# EDGAR Filing Document

**Accession Number:** 0001860434
**File Stem:** 0001193125-23-067821
**Filing Date:** 2023-3
**Character Count:** 29445
**Document Hash:** 17427b61f0781fa337d02d5192720ae6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-067821.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193125-23-067821

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harbor ETF Trust
- **CENTRAL INDEX KEY:** 0001860434
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268985
- **FILM NUMBER:** 23725104

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-443-4400

**MAIL ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**As filed with the Securities and Exchange Commission on March 10, 2023** 

**Securities Act File No. 333-268985** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-14** 

**REGISTRATION STATEMENT** 

***UNDER***

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| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 1** | ☒ |

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## HARBOR ETF TRUST
**(Exact Name of Registrant as Specified in Charter)** 

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**111 South Wacker Drive, 34th Floor, Chicago, Illinois 60606** 

**(Address of Principal Executive Offices)** 

**(312) 443-4400** 

**(Registrant's Telephone Number, including Area Code)** 

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| | |
|:---|:---|
| **CHARLES F. MCCAIN, ESQ.**<br> **Harbor ETF Trust**<br> **111 South Wacker Drive – 34th Floor**<br> **Chicago, Illinois 60606** | **CHRISTOPHER P. HARVEY, ESQ.**<br> **Dechert LLP**<br> **One International Place – 40th Floor**<br> **100 Oliver Street**<br> **Boston, Massachusetts 02110** |

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**(Name and address of Agents for Service)** 

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It is proposed that this filing will become on effective immediately, pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended.

Title of Securities Being Registered: Shares of Harbor Scientific Alpha High-Yield ETF

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**EXPLANATORY NOTE** 

The purpose of this filing is to file as an exhibit the opinion of counsel supporting the tax matters and consequences to shareholders in connection with the reorganization of Harbor High-Yield Bond Fund, a series of Harbor Funds, with and into Harbor Scientific Alpha High-Yield ETF, a series of Harbor ETF Trust, as required by Item 16(12) of Form N-14.

[Parts A and B are incorporated herein by reference to the Combined Information Statement/Prospectus and the Statement of Additional Information filed pursuant to Rule 497 under the Securities Act on January 27, 2023 (Accession No. 0001193125-23-017330).](http://www.sec.gov/Archives/edgar/data/1860434/000119312523017330/d447062d497.htm)

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**PART C. OTHER INFORMATION** 

**Item 15. Indemnification** 

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "1933 Act"), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 16. Exhibits** 

Unless otherwise stated, all filing references are to File No. 333-255884.

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| | |
|:---|:---|
| (1)<br>(a) | [Amended and Restated Agreement and Declaration of Trust dated January 26, 2022 – filed with Post-Effective Amendment No. 10 on February 22, 2022](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522048639/d320924dex99a1.htm) |
| (b) | [Certificate of Trust of Registrant dated April 13, 2021 – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99a2.htm) |
| (c) | [Schedule A to Amended and Restated Agreement and Declaration of Trust dated December 9, 2022 – filed with Post-Effective Amendment No. 24 on January 17, 2023](http://www.sec.gov/Archives/edgar/data/1860434/000119312523009579/d426698dex99a3.htm) |
| (2) | [By-Laws dated April 13, 2021 – filed with initial Registration Statement on May 6, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521152039/d150364dex99b.htm) |
| (3) |  |
| (4) | [Form of Agreement and Plan of Reorganization is included in Part A to this Registration Statement.](http://www.sec.gov/Archives/edgar/data/1860434/000119312523017330/d447062d497.htm) |
| (5) | [Article VI of the Amended and Restated Agreement and Declaration of Trust dated January 26, 2022 – filed with Post-Effective Amendment No. 5 on January 31, 2022, and Article III of the By-Laws dated April 13, 2021 – filed with Pre-Effective Amendment No. 1 on July 8, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312522021034/d300095dex99c.htm) |

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| | |
|:---|:---|
| (6)<br>(a) | [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Scientific Alpha High-Yield ETF, Harbor Scientific Alpha Income ETF – dated September 16, 2021 – filed with Pre-Effective Amendment No. 1 on July 8, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521210628/d149366dex99d1.htm) |
| (b) | [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Disruptive Innovation ETF – dated December 1, 2021 – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99d2.htm) |
| (c) | [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and BlueCove Limited – Harbor Scientific Alpha High-Yield ETF, Harbor Scientific Alpha Income ETF – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99d3.htm) |
| (d) | [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors, Inc. and 4BIO Partners, LLP – Harbor Disruptive Innovation ETF – dated December 1, 2021 – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99d4.htm) |
| (e) | [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors, Inc. and NZS Capital, LLC – Harbor Disruptive Innovation ETF – dated December 1, 2021 – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99d5.htm) |
| (f) | [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors, Inc. and Sands Capital Management, LLC – Harbor Disruptive Innovation ETF – dated December 1, 2021 – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99d6.htm) |
| (g) | [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors, Inc. and Tekne Capital Management, LLC – Harbor Disruptive Innovation ETF – dated December 1, 2021 – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99d7.htm) |
| (h) | [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors, Inc. and Westfield Capital Management Company, L.P. – Harbor Disruptive Innovation ETF – dated December 1, 2021 – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99d8.htm) |
| (i) | [Contractual Expense Limitation between the Registrant on behalf of Harbor Disruptive Innovation ETF and Harbor Capital Advisors, Inc., dated December 1, 2021 – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99d9.htm) |
| (j) | [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Long-Term Growers ETF – dated February 2, 2022 – filed with Post-Effective Amendment No. 6 on January 31, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522023425/d302378dex99d10.htm) |
| (k) | [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Jennison Associates LLC – Harbor Long-Term Growers ETF – dated February 2, 2022 – filed with N-14 Registration Statement on March 11, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522072266/d646404dex996k.htm) |
| (l) | [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor All-Weather Inflation Focus ETF – dated February 9, 2022 – filed with Post-Effective Amendment No. 8 on February 8, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522031175/d273078dex99d12.htm) |
| (m) | [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Quantix Commodities LP – Harbor All-Weather Inflation Focus ETF – dated February 9, 2022 – filed with Post-Effective Amendment No. 8 on February 8, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522031175/d273078dex99d13.htm) |

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(n) [Investment Advisory Agreement between the Subsidiary and Harbor Capital Advisors, Inc. – Harbor Cayman Inflation Focus Ltd – dated February 9, 2022 – filed with Post-Effective Amendment No. 8 on February 8, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522031175/d273078dex99d14.htm)

(o) [Subadvisory Agreement between the Subsidiary, Harbor Capital Advisors, Inc. and Quantix Commodities LP – Harbor Cayman Inflation Focus Ltd. – dated February 9, 2022 – filed with Post-Effective Amendment No. 8 on February 8, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522031175/d273078dex99d15.htm)

(p) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Corporate Culture Leaders ETF – dated February 23, 2022 – filed with Post-Effective Amendment No. 10 on February 22, 2022](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522048639/d320924dex99d17.htm)

(q) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Dividend Growth Leaders ETF – dated May 23, 2022 – filed with Post-Effective Amendment No. 13 on April 13, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522104572/d328572dex99d17.htm)

(r) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Westfield Capital Management Company, L.P. – Harbor Dividend Growth Leaders ETF – dated May 23, 2022 – filed with Post-Effective Amendment No. 13 on April 13, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522104572/d328572dex99d18.htm)

(s) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Energy](http://www.sec.gov/Archives/edgar/data/1860434/000119312522171637/d326578dex99d19.htm) [Transition Strategy ETF – filed with Post-Effective Amendment No. 16 on June 10, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522171637/d326578dex99d19.htm)

(t) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Quantix Commodities](http://www.sec.gov/Archives/edgar/data/1860434/000119312522171637/d326578dex99d20.htm) [LP – Harbor Energy Transition ETF – filed with Post-Effective Amendment No. 16 on June 10, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522171637/d326578dex99d20.htm)

(u) [Investment Advisory Agreement between the Subsidiary and Harbor Capital Advisors, Inc. – Harbor Cayman Energy Transition Ltd. – filed with Post-Effective Amendment No. 16 on June 10, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522171637/d326578dex99d21.htm)

(v) [Subadvisory Agreement between the Subsidiary, Harbor Capital Advisors, Inc. and Quantix Commodities](http://www.sec.gov/Archives/edgar/data/1860434/000119312522171637/d326578dex99d22.htm) [LP – Harbor Cayman Energy Transition Ltd. – filed with Post-Effective Amendment No. 16 on June 10,](http://www.sec.gov/Archives/edgar/data/1860434/000119312522171637/d326578dex99d22.htm) [2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522171637/d326578dex99d22.htm)

(w) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor International Compounders ETF – filed with Post-Effective Amendment No. 19 on August 17, 2022](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522222953/d377230dex99d23.htm)

(x) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and C WorldWide Asset](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522222953/d377230dex99d24.htm) [Management Fondsmaeglerselskab A/S – Harbor International Compounders ETF – filed with](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522222953/d377230dex99d24.htm) [Post-Effective Amendment No. 19 on August 17, 2022](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522222953/d377230dex99d24.htm)

(y) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Corporate Culture ETF – dated October 12, 2022 – filed with Post-Effective Amendment No. 21 on](http://www.sec.gov/Archives/edgar/data/1860434/000119312522253386/d375104dex99d25.htm) September 28, 2022

(z) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Health Care ETF – dated November 16, 2022 – filed with Post-Effective Amendment No. 22 on October 31, 2022](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522273892/d386834dex99d26.htm)

(aa) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Westfield Capital](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522273892/d386834dex99d27.htm) [Management Company, L.P. – Harbor Health Care ETF – dated November 16, 2022 – filed with Post-Effective Amendment No. 22 on October 31, 2022](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522273892/d386834dex99d27.htm)

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| | |
|:---|:---|
| (7)(a) | [Distribution Agreement between Registrant and Foreside Fund Services, LLC, filed with Pre-Effective Amendment No. 1 on July 8, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521210628/d149366dex99e.htm) |
| (b) | [Distribution Agreement Novation between Registrant and Foreside Fund Services, LLC – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99e2.htm) |
| (c) | [Amended Schedule to Distribution Agreement between Registrant and Foreside Fund Services, LLC – dated October 12, 2022 – filed with Post-Effective Amendment No. 21 on September 28, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522253386/d375104dex99e3.htm) |
| (8) |  |
| (9) (a) | [Custodian Agreement between the Registrant and State Street Bank and Trust Company – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99g.htm) |
| (b) | [Amended Appendix A to Custodian Agreement between the Registrant and State Street Bank and Trust Company – dated October 12, 2022 – filed with Post-Effective Amendment No. 21 on September 28, 2022](http://www.sec.gov/Archives/edgar/data/1860434/000119312522253386/d375104dex99h2.htm) |
| (10) | [Distribution Plan adopted May 17, 2021 – filed with Pre-Effective Amendment No. 1 on July 8, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521210628/d149366dex99m.htm) |
| (11) | [Opinion and Consent of Dechert LLP – filed with N-14 Registration Statement (File No. 333-268985) on December 23, 2022.](http://www.sec.gov/Archives/edgar/data/1860434/000119312522311676/d406649dex9911.htm) |
| (12) | [Legal Opinion of Dechert LLP as to tax matters – filed herewith](d483166dex9912.htm) |
| (13) (a) | [Transfer Agency and Service Agreement between the Registrant and State Street Bank and Trust Company – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99h1.htm) |
| (b) | [Amended Schedule to Transfer Agency and Service Agreement between the Registrant and State Street Bank and Trust Company – filed with Post-Effective Amendment No. 6 on January 31, 2022](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522023425/d302378dex99h2.htm) |
| (c) | [Form of Authorized Participant Agreement – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99h2.htm) |
| (d) | [Sublicense Agreement between Harbor Capital Advisors, Inc. and Harbor ETF Trust – filed with Post-Effective Amendment No. 10 on February 22, 2022](http://www.sec.gov/Archives/edgar/data/0001860434/000119312522048639/d320924dex99h4.htm) |
| (e) | [Amendment to Sublicense Agreement between Harbor Capital Advisors, Inc. and Harbor ETF Trust dated March 1, 2023 – filed with Post-Effective Amendment No. 25 on February 24, 2023](http://www.sec.gov/Archives/edgar/data/1860434/000119312523049007/d452583dex99h5.htm) |
| (f) | [Subscription Letter Related to Initial Capital provided by Harbor Capital Advisors, Inc. – filed with Pre-Effective Amendment No. 2 on September 10, 2021](http://www.sec.gov/Archives/edgar/data/1860434/000119312521270182/d226931dex99l.htm) |
| (14) (a) | [Consent of Independent Registered Public Accounting Firm – filed with N-14 Registration Statement (File No. 333-268985) on December 23, 2022.](http://www.sec.gov/Archives/edgar/data/1860434/000119312522311676/d406649dex9914b.htm) |
| (b) | [Consent of Dechert LLP – filed with N-14 Registration Statement (File No. 333-268985) on December 23, 2022.](http://www.sec.gov/Archives/edgar/data/1860434/000119312522311676/d406649dex9914b.htm) |
| (15) |  |
| (16) | [Powers of Attorney dated December 9, 2022 – filed with N-14 Registration Statement (File No. 333-268985) on December 23, 2022.](http://www.sec.gov/Archives/edgar/data/1860434/000119312522311676/d406649dex9916.htm) |
| (17) (a) | [Harbor Capital Advisors, Inc. Code of Ethics and Standards of Conduct dated December 1, 2022, filed with Post-Effective Amendment No. 25 on February 24, 2023](http://www.sec.gov/Archives/edgar/data/1860434/000119312523049007/d452583dex99p1.htm) |
| (b) | [Harbor ETF Trust Code of Ethics and Standards of Conduct dated December 1, 2022 – filed with Post-Effective Amendment No. 25 on February 24, 2023](http://www.sec.gov/Archives/edgar/data/1860434/000119312523049007/d452583dex99p2.htm) |
| (c) | [BlueCove Limited Code of Ethics dated October 24, 2022 – filed with Post-Effective Amendment No. 25 on February 24, 2023](http://www.sec.gov/Archives/edgar/data/1860434/000119312523049007/d452583dex99p3.htm) |
| (18) | Not applicable |

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**Item 17. Undertakings** 

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through use
of a prospectus which is part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, [17 CFR 230.145c] the reoffering prospectus will
contain information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be
filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to
be a new registration statement for the securities offered therein, and the offering of securities at that time shall be deemed to be the initial bona fide offering of them.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, the State of Illinois, on March 10, 2023.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HARBOR ETF TRUST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HARBOR ETF TRUST** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain<br> President and Trustee |

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Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

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| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ Charles F. McCain | President and Trustee (Principal Executive Officer) | March 10, 2023 |
| Charles F. McCain | President and Trustee (Principal Executive Officer) |  |
| /s/ John M. Paral | Treasurer (Principal Financial and Accounting Officer) | March 10, 2023 |
| John M. Paral | Treasurer (Principal Financial and Accounting Officer) |  |
| /s/ Scott M. Amero\* | Trustee | March 10, 2023 |
| Scott M. Amero |  |  |
| /s/ Donna J. Dean\* | Trustee | March 10, 2023 |
| Donna J. Dean |  |  |
| /s/ Robert Kasdin\* | Trustee | March 10, 2023 |
| Robert Kasdin |  |  |
| /s/ Kathryn L. Quirk\* | Trustee | March 10, 2023 |
| Kathryn L. Quirk |  |  |
| /s/ Douglas J. Skinner\* | Trustee | March 10, 2023 |
| Douglas J. Skinner |  |  |
| /s/ Ann M. Spruill\* | Trustee | March 10, 2023 |
| Ann M. Spruill |  |  |
| /s/ Landis Zimmerman\* | Trustee | March 10, 2023 |
| Landis Zimmerman |  |  |

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| | |
|:---|:---|
| By\* | /s/ Charles F. McCain |
| Charles F. McCain | Charles F. McCain |
| As Attorney-in-Fact | As Attorney-in-Fact |
| Dated: March 10, 2023 | Dated: March 10, 2023 |

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\* [Pursuant to Powers of Attorney dated December 9, 2022 – filed with N-14 Registration Statement (File No. 333-268985) on December 23, 2022.](http://www.sec.gov/Archives/edgar/data/1860434/000119312522311676/d406649dex9916.htm)

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**EXHIBIT INDEX** 

(12) Legal Opinion of Dechert LLP as to tax matters

## Ex-99.(12)

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|:---|:---|
| ![LOGO](g483166g0311001656064.jpg) | Three Bryant Park<br> 1095 Avenue of the Americas<br> New York, New York 10036-6797<br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> <u>www.dechert.com</u> |

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February 24, 2023

Board of Trustees

Harbor ETF Trust

Harbor Scientific Alpha High-Yield ETF

111 South Wacker Drive, 34th Floor

Chicago, IL 60606

Board of Trustees

Harbor Funds

Harbor High-Yield Bond Fund

111 South Wacker Drive, 34th Floor

Chicago, IL 60606

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences to Harbor High-Yield Bond Fund (the "Acquired Fund"), a separate series of Harbor Funds, a Delaware statutory trust (the "Acquired Trust"), to the holders of the shares of beneficial interest (the "Acquired Fund Shares") of Acquired Fund (the "Acquired Fund Shareholders"), and to Harbor Scientific Alpha High-Yield ETF (the "Acquiring Fund"), a separate series of Harbor ETF Trust, a Delaware statutory trust (the "Acquiring Trust"), in connection with the proposed transfer of all of the assets of Acquired Fund to Acquiring Fund in exchange solely for shares of beneficial interest of Acquiring Fund ("Acquiring Fund Shares"), cash in lieu of fractional shares and the assumption of all of the liabilities of Acquired Fund by Acquiring Fund, followed by the distribution of such Acquiring Fund Shares received by Acquired Fund in complete liquidation and termination of Acquired Fund (the "Reorganization"), all pursuant to the Agreement and Plan of Reorganization (the "Plan") dated as of December 28, 2022, executed by Acquired Trust on behalf of Acquired Fund and Acquiring Trust on behalf of Acquiring Fund.

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For purposes of this opinion, we have examined and relied upon (1) the Plan, (2) the facts and representations contained in the letter dated as of the date hereof addressed to us from Acquiring Trust on behalf of Acquiring Fund, (3) the facts and representations contained in the letter dated as of the date hereof addressed to us from Acquired Trust on behalf of Acquired Fund, and (4) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

This opinion is based upon the Internal Revenue Code of 1986, as amended (the "Code"), United States Treasury regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Plan referred to above.

Based upon the foregoing, it is our opinion that for federal income tax purposes:

1. The acquisition by Acquiring Fund of all of the assets of Acquired Fund in exchange solely for Acquiring Fund
Shares and the assumption of all liabilities of the Acquired Fund by Acquiring Fund followed by the distribution of Acquiring Fund Shares to the Acquired Fund Shareholders in exchange for their Acquired Fund Shares in complete liquidation and
termination of Acquired Fund will constitute a tax-free reorganization under Section 368(a) of the Code.

2. Acquired Fund will not recognize gain or loss upon the transfer of the assets of the Acquired Fund to Acquiring
Fund in exchange solely for Acquiring Fund Shares and the assumption of all of the Acquired Fund's liabilities.

3. Acquired Fund will not recognize gain or loss upon the distribution to its shareholders of the Acquiring Fund
Shares received by Acquired Fund in the Reorganization.

4. Acquiring Fund will recognize no gain or loss upon receiving the assets of the Acquired Fund in exchange solely
for Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund.

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5. The adjusted basis to Acquiring Fund of the assets of Acquired Fund received by Acquiring Fund in the
Reorganization will be the same as the adjusted basis of those assets in the hands of Acquired Fund immediately before the exchange.

6. Acquiring Fund's holding periods with respect to the assets of Acquired Fund that Acquiring Fund acquires
in the Reorganization will include the respective periods for which those assets were held by Acquired Fund (except where investment activities of Acquiring Fund have the effect of reducing or eliminating a holding period with respect to an asset).

7. The Acquired Fund Shareholders will recognize no gain or loss upon receiving Acquiring Fund Shares solely in
exchange for Acquired Fund Shares, except with respect to cash received, if any.

8. The aggregate basis of the Acquiring Fund Shares received by an Acquired Fund Shareholder in the Reorganization
will be the same as the aggregate basis of the Acquired Fund Shares exchanged in the Reorganization (reduced by any amount of tax basis allocable to shares for which cash is received).

9. An Acquired Fund Shareholder's holding period for the Acquiring Fund Shares received by the Acquired Fund
Shareholder in the Reorganization will include the holding period during which the Acquired Fund Shareholder held Acquired Fund Shares surrendered in exchange therefor, provided that the Acquired Fund Shareholder held such shares as a capital asset
on the date of Reorganization.

We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above, or as to any transaction except those consummated in accordance with the Plan.

We hereby consent to the filing of this opinion as an exhibit to the Form N-14 and to all references to our firm therein.

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| Very truly yours, |
| /s/ Dechert LLP |
| Dechert LLP |

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