CMDT vs KCCA: Grades, Fees and Holdings Compared

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDTBNYSE Arca

KraneShares California Carbon Allowance Strategy ETF

KCCADNYSE Arca

Overlap

0.0%by weight

Expense ratio

CMDT −0.30pt a year

CMDT0.65%KCCA0.95%

Avg volume · 30D

CMDT 2.7×the volume

CMDT65.9KKCCA24.1K

3Y return · a year

CMDT +22.2pt

CMDT+14.2%KCCA−8.0%

CMDT vs KCCA Performance

Oct 31, 2025 – Oct 30, 2026

+28.0%CMDT−0.6%KCCA

Expense ratio: CMDT 0.65%, better; KCCA 0.95%
Fund size: CMDT $890M; KCCA $121M
1Y total return: CMDT +28.0%, better; KCCA −0.6%
Yield (12M): CMDT 12.09%, better; KCCA 2.85%
Holdings: CMDT 357; KCCA 3
Avg volume (30D): CMDT 65.9K sh, better; KCCA 24.1K sh
NAV per share: CMDT $31.84; KCCA $17.04
52W range

ETF.net Grade

Pillar letters and Scores for CMDT, KCCA, with each pillar’s weight
Pillar	CMDT	KCCA
Cost30% weight	B61Higher	F16
Mission25% weight	Not scored	Not scored
Risk15% weight	A81Higher	D32
Tradability15% weight	C51Higher	C45
Holdings10% weight	A70Higher	D39
Durability5% weight	A72Higher	B55

Rank among Commodity Futures funds

How we build Categories ›

Same Category. CMDT and KCCA 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 KCCA 11th 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 9CUSEUSCF Energy Commodity Strategy Absolute Return FundScore 40
Rank 11DKCCAKraneShares California Carbon Allowance Strategy ETFScore 29
Rank 12FCCOMSimplify Chinese Commodities Strategy No K-1 ETFScore 22

Our read on each fund

ETF.net Research

CMDTBPIMCO Commodity Strategy Active Exchange-Traded Fund

KCCADKraneShares California Carbon Allowance Strategy 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.

KCCA Most commodity funds ride weather and geology. KCCA tracks futures on California carbon allowances, a market where supply is set by state regulators and the auction floor price ratchets up 5% plus inflation every year.

Stated mandate

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

KCCA KCCA provides targeted exposure to California Carbon Allowances through the cap-and-invest market and is benchmarked to an index tracking actively traded CCA futures.

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.

KCCA A pure play, not a blend: the fund is benchmarked to an index of the most traded California carbon allowance futures, giving you one compliance market rather than a mixed commodity basket.kraneshares.com sec.gov
The supply side is written into regulation. California's allowance cap declines over time toward the state's 2045 carbon-neutrality goal, and the program's auction floor price rises 5% plus CPI each year.sec.gov congress.gov
Running since 2021 and part of a dedicated KraneShares carbon lineup spanning global, European, California and Eastern US programs. The California sleeve is a deliberate slice, not a one-off launch.sec.gov

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.

KCCA The 0.95% fee sits above the typical futures-based commodity fund, where diversified baskets like PDBC (0.74%) and DBB (0.81%) charge less. Specialist access carries a specialist price.
One market, one rule-maker. Pricing turns on California regulators, auction outcomes and legislation, so this reacts to Sacramento policy news rather than global commodity cycles.congress.gov sec.gov
Thinly traded next to the big commodity ETFs, so spreads and order size deserve a look. It also holds futures through a Cayman subsidiary and is regulated as a commodity pool.kraneshares.com

Full CMDT profile⁠

Full KCCA profile⁠

CMDT vs KCCA Holdings

How CMDT and KCCA differ

Overlap by weight

0.0%

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

Level by level

Asset classCommodities, Equity0.0%
Holdings0 in both0.0%
Sector9 Sectors27.1%
Countryby domicile89.3%

Sector

Sector weights in CMDT and KCCA, widest gap first
Sector	More in CMDTMore in KCCA	CMDT	KCCA
Financials	CMDT +72.9 points	100.0%	27.1%
Technology	KCCA +16.2 points	0.0%	16.2%
Industrials	KCCA +15.3 points	0.0%	15.3%
Consumer Discretionary	KCCA +10.1 points	0.0%	10.1%
Energy	KCCA +7.9 points	0.0%	7.9%
Health Care	KCCA +7.6 points	0.0%	7.6%
Communication	KCCA +7.3 points	0.0%	7.3%
Utilities	KCCA +4.5 points	0.0%	4.5%
Consumer Staples	KCCA +4.1 points	0.0%	4.1%

Country, concentration and asset class

Country by domicile

Country weights in CMDT and KCCA, widest gap first
Country	More in CMDTMore in KCCA	CMDT	KCCA
United States	KCCA +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%
KCCA100.0%

Securities held

CMDT323
KCCA2

Asset class

CMDT: Commodities
KCCA: Equity

Holdings

Only in CMDT323
In both0
Only in KCCA2

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 KCCA

2 securities, 81.3% of KCCA by weight

KraneShares Sustainable Ultra Short Duration Index ETF75.32%
State St Inst Us Gov6.03%

Weight gaps

CMDT and KCCA share no securities.

All 303 CMDT holdings⁠All 4 KCCA 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 KCCA Cost

Overpaying KCCA vs CMDT

$5,152

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

CMDT 0.65%
$12,717
KCCA 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

CMDT 0.65%
KCCA 0.95%
Overpaying

Year by year

Year	CMDT	KCCA	Overpaying
10	$1,163	$1,678	$515
20	$4,440	$6,322	$1,882
30	$12,717	$17,869	$5,152

Expense ratio

0.65%CMDT, cheaper
0.95%KCCA

CMDT0.65%KCCA0.95%

0.45%3.50%

Middle half of Commodity Futures funds
Median 0.79%

CMDT 6th cheapest of 13 funds

KCCA 11th cheapest of 13 funds

CMDT vs KCCA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CMDT 12.09%, better; KCCA 2.85%
Payout (12M): CMDT $3.83; KCCA $0.48
Last payment: CMDT $3.20; KCCA $0.48
Ex-dividend: CMDT Oct 1, 2026; KCCA Dec 22, 2025
Paid on: CMDT Oct 5, 2026; KCCA Dec 23, 2025
Frequency: CMDT Quarterly; KCCA Annual

Distribution history

Per share, 2022 to 2026, same scale for both

CMDTQuarterly · 15 paymentsAll CMDT payments⁠

KCCAAnnual · 6 paymentsAll KCCA payments⁠

CMDT vs KCCA 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%, betterKCCA 19.3%
Return per unit of riskSharpe ratio, 3 years: CMDT 0.83, betterKCCA −0.56
Worst fallMax drawdown, 5 years: CMDT −13.2%since May 2023KCCA −41.1%
Market sensitivityBeta, 5 years: CMDT 0.78KCCA −0.14; Market = 1

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