Harbor Multi-Asset Explorer ETF (MAPP)
ARCA ARCA Primary 
Harbor Multi-Asset Explorer ETF Q4 2025 Commentary
The fourth quarter of 2025 marked a period of consolidation for global equity markets, as investors balanced moderating economic momentum against supportive financial conditions. During the fourth quarter, the Harbor Multi-Asset Explorer ETF returned 2.74% (NAV), and for the full year of 2025, the ETF returned 18.56%. Our proprietary research continued to signal a late-cycle expansion, and positioning reflected exposures aligned toward risk assets while maintaining diversification across regions and asset classes.
Harbor Multi-Asset Explorer ETF Q1 2025 Commentary
The first quarter of 2025 saw a return of volatility to financial markets, which resulted in mixed investment results across risk assets. During the first quarter, the Harbor Multi-Asset Explorer ETF (“ETF”) returned 1.23% (NAV), outperforming its primary benchmark, the ICE BofA 0-3 Month US Treasury Bill Total Return Index, which returned 1.04%. The returns from the first quarter brought the total return for the ETF to 8.19% over the trailing one-year and 13.17% since inception on September 13, 2023.
