At a glance
DJP charges 0.7% a year, above the 0.6% average of the 7 funds most like it (the 5th cheapest of 7). It has $604.1M in assets, the 8th largest of that group. Over the past year it returned +42.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +16.5% a year. At its worst it fell 25.6% in the 2020 crash (S&P 500: 33.7%) and 21.1% 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.
The short version
iPath Bloomberg Commodity Index Total Return ETN (DJP) pays a return tied to the Bloomberg Commodity Index Total Return. It is an exchange-traded note: unsecured debt issued by Barclays Capital, not a fund that owns assets. It costs 0.70% a year, above the 0.60% average for similar commodity products, and pays no distributions. Its main draw is commodity exposure that has often moved differently from stocks.
Price history
The interactive chart needs JavaScript.
DJP +42.5% 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 | |
|---|---|---|---|---|---|---|
| DJP price data to Oct 27, 2026 | +37.3% | +42.5% | +16.5% | +11.1% | +8.1% | +0.3% |
- Over the year to Oct 27, 2026, DJP returned +42.5%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +11.1% and its 10-year +8.1%.
- In the 2020 COVID crash it fell 25.6% and regained its old high 9 months after the low.
- Its worst full calendar year was 2008 (-37.4%); its best was 2021 (+31.1%).
- The deepest fall in its price history was 78.4% (Jul 2, 2008 to Apr 21, 2020), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +37.3% |
| 2025 | +17.2% |
| 2024 | +5.6% |
| 2023 | -9.8% |
| 2022 | +17.5% |
| 2021 | +31.1% |
| 2020 | -4.1% |
| 2019 | +7.6% |
| 2018 | -13.1% |
| 2017 | +0.7% |
| 2016 | +12.9% |
| 2015 | -28.2% |
| 2014 | -18.6% |
| 2013 | -11.1% |
| 2012 | -2.1% |
| 2011 | -14.0% |
| 2010 | +16.2% |
| 2009 | +20.1% |
| 2008 | -37.4% |
| 2007 | +14.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 39.5% over that stretch · deepest drop along the way 58.1%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22.9% over that stretch · deepest drop along the way 25.6%, back to its old high 9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 17.9% over that stretch · deepest drop along the way 21.1%, back to its old high 42.6 months after the low |
How it works
DJP does not buy commodities or futures contracts for its holders. Barclays Capital issued the notes and promises to pay the return of the Bloomberg Commodity Index Total Return, minus fees, with an expense ratio of 0.70%. Nothing is set aside in your name. You get paid only as long as Barclays can pay, so the bank's credit matters. Barclays can also redeem the notes early.
Because DJP is a note rather than a fund, it files no fund prospectus or holdings reports. That means this page cannot list the index's largest commodities or its weighting and rebalancing rules from a filing. In general, broad commodity indexes track futures contracts, which are agreements to buy a commodity at a set price on a future date. Those contracts have to be swapped for later ones before they expire, and that "roll" can add to or take away from returns. A "total return" commodity index usually also counts interest earned on the cash held behind the futures.
DJP has made no distributions, so the only way to earn money from it is a rise in the note's price. It is also the smallest of its comparison group, with net assets of about $604.1 million.
What it really costs
- DJP charges 0.7% a year, versus an average of 0.6% for the similar funds below (5th of 7, cheapest first).
Structure and tax notes
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
DJP gained 17.46% in 2022, when inflation was high and stocks fell, but it has also had very deep and long losses, so it fits only as a small hedge.
DJP can help when inflation hits stocks and bonds. From the January 3, 2022 market peak to the October 12, 2022 trough, it gained 17.9%. It did not protect in other crises, though. It fell 58.1% from July 2008 to March 2009, and 2008 was its worst calendar year at -37.4%. It dropped 25.6% in the 2020 COVID crash and took about 9 months to recover. Its deepest drop was 78.4%, from July 2, 2008 to April 21, 2020, and it had not regained that peak as of October 27, 2026. Over its roughly 20-year price history it returned only 0.3% a year. Anyone who might need to sell in a bad year could be selling at a deep loss. It pays no income, costs 0.70% a year, and depends on Barclays' credit. 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 a small slice of broad commodity exposure that gained 17.46% in 2022, when inflation pushed both stocks and bonds down.
- People seeking something that has moved differently from stocks, with a one-year beta of -0.18 as of October 27, 2026.
- Holders comfortable taking Barclays Capital credit risk in exchange for tracking the Bloomberg Commodity Index Total Return without owning futures directly.
Look elsewhere if
- Retirees who need income: DJP has made no distributions, so any cash would have to come from selling shares.
- Cost-conscious investors: its 0.70% expense ratio compares with 0.26% for abrdn's BCI and 0.59% for Invesco's PDBC.
- Anyone who can't sit through long losses: DJP fell 78.4% from 2008 to 2020 and had not recovered as of October 27, 2026.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DJP this fund | 0.7% | $604.1M | +42.5% | +16.5% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| GUNR FlexShares Morningstar Global Upstream Natu… | 0.46% | $4.90B | +26.3% | +14.9% |
| PDBC Invesco Optimum Yield Diversified Commodity… | 0.59% | $4.90B | +53.4% | +14.8% |
| GNR SPDR S&P Global Natural Resources ETF | 0.4% | $2.70B | +31.7% | +16.3% |
| FTGC First Trust Global Tactical Commodity Strat… | 1.02% | $2.50B | +37.4% | +16.9% |
| BCI abrdn Bloomberg All Commodity Strategy K-1 … | 0.26% | $1.40B | +37.6% | +14.9% |
| DBC Invesco DB Commodity Index Tracking Fund | 0.85% | $1.30B | +52.2% | +15.3% |
Questions investors ask
Is DJP an ETF or an ETN?
DJP is an ETN, or exchange-traded note, not an ETF. It trades on an exchange like a fund, but it is really unsecured debt issued by Barclays Capital. It holds no commodities or futures for investors. Instead, Barclays promises to pay the return of the Bloomberg Commodity Index Total Return, minus fees. That promise is only as good as Barclays' ability to pay, and the issuer can redeem the notes early.
Does DJP pay dividends?
No. DJP has made no distributions, so it provides no dividend or interest income. Any gain comes only from a rise in the note's price, which tracks the Bloomberg Commodity Index Total Return minus its 0.70% expense ratio. Investors who want regular cash from a commodity holding would have to sell shares. That can be painful in a down year, since DJP has had drops as deep as 78.4%.
DJP vs BCI: what's the difference?
Both follow Bloomberg commodity indexes, but they are built differently. DJP is a Barclays note tracking the Bloomberg Commodity Index Total Return. abrdn's BCI is a fund tracking the Bloomberg All Commodity index, and it costs 0.26% a year compared with DJP's 0.70%. As of October 27, 2026, DJP returned 42.5% over one year and 16.5% a year over three years. BCI returned 37.6% and 14.9%. BCI does not carry an issuing bank's credit risk the way an ETN does.
Is DJP a good inflation hedge?
It has helped in some inflationary stretches, but not reliably. DJP gained 31.05% in 2021 and 17.46% in 2022, a year when stocks and bonds both fell. It then lost 9.85% in 2023. Over its roughly 20-year price history through October 27, 2026, it returned just 0.3% a year. It also lost 37.4% in 2008. Its record suggests it can offset inflation shocks for a while but can disappoint over long periods.
What happens to DJP if Barclays goes bankrupt?
DJP holders could lose part or all of their money. An ETN is an unsecured debt of the issuing bank, here Barclays Capital, and no assets are held separately for noteholders. If the bank could not pay its debts, holders would be unsecured creditors in line with other lenders, no matter how commodity prices had done. This credit risk sets DJP apart from commodity funds such as PDBC, DBC and BCI.