BDRY vs CMDT: Grades, Fees and Holdings Compared

Breakwave Dry Bulk Shipping ETF

BDRYFNYSE Arca

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDTBNYSE Arca

Overlap

0.0%by weight

Expense ratio

CMDT −2.85pt a year

BDRY3.50%CMDT0.65%

Avg volume · 30D

CMDT 1.02×the volume

BDRY64.6KCMDT65.9K

3Y return · a year

BDRY +20.3pt

BDRY+34.5%CMDT+14.2%

BDRY vs CMDT Performance

Oct 31, 2025 – Oct 30, 2026

+50.5%BDRY+28.0%CMDT

Expense ratio: BDRY 3.50%; CMDT 0.65%, better
Fund size: BDRY $25M; CMDT $890M
1Y total return: BDRY +50.5%, better; CMDT +28.0%
Yield (12M): BDRY No data; CMDT 12.09%
Holdings: BDRY 17; CMDT 357
Avg volume (30D): BDRY 64.6K sh; CMDT 65.9K sh, better
NAV per share: BDRY $12.40; CMDT $31.84
52W range

ETF.net Grade

Pillar letters and Scores for BDRY, CMDT, with each pillar’s weight
Pillar	BDRY	CMDT
Cost30% weight	F1	B61Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D30	A81Higher
Tradability15% weight	D28	C51Higher
Holdings10% weight	B57	A70Higher
Durability5% weight	C53	A72Higher

Rank among Commodity Futures funds

How we build Categories ›

Same Category. BDRY and CMDT are both graded against the same 13 Commodity Futures funds, so their Grades compare head to head.

Commodity Futures⁠

Category · 13 funds

See all 13 ›

CMDT ranks 4th and BDRY 13th of 13 funds in the Commodity Futures Category.

Rank 1APDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETFScore 84
Rank 2BSOYBTeucrium Soybean FundScore 65
Rank 2BWEATTeucrium Wheat FundScore 65
Rank 4BCMDTPIMCO Commodity Strategy Active Exchange-Traded FundScore 64
Rank 5BUSGUSCF Gold Strategy Plus Income FundScore 62
Rank 12FCCOMSimplify Chinese Commodities Strategy No K-1 ETFScore 22
Rank 13FBDRYBreakwave Dry Bulk Shipping ETFScore 17

Our read on each fund

ETF.net Research

BDRYFBreakwave Dry Bulk Shipping ETF

CMDTBPIMCO Commodity Strategy Active Exchange-Traded Fund

In short

BDRY Shipping stocks are a proxy. BDRY buys the thing itself: near-dated futures on dry bulk freight rate indexes, so it moves with what it costs to haul iron ore, coal and grain across an ocean.

CMDT PIMCO took the standard commodity futures fund and added the thing it is known for: an actively managed bond portfolio sitting behind the commodity bets. The mandate is to beat the Bloomberg Commodity Index, not mirror it.

Stated mandate

BDRY The Fund seeks exposure to daily changes in dry bulk freight futures through a portfolio of near-dated futures contracts on indexes measuring dry bulk shipping rates.

CMDT The fund aims to achieve a total return that outperforms the Bloomberg Commodity Index Total Return, while maintaining prudent investment management.

Why people hold it

BDRY Pure freight exposure. It holds near-dated futures on dry bulk shipping rate indexes, so cargo rates drive it, not the balance sheets of shipping companies.amplifyetfs.com
A corner of commodities that broad futures funds like PDBC and DBB leave out: freight is a service, priced off cargo demand and how many ships are free to carry it.
Running since 2018, so the structure has worked through several turns of the freight cycle rather than one short stretch.

CMDT Active by design. The stated objective is to outperform the Bloomberg Commodity Index Total Return, not replicate it.
Two engines in one ticker: swaps, futures and commodity-linked notes for the commodity exposure, an actively managed fixed income portfolio as the collateral behind them.
A 1940 Act fund that routes commodity-linked exposure through a Cayman subsidiary, so holders get a 1099 rather than a partnership K-1.
Global commodity reach spread across roughly 300 positions, with cash distributed quarterly.

Worth knowing

BDRY Cost is the headline trade-off: a 3.5% expense ratio, multiples of what diversified commodity futures funds in its group charge.
Near-dated contracts get rolled forward, so results can drift from spot freight rates depending on the shape of the futures curve.amplifyetfs.com
A small fund with no regular distributions, so freight rate swings, which are among the choppiest in commodities, are the whole story.

CMDT At 0.98% a year, it sits above cheaper index-based options in the commodity futures group such as PDBC (0.74%) and HARD (0.78%). Active management is what the premium buys.
Tracking is not the goal here. Manager calls can push results away from the Bloomberg Commodity Index in either direction.
The bond collateral sleeve brings interest rate and credit sensitivity that a plain futures-and-Treasuries commodity fund does not carry.

Full BDRY profile⁠

Full CMDT profile⁠

BDRY vs CMDT Holdings

How BDRY and CMDT differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BDRY and 0.0% of CMDT.

Level by level

Asset classEquity, Commodities0.0%
Countryby domicile0.0%
Sector2 Sectors0.0%
Holdings0 in both0.0%

Sector

Sector weights in BDRY and CMDT, widest gap first
Sector	More in BDRYMore in CMDT	BDRY	CMDT
Communication	BDRY +100.0 points	100.0%	0.0%
Financials	CMDT +100.0 points	0.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in BDRY and CMDT, widest gap first
Country	More in BDRYMore in CMDT	BDRY	CMDT
South Korea	BDRY +100.0 points	100.0%	0.0%
United States	CMDT +89.3 points	0.0%	89.3%
Canada	CMDT +10.7 points	0.0%	10.7%

Outside the US: BDRY 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

BDRY91.7%
CMDT28.3%

Securities held

BDRY16
CMDT323

Asset class

BDRY: Equity
CMDT: Commodities

Holdings

Only in BDRY16
In both0
Only in CMDT323

Only in BDRY

16 securities, 71.8% of BDRY by weight

Invesco Government & Agency Portfolio 12/31/203121.74%
Capesize 5TC FFA 180kt Timecharter Average M Dec 269.74%
Capesize 5TC FFA 180kt Timecharter Average M Nov 269.68%
Panamax 5TC FFA 82kt Timecharter Average M Dec 267.08%
Panamax 5TC FFA 82kt Timecharter Average M Nov 266.87%
Supramax 58 TC FFA 58kt Timecharter Average M Nov 262.15%
Capesize 5TC 180kt Timecharter Average M Jan 272.08%
Capesize 5TC 180kt Timecharter Average M Mar 272.06%
Supramax 58 TC FFA 58kt Timecharter Average M Dec 262.04%
Panamax 5TC FFA 82kt Timecharter Average M Mar 271.96%
Panamax 5TC FFA 82kt Timecharter Average M Jan 271.90%
Panamax 5TC FFA 82kt Timecharter Average M Feb 271.82%
Capesize 5TC 180kt Timecharter Average M Feb 271.72%
Supramax 58 TC FFA 58kt Timecharter Average M Mar 270.32%
Supramax 58 TC FFA 58kt Timecharter Average M Jan 270.32%
Supramax 58 TC FFA 58kt Timecharter Average M Feb 270.28%

Only in CMDT

323 securities, 88.6% of CMDT by weight

Pimco Enhanced Short Maturity Pimco Enhanced Short Maturit5.22%
Vistra Operations Co Llc Company Guar 144A 01/27 3.7 3.70% 01/30/20271.57%
Cpde Invt Co Llc 4.36% 01/08/20271.47%
Jti Finl Svcs North Amer Llc 11/26 Zcp 4.36% 11/20/20261.47%
Rogers Communications In Company Guar 03/27 3.65 3.65% 03/31/20271.30%
Bank of Montreal Sr Unsecured 06/27 4.309 4.31% 06/01/20271.22%
Crown Castle 4.42% 12/01/20261.14%
Aercap Ireland Cap/Globa Company Guar 04/27 6.45 6.45% 04/15/20271.13%
Brent Crude Futr JUN27 Ifeu 20270430 04/30/20271.04%
Telus Corp 4.41% 11/24/20261.03%
Transcanada Pipelines Sr Unsecured 04/27 3.8 3.80% 04/05/20271.03%
Permian Res Oper Llc Disc Coml 11/26 Zcp 4.38% 11/23/20261.02%
Epr Properties Company Guar 06/27 4.5 4.50% 06/01/20270.96%
Royal Bank of Canada Sr Unsecured 07/27 4.612 4.61% 07/26/20270.92%
Internal Flv+fgr Inc 4.25% 11/19/20260.90%
Dnb Bank Asa 144A 03/28 Var 1.61% 03/30/20280.88%
Brent Crude Futr JAN27 Ifeu 20261130 11/30/20260.84%
Wells Fargo & Company Sr Unsecured 03/28 Var 3.53% 03/24/20280.83%
Hca Inc Company Guar 03/27 3.125 3.13% 03/15/20270.81%
Ga Global Funding Trust Secured 144A 09/27 4.4 4.40% 09/23/20270.80%
Fannie Mae Fnr 2025 18 Fm 4.79% 09/25/20540.78%
Government National Mortgage A Gnr 2025 98 Gf 4.77% 06/20/20550.75%
Bat Capital Corp Company Guar 08/27 3.557 3.56% 08/15/20270.72%
Jackson Natl Life Global Secured 144A 07/27 5.55 5.55% 07/02/20270.71%
Ha Sustainable Infrastructure 4.40% 11/18/20260.71%
Bank of America Corp Sr Unsecured 03/28 Var 3.62% 03/16/20280.67%
Freddie Mac Fhr 5685 Fb 4.94% 07/25/20560.66%
Freddie Mac Fhr 5700 Fd 4.69% 09/25/20560.66%
Daimler Truck Finan Na Company Guar 144A 10/30 4.65 4.65% 10/12/20300.62%
Barclays PLC Sr Unsecured 08/28 Var 5.50% 08/09/20280.61%
Fannie Mae Fnr 2025 5 Fd 5.17% 02/25/20550.60%
Freddie Mac Fhr 5686 Fd 4.64% 08/25/20560.60%
Canadian Imperial Bank Sr Unsecured 09/28 Var 4.63% 09/08/20280.59%
Morgan Stanley Pvt Bank Sr Unsecured 07/28 Var 4.67% 07/06/20280.59%
Freddie Mac Fhr 5565 Kf 4.84% 08/25/20550.58%
Canadian Imperial Bank Sr Unsecured 06/27 4.95 4.95% 06/29/20270.58%
General Motors Finl Co Sr Unsecured 07/27 5 5.00% 07/15/20270.58%
Ford Motor Credit Co Llc Sr Unsecured 03/27 5.8 5.80% 03/05/20270.55%
JPMorgan Chase & Co Sr Unsecured 03/28 Var 1.90% 03/05/20280.54%
Fnma Pool AN6507 Fn 09/27 Fixed 2.98 2.98% 09/01/20270.54%
Sempra Sr Unsecured 01/28 Var 4.56% 01/07/20280.53%
Volkswagen Group America Company Guar 144A 08/27 4.85 4.85% 08/15/20270.52%
Armada Euro Clo Armda 2A Arr 144A 3.82% 02/15/20370.51%
American Honda Finance Sr Unsecured 08/27 Var 4.51% 08/13/20270.51%
Bmw Us Capital Llc Company Guar 144A 08/27 Var 4.48% 08/11/20270.48%
Permian Res Oper Llc Disc Coml 11/26 Zcp 4.37% 11/02/20260.48%
Sumitomo Mitsui Tr Bk Lt Sr Unsecured Regs 09/27 Var 4.79% 09/10/20270.47%
Fannie Mae Fnr 2025 33 Yf 4.84% 08/25/20540.47%
Oracle Corp Sr Unsecured 04/27 2.8 2.80% 04/01/20270.47%
Providus Clo Prvd 8A Arr 144A 3.42% 11/20/20380.46%

Weight gaps

BDRY and CMDT share no securities.

All 15 BDRY holdings⁠All 303 CMDT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BDRY vs CMDT Cost

Overpaying BDRY vs CMDT

$35,338

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BDRY 3.50%
$48,055
CMDT 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

BDRY 3.50%
CMDT 0.65%
Overpaying

Year by year

Year	BDRY	CMDT	Overpaying
10	$5,566	$1,163	$4,403
20	$18,799	$4,440	$14,359
30	$48,055	$12,717	$35,338

Expense ratio

3.50%BDRY
0.65%CMDT, cheaper

CMDT0.65%BDRY3.50%

0.45%3.50%

Middle half of Commodity Futures funds
Median 0.79%

CMDT 6th cheapest of 13 funds

BDRY 13th cheapest of 13 funds

BDRY vs CMDT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BDRY No data; CMDT 12.09%
Payout (12M): BDRY None; CMDT $3.83
Last payment: BDRY No data; CMDT $3.20
Ex-dividend: BDRY No data; CMDT Oct 1, 2026
Paid on: BDRY No data; CMDT Oct 5, 2026
Frequency: BDRY No data; CMDT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

BDRYAll BDRY payments⁠

No distribution history available.

CMDTQuarterly · 15 paymentsAll CMDT payments⁠

BDRY vs CMDT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BDRY 70.6%CMDT 11.5%, better
Return per unit of riskSharpe ratio, 3 years: BDRY 0.64CMDT 0.83, better
Worst fallMax drawdown, 5 years: BDRY −85.2%CMDT −13.2%since May 2023
Market sensitivityBeta, 5 years: BDRY 2.59CMDT 0.78; Market = 1

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