PIMCO Commodity Strategy Active Exchange-Traded Fund

PIMCO Commodity Strategy Active ETF (CMDT) is an actively managed fund that tries to beat the Bloomberg Commodity Index Total Return. It gets commodity exposure through futures and swaps, and it holds a portfolio of short-term bonds alongside them. Index trackers only follow commodity prices, but PIMCO tries to add return from its commodity positions and from its bond portfolio. After a fee waiver, its 0.65% expense ratio is well above BCI's 0.26%.

• Over the year to Oct 27, 2026, CMDT returned +28.2%, 4th of 4 among similar funds.
• Its worst full calendar year was 2024 (+6.9%); its best was 2025 (+12.7%).
• The deepest fall in its price history was 33.7% (Feb 11, 2025 to Apr 24, 2025), recovered by Mar 11, 2026.

As of Jun 30, 2026, the fund held 262 securities; the ten largest made up 19.01% of assets, and 8.69% sat in cash and money-market holdings.

The bonds mature in 8.9 years on average (weighted by size), with an average coupon of 4.13%.

• Over the three months to Jun 30, 2026, investors added a net $45.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.48%, -1.21%, -8.63%.

PIMCO runs CMDT actively, aiming to beat the Bloomberg Commodity Index Total Return. Normally at least 80% of assets go into commodities, commodity-linked derivatives and bonds. Most commodity exposure comes through futures and swaps (contracts whose value tracks commodity prices), partly via a Cayman Islands subsidiary capped at 25% of total assets. As of June 30, 2026, the largest derivative positions included aluminum, zinc and nickel futures on the London Metal Exchange and Brent crude futures.

PIMCO may use its own quantitative models to set targets, which can bet on prices rising, falling or neither, and managers can override the models. Total commodity exposure normally stays within 20% above or below net assets. The fund can also hold contracts expiring in different months than the index's, so returns can drift from it.

Futures and swaps tie up little cash, so most of the money sits in bonds. These are mostly investment grade (higher-rated), and the bond portion's average duration (a measure of rate sensitivity) is normally kept at one year or less. As of June 30, 2026, the largest holdings were the PIMCO Enhanced Short Maturity Active ETF (5.9%), repurchase agreements (short-term secured loans) with BofA Securities, and bonds from Rogers Communications and Brazilian treasury bills. The prospectus reports portfolio turnover of 70%.

• CMDT charges 0.65% a year, versus an average of 0.65% for the similar funds below (2nd of 4, cheapest first).
• Of that, 0.79% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.32% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $1,161 over 10 years (assuming a 5% annual return).

Commodity returns have barely tracked stocks: CMDT's beta to the stock market was -0.07 over the year to October 27, 2026.

CMDT could add an asset that doesn't move in step with stocks. But it launched in May 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its only two full calendar years were gains: 7.04% in 2024 and 12.38% in 2025, according to the prospectus. On share price, it fell 33.7% between February 11 and April 24, 2025, and took about 10.5 months to recover. The prospectus's total-return figures show a milder worst quarter: a 2.9% loss for the quarter ended June 30, 2025. Anyone forced to sell during a drop like that could lock in losses. The trailing yield was 12.14% as of October 27, 2026, paid quarterly, but commodity fund payouts can vary sharply from year to year. Costs come to $66 in the first year on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).