Harbor launches Active Commodity ETF ACOM

Harbor Capital Advisors launched the Harbor Active Commodity ETF (ACOM) on June 16. The fund charges a 0.93% expense ratio and offers actively managed exposure to commodity instruments the manager identifies as having high expected inflation sensitivity and low cost of carry.

ACOM uses quantitative models to select commodities and sectors expected to outperform based on supply-demand dynamics and physical scarcity. The fund measures inflation sensitivity by estimating how readily increases in raw-material costs are passed through to finished goods and services; higher pass-through rates are treated as greater sensitivity. The strategy emphasizes market structure, favoring contracts in backwardation and avoiding contracts in contango to reduce negative roll returns.

The launch expands Harbor’s commodity lineup alongside the Harbor Commodity All-Weather Strategy ETF (HGER), which tracks the Quantix Commodity Index and targets exposures correlated with inflation while seeking to minimize carry costs. Harbor reported HGER has returned about 21% year-to-date and attracted roughly $1.4 billion in inflows this year.

Active commodity ETFs have posted strong returns so far in 2026. Industry data show the Neuberger Berman Commodity Strategy ETF returned about 22% year-to-date and recorded roughly $61 million of inflows; that fund sets exposure using macroeconomic data, valuation metrics and market structure and may take short positions for hedging or to anticipate declines. The PIMCO Commodity Active ETF returned near 16.5% year-to-date with about $69 million in inflows and invests in commodity-linked derivatives while using quantitative models to target undervalued sectors and securities.

Commodity markets have seen notable sector-level volatility this year. Oil prices reached extreme highs in April and May before retreating toward last year’s levels. Gold rose to recent peaks and then moved back to around its level at the start of the year. Market participants cite geopolitical tensions, shifting demand patterns and extreme weather as factors contributing to ongoing volatility in commodity prices.

Harbor describes ACOM as a rules-based, quantitatively driven option for investors seeking active commodity exposure. The fund’s reweighting process is designed to adjust holdings based on inflation sensitivity, scarcity and market structure, with an emphasis on limiting carry costs and avoiding contango to reduce roll-related performance drag.