During the second quarter, the Harbor Mid Cap Core ETF (EPMB) (NAV) returned 12.99%, underperforming its benchmark, the Russell Midcap® Index, which returned 13.83%. Relative results were partially driven by performance within Information Technology, where the portfolio participated meaningfully in the sector's strong advance but trailed the benchmark as a narrower group of higher-multiple growth stocks led returns. Outside of Information Technology, relative performance was supported by strong stock selection within Industrials, Health Care, and Consumer Staples, where company-specific fundamentals continued to drive favorable outcomes.