid/Ask Spread

70,142

Exchange Volume (Shares)

USD

Trading Currency

Historical Premium Discount to NAV

No Data Available

A Strategy Specifically Designed for Hedging Inflation

Quantix Commodities LP

Performance

Total Returns

Quarter-End

3 Mo.

YTD Return

1 Yr.

Since Fund Inception

Net Expense Ratio

Gross Expense Ratio

Commodity All-Weather Strategy ETF - at NAV
1.72%
7.71%
13.50%
8.46%
0.68%disclaimer
0.68%
Market Price
1.58%
7.40%
13.27%
8.43%
--
--
Quantix Commodity Total Return Index
1.57%
7.85%
14.40%
9.89%
--
--
Bloomberg Commodity Index Total Return(SM)
2.89%
5.14%
5.00%
0.65%
--
--

Performance data shown represents past performance and is no guarantee of future results. 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 Quantix Commodity Total Return Index is calculated on a total return basis, which combines the returns of the futures contracts with the returns on cash collateral invested in 13-week U.S. Treasury Bills. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Quantix Commodity Index was developed by Quantix Commodities LP and is owned by Quantix Commodities Indices LLC.

Chart

Ex-Date

Record Date

Payable Date

Ordinary Income

Short Term Capital Gains

Long Term Capital Gains

Total Distribution

12/21/2023
12/22/2023
12/27/2023
1.51707
--
--
1.51707
12/21/2022
12/22/2022
12/27/2022
0.13994
--
--
0.13994

Holdings

Portfolio Characteristics

Sorry, there is no data available for this section

Top Ten Holdings

As of 7/11/2024

Company Name

Maturity Date

Coupon Rate (%)

Value ($000's)

% of Net Assets

3538293 TRS USD R E MQCP332E TRS ON QII INDEX
--
0.0
197,013
50.5
TREASURY BILL
9/19/2024
0.0
90,885
23.3
TREASURY BILL
7/30/2024
0.0
40,093
10.3
TREASURY BILL
7/30/2024
0.0
38,182
9.8
TREASURY BILL
7/25/2024
0.0
9,103
2.3
TREASURY BILL
7/30/2024
0.0
8,781
2.3
3581721 TRS USD R E MQCP332E TRS ON QII INDEX
--
0.0
5,102
1.3
3571291 TRS USD R E MQCP332E TRS ON QII INDEX
--
0.0
2,267
0.6
3601161 TRS USD R E MQCP332E TRS ON QII INDEX
--
0.0
1,705
0.4
3548011 TRS USD R E MQCP332E TRS ON QII INDEX
--
0.0
1,133
0.3
% of Total Holdings:
--
--
--
101.1%

This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector and/or countries mentioned may change at any time and may not represent current or future investments.

As of 7/11/2024

Company Name

Category Name

Cusip

Shares

Maturity Date

Coupon Rate (%)

Market Value ($000's)

% of Net Assets

3538293 TRS USD R E MQCP332E TRS ON QII INDEX
SWAP
99S23ZDU8
1,127,345
--
0.0
197,013
50.5
TREASURY BILL
FIXED INCOME
912797KL0
91,802,500
9/19/2024
0.0
90,885
23.3
TREASURY BILL
FIXED INCOME
912797KR7
40,198,000
7/30/2024
0.0
40,093
10.3
TREASURY BILL
FIXED INCOME
912797KR7
38,282,000
7/30/2024
0.0
38,182
9.8
TREASURY BILL
FIXED INCOME
912797JT5
9,120,000
7/25/2024
0.0
9,103
2.3
TREASURY BILL
FIXED INCOME
912797KR7
8,804,000
7/30/2024
0.0
8,781
2.3
3581721 TRS USD R E MQCP332E TRS ON QII INDEX
SWAP
99S2438O8
29,193
--
0.0
5,102
1.3
3571291 TRS USD R E MQCP332E TRS ON QII INDEX
SWAP
99S242UF4
12,973
--
0.0
2,267
0.6
3601161 TRS USD R E MQCP332E TRS ON QII INDEX
SWAP
99S244FO8
9,757
--
0.0
1,705
0.4
3548011 TRS USD R E MQCP332E TRS ON QII INDEX
SWAP
99S2413R0
6,482
--
0.0
1,133
0.3
3548011 TRS USD P F MQCP332E TRS ON QII INDEX
SWAP
99S2413S8
-1,135,838.27
--
0.1
-1,136
-0.3
3601161 TRS USD P F MQCP332E TRS ON QII INDEX
SWAP
99S244FP5
-1,705,118.68
--
0.1
-1,705
-0.4
3571291 TRS USD P F MQCP332E TRS ON QII INDEX
SWAP
99S242UG2
-2,266,351.96
--
0.1
-2,266
-0.6
3581721 TRS USD P F MQCP332E TRS ON QII INDEX
SWAP
99S2438P5
-5,069,825.7
--
0.1
-5,070
-1.3
3538293 TRS USD P F MQCP332E TRS ON QII INDEX
SWAP
99S23ZDV6
-195,701,117.1
--
0.1
-195,701
-50.2
Total
--
--
--
--
--
188,386
48.3
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
51.7
Total Net Assets
--
--
--
--
--
--
100%

Quantix Commodity Index - Daily Commodity Sector Weights

As of 7/12/2024

Ticker

Commodity Sector

Commodity

Facility

Daily Weight (%)

QSX4
Petroleum
Gasoil
ICE
10.3
HOX4
Petroleum
Heating Oil
CME
6.3
XBX4
Petroleum
RBOB Gasoline
CME
6.1
COX4
Petroleum
Brent Crude Oil
ICE
5.4
QSU4
Petroleum
Gasoil
ICE
2.4
HOU4
Petroleum
Heating Oil
CME
1.5
XBU4
Petroleum
RBOB Gasoline
CME
1.4
GCZ4
Precious
Gold
CME
31.4
S X4
Grains And Soybean Products
Soybeans
CME
3.2
C Z4
Grains And Soybean Products
Corn
CME
3.0
BOZ4
Grains And Soybean Products
Bean Oil
CME
2.2
SMZ4
Grains And Soybean Products
Soymeal
CME
1.8
W Z4
Grains And Soybean Products
Wheat
CME
1.6
KWZ4
Grains And Soybean Products
Kansas Wheat
CME
1.6
C U4
Grains And Soybean Products
Corn
CME
0.6
KWU4
Grains And Soybean Products
Kansas Wheat
CME
0.4
W U4
Grains And Soybean Products
Wheat
CME
0.4
SBV4
Softs
Sugar
ICE
4.0
CCZ4
Softs
Cocoa
ICE
1.9
CTZ4
Softs
Cotton
ICE
1.9
KCZ4
Softs
Coffee
ICE
1.7
KCU4
Softs
Coffee
ICE
0.5
CCU4
Softs
Cocoa
ICE
0.4
HGZ4
Industrial
Comex Copper
CME
1.6
LXX4
Industrial
Zinc
LME
1.6
LAX24
Industrial
Aluminum
LME
1.6
LNX4
Industrial
Nickel
LME
1.6
LXU4
Industrial
Zinc
LME
0.5
HGU4
Industrial
Comex Copper
CME
0.5
LAU24
Industrial
Aluminum
LME
0.5
LNU4
Industrial
Nickel
LME
0.4
NGX24
Natural Gas
Natural Gas
CME
1.4
NGU24
Natural Gas
Natural Gas
CME
0.4

Investment Team


Sub-advisor logo

Quantix Commodities LP (“Quantix”) is a commodities focused fund manager specializing in the development and management of commodities-based investment strategies. The firm is a market leader in delivering comprehensive commodity investment solutions to the marketplace.

Quantix is led by CIO Don Casturo, former Global Commodities COO and Head of EMEA Commodity Trading at Goldman Sachs, along with two founding partners. The team is highly experienced, with industry-leading pedigree and a long track record of working together.

The firm delivers strategies targeting different investment objectives for clients; after launching the all-weather, absolute return strategy in 2019, Quantix launched an inflation-focused, long only strategy in early 2021, which is part of the Investor Solutions Group at Quantix.

Documents

Important Information

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.

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.

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. A non-diversified Fund may invest a greater percentage of its assets in securities of a single issuer, and/or invest in a relatively small number of issuers, it is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio.

Commodity Risk: The Fund has exposure to commodities through its and/or the Subsidiary’s investments in commodity-linked derivative instruments. Authorized Participant Concentration/Trading Risk: Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. Commodity-Linked Derivatives Risk: The Fund’s investments in commodity-linked derivative instruments (either directly or through the Subsidiary) and the tracking of an Index comprised of commodity futures may subject the Fund to significantly greater volatility than investments in traditional securities.

Diversification does not assure a profit or protect against loss in a declining market.

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.

Roll yield is the return from adjusting a futures position from one futures contract to a longer-dated contract. Debasement refers to lowering the value of a currency.

Schedule K-1 is an Internal Revenue Service (IRS) tax form issued annually to the individuals in business partnerships. The purpose of Schedule K-1 is to report each partner's share of the partnership's earnings, losses, deductions, and credits.

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.

©2024 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.

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Harbor Funds Distributors, Inc. is the Distributor of the Harbor Mutual Funds.
Foreside Fund Services, LLC is the Distributor of the Harbor ETFs.
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Investing involves risk and the potential loss of capital.

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

All trademarks or product names mentioned herein are the property of their respective owners. Copyright © 2024 Harbor Capital Advisors, Inc. All rights reserved.