At a glance
COMT charges 0.48% a year. It has $1.19B in assets; it paid 5.0% of its price in distributions over the past 12 months, annual. Over the past year it returned +54.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +17.0% a year. At its worst it fell 30.3% in the 2020 crash (S&P 500: 33.7%) and 24.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 41 months after the lows.
The short version
The iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) tracks the S&P GSCI Dynamic Roll (USD) Total Return Index, a broad basket of commodity futures ranging from crude oil and natural gas to gold, wheat and cattle. It holds futures through a Cayman Islands subsidiary rather than physical goods, and its index uses a rules-based method to choose which contracts to roll into as old ones expire. It costs 0.48% a year.
Price history
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COMT +54.4% 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 | |
|---|---|---|---|---|---|---|
| COMT official prospectus, to Dec 31, 2025 | — | +6.26% | — | +11.35% | +6.92% | — |
| COMT price data to Oct 27, 2026 | +55.0% | +54.4% | +17.0% | +13.6% | +10.1% | +4.7% |
- Over the year to Oct 27, 2026, COMT returned +54.4%.
- Its 5-year annualized return was +13.6% and its 10-year +10.1%.
- In the 2020 COVID crash it fell 30.3% and regained its old high 11.2 months after the low.
- Its worst full calendar year was 2015 (-30.3%); its best was 2021 (+37.1%).
- The deepest fall in its price history was 51.9% (Oct 29, 2014 to Jan 20, 2016), recovered by Feb 11, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +55.0% | — |
| 2025 | +6.2% | +6.26% |
| 2024 | +6.0% | +5.88% |
| 2023 | -6.5% | -6.27% |
| 2022 | +18.9% | +18.89% |
| 2021 | +37.1% | +36.54% |
| 2020 | -18.4% | -18.53% |
| 2019 | +10.8% | +10.70% |
| 2018 | -6.6% | -6.60% |
| 2017 | +11.7% | +11.71% |
| 2016 | +21.3% | +21.22% |
| 2015 | -30.3% | — |
| 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 29.3% over that stretch · deepest drop along the way 30.3%, back to its old high 11.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 22.3% over that stretch · deepest drop along the way 24.2%, back to its old high 41.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.9300 | +55.6% |
| 2024 | $1.2400 | -4.6% |
| 2023 | $1.3000 | -84.5% |
| 2022 | $8.4000 | +51.8% |
| 2021 | $5.5324 | +3377.3% |
| 2020 | $0.1591 | -81.5% |
| 2019 | $0.8600 | -75.8% |
| 2018 | $3.5500 | +88.8% |
| 2017 | $1.8800 | +944.4% |
| 2016 | $0.1800 | -57.1% |
| 2015 | $0.4200 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 92.99% 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 $154.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.01%, -9.62%, +7.73%.
How it works
COMT tracks the S&P GSCI Dynamic Roll (USD) Total Return Index from S&P Dow Jones Indices, which is independent of BlackRock. The index provider picks the commodities and sets their weights. As of October 31, 2025, the index had 24 components, from aluminum and Brent crude oil to coffee, lean hogs and zinc. It is rebalanced once a year.
The index holds futures. A futures contract is an agreement to buy a commodity at a set price on a later date. Contracts expire, so they must be replaced, or "rolled." The index uses what the prospectus calls enhanced roll selection to choose which contract months to hold. As of July 31, 2026, holdings included contracts running out to July 2027.
The fund reaches these markets through a wholly owned Cayman Islands subsidiary. The subsidiary is capped at 25% of total assets and does not have the investor protections of the Investment Company Act of 1940. Both the fund and the subsidiary are regulated as commodity pools. Most of the remaining money sits in short-term, investment-grade bonds and cash that back the futures and earn interest. Cash and similar holdings were about 93% of the portfolio as of July 31, 2026. The prospectus notes that the futures may have a leveraging effect and that the fund may not hold every index component.
What it really costs
- COMT charges 0.48% 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 $49 in the first year and $613 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| COMT | $49 | $154 | $271 | $613 |
In a retirement portfolio
Commodity futures have sometimes moved differently from stocks, as in COMT's 22.3% gain during the 2022 bear market, but its large swings point to a small slice rather than a core position.
COMT could add exposure to raw-material prices, which have sometimes moved apart from stocks and bonds. In the 2022 bear market it gained 22.3% while stocks fell. It still slid 24.2% from June to September 2022 and took 41.2 months to recover. It gave no shelter in the 2020 COVID crash, falling 30.3% and needing 11.2 months to recover. It launched in 2014, so it has no 2008 record. Its worst calendar year was 2015, when it lost 30.3%. Its deepest drop, 51.9% from October 2014 to January 2016, took 72.7 months to recover. That would be a hard stretch for anyone selling shares to cover expenses. The trailing yield was about 5% as of October 27, 2026, paid once a year, and fees are 0.48%. 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 one fund covering energy, metals, crop and livestock futures, without opening a futures account, at 0.48% a year.
- Those seeking a holding that has sometimes moved opposite to stocks, such as its 22.3% gain during the 2022 bear market.
- Investors who can hold through deep slumps, like the 51.9% drop from 2014 to 2016 that took 72.7 months to recover.
Look elsewhere if
- Retirees needing regular income: COMT pays once a year, and its trailing $1.93 per share as of October 27, 2026 may not repeat.
- Anyone wanting protection in a sudden crash: COMT fell 30.3% in the 2020 COVID sell-off, and its worst quarter lost 31.52%.
- Investors who prefer simple structures: COMT uses futures, a Cayman Islands subsidiary and commodity pool rules instead of owning physical goods.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is COMT good for retirement?
COMT works more as a diversifier than as a core retirement holding. It gained 22.3% during the 2022 bear market. But it fell 30.3% in the 2020 COVID crash and lost 51.9% from 2014 to 2016, taking 72.7 months to recover. It pays only once a year. It may suit investors who want a small slice of commodity exposure inside a broader mix of stocks and bonds.
Does COMT pay a dividend?
Yes, but only once a year. Payouts over the 12 months to October 27, 2026 totaled $1.93 per share, a trailing yield of about 5%. The fund earns interest on the short-term bonds and cash that back its futures. Those holdings made up about 93% of the portfolio as of July 31, 2026. The annual payment can vary, so it doesn't fit anyone counting on steady monthly income.
Does COMT hold physical commodities?
No. COMT owns no barrels of oil or bars of gold. It gets its commodity exposure through futures, options on futures and cleared swaps. These are held in a wholly owned Cayman Islands subsidiary, which can make up to 25% of total assets. The rest is mostly short-term, investment-grade bonds and cash. Because it uses these instruments, the Commodity Futures Trading Commission (CFTC) regulates the fund and the subsidiary as commodity pools.
What is COMT's expense ratio?
COMT's expense ratio is 0.48% a year, according to its prospectus filed February 23, 2026. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, total costs would be about $49 after one year, $154 after three years, $271 after five years and $613 after ten. The fees come out of fund assets, so they show up as slightly lower returns, not as a separate bill.
How has COMT performed over the last 10 years?
COMT returned an average of 6.92% a year over the 10 years through December 31, 2025, and 11.35% a year over five years, according to its prospectus. Based on share prices, its 10-year return was 10.1% a year through October 27, 2026, helped by a 55% gain in 2026 through that date. Returns have swung widely. Its best quarter gained 29.76% (early 2022), and its worst lost 31.52% (early 2020).