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iShares Bloomberg Roll Select Commodity Strategy ETF
ETF
CMDY
Payout Change
Pending
Price as of:
$47.11
-0.02
-0.05%
primary theme
Commodity
CMDY (ETF)
iShares Bloomberg Roll Select Commodity Strategy ETF
Payout Change
Pending
Price as of:
$47.11
-0.02
-0.05%
primary theme
Commodity
CMDY (ETF)
iShares Bloomberg Roll Select Commodity Strategy ETF
Payout Change
Pending
Price as of:
$47.11
-0.02
-0.05%
primary theme
Commodity
Name
As of 12/26/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
4.4%
1 yr return
3.0%
3 Yr Avg Return
2.4%
5 Yr Avg Return
6.7%
Net Assets
$285 M
Holdings in Top 10
42.0%
52 WEEK LOW AND HIGH
$47.1
$45.48
$51.91
Expenses
OPERATING FEES
Expense Ratio 0.29%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 12/26/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CMDY - Profile
Distributions
- YTD Total Return 4.4%
- 3 Yr Annualized Total Return 2.4%
- 5 Yr Annualized Total Return 6.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.16%
- Dividend Yield 4.3%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameiShares Bloomberg Roll Select Commodity Strategy ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateApr 03, 2018
-
Shares Outstanding6150000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerGreg Savage
Fund Description
The Fund seeks to track the investment results of the Bloomberg Roll Select Commodity Total Return Index (the “Underlying Index”), which measures the performance of 24 futures contracts across 19 physical agricultural, energy, precious metals and industrial metals commodities. The Underlying Index, which is rebalanced annually, provides broad-based exposure to commodities as an asset class by using liquidity factors and sector caps to avoid over-concentration in any single commodity or commodity sector.
In seeking to achieve its investment objective, the Fund will primarily invest in exchange-traded futures contracts “Index Futures”) on the Underlying Index, and is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. Index Futures subsequently acquired by the Fund may have terms that differ from those of the Index Futures it currently holds and the purchase and sale of these Index Futures may incur transaction fees. The Fund also seeks to generate interest income and capital appreciation on the cash balances arising from its investment in futures contracts through a cash management strategy consisting of investments in cash and cash equivalents, short-term government obligations and short-term investment grade fixed-income securities (collectively, “Fixed-Income Investments”).
In order to maintain exposure to a futures contract on a particular commodity, an investor must sell the position in the expiring contract and buy a new position in a contract with a later delivery month, which is referred to as “rolling.” If the price for the new futures contract is less than the price of the expiring contract, then the market for the commodity is said to be in
“backwardation.” In these markets, roll returns are positive, which is referred to as “positive carry.” The term “contango”is used to describe a market in which the price for a new futures contract is more than the price of the expiring contract. In these markets, roll returns are negative, which is referred to as “negative carry.” The Underlying Index seeks to employ a positive carry strategy that emphasizes commodities and futures contract months with the greatest degree of backwardation and lowest degree of contango, resulting in net gains through positive roll returns.
The Fund will invest in financial instruments providing exposure to commodities and not in the physical commodities themselves. The Fund may also invest in exchange-traded commodity futures contracts similar to those found in the Underlying Index, as well as swaps and options on futures that correlate to the investment returns of commodities without investing directly in physical commodities and over-the-counter commodity-linked instruments like commodity-linked notes, swaps and forward contracts (together, the “Commodity Investments”). Investing in derivative contracts may have a leveraging effect on the Fund. Although the Fund may hold the same futures contracts under the same futures rolling schedule as those included in the Underlying Index, the Fund is not obligated to invest in any futures contracts included in, and does not seek to replicate the performance of, the Underlying Index. As of October 31, 2023, the Underlying Index was comprised of 24 components.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to
“beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor selection of securities and/or other instruments. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities and/or other instruments that collectively has an investment profile similar to that of an applicable underlying index. The securities and/or other instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities and/or other instruments in the Underlying Index.
The Fund seeks to gain exposure to Index Futures and other Commodity Investments by investing through a wholly-owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by BFA and has the same investment objective as the Fund. Unlike the Fund, the
Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Subsidiary invests solely in Commodity Investments and cash and cash equivalents. In compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’s Commodity Investments held in the Subsidiary are intended to provide the Fund with exposure to broad commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in Commodity Investments.
The remainder of the Fund’s assets will be invested directly by the Fund, primarily in Fixed-Income Investments, including repurchase agreements, money market instruments, U.S. government and agency securities, Treasury inflation-protected securities, sovereign debt obligations on non-U.S. countries and investment-grade corporate bonds. The Fund invests in Fixed-Income Investments for investment purposes and to provide sufficient assets to account for (or “cover”) mark-to-market changes and to collateralize the Subsidiary’s investments in derivatives.
The Commodity Futures Trading Commission (“CFTC”) has adopted certain requirements that subject registered investment companies and their advisers to regulation by the CFTC if a registered investment company invests more than a prescribed level of its net asset value in CFTC-regulated futures, options and swaps, or if a
registered investment company markets itself as providing investment exposure to such instruments. Due to the Fund’s potential use of CFTC-regulated futures, options and swaps above the prescribed levels, it is considered a “commodity pool” under the Commodity Exchange Act (“CEA”).
The Underlying Index is sponsored by Bloomberg Index Services Limited (the “Index Provider” or “Bloomberg”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
CMDY - Performance
Return Ranking - Trailing
| Period | CMDY Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.4% | -23.1% | 66179.5% | 52.76% |
| 1 Yr | 3.0% | -24.5% | 65411.6% | 55.12% |
| 3 Yr | 2.4%* | -30.7% | 789.9% | 75.40% |
| 5 Yr | 6.7%* | -25.4% | 288.6% | 61.48% |
| 10 Yr | N/A* | -23.9% | 92.8% | 31.09% |
* Annualized
Return Ranking - Calendar
| Period | CMDY Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -13.7% | -64.0% | 30.1% | 92.13% |
| 2022 | 10.2% | -40.8% | 2475.6% | 19.05% |
| 2021 | 8.6% | -23.3% | 106.7% | 47.20% |
| 2020 | 1.0% | -71.9% | 295.5% | 44.26% |
| 2019 | 2.6% | -31.8% | 53.9% | 81.82% |
Total Return Ranking - Trailing
| Period | CMDY Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.4% | -23.1% | 66179.5% | 52.76% |
| 1 Yr | 3.0% | -24.5% | 65411.6% | 55.12% |
| 3 Yr | 2.4%* | -30.7% | 789.9% | 75.40% |
| 5 Yr | 6.7%* | -25.4% | 288.6% | 61.48% |
| 10 Yr | N/A* | -23.9% | 92.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CMDY Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -9.3% | -64.0% | 41.1% | 88.19% |
| 2022 | 14.5% | -15.1% | 5648.8% | 46.83% |
| 2021 | 26.4% | -23.3% | 188.1% | 70.40% |
| 2020 | 1.2% | -67.8% | 296.1% | 45.08% |
| 2019 | 4.9% | -31.8% | 53.9% | 77.69% |
CMDY - Holdings
Concentration Analysis
| CMDY | Category Low | Category High | CMDY % Rank | |
|---|---|---|---|---|
| Net Assets | 285 M | 2.34 M | 33.5 B | 57.69% |
| Number of Holdings | 61 | 1 | 968 | 44.88% |
| Net Assets in Top 10 | 102 M | 2.66 M | 30.7 B | 83.46% |
| Weighting of Top 10 | 42.05% | 20.9% | 172.5% | 94.31% |
Top 10 Holdings
- U.S. Treasury Bills 6.17%
- U.S. Treasury Bills 6.17%
- U.S. Treasury Bills 6.05%
- U.S. Treasury Bills 4.93%
- U.S. Treasury Bills 4.14%
- U.S. Treasury Bills 3.28%
- U.S. Treasury Bills 3.09%
- BlackRock Cash Funds: Treasury, SL Agency Shares 3.06%
- Toyota Industries Commercial Finance Inc 2.90%
- U.S. Treasury Bills 2.27%
Asset Allocation
| Weighting | Return Low | Return High | CMDY % Rank | |
|---|---|---|---|---|
| Cash | 66.31% | 0.00% | 100.00% | 24.00% |
| Bonds | 38.14% | 0.00% | 109.63% | 42.52% |
| Convertible Bonds | 2.83% | 0.00% | 3.89% | 1.61% |
| Stocks | 0.00% | 0.00% | 57.05% | 64.57% |
| Preferred Stocks | 0.00% | 0.00% | 0.11% | 53.60% |
| Other | -4.45% | -7.17% | 100.03% | 96.80% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CMDY % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 56.73% | 0.00% | 100.00% | 40.71% |
| Corporate | 2.82% | 0.00% | 42.72% | 29.46% |
| Securitized | 0.00% | 0.00% | 19.62% | 64.29% |
| Municipal | 0.00% | 0.00% | 1.45% | 54.46% |
| Government | 0.00% | 0.00% | 100.00% | 92.86% |
| Derivative | -4.45% | -7.17% | 100.03% | 96.46% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CMDY % Rank | |
|---|---|---|---|---|
| US | 38.14% | 0.00% | 95.25% | 43.20% |
| Non US | 0.00% | 0.00% | 14.38% | 56.80% |
CMDY - Expenses
Operational Fees
| CMDY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.29% | 0.21% | 5.23% | 97.98% |
| Management Fee | 0.28% | 0.00% | 1.75% | 8.33% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.05% | 0.45% | N/A |
Sales Fees
| CMDY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| CMDY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| CMDY Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 0.00% | 0.00% | 162.00% | 20.69% |
CMDY - Distributions
Dividend Yield Analysis
| CMDY | Category Low | Category High | CMDY % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.27% | 0.00% | 19.94% | 10.90% |
Dividend Distribution Analysis
| CMDY | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Annually | Annually |
Net Income Ratio Analysis
| CMDY | Category Low | Category High | CMDY % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.16% | -55.71% | 52.26% | 32.26% |
Capital Gain Distribution Analysis
| CMDY | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 17, 2024 | $2.011 | OrdinaryDividend |
| Dec 20, 2023 | $2.397 | OrdinaryDividend |
| Dec 13, 2022 | $2.172 | OrdinaryDividend |
| Dec 13, 2021 | $7.962 | OrdinaryDividend |
| Dec 14, 2020 | $0.066 | OrdinaryDividend |
| Dec 16, 2019 | $0.998 | OrdinaryDividend |
| Dec 18, 2018 | $0.759 | OrdinaryDividend |
CMDY - Fund Manager Analysis
Managers
Greg Savage
Start Date
Tenure
Tenure Rank
Apr 03, 2018
4.16
4.2%
Greg Savage, Managing Director; has been associated with BlackRock Fund Advisors since 2009. Mr. Savage has been a senior portfolio manager for BFA and BTC since 2009. Prior to his employment with BFA and BTC, Mr. Savage was a senior portfolio manager from 2006 to 2009 for BGFA and BGI and a portfolio manager from 2001 to 2006 for BGFA and BGI.
Richard Mejzak
Start Date
Tenure
Tenure Rank
Apr 03, 2018
4.16
4.2%
Richard Mejzak has been with BlackRock since 1990, including his years with Merrill Lynch Investment Managers, which was acquired by BlackRock in 2006. Mr. Mejzak became a portfolio manager for BlackRock Fund Advisors in 2012.
Amy Whitelaw
Start Date
Tenure
Tenure Rank
Mar 01, 2019
3.25
3.3%
Amy Whitelaw is Managing Director of BlackRock, Inc. since 2013 and was Director of the firm from 2009 to 2012. Ms. Whitelaw's service with the firm dates back to 1998, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Ms. Whitelaw served as Principal of BGI from 2000 to 2009. Previously Ms. Whitelaw worked in the Transition Services group as a transition manager and strategist, and was also an international equity trader on BGI’s trading desk.
Paul Whitehead
Start Date
Tenure
Tenure Rank
Jan 01, 2022
0.41
0.4%
Paul Whitehead is responsible for supporting the day-to-day management of the MML Blend Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. Mr. Whitehead is a Managing Director of BlackRock, Inc., Co-Head of Index Equity, and Co-Head of BlackRock’s ETF and Index Investments business. Mr. Whitehead also oversees the management of BlackRock’s Institutional and iShares funds. Mr. Whitehead was previously the Global Head of Equity Trading and the Global Head of Transition Management within BlackRock’s Global Trading Group. Mr. Whitehead’s service with the firm dates back to 1996, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Prior to his current role, Mr. Whitehead was Head of Americas Equity Trading. Previously, he managed the trading team responsible for all Institutional Index funds, Exchange Traded funds, and Transition Management mandates. Mr. Whitehead represents BlackRock on the board of Luminex, a buy-side owned Alternative Trading System launched in 2015.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.33 | 17.03 | 6.2 | 11.51 |
