On June 16, Harbor Capital Advisors launched the Harbor Active Commodity ETF (ACOM). With an expense ratio of 93 basis points, this fund provides actively managed exposure to commodity instruments with a focus on high expected inflation and low cost of carry.
Expanding Harbor’s Commodity Framework
The fund uses quantitative modeling to identify commodities and sectors expected to outperform based on supply-demand dynamics and physical scarcity. It measures inflation sensitivity by tracking the level at which raw material costs are passed through to the end products and services. Higher pass-through rates indicate greater sensitivity. The strategy also optimizes returns by targeting commodities in backwardation, while avoiding those in contango to prevent negative roll returns.
The launch of ACOM builds on the success of the Harbor Commodity All-Weather Strategy ETF (HGER), which aims to hedge against inflation by providing broad exposure to a selection of holdings from the 24 most liquid commodities. HGER tracks the Quantix Commodity Index (QCI), which prioritizes commodity exposure correlated with inflation to minimize carry costs over time. Within this framework, commodities are evaluated based on economic quality looking at factors such as debasement and scarcity in relation to inflationary trends. The fund has returned 21%, with inflows of $1.4 billion this year.
Strong Performance Across Commodity ETFs
The overall active commodity ETF market has performed strongly in 2026. The Neuberger Commodity Strategy (NBCM) returned 22% year-to-date and saw inflows of $61 million in 2026. The fund determines its commodity exposure based on macroeconomic data, valuation metrics, and market structure. The fund can take short positions in commodities in anticipation of price declines or for hedging purposes.
Similarly, the PIMCO Commodity Active ETF (CMDT) invests in commodity-linked derivatives using quantitative models to identify undervalued sectors and securities. The fund has notched a return of 16.5% this year, with inflows of $69 million over the same period.
Certain sectors within commodity markets have seen significant volatility in 2026. Oil prices reached extreme highs in April and May, but have started to fall back toward last year’s levels. At the same time, gold prices have retreated from recent peaks to where they were at the start of the year. Given ongoing geopolitical tensions, shifting demand, and the impact of extreme weather, the current higher levels of volatility in commodities are expected to continue. As such, ACOM could appeal to investors looking for active exposure that can address the associated risks in real time.
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