The article explains why the PDBC commodity fund can lag commodity prices: the futures roll, when expiring contracts are replaced with later-dated ones, creates a cost that does not appear in the fee table. According to a July 31, 2026 portfolio filing, cash-like holdings make up about 90.2% of the fund's $6.4 billion in net assets. In contango, later contracts cost more, so the same dollars control less of the commodity after each roll, while backwardation can add to returns. From October 27, 2025 to October 28, 2026, PDBC returned 54.34%, compared with 60.87% for GSG, 53.49% for DBC and 37.74% for FTGC. The article also compares expense ratios, with PDBC at 0.59% and BCI at 0.26%, and lists four questions to ask before investing in a commodity fund.
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