Harbor Active Commodity ETF(AMEX:ACOM)

ACOM provides long-only or long-biased exposure to commodities through futures, options, OTC swaps, and other commodity-linked derivatives. Holdings are primarily denominated in USD and traded on US and UK exchanges. In constructing the portfolio, the sub-adviser considers proprietary models, market conditions, and the relative cost of rolling futures contracts. The strategy also targets commodities with high expected inflation sensitivity and a low cost of carry. Portfolio allocation is based on debasement commodities, such as gold, which are primarily influenced by currency depreciation, as well as scarcity commodities, whose prices are driven by global supply and demand dynamics. These commodities reflect the macroeconomic environment. To avoid scheduled K-1 payments, ACOM does not directly invest in commodity futures contracts. Instead, it gains exposure by investing up to 25% of its assets in a Cayman Islands subsidiary. The fund holds US Treasury securities as collateral.