CMDT vs HARD: Grades, Fees and Holdings Compared

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDTBNYSE Arca

Simplify Commodities Strategy No K-1 ETF

HARDCNYSE Arca

Overlap

0.0%by weight

Expense ratio

CMDT −0.20pt a year

CMDT0.65%HARD0.85%

Avg volume · 30D

CMDT 2.1×the volume

CMDT65.9KHARD31.3K

3Y return · a year

HARD +4.0pt

CMDT+14.2%HARD+18.2%

CMDT vs HARD Performance

Oct 31, 2025 – Oct 30, 2026

+28.0%CMDT+25.0%HARD

Expense ratio: CMDT 0.65%, better; HARD 0.85%
Fund size: CMDT $890M; HARD $59M
1Y total return: CMDT +28.0%, better; HARD +25.0%
Yield (12M): CMDT 12.09%, better; HARD 3.36%
Holdings: CMDT 357; HARD 20
Avg volume (30D): CMDT 65.9K sh, better; HARD 31.3K sh
NAV per share: CMDT $31.84; HARD $35.92
52W range

ETF.net Grade

Pillar letters and Scores for CMDT, HARD, with each pillar’s weight
Pillar	CMDT	HARD
Cost30% weight	B61Higher	D38
Mission25% weight	Not scored	Not scored
Risk15% weight	A81Higher	C49
Tradability15% weight	C51Higher	D39
Holdings10% weight	A70	Not scored
Durability5% weight	A72Higher	C54

Rank among Commodity Futures funds

How we build Categories ›

Same Category. CMDT and HARD 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 HARD 7th 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 7CACOMHarbor Active Commodity ETFScore 42
Rank 7CHARDSimplify Commodities Strategy No K-1 ETFScore 42
Rank 9CEVMTInvesco Electric Vehicle Metals Commodity Strategy No K-1 ETFScore 40

Our read on each fund

ETF.net Research

CMDTBPIMCO Commodity Strategy Active Exchange-Traded Fund

HARDCSimplify Commodities 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.

HARD Most broad commodity funds buy the basket and hold on. HARD runs a systematic long/short model built by Altis Partners across the futures complex, and mails a 1099 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.

HARD HARD seeks long-term capital appreciation through systematic investment in commodity futures. Its strategy uses systematic long/short models designed by Altis Partners to pursue commodity exposure across inflationary and typical market environments.

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.

HARD Long/short by design: the models can take short positions as well as long ones across commodities, not just ride a long-only basket.
Built as a 1940 Act fund, so holders get standard 1099 paperwork rather than the partnership K-1 some commodity futures funds send.
A 0.78% expense ratio sits under the median fee in its commodity futures cohort, which is rare for an actively managed futures strategy.
Lands in the upper half of its commodity futures peer group, in company with broad names like PDBC and DBB.

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.

HARD Model-driven and launched in 2023: no index to check it against, and a short live record so far.
Commodity futures move in big steps, and a long/short book can end up offside on either side of a trade.
Moderately traded and smaller than the category's giants, so spreads can run wider than the largest commodity ETFs.

Full CMDT profile⁠

Full HARD profile⁠

CMDT vs HARD Holdings

How CMDT and HARD differ

Overlap by weight

0.0%

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

Level by level

Asset classCommodities, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile89.3%

Sector

No Sector split for HARD.

Country, concentration and asset class

Country by domicile

Country weights in CMDT and HARD, widest gap first
Country	More in CMDTMore in HARD	CMDT	HARD
United States	HARD +10.7 points	89.3%	100.0%
Canada	CMDT +10.7 points	10.7%	0.0%

Concentration

Weight in the 10 largest Holdings

CMDT28.3%
HARD82.9%

Securities held

CMDT323
HARD15

Asset class

CMDT: Commodities
HARD: Alternatives

Holdings

Only in CMDT323
In both0
Only in HARD15

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%

Only in HARD

15 securities, 80.5% of HARD by weight

Simplify E Govt Money Mkt Etf26.73%
Brent Crude Futr JAN2717.35%
Brent Crude Futr FEB276.54%
Low Su Gasoil G DEC265.05%
B 12/29/26 Govt4.08%
Live Cattle Futr FEB273.81%
B 1/12/27 Govt3.33%
Cotton NO.2 Futr MAR273.17%
B 12/08/26 Govt2.97%
B 2/16/27 Govt2.21%
Cotton NO.2 Futr MAY271.58%
B 12/15/26 Govt1.49%
B 11/5/26 Govt0.75%
B 11/19/26 Govt0.74%
B 2/2/27 Govt0.74%

Weight gaps

CMDT and HARD share no securities.

All 303 CMDT holdings⁠All 75 HARD 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 HARD Cost

Overpaying HARD vs CMDT

$3,482

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

CMDT 0.65%
$12,717
HARD 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

CMDT 0.65%
HARD 0.85%
Overpaying

Year by year

Year	CMDT	HARD	Overpaying
10	$1,163	$1,508	$345
20	$4,440	$5,706	$1,266
30	$12,717	$16,199	$3,482

Expense ratio

0.65%CMDT, cheaper
0.85%HARD

CMDT0.65%HARD0.85%

0.45%3.50%

Middle half of Commodity Futures funds
Median 0.79%

CMDT 6th cheapest of 13 funds

HARD 9th cheapest of 13 funds

CMDT vs HARD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CMDT 12.09%, better; HARD 3.36%
Payout (12M): CMDT $3.83; HARD $1.20
Last payment: CMDT $3.20; HARD $0.30
Ex-dividend: CMDT Oct 1, 2026; HARD Sep 25, 2026
Paid on: CMDT Oct 5, 2026; HARD Sep 30, 2026
Frequency: CMDT Quarterly; HARD Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CMDTQuarterly · 15 paymentsAll CMDT payments⁠

HARDQuarterly · 14 paymentsAll HARD payments⁠

CMDT vs HARD 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%, betterHARD 17.2%
Return per unit of riskSharpe ratio, 3 years: CMDT 0.83, betterHARD 0.80
Worst fallMax drawdown, 5 years: CMDT −13.2%since May 2023HARD −21.0%since Mar 2023
Market sensitivityBeta, 5 years: CMDT 0.78HARD 0.82; Market = 1

CMDT and HARD in the news

All news⁠

Top Movers
Tanker freight gained 44% in a week the S&P 500 lost 0.8%
Sep 11, 2026HARD
Top Movers
Tanker ETF gains 6% as freight outruns $100 Brent
Sep 9, 2026HARD

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