Summary

• In the first quarter of 2026, the AI Inflection Strategy ETF returned 13.10% (NAV), outperforming its benchmark, the Russell 3000® Index, which returned -3.96%.
• The quarter was characterized by a broadening of market leadership and increased dispersion across and within sectors.
• There were no purchases or sales in the portfolio during the quarter.

Quarterly Commentary & Attribution

Subadvisor (since 12/17/2025):

EARNEST Partners LLC

Portfolio Manager(s):

Paul E. Viera

Benchmark 1 Name: Russell 3000® Index

Investment Philosophy:

The Harbor AI Inflection Strategy ETF seeks long-term total return by