CMDT vs EVMT: Grades, Fees and Holdings Compared

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDTBNYSE Arca

Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF

EVMTCNasdaq

Overlap

0.0%by weight

Expense ratio

EVMT −0.06pt a year

CMDT0.65%EVMT0.59%

Avg volume · 30D

CMDT 19.7×the volume

CMDT65.9KEVMT3.34K

3Y return · a year

CMDT +9.7pt

CMDT+13.3%EVMT+3.6%

CMDT vs EVMT Performance

Oct 31, 2025 – Nov 2, 2026

+25.9%CMDT+6.6%EVMT

Expense ratio: CMDT 0.65%; EVMT 0.59%, better
Fund size: CMDT $849M; EVMT $4M
1Y total return: CMDT +25.9%, better; EVMT +6.6%
Yield (12M): CMDT 12.30%, better; EVMT 12.06%
Holdings: CMDT 351; EVMT 3
Avg volume (30D): CMDT 65.9K sh, better; EVMT 3.34K sh
NAV per share: CMDT $31.77; EVMT $16.40
52W range

ETF.net Grade

Pillar letters and Scores for CMDT, EVMT, with each pillar’s weight
Pillar	CMDT	EVMT
Cost30% weight	B61	A87Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A80Higher	C48
Tradability15% weight	C51Higher	D28
Holdings10% weight	A70	Not scored
Durability5% weight	A72Higher	C47

Rank among Commodity Futures funds

How we build Categories ›

Same Category. CMDT and EVMT 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 EVMT 9th of 13 funds in the Commodity Futures Category.

Rank 1APDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETFScore 83
Rank 2BSOYBTeucrium Soybean FundScore 65
Rank 2BWEATTeucrium Wheat FundScore 65
Rank 4BCMDTPIMCO Commodity Strategy Active Exchange-Traded FundScore 63
Rank 5BUSGUSCF Gold Strategy Plus Income FundScore 62
Rank 8CHARDSimplify Commodities Strategy No K-1 ETFScore 41
Rank 9CEVMTInvesco Electric Vehicle Metals Commodity Strategy No K-1 ETFScore 40
Rank 9CUSEUSCF Energy Commodity Strategy Absolute Return FundScore 40

Our read on each fund

ETF.net Research

CMDTBPIMCO Commodity Strategy Active Exchange-Traded Fund

EVMTCInvesco Electric Vehicle Metals Commodity Strategy No K-1 ETF

In short

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.

EVMT Most EV-metals funds buy the miners. EVMT buys the metals: an actively managed basket of futures on copper, nickel, aluminum, cobalt, iron ore and lithium, with 1099 tax reporting instead of a K-1.

Stated mandate

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

EVMT The Fund seeks to outperform the excess-return version of its Benchmark, identified as SPGEVMUP.

Why people hold it

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.

EVMT Owns the commodity, not the company. Futures on iron ore, copper, aluminum, nickel, cobalt and lithium mean no mine strikes, balance sheets or equity-market beta riding along.invesco.com sec.gov
Actively managed and benchmark-aware: it aims to outperform the excess-return version of the S&P GSCI Electric Vehicle Metals Index rather than simply mirror it.invesco.com
The "No K-1" in the name is the whole point: a 1940 Act fund, so futures-based metals exposure shows up on a standard 1099 at tax time.invesco.com
The benchmark reweights twice a year (January and July) toward the metals used most in EV production, so the mix follows the recipe rather than a fixed list.invesco.com

Worth knowing

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.

EVMT Costs 0.74% a year, above the cohort median of 0.65% and well above miner funds like PICK (0.39%) and REMX (0.53%).
A small fund that trades thinly, so spreads can run wider than the category's household names.
Futures carry roll costs, and a handful of metals prices drive everything. No miner earnings or dividends soften a flat stretch in the metals themselves.invesco.com

Full CMDT profile⁠

Full EVMT profile⁠

CMDT vs EVMT Holdings

How CMDT and EVMT differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for EVMT.

Country, concentration and asset class

Country by domicile

No country split for EVMT.

Concentration

Weight in the 10 largest Holdings

CMDT29.0%
EVMT100.0%

Securities held

CMDT316
EVMT2

Asset class

CMDT: Commodities
EVMT: Alternatives

Holdings

Only in CMDT316
In both0
Only in EVMT2

Only in CMDT

316 securities, 88.3% of CMDT by weight

Pimco Enhanced Short Maturity Pimco Enhanced Short Maturit5.24%
Vistra Operations Co Llc Company Guar 144A 01/27 3.7 3.70% 01/30/20271.58%
Cpde Invt Co Llc 4.36% 01/08/20271.48%
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%
Brent Crude Futr JUN27 Ifeu 20270430 04/30/20271.16%
Crown Castle 4.42% 12/01/20261.14%
Aercap Ireland Cap/Globa Company Guar 04/27 6.45 6.45% 04/15/20271.14%
Brent Crude Futr JAN27 Ifeu 20261130 11/30/20261.07%
Telus Corp 4.41% 11/24/20261.04%
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% 11/19/20260.91%
Dnb Bank Asa 144A 03/28 Var 1.61% 03/30/20280.89%
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% 08/25/20550.59%
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% 03/05/20270.56%
JPMorgan Chase & Co Sr Unsecured 03/28 Var 1.90% 03/05/20280.55%
Fnma Pool AN6507 Fn 09/27 Fixed 2.98 2.98% 09/01/20270.54%
Sempra Sr Unsecured 01/28 Var 4.57% 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 4.49% 08/11/20270.49%
Low Su Gasoil G MAR27 Ifeu 20270311 03/11/20270.48%
Sumitomo Mitsui Tr Bk Lt Sr Unsecured Regs 09/27 Var 4.80% 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%

Only in EVMT

2 securities, 99.7% of EVMT by weight

Invesco Premier US Government Money Portfolio80.71%
Powershares Cayman Fund19.02%

Weight gaps

CMDT and EVMT share no securities.

All 303 CMDT holdings⁠All 2 EVMT 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.

CMDT vs EVMT Cost

Overpaying CMDT vs EVMT

$1,082

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

CMDT 0.65%
$12,717
EVMT 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

CMDT 0.65%
EVMT 0.59%
Overpaying

Year by year

Year	CMDT	EVMT	Overpaying
10	$1,163	$1,058	$105
20	$4,440	$4,051	$389
30	$12,717	$11,635	$1,082

Expense ratio

0.65%CMDT
0.59%EVMT, cheaper

EVMT0.59%CMDT0.65%

0.45%3.50%

Middle half of Commodity Futures funds
Median 0.79%

EVMT 2nd cheapest of 13 funds

CMDT 6th cheapest of 13 funds

CMDT vs EVMT Dividends

Last 12 months to Nov 2, 2026

Yield (12M): CMDT 12.30%, better; EVMT 12.06%
Payout (12M): CMDT $3.83; EVMT $2.00
Last payment: CMDT $3.20; EVMT $2.00
Ex-dividend: CMDT Oct 1, 2026; EVMT Dec 22, 2025
Paid on: CMDT Oct 5, 2026; EVMT Dec 26, 2025
Frequency: CMDT Quarterly; EVMT Annual

Distribution history

Per share, 2022 to 2026, same scale for both

CMDTQuarterly · 15 paymentsAll CMDT payments⁠

EVMTAnnual · 4 paymentsAll EVMT payments⁠

CMDT vs EVMT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CMDT 11.5%, betterEVMT 16.0%
Return per unit of riskSharpe ratio, 3 years: CMDT 0.83, betterEVMT −0.03
Worst fallMax drawdown, 5 years: CMDT −13.2%since May 2023EVMT −48.3%since Apr 2022
Market sensitivityBeta, 5 years: CMDT 0.78EVMT 0.69; Market = 1

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