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.
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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 debasem*nt.
- 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
- Designed to increase inflation sensitivity in periods of higher inflation by targetingcommodities with high pass-through costs, a higher correlation to CPI, and taking inaccount the cost to hold the exposure.
- Though commodities with low pass-through costs are filtered out, the index retainsrelevant exposure to a broad spectrum of commodity sectors to help potentialdiversification to an investment portfolio.
- Sector weights are determined to achieve inflation protection from a variety of sources byanalyzing historical correlations.
- Quantix understands the critical importance of implementation methodology inrolling commodity indices, especially in differing commodity price environments.
- Quantix carefully optimizes the implementation of the inflation sensitivity framework using ascarcity/debasem*nt lens.
Related Products to Consider
- Harbor Energy Transition Strategy ETF (RENW)
Overview
Investment Team
Current Price
As of 3/8/2024
$21.59
Price (NAV)
$0.02
NAV Daily Change ($)
0.09%
NAV Daily Change (%)
3.35%
NAV YTD Return
$21.57
Market Price
-$0.02
Market Daily Change ($)
-0.09%
Market Daily Change (%)
3.01%
Market YTD Return
3.72%
Current 30-Day Sub. SEC Yield
3.72%
Current 30-Day Unsub. SEC Yield
3.78%
Effective 30-Day Sub. SEC Yield
3.78%
Effective 30-Day Unsub. SEC Yield
Fund Facts
As of 3/8/2024
2/9/2022
Inception Date
0.68
Expense Ratio (%)
$126.29
Total Net Assets (million)
5,850,000
Shares Outstanding
(As of 3/11/2024)
HGER
Ticker
41151J505
Cusip
NYSE
Exchange
US41151J5056
ISIN
Foreside Fund Services, LLC
Distributor
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 3/8/2024
$21.60
Bid/Ask Mid Price
$21.57
Closing Market Price
$0.01
Premium/Discount ($)
0.03%
Premium/Discount (%)
2023 | Q1 2024 | YTD | |
---|---|---|---|
Days Traded at a Premium | 196 | 29 | 29 |
Days Traded at a Discount | 54 | 17 | 17 |
0.29%
30-Day Median Bid/Ask Spread
34,020
Exchange Volume (Shares)
USD
Trading Currency
Historical Premium Discount to NAV
A Strategy Specifically Designed for Hedging Inflation
Quantix Commodities LP
Performance
Total Returns
Quarter-End
Annualized Total Returns as of
12/31/2023
3 Mo.
YTD Return
1 Yr.
Since Inception
Net Expense Ratio
Gross Expense Ratio
Commodity All-Weather Strategy ETF - at NAV
-2.38%
1.98%
1.98%
6.54%
0.68%
0.68%
Fund Market Price
-2.21%
1.92%
1.92%
6.66%
--
--
Quantix Commodity Total Return Index
-2.13%
3.52%
3.52%
8.24%
--
--
Bloomberg Commodity Index Total Return(SM)
-4.63%
-7.91%
-7.91%
-1.82%
--
--
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 reimbursem*nts, 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.
Price History
Chart
Distribution History
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 fund
Top Ten Holdings
As of 3/7/2024
Company Name
Maturity Date
Coupon Rate (%)
Value ($000's)
% of Net Assets
2940763 TRS USD R E MQCP332E TRS ON QII INDEX
--
0.0
126,048
54.2
TREASURY BILL
4/30/2024
0.0
24,410
10.5
TREASURY BILL
3/21/2024
0.0
22,463
9.7
TREASURY BILL
4/2/2024
0.0
20,083
8.6
TREASURY BILL
5/23/2024
0.0
16,812
7.2
TREASURY BILL
5/9/2024
0.0
15,062
6.5
TREASURY BILL
4/2/2024
0.0
8,772
3.8
TREASURY BILL
3/28/2024
0.0
3,444
1.5
2963573 TRS USD R E MQCP332E TRS ON QII INDEX
--
0.0
1,618
0.7
2946662 TRS USD R F MQCP332E TRS ON QII INDEX
3/29/2024
0.1
1,593
0.7
% of Total Holdings:
--
--
--
103.4%
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.
Full Holdings
As of 3/7/2024
Download: Daily Full Holdings (csv)
Company Name
Category Name
Cusip
Shares
Maturity Date
Coupon Rate (%)
Market Value ($000's)
% of Net Assets
2940763 TRS USD R E MQCP332E TRS ON QII INDEX
SWAP
99S22BNL1
744,406
--
0.0
126,048
54.2
TREASURY BILL
FIXED INCOME
912797JQ1
24,600,500
4/30/2024
0.0
24,410
10.5
TREASURY BILL
FIXED INCOME
912797LL9
22,506,000
3/21/2024
0.0
22,463
9.7
TREASURY BILL
FIXED INCOME
912797JL2
20,157,000
4/2/2024
0.0
20,083
8.6
TREASURY BILL
FIXED INCOME
912797HR1
17,000,000
5/23/2024
0.0
16,812
7.2
TREASURY BILL
FIXED INCOME
912797HQ3
15,199,000
5/9/2024
0.0
15,062
6.5
TREASURY BILL
FIXED INCOME
912797JL2
8,804,000
4/2/2024
0.0
8,772
3.8
TREASURY BILL
FIXED INCOME
912797GY7
3,454,000
3/28/2024
0.0
3,444
1.5
2963573 TRS USD R E MQCP332E TRS ON QII INDEX
SWAP
99S22GE97
9,553
--
0.0
1,618
0.7
2946662 TRS USD R F MQCP332E TRS ON QII INDEX
SWAP
99S22CHO0
1,593,042.36
--
0.1
1,593
0.7
2946662 TRS USD P E MQCP332E TRS ON QII INDEX
SWAP
99S22CHP7
-9,545
--
0.0
-1,616
-0.7
2963573 TRS USD P F MQCP332E TRS ON QII INDEX
SWAP
99S22GEA4
-1,617,582.74
--
0.1
-1,618
-0.7
2940763 TRS USD P F MQCP332E TRS ON QII INDEX
SWAP
99S22BNM9
-122,802,722.4
--
0.1
-122,803
-52.8
Total
--
--
--
--
--
114,268
49.2
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
50.8
Total Net Assets
--
--
--
--
--
--
100%
Quantix Commodity Index - Daily Commodity Sector Weights
As of 3/8/2024
Ticker
Commodity Sector
Commodity
Facility
Daily Weight (%)
GCM4
Precious
Gold
CME
40.7
QSK4
Petroleum
Gasoil
ICE
8.8
CON4
Petroleum
Brent Crude Oil
ICE
6.0
XBK4
Petroleum
RBOB Gasoline
CME
5.4
HOK4
Petroleum
Heating Oil
CME
5.4
QSN4
Petroleum
Gasoil
ICE
2.1
XBN4
Petroleum
RBOB Gasoline
CME
1.3
HON4
Petroleum
Heating Oil
CME
1.3
HGK4
Industrial
Comex Copper
CME
3.6
LNK4
Industrial
Nickel
LME
2.9
LXK4
Industrial
Zinc
LME
2.8
LAK24
Industrial
Aluminum
LME
2.5
HGN4
Industrial
Comex Copper
CME
0.9
LNN4
Industrial
Nickel
LME
0.7
LXN4
Industrial
Zinc
LME
0.7
LAN24
Industrial
Aluminum
LME
0.6
C K4
Grains And Soybean Products
Corn
CME
2.2
S K4
Grains And Soybean Products
Soybeans
CME
1.9
BOK4
Grains And Soybean Products
Bean Oil
CME
1.6
KWK4
Grains And Soybean Products
Kansas Wheat
CME
1.4
SMK4
Grains And Soybean Products
Soymeal
CME
1.3
W K4
Grains And Soybean Products
Wheat
CME
1.3
C N4
Grains And Soybean Products
Corn
CME
0.6
S N4
Grains And Soybean Products
Soybeans
CME
0.5
BON4
Grains And Soybean Products
Bean Oil
CME
0.4
KWN4
Grains And Soybean Products
Kansas Wheat
CME
0.3
SMN4
Grains And Soybean Products
Soymeal
CME
0.3
W N4
Grains And Soybean Products
Wheat
CME
0.3
SBK4
Softs
Sugar
ICE
1.6
SBN4
Softs
Sugar
ICE
0.4
Investment Team
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
Name
Date
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.
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. Debasem*nt 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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