At a glance
CMDY charges 0.28% a year. It has $558.8M in assets; it paid 9.89% of its price in distributions over the past 12 months, annual. Over the past year it returned +34.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +14.9% a year. At its worst it fell 18.3% in the 2020 crash (S&P 500: 33.7%) and 19.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 40 months after the lows.
The short version
iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) tracks the Bloomberg Roll Select Commodity Total Return Index. The index holds futures on 23 energy, metals and farm commodities, and the fund gets that exposure through a Cayman Islands subsidiary rather than owning the goods. What sets it apart is how it replaces expiring contracts: it favors delivery months that make that switch cheaper or even profitable. Its expense ratio is 0.28%.
Price history
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CMDY +34.4% 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 | |
|---|---|---|---|---|---|---|
| CMDY official prospectus, to Dec 31, 2025 | — | +16.11% | — | +10.03% | — | +5.59% |
| MSCI All Country World Index Net index, same period | — | +22.34% | — | +11.19% | — | +11.39% |
| CMDY price data to Oct 27, 2026 | +30.5% | +34.4% | +14.9% | +9.6% | — | +8.3% |
- Over the year to Oct 27, 2026, CMDY returned +34.4%.
- Its 5-year annualized return was +9.6%.
- In the 2020 COVID crash it fell 18.3% and regained its old high 5.5 months after the low.
- Its worst full calendar year was 2023 (-9.3%); its best was 2021 (+26.6%).
- The deepest fall in its price history was 31.2% (May 24, 2018 to Mar 18, 2020), recovered by Apr 21, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +30.5% | — |
| 2025 | +16.0% | +16.11% |
| 2024 | +5.4% | +5.35% |
| 2023 | -9.3% | -9.09% |
| 2022 | +14.5% | +14.23% |
| 2021 | +26.6% | +26.97% |
| 2020 | +1.3% | +0.75% |
| 2019 | +4.9% | +5.70% |
| 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 15.6% over that stretch · deepest drop along the way 18.3%, back to its old high 5.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 14.4% over that stretch · deepest drop along the way 19.4%, back to its old high 39.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $6.2900 | +212.9% |
| 2024 | $2.0100 | -16.3% |
| 2023 | $2.4000 | +10.6% |
| 2022 | $2.1700 | -72.9% |
| 2021 | $8.0024 | +6098.6% |
| 2020 | $0.1291 | -87.1% |
| 2019 | $1.0000 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 95.34% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $51.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.92%, -8.62%, +6.81%.
How it works
The fund follows the Bloomberg Roll Select Commodity Total Return Index. As of January 8, 2026, the index held 25 futures contracts across 23 agricultural, energy, precious metals and industrial metals commodities. The index is rebalanced once a year. It uses trading volume and sector caps so that no single commodity or sector dominates.
A futures contract is an agreement to buy a commodity at a set price on a future date. Contracts expire, so the fund must keep swapping expiring ones for later ones. This is called "rolling." When the later contract costs less, the market is in "backwardation" and rolling adds to returns. When it costs more, the market is in "contango" and rolling costs money. The index picks the commodities and contract months with the most backwardation and the least contango.
The fund mainly holds futures on the index itself. It holds them through a wholly owned Cayman Islands subsidiary that can make up to 25% of its assets. Unlike the fund, the subsidiary is not registered under the Investment Company Act of 1940, so it lacks some of that law's investor protections. The rest of the money sits in Treasury bills, inflation-protected Treasuries, money market instruments and investment-grade bonds. These earn interest and back the futures. As of July 31, 2026, 95.34% of the portfolio was in cash and similar holdings. Futures can have a leveraging effect.
What it really costs
- CMDY charges 0.28% a year.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $29 in the first year and $363 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CMDY | $29 | $90 | $157 | $363 |
In a retirement portfolio
Commodity futures have often moved differently from stocks, including a 14.4% gain during the 2022 bear market, but the fund's swings are large.
CMDY could add returns that don't closely follow stocks. Its one-year beta, a measure of how much it moves with the stock market, was -0.17 as of October 27, 2026. During the 2022 bear market it gained 14.4% while stocks fell. It does not protect in every downturn, though: it dropped 18.3% in the 2020 COVID crash. Its deepest fall, 31.2% from May 2018 to March 2020, took 13.1 months to recover. A 19.4% slide that began in June 2022 took 39.9 months to recover. Its worst calendar year was 2023, at -9.09%. It launched in 2018, so it has no 2008 record.
Someone drawing cash during a slump could lock in losses. The fund pays once a year. Its trailing yield was 9.89% as of October 27, 2026, but annual payouts can vary widely. It costs 0.28% 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 wanting broad commodity exposure across 23 energy, metals and farm markets in one fund, for an expense ratio of 0.28%.
- Those looking for a holding that has moved differently from stocks, such as its 14.23% gain in 2022.
- People who don't mind a single, uneven yearly payout; the trailing yield was 9.89% as of October 27, 2026.
Look elsewhere if
- Anyone needing steady monthly or quarterly income, since CMDY pays once a year and the amount can change sharply.
- Investors who want physical commodities or producer stocks; CMDY holds futures through a Cayman subsidiary, plus mostly cash and short-term bonds.
- Those who can't sit through long slumps: after a 19.4% drop in 2022, it took 39.9 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does CMDY pay a dividend?
Yes, once a year. Over the 12 months to October 27, 2026, it paid $6.29 per share, a trailing yield of 9.89%. The money does not come from company dividends. The fund earns interest on its large holdings of Treasury bills and other short-term debt that back its futures positions. The size of each yearly payout depends on the fund's results, so a high trailing yield may not repeat.
What is the CMDY expense ratio?
CMDY's expense ratio is 0.28% a year, according to its prospectus filed February 23, 2026. The SEC's standard example assumes a $10,000 investment, a 5% annual return and shares redeemed at the end of each period. On that basis, costs would total about $29 after one year, $90 after three years, $157 after five years and $363 after ten years.
Does CMDY own physical commodities?
No. CMDY gets its commodity exposure through futures contracts, mainly futures on the Bloomberg Roll Select index. It holds them through a wholly owned subsidiary in the Cayman Islands. Most of the fund's money sits in cash, Treasury bills and other short-term debt that backs those contracts. As of July 31, 2026, 95.34% of the portfolio was in cash and similar holdings, alongside a September 2026 index futures position.
What does roll select mean in CMDY?
"Roll select" describes how the index picks which futures contracts to hold. Futures expire, so the fund keeps swapping old contracts for later ones. When the later contract is cheaper (backwardation), the swap adds to returns. When it is pricier (contango), the swap costs money. The index favors the commodities and contract months with the most backwardation and the least contango. The prospectus warns that these conditions may not last.
Is CMDY a good hedge against stock market crashes?
Not reliably. In 2022, CMDY returned 14.23% while stocks fell, and its strongest quarter was a 24.15% gain in early 2022. But in the 2020 COVID crash it dropped 18.3%, and its worst quarter was a 19.4% loss in early 2020. Over the long run it trailed global stocks. Through December 31, 2025, it returned 5.59% a year since its 2018 launch, compared with 11.39% for the MSCI All Country World Index.