ETF Evaluator:
State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Commodities Broad Basket Over the Last Year
| 54.6% | VanEck Commodity Strategy ETF (PIT) |
| 44.8% | DB Commodity Long ETN (DPU) |
| 40.4% | iShares S&P GSCI Commodity-Indexed Trust (GSG) |
| 40.1% | iPath® Bloomberg Cmdty TR ETN (DJP) |
| 39.9% | Harbor Commodity All-Weather StrategyETF (HGER) |
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Risk
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ETF Details
State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF Overview
State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF (CERY) is a passively managed Commodities Commodities Broad Basket exchange-traded fund (ETF). State Street Investment Management launched the ETF in 2024.
The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Bloomberg Enhanced Roll Yield Total Return Index.
The index measures the performance of a diversified, liquid and cost-effective long exposure to the broad commodities market through synthetic positions in futures contracts, with no single commodity or sector dominating the index. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its net assets, directly or indirectly, in securities and/or other instruments comprising the index. The fund is non-diversified.
About State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF (CERY)
There are 3 members of the management team with an average tenure of 1.90 years: Amy Cheng (2024), Kala O’Donnell (2024) and Karl Schneider (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI IMI NR USD index with a weighting of 100% and Bloomberg Enhanced Roll Yield TR USD index with a weighting of 100%. State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF has 2 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF is part of the Real Assets global asset class and is within the Commodities ETF group. State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF has 86.1% of the portfolio in cash.
Assets Under Management
The fund has $997 million in total assets, which is above the $831 million average for the Commodities Broad Basket category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CERY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF expense ratio is below average compared to funds in the Commodities Broad Basket category. State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF has an expense ratio of 0.28%, which is 58% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 26% for the Commodities Broad Basket category.
Recently, in the month of July 2026, State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF returned 7.8%, which earned it a grade of B, as the Commodities Broad Basket category had an average return of 6.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF has a trailing yield of 3.97%, which is below the 5.12% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
State StreetSPDRBbgEnhRlYldCmdStrNoK1ETF Grades
Year to date, the ETF has returned 25.6%, 3.4 percentage points better than the category, which translates into a grade of C. The fund has returned 37.2% over the past year (grade of B).
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CERY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CERY Return (NAV) | 7.8% | -3.6% | 37.2% | na | na | na |
| CERY Return (Price) | 7.6% | -3.6% | 37.2% | na | na | na |
| NAV +/- Price Return | 0.195% | 0.016% | -0.073% | na | na | na |
| Commodities Broad Basket Avg | 6.9% | -4.5% | 31.7% | 13.2% | 11.6% | 8.6% |
| CERY Grade (NAV) | B | B | B | na | na | na |
| +/- Category (NAV) | 0.9% | 0.9% | 5.5% | na | na | na |
| CERY Tax-Cost Ratio | na | na | 1.9% | na | na | na |
CERY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CERY Return (NAV) | 25.6% | 16.0% | na | na | na | na | na | na | na | na | na |
| CERY Return (Price) | 26.0% | 15.8% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.015% | -0.016% | na | na | na | na | na | na | na | na | na |
| Commodities Broad Basket Avg | 22.1% | 15.5% | 7.4% | -4.2% | 15.9% | 31.9% | -4.8% | 7.3% | -10.7% | 5.9% | 11.7% |
| CERY Grade (NAV) | C | C | na | na | na | na | na | na | na | na | na |
| +/- Category | 3.4% | 0.5% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 4.0% |
| Total Assets: | $ 997 Mil |
| Share Class Assets: | $ 997 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.28% |
| Index Fund: | Yes |
| Index Tracked: | MSCI ACWI IMI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Cheng Amy (2024), O’Donnell Kala (2024), Schneider Karl (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 2 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 13.9% |
| Cash: | 86.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | State Street Investment Management |
| Phone Number: | 617-664-1465 |
| Website: | www.spdrs.com |
| Inception Date: | September 4, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.28% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.66% |
