Executive Summary:

Within the current environment, investors continue to digest potentially more persistent inflationary pressures and more aggressive monetary policy tightening within a backdrop of slowing global economic growth. As Greek philosopher Aristotle famously said, “It is during our darkest moments that we must focus to see the light.” Below are two Harbor ETFs that we believe provide investment opportunity within the current environment, as well as over longer-term horizons.

Harbor Dividend Growth Leaders ETF (GDIV):

• Subadvised by Westfield Capital Management, GDIV seeks to invest in companies with growing dividend streams with equity upside participation during periods of market advances and improved downside support during market declines.
• Companies that can increase dividend payments faster than the overall rate of inflation can help investors to maintain purchasing power amidst high inflationary environments.
• Historically, periods of rising interest rates have provided a favorable backdrop for dividend growers relative to the overall market and dividend yield stocks.
• GDIV has outperformed the S&P 500 Index over the 3 months, 1-Year, 3-Year and 5-Year annualized periods per the table below.
• The Gross Expense Ratio for GDIV is 0.50%.

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.

ETF performance prior to 5/23/22 is attributable to the Westfield Capital Dividend Growth Mutual Fund, Institutional Share class and/or Westfields private investment vehicle. The historical NAV of the predecessor are used for both NAV and Market Offer Price performance from inception to ETF listing date. Performance periods since GDIV listing date may contain NAV and MOP data of both the newly formed ETF and the predecessor fund performance. Please refer to the Fund prospectus for further details.

Harbor All-Weather Inflation Focus ETF (HGER):

• Subadvised by Quantix Commodities, HGER tracks the Quantix Inflation Index (“QII”). Through its strategy, QII targets commodities futures with increased inflation sensitivity via higher passthrough costs and correlations¹ to the U.S. Consumer Price Index (CPI).
• Historically, broad commodities exposure has proven most sensitive to periods of above average inflation relative to other asset classes like Treasury Inflation-Protected Securities (TIPS), Real Estate Investment Trusts (REITs), energy equities or single commodities like gold.
• Commodities have the potential to provide diversification and have historically exhibited consistently low levels of correlation to both stocks and bonds.
• As an example of how this pertains to HGER, since inception (2/9/2022), HGER (commodities) has returned 11.60% at NAV net of fees, versus -16.94% for the S&P 500 (equities) and -7.36% for the Bloomberg U.S. Aggregate Bond Indexes (bonds) as of 6/30/2022.
• The Gross Expense Ratio for HGER is 0.68%.

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.

As investors grapple with investment challenges brought forth by prevailing conditions, Harbor believes it is important to also consider potential opportunities. These are two examples of Harbor’s growing ETF suite, powered by the firm’s exceptional research and asset management capabilities that seek to meet the dynamic needs of investors.

For more information regarding the Harbor Dividend Growth Leaders and All-Weather Inflation Focus ETFs you can access our website at www.harborcapital.com or contact us at 1-866-313-5549.

Important Information

¹Correlation is a statistic that measures the degree to which two variables move in relation to each other.

The views expressed herein are those of Harbor Capital Advisors, Inc. investment professionals at the time the comments were made. They may not be reflective of their current opinions, are subject to change without prior notice, and should not be considered investment advice. The information provided in this presentation is for informational purposes only.

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

Investing involves risk, principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. HGER is new and has 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.

ETFs may trade at a premium or discount to their net asset value.

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.

Investments involve risk including the possible loss of principal. There is no guarantee the investment objective of the Fund will be achieved. The Fund's emphasis on dividend paying stocks involves the risk that such stocks may fall out of favor with investors and under-perform the market. There is no guarantee that a company will pay or continually increase its dividend. The Fund may invest in a limited number of companies or at times may be more heavily invested in particular sectors. As a result, the Fund's performance may be more volatile, and the value of its shares may be especially sensitive to factors that specifically effect those sectors. The Fund may invest in foreign securities which may be more volatile and less liquid due to currency fluctuation, political instability, government sanctions, social and economic risks. Foreign currencies can decline in value and can adversely affect the dollar value of the fund.

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

The S&P 500 Index is an unmanaged index generally representative of the U.S. market for large capitalization equities. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The Bloomberg US Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas.

Treasury inflation-protected securities (TIPS) are a type of Treasury security issued by the U.S. government. TIPS are indexed to inflation in order to help hedge investors from a decline in the purchasing power of their money.

A real estate investment trust (“REIT”) is a company that owns, operates or finances income-producing real estate. REITs may be registered with the SEC and are publicly traded on a stock exchange or registered and not publicly traded.

On or about May 20, 2022, the Fund acquired the assets and assumed the then existing known liabilities of the

Predecessor Fund and the Fund is expected to be the performance successor of the reorganization. This means that the Predecessor Fund’s performance and financial history will be used by the Fund going forward from the date of reorganization.

In the reorganization, former shareholders of the Predecessor Fund received shares of the Fund. Accordingly, the performance of the Fund for periods prior to the reorganization is the performance of the Predecessor Fund and the performance shown for periods prior to July 26, 2013, is the performance of a private investment vehicle that predated the Predecessor Fund. The private investment vehicle was managed by the Subadvisor using investment policies, objectives and guidelines that were in all material respects equivalent to the management of the Fund and Predecessor Fund. However, the private investment vehicle was not a registered investment company and so it was not subject to the same investment and tax restrictions as the Fund and Predecessor Fund. If it had been, its performance may have been lower. The performance of the Predecessor Fund has not been restated to reflect the annual operating expenses of the Fund, which are lower than those of the Predecessor Fund. Because the Fund has different fees and expenses than the Predecessor Fund, the Fund would also have had different performance results.

The Quantix Inflation Index (“QII”) was developed by Quantix Commodities LP and is owned by Quantix Commodities Indices LLC (“Quantix”). The QII was created with the objective of being a diversified inflation hedge for investors using commodity futures contracts, traded in the U.S. and the U.K., as part of their core investment. Commodity futures are distinctive in their relationship to inflation and are generally regarded as having the highest positive correlation to inflation of all the major asset classes. The QII is designed to provide a risk management framework to hedge inflation risk appropriately in connection with commodity investing, taking account of the relative inflation sensitivity of each commodity among a defined universe of commodities, the relative cost of holding a rolling, U.S. or U.K.-listed futures position in a given commodity and the relative impact of inflation on each particular commodity.

Investing entails risks and there can be no assurance that any investment will achieve profits or avoid incurring losses.

Westfield Capital Management is a third-party subadvisor to the Harbor Dividend Growth Leaders ETF.

Quantix Commodities LP (“Quantix”) is a third-party subadvisor to the Harbor All-Weather Inflation Focus ETF.

Foreside Fund Services, LLC. is the Distributor of the Harbor Dividend Growth Leaders & All-Weather Inflation Focus ETFs.

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