CERY vs FAAR: Grades, Fees and Holdings Compared

State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF

CERYANYSE Arca

First Trust Alternative Absolute Return Strategy ETF

FAARDNasdaq

Overlap

0.0%by weight

Expense ratio

CERY −0.70pt a year

CERY0.28%FAAR0.98%

Avg volume · 30D

CERY 4.2×the volume

CERY216KFAAR51.7K

CERY vs FAAR Performance

Oct 31, 2025 – Oct 30, 2026

+43.1%CERY+20.0%FAAR

Expense ratio: CERY 0.28%, better; FAAR 0.98%
Fund size: CERY $1.27B; FAAR $252M
1Y total return: CERY +43.1%, better; FAAR +20.0%
Yield (12M): CERY 3.59%; FAAR 9.34%, better
Holdings: CERY 12; FAAR 16
Avg volume (30D): CERY 216K sh, better; FAAR 51.7K sh
NAV per share: CERY $39.89; FAAR $32.57
52W range

ETF.net Grade

Pillar letters and Scores for CERY, FAAR, with each pillar’s weight
Pillar	CERY	FAAR
Cost30% weight	A84Higher	F7
Mission25% weight	Not scored	Not scored
Risk15% weight	B66	B69Higher
Tradability15% weight	A78Higher	B62
Holdings10% weight	Not scored	C49
Durability5% weight	B64	B67Higher

Rank among Broad Commodity Futures funds

How we build Categories ›

Same Category. CERY and FAAR are both graded against the same 21 Broad Commodity Futures funds, so their Grades compare head to head.

Broad Commodity Futures⁠

Category · 21 funds

See all 21 ›

CERY ranks 1st and FAAR 18th of 21 funds in the Broad Commodity Futures Category.

Rank 1ACERYState Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETFScore 77
Rank 2ACMDYiShares Bloomberg Roll Select Commodity Strategy ETFScore 69
Rank 17CGSGiShares S&P GSCI Commodity-Indexed TrustScore 41
Rank 18DFAARFirst Trust Alternative Absolute Return Strategy ETFScore 39
Rank 19DUSCIUnited States Commodity Index FundScore 32

Our read on each fund

ETF.net Research

CERYAState Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF

FAARDFirst Trust Alternative Absolute Return Strategy ETF

In short

CERY Broad commodity exposure without the K-1 envelope. CERY tracks Bloomberg's Enhanced Roll Yield index, a rules-based long-only basket held through synthetic futures, and charges 0.28% in a category where the typical fee is far higher.

FAAR Most commodity funds only bet one way: up. FAAR is actively managed and can run short positions alongside long ones across the futures complex, aiming at absolute return rather than tracking a commodity index.

Stated mandate

CERY The fund seeks to track the Bloomberg Enhanced Roll Yield Total Return Index, which represents diversified, long-only exposure to broad commodities through synthetic futures positions.

FAAR The Fund seeks long-term total return through active management of long and short exchange-traded commodity futures positions, accessed through a wholly owned Cayman Islands subsidiary.

Why people hold it

CERY Costs 0.28% a year against a category norm nearer 0.68%. Fees bite hard in commodity futures funds, where there are no dividends to paper over the drag.
Tracks Bloomberg's Enhanced Roll Yield index: rules-based, long-only commodity exposure via synthetic futures. Roll mechanics come from index design, not a manager's call.ssga.com
Built as a 1940 Act fund, so shareholders get a 1099 rather than the partnership K-1 that many commodity futures vehicles send.ssga.com
Sits with BCI and BCD at the low-fee end of the broad commodity futures group and rates among the strongest implementations in it.

FAAR Goes both ways. The managers can hold long and short exchange-traded commodity futures, so the fund is not structurally locked into commodity prices rising.ftportfolios.com
Active by design. A few dozen futures positions sized by the manager, not by a fixed index weighting, in a cohort where most rivals simply track a broad commodity benchmark.
Runs as a registered 1940 Act fund, with the futures book held in a wholly owned Cayman subsidiary. Distributions are paid quarterly.
Trading since 2016, giving the long/short approach a live record across very different commodity markets rather than a backtest.

Worth knowing

CERY Launched in 2024, so the record is short. The roll rules have not been tested across a full commodity cycle yet.
Long-only by design. There is no short side, so a broad commodity downturn passes straight through to the fund.
Distributions come once or twice a year. This is commodity price exposure, not a paycheck.

FAAR Active costs money: 0.98% a year against a cohort median near 0.68%, and several times what index-based peers like BCI (0.26%) or CMDY (0.29%) charge.
No index to hug. Short positions can offset a broad commodity rally, so results track the manager's calls rather than the commodity complex itself.
Mid-sized and moderately traded, so spreads can run wider than the largest commodity futures ETFs.

Full CERY profile⁠

Full FAAR profile⁠

CERY vs FAAR Holdings

How CERY and FAAR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CERY and 0.0% of FAAR.

Level by level

Asset classCommodities, Alternatives0.0%
Holdings0 in both0.0%

Sector

No Sector split for CERY.

Country, concentration and asset class

Country by domicile

No country split for CERY and FAAR.

Concentration

Weight in the 10 largest Holdings

CERY99.4%
FAAR133.5%

Securities held

CERY3
FAAR6

Asset class

CERY: Commodities
FAAR: Alternatives

Holdings

Only in CERY3
In both0
Only in FAAR6

Only in CERY

3 securities, 19.6% of CERY by weight

Treasury Bill 12/26 0.000009.20%
Treasury Bill 11/26 0.000007.22%
Trs USD Berytr3.18%

Only in FAAR

6 securities, 24.3% of FAAR by weight

SOYBEAN MEAL FUTR Dec2610.95%
NATURAL GAS FUTR Dec264.66%
SUGAR #11 (WORLD) Mar273.66%
GOLD 100 OZ FUTR Dec262.43%
LME PRI ALUM FUTR Dec261.90%
LIVE CATTLE FUTR Dec260.72%

Weight gaps

CERY and FAAR share no securities.

All 9 CERY holdings⁠All 37 FAAR 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.

CERY vs FAAR Cost

Overpaying FAAR vs CERY

$12,607

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

CERY 0.28%
$5,755
FAAR 0.98%
$18,362

Amount$10,000

Years30 years

Cost over time

CERY 0.28%
FAAR 0.98%
Overpaying

Year by year

Year	CERY	FAAR	Overpaying
10	$509	$1,729	$1,220
20	$1,976	$6,504	$4,528
30	$5,755	$18,362	$12,607

Expense ratio

0.28%CERY, cheaper
0.98%FAAR

CERY0.28%FAAR0.98%

0.21%1.05%

Middle half of Broad Commodity Futures funds
Median 0.68%

CERY 3rd cheapest of 21 funds

FAAR 19th cheapest of 21 funds

CERY vs FAAR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CERY 3.59%; FAAR 9.34%, better
Payout (12M): CERY $1.43; FAAR $3.04
Last payment: CERY $1.43; FAAR $0.14
Ex-dividend: CERY Dec 29, 2025; FAAR Sep 24, 2026
Paid on: CERY Dec 31, 2025; FAAR Sep 30, 2026
Frequency: CERY Annual; FAAR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CERYAnnual · 2 paymentsAll CERY payments⁠

FAARQuarterly · 25 paymentsAll FAAR payments⁠

CERY vs FAAR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CERY 14.0%since Oct 2024FAAR 12.0%
Return per unit of riskSharpe ratio, 3 years: CERY 1.41since Oct 2024FAAR 0.59
Worst fallMax drawdown, 5 years: CERY −14.3%since Sep 2024FAAR −18.1%
Market sensitivityBeta, 5 years: CERY 0.03FAAR 0.66; Market = 1

CERY and FAAR in the news

All news⁠

Deep Dive
Broad commodity ETFs split on oil weight and which contract they hold
Oct 2, 2026CERY
Deep Dive
Wheat funds fell 5.4% as GSCI baskets rose 4.3%
Sep 5, 2026CERY

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