ETF Evaluator:
VanEck® CMCI Commodity Strategy ETF ()
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(as of Aug 17)
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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ETF Details
VanEck® CMCI Commodity Strategy ETF Overview
VanEck® CMCI Commodity Strategy ETF (CMCI) is a passively managed Commodities Commodities Broad Basket exchange-traded fund (ETF). VanEck launched the ETF in 2023.
The investment seeks to track, before fees and expenses, the performance of the UBS Constant Maturity Commodity Total Return Index.
The fund seeks to achieve its investment objective by investing under normal circumstances in instruments that derive their value from the performance of the index. In seeking to replicate the index, the fund invests in (i) commodity-linked derivative instruments, and in (ii) bonds, debt securities and other fixed income instruments issued by various U.S. public- or private-sector entities. The fund is non-diversified.
About VanEck® CMCI Commodity Strategy ETF (CMCI)
There are 2 members of the management team with an average tenure of 2.60 years: Roland Morris (2023) and Christopher Mailloux (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and UBS Bloomberg CMCI Composite TR USD index with a weighting of 100%. VanEck® CMCI Commodity Strategy ETF has 19 securities in its portfolio. The top 10 holdings constitute 68.9% 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.
VanEck® CMCI Commodity Strategy ETF is part of the Real Assets global asset class and is within the Commodities ETF group. VanEck® CMCI Commodity Strategy ETF 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 39.5% (39.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VanEck® CMCI Commodity Strategy ETF has 55.8% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below 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.
CMCI 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 VanEck® CMCI Commodity Strategy ETF expense ratio is above average compared to funds in the Commodities Broad Basket category. VanEck® CMCI Commodity Strategy ETF has an expense ratio of 0.67%, which is 1% higher than its category average, making the fund expense ratio grade a C. 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. VanEck® CMCI Commodity Strategy ETF 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, VanEck® CMCI Commodity Strategy ETF returned 6.3%, which earned it a grade of D, 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.
VanEck® CMCI Commodity Strategy ETF has a trailing yield of 8.12%, which is above 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.
VanEck® CMCI Commodity Strategy ETF Grades
Year to date, the ETF has returned 22.0%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 27.9% over the past year (grade of D).
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CMCI 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 |
|
| CMCI Return (NAV) | 6.3% | 0.0% | 27.9% | na | na | na |
| CMCI Return (Price) | 5.9% | 4.3% | 27.4% | na | na | na |
| NAV +/- Price Return | 0.390% | -4.290% | 0.523% | na | na | na |
| Commodities Broad Basket Avg | 6.9% | -4.5% | 31.7% | 13.2% | 11.6% | 8.6% |
| CMCI Grade (NAV) | D | A | D | na | na | na |
| +/- Category (NAV) | -0.6% | 4.5% | -3.8% | na | na | na |
| CMCI Tax-Cost Ratio | na | na | 3.7% | na | na | na |
CMCI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CMCI Return (NAV) | 22.0% | 8.3% | 4.9% | na | na | na | na | na | na | na | na |
| CMCI Return (Price) | 20.9% | 8.7% | 5.5% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.054% | 0.041% | 0.119% | 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% |
| CMCI Grade (NAV) | D | D | F | na | na | na | na | na | na | na | na |
| +/- Category | -0.1% | -7.2% | -2.5% | 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: | 8.1% |
| Total Assets: | $ 3 Mil |
| Share Class Assets: | $ 3 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.67% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.0 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Morris Roland (2023), Mailloux Christopher (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 19 |
| % in Top 10 Holdings: | 68.9% |
| 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: | 39.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 4.6% |
| Cash: | 55.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | VanEck |
| Phone Number: | 800-826-2333 |
| Website: | www.marketvectorsetfs.com |
| Inception Date: | August 21, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.67% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.66% |
