BCD vs CMDY

BCDBabrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF

CMDYAiShares Bloomberg Roll Select Commodity Strategy ETF

In short

BCD The patient cousin in the commodity aisle: the same broad Bloomberg basket, but bought three months further out the futures curve instead of at the front. Diversified commodity exposure, no Schedule K-1 in the mail.

CMDY Commodities without the worst of the futures math. CMDY tracks the Roll Select version of the Bloomberg commodity index, where contract choice is written into the rules to ease rolling costs, and charges 0.29% to do it.

Stated mandate

BCD The Fund seeks to closely track, before fees and expenses, the Bloomberg Commodity Index 3 Month Forward Total Return Index.

CMDY The fund seeks to track an index representing a broad range of commodity exposures, using enhanced roll selection on a total-return basis.

Why people hold it

• BCD Tracks the Bloomberg Commodity Index 3 Month Forward, so it sits further out the curve rather than rolling front-month contracts, a different answer to the roll-cost problem.
• 0.30% a year, well under the median fee in the broad commodity futures group, and one of the stronger implementations in that peer set.
• K-1 free by design: shareholders get a 1099 instead of the partnership paperwork that follows many futures funds into April.
• Roughly 30 futures positions spanning the all-commodity basket, so no single barrel or bushel steers the whole fund. Trading since 2017.

• CMDY The name is the strategy. Enhanced roll selection is baked into the index it tracks, so which futures contract to hold is a rule, not an afterthought.
• 0.29% a year sits in the low-fee tier of broad commodity funds, next to BCI, CERY and BCD, and well under what the category typically charges.
• One ticker, a broad basket of roughly 60 futures positions, run on a total-return basis that counts collateral income alongside commodity price moves.
• Live since 2018 under the iShares roof, and one of the stronger implementations in its broad-basket commodity peer group.

Worth knowing

• BCD It is structured as a commodity pool, not a standard stock-and-bond fund, so the rules and tax mechanics differ from an equity ETF.
• Sibling fund BCI holds the front-of-curve version of the same basket for a slightly lower fee. The longer-dated tilt here behaves differently as the curve shifts.
• Cash comes out annually or semiannually, not monthly, and the fund is moderately traded rather than one of the giants of the category.

• CMDY Moderately traded rather than a volume monster. Spreads can run wider than the mega-cap index funds, which shows up most on large or hurried orders.
• It is structured as a commodity pool, not a plain stock fund, so the tax paperwork and reporting work differently. Check the details before filing season.
• Distributions land annually or semiannually, not monthly, and the roll rule addresses futures mechanics only. Commodity prices still swing hard on their own.

Full BCD profile⁠

Full CMDY profile⁠