At a glance
BCI charges 0.26% a year, below the 1.02% average of the 1 funds most like it. It has $2.28B in assets; it paid 12.39% of its price in distributions over the past 12 months, annual. Over the past year it returned +37.6% with distributions reinvested; over three years it returned +14.9% a year. At its worst it fell 21.9% in the 2020 crash (S&P 500: 33.7%) and 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 43 months after the lows. Its ten largest positions make up 50.4% of the fund, out of 16 in all.
The short version
abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) tracks the Bloomberg Commodity Index Total Return. It holds futures contracts on 23 commodities, from crude oil and gold to coffee, and backs them mostly with short-term U.S. Treasury bills. Its 0.26% expense ratio is far below the 1.02% charged by First Trust Global Tactical Commodity Strategy Fund (FTGC). As its name says, it is built to avoid the Schedule K-1 tax form that some commodity funds send.
Price history
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BCI +37.6% 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 | |
|---|---|---|---|---|---|---|
| BCI official prospectus, to Dec 31, 2025 | — | +15.11% | — | +10.01% | — | +4.95% |
| BCI price data to Oct 27, 2026 | +33.1% | +37.6% | +14.9% | +9.9% | — | +7.7% |
- Over the year to Oct 27, 2026, BCI returned +37.6%.
- Its 5-year annualized return was +9.9%.
- In the 2020 COVID crash it fell 21.9% and regained its old high 9 months after the low.
- Its worst full calendar year was 2018 (-11.2%); its best was 2021 (+25.9%).
- The deepest fall in its price history was 32.7% (May 23, 2018 to Mar 18, 2020), recovered by Apr 26, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +33.1% | — |
| 2025 | +14.9% | +15.11% |
| 2024 | +5.5% | +5.08% |
| 2023 | -8.8% | -8.35% |
| 2022 | +15.2% | +15.13% |
| 2021 | +25.9% | +26.27% |
| 2020 | -2.8% | -3.17% |
| 2019 | +7.0% | +7.47% |
| 2018 | -11.2% | -11.70% |
| 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 14.4% over that stretch · deepest drop along the way 21.9%, back to its old high 9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 15.3% over that stretch · deepest drop along the way 19.3%, back to its old high 42.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $3.2200 | +395.4% |
| 2024 | $0.6500 | -14.5% |
| 2023 | $0.7600 | -82.8% |
| 2022 | $4.4100 | -1.3% |
| 2021 | $4.4700 | +2880.0% |
| 2020 | $0.1500 | -54.5% |
| 2019 | $0.3300 | +37.5% |
| 2018 | $0.2400 |
What's inside
As of Jun 30, 2026, the fund held 16 securities; the ten largest made up 50.42% of assets, and 25.76% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 5.17% | |
| United States Treasury Bonds and notes | 5.13% | |
| United States Treasury Bonds and notes | 5.09% | |
| United States Treasury Bonds and notes | 5.07% | |
| United States Treasury Bonds and notes | 5.07% | |
| United States Treasury Bonds and notes | 5.04% | |
| United States Treasury Bonds and notes | 5.03% | |
| United States Treasury Bonds and notes | 4.99% | |
| United States Treasury Bonds and notes | 4.94% | |
| United States Treasury Bonds and notes | 4.89% | |
| United States Treasury Bonds and notes | 4.82% | |
| United States Treasury Bonds and notes | 4.81% | |
| United States Treasury Bonds and notes | 4.80% | |
| United States Treasury Bonds and notes | 4.65% | |
| United States Treasury Bonds and notes | 2.19% |
By country
United States 73.86%By issuer
US Treasury 73.86%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 withdrew a net $29.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.19%, -3.57%, -8.57%.
How it works
BCI is a passive index fund. It uses a representative sampling approach to track the Bloomberg Commodity Index Total Return. That index combines the Bloomberg Commodity Index (BCOM), published since 1998, with interest earned on cash collateral. As of the prospectus date, BCOM held 25 futures contracts on 23 commodities across energy, agriculture and industrial and precious metals. Weights are set by trading volume, the dollar value of each commodity's production, and rules that keep any single commodity or sector from dominating. Bloomberg rebalances the index once a year, in January.
A futures contract is an agreement to buy a commodity at a set price on a future date. The fund doesn't own barrels or bushels. The index holds contracts that expire in one to three months and "rolls" them, selling each one before it expires and buying a later one. When later contracts cost more (called "contango"), each roll loses a little. When they cost less ("backwardation"), each roll gains. Because of this, returns can differ a lot from spot commodity prices.
Futures need only a small deposit, so most of the money sits in collateral. As of June 30, 2026, 73.86% of assets were in Treasury bills averaging about 0.1 years to maturity, and 25.76% was in cash. The fund also held 37 futures positions, the largest in aluminum, coffee and cocoa. Bloomberg announced that the index's collateral rate would switch from 3-month T-bills to SOFR (the Secured Overnight Financing Rate) effective June 16, 2026.
What it really costs
- BCI charges 0.26% a year, versus an average of 1.02% for the similar funds below.
- Of that, 0.25% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $27 in the first year and $331 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BCI | $27 | $84 | $146 | $331 |
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
Commodity futures often move differently from stocks and bonds, but BCI's sharp drops in 2020 and mid-2022 show it is no reliable crash shelter.
BCI adds an asset that often moves on its own path. Its one-year beta to stocks was -0.15 as of October 27, 2026. During the 2022 bear market it gained 15.3%. But it also fell 21.9% in the 2020 COVID crash and took nine months to recover. A 19.3% slide in mid-2022 took 42.6 months to make back. Its deepest drop was 32.7%, from May 2018 to March 2020, and it took 13.3 months to recover. 2018 was its worst year, at -11.7%. The fund launched in 2017, so it has no 2008 record. Anyone forced to sell during one of these stretches would lock in losses. The trailing yield was 12.39% as of October 27, 2026, but it comes as one payment a year, not steady income. Costs are low: $27 in the first year on $10,000 under the SEC's standard example. 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 exposure to 23 commodities through futures for 0.26% a year, compared with 1.02% for FTGC.
- Taxable investors who want commodity exposure without handling the Schedule K-1 partnership tax forms that some commodity funds issue.
- Portfolios seeking a diversifier that gained 15.13% in 2022 and had a one-year beta of -0.15 to stocks as of October 27, 2026.
Look elsewhere if
- Retirees needing regular income: BCI pays once a year, and its 12.39% trailing yield came after a 37.6% one-year gain.
- Investors who can't sit through long slumps: a mid-2022 drop of 19.3% took 42.6 months to recover.
- Anyone who wants physical gold or spot commodity prices: BCI holds rolling futures, and contango can pull its returns below spot prices.
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 |
|---|---|---|---|---|---|
| BCI this fund | 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% |
Questions investors ask
Does BCI send a K-1 tax form?
No. As its name says, BCI is built to be "K-1 free." Shareholders shouldn't get the Schedule K-1 that some commodity funds send. A K-1 is a partnership tax form that often arrives late and makes tax filing harder. That makes BCI simpler to hold in a taxable account than funds that issue K-1s. How its distributions are taxed can still be worth checking with a tax professional.
Does BCI pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, BCI paid $3.22 per share, a trailing yield of 12.39%. That payout came during a strong stretch: the fund returned 37.6% over the same year. A fund that holds commodity futures and Treasury bills doesn't produce the steady income of a stock dividend or bond fund, so one strong year's payout says little about the next.
BCI vs FTGC: what's the difference?
The biggest difference is cost and approach. BCI charges 0.26% a year and tracks the Bloomberg Commodity Index Total Return. First Trust Global Tactical Commodity Strategy Fund (FTGC) charges 1.02% and, as its name suggests, takes a tactical approach rather than tracking an index. Returns as of October 27, 2026 were close: 37.6% vs. 37.4% over one year, and 14.9% vs. 16.9% a year over three years. As of June 30, 2026, net assets were $2.28 billion for BCI and $2.70 billion for FTGC.
Is BCI a good inflation hedge?
Sometimes, but not reliably. Commodity prices often rise along with inflation, and BCI returned 26.27% in 2021 and 15.13% in 2022, based on figures in its prospectus. But it lost 11.7% in 2018, 3.17% in 2020 and 8.35% in 2023. Its strongest quarter was a 25.29% gain in early 2022, and its weakest was a 23.13% loss in early 2020. Results depend heavily on swings in energy, metals and farm prices.
What does BCI actually hold?
Mostly Treasury bills, plus commodity futures. As of June 30, 2026, 73.86% of assets were in short-term U.S. Treasury bills and 25.76% was in cash. Those serve as collateral for 37 futures positions. The largest futures exposures were London Metal Exchange aluminum, coffee, cocoa, nickel and zinc. The futures track the Bloomberg Commodity Index, which covers 23 commodities, including crude oil, natural gas, gold, copper, corn and soybeans.