At a glance
PIT charges 0.55% a year, below the 0.65% average of the 4 funds most like it (the 2nd cheapest of 5). It has $260.2M in assets, the 5th largest of that group; it paid 5.57% of its price in distributions over the past 12 months, annual. Over the past year it returned +65.0% with distributions reinvested, the best of those 5 funds; over three years it returned +24.3% a year.
The short version
VanEck Commodity Strategy ETF (PIT) is an actively managed fund. It buys commodity futures across energy, metals, agriculture and livestock, and backs them mostly with short-term US Treasury bills. It does not track an index. Instead, its managers shift weights based on risk, roll yield and price momentum. Its 0.55% expense ratio is below the 0.65% average of similar funds but well above abrdn's BCI at 0.26%.
Price history
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PIT +65.0% 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 | |
|---|---|---|---|---|---|---|
| PIT official prospectus, to Dec 31, 2025 | — | +21.73% | — | — | — | +8.12% |
| PIT price data to Oct 27, 2026 | +60.2% | +65.0% | +24.3% | — | — | +20.3% |
- Over the year to Oct 27, 2026, PIT returned +65.0%, 1st of 5 among similar funds.
- Its worst full calendar year was 2023 (-4.6%); its best was 2025 (+21.5%).
- The deepest fall in its price history was 17.2% (May 12, 2026 to Jun 24, 2026), recovered by Aug 20, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +60.2% | — |
| 2025 | +21.5% | +21.73% |
| 2024 | +6.8% | +6.55% |
| 2023 | -4.6% | -3.51% |
| 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 | $4.7100 | +177.1% |
| 2024 | $1.7000 | -42.6% |
| 2023 | $2.9600 |
What's inside
As of Jun 30, 2026, the fund held 3 securities; the ten largest made up 97.86% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 34.99% | |
| United States Treasury Bonds and notes | 33.69% | |
| United States Treasury Bonds and notes | 29.18% |
By country
United States 97.86%By issuer
US Treasury 97.86%The bonds mature in 0.1 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 $98.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.68%, -5.29%, -8.82%.
How it works
PIT does not follow an index. VanEck's managers aim for long-term capital appreciation by putting at least 80% of total assets into commodity-linked instruments. These are mainly exchange-traded futures contracts, which are agreements to buy or sell a commodity at a set price on a future date. The fund covers five sectors: energy, precious metals, industrial metals, agriculture and livestock. An optimization process weighs each instrument's observed risk. Managers may also consider roll yield, which is the gain or loss from swapping an expiring contract for a later one, and price momentum. Weights change at the managers' discretion, and at times the fund may have no exposure to a given commodity.
Futures need only a small deposit up front, so most of the money sits in collateral. As of June 30, 2026, three US Treasury bill issues made up 97.86% of the portfolio, with an average maturity of about 0.1 years. Its 33 futures positions included London Metal Exchange aluminum and zinc contracts and ICE coffee and cocoa contracts.
Some futures are held through a wholly owned Cayman Islands subsidiary. That stake is generally capped at 25% of total assets at each quarter-end, which keeps the fund within federal tax rules. Shares are created and redeemed partly for cash. That can force the fund to sell holdings and realize gains.
What it really costs
- PIT charges 0.55% a year, versus an average of 0.65% for the similar funds below (2nd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PIT | $56 | $176 | $307 | $689 |
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 one-year beta of -0.3 as of October 27, 2026 shows it has moved differently from the stock market, but its swings are too large for a core position.
PIT launched on December 20, 2022, so it has no record through the 2008, 2020 or 2022 market declines. Its weakest calendar year was 2023, with a 3.51% loss. Its deepest drop was 17.2%, from May 12 to June 24, 2026. It recovered by August 20, 2026, about two months later. Volatility was 23.4% over the year to October 27, 2026. Someone forced to sell shares during a slump could lock in a sizable loss. The trailing yield was 5.57% as of October 27, 2026. It is paid once a year, and payouts from commodity funds can vary widely. In the SEC's standard example, the 0.55% expense ratio costs $56 in the first year on a $10,000 investment. 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 -0.3 as of October 27, 2026.
- Those who prefer managers shifting weights among energy, metals, agriculture and livestock over a fixed index formula.
- Cost-conscious buyers comparing active commodity funds: PIT's 0.55% fee is below HGER's 0.68% and FTGC's 1.02%.
Look elsewhere if
- Investors seeking the cheapest commodity exposure: abrdn's BCI charges 0.26%, less than half of PIT's 0.55%.
- Retirees needing steady cash flow: PIT pays once a year, and commodity-fund payouts can swing widely.
- Those wanting a long record or a large fund: PIT launched in December 2022 and is the smallest of five funds compared.
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 |
|---|---|---|---|---|---|
| PIT this fund | 0.1 yrs | 0.55% | $260.2M | +65.0% | +24.3% |
| 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
Is PIT good for retirement portfolios?
It may fit as a small diversifier rather than a core holding. PIT has moved differently from stocks, with a one-year beta of -0.3 as of October 27, 2026. But it swings a lot: volatility was 23.4% over that year, and it fell 17.2% between May and June 2026. It launched in December 2022, so it has no record through the 2008, 2020 or 2022 downturns. It pays income once a year.
Does PIT pay monthly dividends?
No. PIT pays distributions once a year. Over the 12 months to October 27, 2026, it paid $4.71 per share, a trailing yield of 5.57%. Commodity futures funds usually pay out interest earned on their collateral plus any trading gains, so the amount can change sharply from year to year. Investors who rely on regular monthly or quarterly income may find that schedule awkward.
What does PIT actually hold?
Mostly short-term US Treasury bills, which back its commodity futures. As of June 30, 2026, three Treasury bill issues made up 97.86% of the portfolio. Its commodity exposure comes from 33 futures positions across energy, metals, agriculture and livestock. Examples include London Metal Exchange aluminum and zinc contracts and ICE coffee and cocoa contracts. PIT holds no physical commodities, and some of its futures sit in a wholly owned Cayman Islands subsidiary.
What's the difference between PIT and HGER?
PIT is cheaper and much smaller. Harbor's HGER is the closest match in our comparison: both are commodity strategy ETFs that hold mostly short-term government debt. PIT charges 0.55% a year versus 0.68% for HGER. PIT returned 65% over the year to October 27, 2026, against 45.6% for HGER. HGER had about $3.67 billion in net assets as of July 31, 2026. PIT had $260 million as of June 30, 2026.
How has PIT performed since launch?
Results have varied widely by year. Its prospectus shows a 3.51% loss in 2023, a 6.55% gain in 2024 and a 21.73% gain in 2025. From launch through December 31, 2025, it averaged 8.12% a year. Based on price, it was up 60.2% in 2026 through October 27 and 65% over the 12 months to that date. Commodity gains this large can reverse quickly.