At a glance
BCD charges 0.3% a year, above the 0.29% average of the 7 funds most like it (the 6th cheapest of 8). It has $383.9M in assets, the 8th largest of that group; it paid 13.83% of its price in distributions over the past 12 months, annual. Over the past year it returned +28.8% with distributions reinvested, 3rd of those 8 funds; over three years it returned +13.3% a year. At its worst it fell 19.7% in the 2020 crash (S&P 500: 33.7%) and 19.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 42 months after the lows. Its ten largest positions make up 50.4% of the fund, out of 17 in all.
The short version
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) tracks the Bloomberg Commodity Index 3 Month Forward Total Return. That index is a basket of futures contracts on 23 commodities, and the fund backs those contracts mostly with U.S. Treasury bills. It uses contracts that expire a few months later than the standard Bloomberg Commodity Index, and it avoids the K-1 partnership tax form. It costs 0.30% a year, compared with 0.26% for abrdn's sister fund BCI.
Price history
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BCD +28.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BCD official prospectus, to Dec 31, 2025 | — | +15.54% | — | +12.17% | — | +7.42% |
| BCD price data to Oct 27, 2026 | +24.5% | +28.8% | +13.3% | +10.3% | — | +9.2% |
- Over the year to Oct 27, 2026, BCD returned +28.8%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +10.3%.
- In the 2020 COVID crash it fell 19.7% and regained its old high 5 months after the low.
- Its worst full calendar year was 2018 (-8.6%); its best was 2021 (+31.7%).
- The deepest fall in its price history was 29.8% (May 24, 2018 to Mar 18, 2020), recovered by Feb 4, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +24.4% | — |
| 2025 | +15.6% | +15.54% |
| 2024 | +6.2% | +5.87% |
| 2023 | -7.6% | -7.36% |
| 2022 | +18.4% | +18.33% |
| 2021 | +31.7% | +32.40% |
| 2020 | +4.8% | +4.29% |
| 2019 | +7.3% | +7.64% |
| 2018 | -8.6% | -9.89% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17.6% over that stretch · deepest drop along the way 19.7%, back to its old high 5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 15.5% over that stretch · deepest drop along the way 19.7%, back to its old high 41.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $5.3300 | +371.7% |
| 2024 | $1.1300 | -18.1% |
| 2023 | $1.3800 | -23.3% |
| 2022 | $1.8000 | -29.4% |
| 2021 | $2.5500 | +672.7% |
| 2020 | $0.3300 | -13.2% |
| 2019 | $0.3800 | +2.7% |
| 2018 | $0.3700 |
What's inside
As of Jun 30, 2026, the fund held 17 securities; the ten largest made up 50.36% of assets, and 21.39% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 5.20% | |
| United States Treasury Bonds and notes | 5.20% | |
| United States Treasury Bonds and notes | 5.19% | |
| United States Treasury Bonds and notes | 5.18% | |
| United States Treasury Bonds and notes | 4.95% | |
| United States Treasury Bonds and notes | 4.94% | |
| United States Treasury Bonds and notes | 4.93% | |
| United States Treasury Bonds and notes | 4.93% | |
| United States Treasury Bonds and notes | 4.92% | |
| United States Treasury Bonds and notes | 4.92% | |
| United States Treasury Bonds and notes | 4.68% | |
| United States Treasury Bonds and notes | 4.43% | |
| United States Treasury Bonds and notes | 4.42% | |
| United States Treasury Bonds and notes | 4.42% | |
| United States Treasury Bonds and notes | 4.41% |
By country
United States 76.87%By issuer
US Treasury 76.87%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $17.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.46%, -1.15%, -7.58%.
What it really costs
- BCD charges 0.3% a year, versus an average of 0.29% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BCD | $31 | $97 | $169 | $381 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
BCD's returns have barely tracked the stock market, but its own steep drops make it a poor shelter in a crisis.
BCD's main value is that it behaves differently from stocks and bonds. Its one-year beta, a measure of how closely it moves with the stock market, was 0.01 as of October 27, 2026. During the 2022 bear market it gained 15.5% while stocks fell. It is not a crash shield, though. It dropped 19.7% in early 2020 and took about five months to recover. A 19.7% slide in mid-2022 took until December 2025 to recover. Its deepest drop was 29.8%, from May 2018 to March 2020, and it recovered in February 2021. Its worst calendar year was 2018, at -9.89%. Selling during a slide like these would lock in losses. BCD pays out once a year. Its trailing yield was 13.83% as of October 27, 2026, but payouts from commodity funds can swing widely. It costs 0.30% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want broad futures exposure to 23 commodities that has moved almost independently of stocks (one-year beta of 0.01)
- People who prefer a "K-1 free" ETF to commodity partnerships that send Schedule K-1 partnership tax forms
- Investors who want a longer-dated version of the Bloomberg Commodity Index, using futures four to six months from expiry, for 0.30% a year
Look elsewhere if
- People who want abrdn's cheaper, larger commodity fund: BCI charges 0.26% and had $2.28 billion in net assets as of June 30, 2026
- Retirees who need steady income, since BCD pays once a year and the amount can vary widely
- Anyone uncomfortable with drops like the 29.8% fall from 2018 to 2020, or the 42-month recovery after mid-2022
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BCD this fund | 0.1 yrs | 0.3% | $383.9M | +28.8% | +13.3% |
| BCI abrdn Bloomberg All Commodity Strategy K-1 … | 0.1 yrs | 0.26% | $2.28B | +37.6% | +14.9% |
| FTGC First Trust Global Tactical Commodity Strat… | 0.1 yrs | 1.02% | $2.70B | +37.4% | +16.9% |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| SCHQ Schwab Long-Term U.S. Treasury ETF | 21.8 yrs | 0.03% | $759.0M | -5.8% | +4.0% |
| BLV Vanguard Long-Term Bond ETF | 22.1 yrs | 0.03% | $8.66B | -5.6% | +5.4% |
| LGOV First Trust Long Duration Opportunities ETF | 20.4 yrs | 0.66% | $619.4M | -4.0% | +5.5% |
Questions investors ask
Does BCD pay a dividend?
Yes, but only once a year. Over the 12 months to October 27, 2026, BCD paid $5.33 per share, a trailing yield of 13.83%. That figure comes after strong commodity returns, with the fund up 28.8% over one year to the same date. Payouts from commodity futures funds can rise or fall sharply from year to year, so this yield may not repeat.
What's the difference between BCD and BCI?
Both are abrdn commodity ETFs without K-1 forms, but BCD's index uses futures four to six months from expiry. BCI is cheaper at 0.26% a year, against BCD's 0.30%. BCI is also much larger, with $2.28 billion in net assets as of June 30, 2026, against about $384 million for BCD. As of October 27, 2026, BCI's price return was 37.6% over one year, against 28.8% for BCD. Over three years, BCI returned 14.9% a year and BCD 13.3%.
What does BCD actually hold?
BCD mostly holds U.S. Treasury bills and cash, plus commodity futures contracts. As of June 30, 2026, Treasury bills made up about 76.9% of the fund and cash 21.4%. It also held 45 commodity futures contracts, mainly on London Metal Exchange metals such as aluminum, nickel and zinc. The futures give the fund its commodity exposure. The Treasury bills act as collateral and earn interest.
Did BCD hold up in stock market crashes?
Its record is mixed. During the 2022 bear market, BCD gained 15.5% while stocks fell, and it returned 18.33% for 2022. In the 2020 COVID crash, though, it dropped 19.7% between February 19 and March 18, 2020, and recovered in August 2020. Its worst quarter was the first quarter of 2020, at -19.94%. Commodities can fall together with stocks, especially in sudden selloffs.
What is BCD's expense ratio?
BCD's expense ratio is 0.30% a year, according to its prospectus filed April 29, 2026. That includes a 0.29% management fee. In the SEC's standard example, $10,000 earning 5% a year would pay about $31 in costs after one year and $381 over ten years. The average for its comparison group is 0.29%. BCI charges 0.26%, and First Trust's FTGC charges 1.02%.