At a glance
DCMT charges 0.66% a year, above the 0.65% average of the 4 funds most like it (the 3rd cheapest of 5). It has $35.7M in assets, the 5th largest of that group; it paid 2.49% of its price in distributions over the past 12 months, annual. Over the past year it returned +48.0% with distributions reinvested, the best of those 5 funds.
The short version
DoubleLine Commodity Strategy ETF (DCMT) is an actively managed fund. It gets its commodity exposure through swaps tied to the Barclays Backwardation Tilt Multi-Strategy Index and keeps most of its cash in short-term U.S. Treasury bills. Its index leans toward commodities whose near-term futures cost more than later ones. It charges 0.66% a year, close to the 0.65% peer average. It is small, with $35.7 million in net assets as of June 30, 2026.
Price history
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DCMT +48.0% 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 | |
|---|---|---|---|---|---|---|
| DCMT official prospectus, to Dec 31, 2025 | — | +6.22% | — | — | — | +5.08% |
| Bloomberg Commodity Index Total Return index, same period | — | +15.77% | — | — | — | +10.70% |
| S And P500Index index, same period | — | +17.88% | — | — | — | +21.35% |
| DCMT price data to Oct 27, 2026 | +47.9% | +48.0% | — | — | — | +20.0% |
- Over the year to Oct 27, 2026, DCMT returned +48.0%, 1st of 5 among similar funds.
- Its worst full calendar year was 2025 (+6.0%); its best was 2025 (+6.0%).
- The deepest fall in its price history was 16% (May 19, 2026 to Jun 24, 2026), recovered by Sep 1, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +47.9% | — |
| 2025 | +6.0% | +6.22% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9600 |
What's inside
As of Jun 30, 2026, the fund held 7 securities; the ten largest made up 104.67% of assets, and 5.1% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 49.85% | |
| United States of America Bonds and notes | 12.51% | |
| United States of America Bonds and notes | 12.29% | |
| United States of America Bonds and notes | 10.79% | |
| United States of America Bonds and notes | 9.74% | |
| United States of America Bonds and notes | 6.70% | |
| United States of America Bonds and notes | 2.79% |
By country
United States 104.67%By issuer
US Treasury 104.67%The bonds mature in 0.2 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 $4.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.85%, -4.61%, -9.40%.
How it works
DCMT is an actively managed ETF from DoubleLine that seeks total return through long commodity positions. At least 80% of net assets go into commodity-related investments, including metals, energy, farm products and livestock. The fund doesn't buy physical goods. Instead it uses swaps (contracts in which a bank pays the fund an index's return) tied to the Barclays Backwardation Tilt Multi-Strategy Index. That index favors commodities in backwardation, where near-dated futures cost more than later-dated ones. It picks which contract month to hold based on carry, seasonality and momentum.
The swaps sit in a wholly owned offshore subsidiary, DoubleLine Commodity ETF Ltd., which helps the fund meet tax rules for funds. At the end of each quarter, the fund keeps the subsidiary at or below 25% of total assets. Since launch, a single bank has been on the other side of the swaps, so the fund depends on that bank paying what it owes. Commodity exposure is expected to reach up to the fund's total assets, not a multiple of them.
Swaps need little cash up front, so the rest goes into fixed income. As of June 30, 2026, that meant seven Treasury bill issues averaging about 0.2 years to maturity. The fund can lose money on both its commodities and its bonds. Portfolio turnover was 82%. The fund may also handle redemptions in cash, which can make it less tax-efficient than typical ETFs.
What it really costs
- DCMT charges 0.66% a year, versus an average of 0.65% for the similar funds below (3rd of 5, cheapest first).
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $67 in the first year and $822 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DCMT | $67 | $211 | $368 | $822 |
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
Its commodity returns have moved differently from stocks, with a one-year beta of -0.42 as of October 27, 2026, though its short history and about 20% volatility point to a small position.
DCMT launched on January 31, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 6.22%, well behind the 15.77% return of the Bloomberg Commodity Index Total Return. Its deepest drop was 16%, from May 19 to June 24, 2026. It recovered by September 1, 2026, about 2.3 months later. Big swings cut both ways: the fund rose about 48% in the year to October 27, 2026. Someone who has to sell during a slump could lock in losses. The trailing 12-month yield was 2.49%, paid once a year. In the SEC's standard example, costs come to $67 in the first year on $10,000. 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 a small commodity slice that has moved differently from stocks, with a one-year beta of -0.42 as of October 27, 2026.
- Those who like an index that tilts toward commodities in backwardation and chooses futures months by carry, seasonality and momentum.
- Holders comfortable with one distribution a year, a 2.49% trailing yield and Treasury bills backing the commodity swaps.
Look elsewhere if
- Cost-focused investors: abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) charges 0.26%, versus 0.66% for DCMT.
- Anyone wanting a long record: DCMT launched in January 2024 and has no history in the 2008, 2020 or 2022 market declines.
- Investors wary of small funds or counterparty risk: net assets were $35.7 million as of June 30, 2026, and its swaps rely on one bank.
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 |
|---|---|---|---|---|---|
| DCMT this fund | 0.2 yrs | 0.66% | $35.7M | +48.0% | — |
| HGER Harbor Commodity All-Weather Strategy ETF | 0.2 yrs | 0.68% | $3.67B | +45.6% | +22.4% |
| 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% |
| CMDT PIMCO Commodity Strategy Active Exchange-Tr… | 8.9 yrs | 0.65% | $750.6M | +28.2% | +13.6% |
Questions investors ask
Why does DCMT hold mostly Treasury bills?
Because its commodity exposure comes through swaps, which need little cash up front. DCMT puts the rest into short-term Treasuries. As of June 30, 2026, seven U.S. Treasury bill issues made up about 105% of net assets, with an average maturity of about 0.2 years. Its commodity swaps showed a negative value of about 9.8% of net assets. The bills earn interest, while the swaps deliver the commodity gains or losses.
What is DCMT's expense ratio?
DCMT's expense ratio is 0.66%, which includes a 0.65% management fee, according to its prospectus filed January 27, 2026. In the SEC's standard example ($10,000 invested, 5% annual return), costs come to about $67 after one year, $368 after five years and $822 after ten. That is close to the 0.65% average of similar funds. It is well above BCI at 0.26% and below First Trust Global Tactical Commodity Strategy Fund (FTGC) at 1.02%.
Does DCMT pay dividends?
Yes, once a year. Over the 12 months to October 27, 2026, it paid about $0.96 per share, a trailing yield of 2.49%. Commodity funds can see payouts change a lot from year to year as commodity gains and losses swing. An annual payment may also be hard to match with monthly spending for retirees who rely on regular income.
DCMT vs HGER: what's the difference?
The main differences are size and strategy. Harbor Commodity All-Weather Strategy ETF (HGER) was the closest match to DCMT on bond maturity and issuer mix, since both hold very short-term Treasuries. HGER had about $3.67 billion in net assets as of July 31, 2026. DCMT had $35.7 million as of June 30, 2026. HGER charges 0.68%, versus DCMT's 0.66%. In the year to October 27, 2026, DCMT returned 48% and HGER 45.6%. DCMT follows a Barclays index that tilts toward backwardation, so HGER's own approach is worth comparing in its prospectus.
Is DCMT good for retirement?
It may fit as a small diversifier rather than a core holding. DCMT launched in January 2024, so it has no history in the 2008, 2020 or 2022 downturns. Its volatility over the past year was about 20%, and it fell 16% in mid-2026 before recovering in about 2.3 months. In 2025 it returned 6.22%, compared with 15.77% for the Bloomberg Commodity Index Total Return. It pays once a year. Past results don't predict future ones.