iShares GSCI Cmd Dyn Roll Stgy ETF’s Process Pillar rating is Average, but a strong management team still helps this strategy retain its Morningstar Medalist Rating of Bronze. The portfolio maintains a cost advantage over competitors, priced within the least expensive fee quintile among peers.  

 The strategy’s management team earns an Above Average People Pillar rating. The fund earns an Average Process Pillar rating. The strategy's parent organization earns the firm an Above Average Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Analyst Rating

Morningstar's style-agnostic investment process evaluation looks for strategies that should be able to outperform their Morningstar Category index on a risk-adjusted basis over time. iShares GSCI Cmd Dyn Roll Stgy ETF earns an Average Process Pillar rating. The main driver of the rating is that this fund tracks an index. Historical data, such as Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. 

The investment strategy as stated in the fund's prospectus is as follows: 

 The investment seeks to track the investment results of the S&P GSCI Dynamic Roll (USD) Total Return Index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis.  The index measures the performance of futures contracts. In seeking to achieve its investment objective, the fund may invest in a combination of exchange-traded commodity futures contracts, exchange-traded options on commodity-related futures contracts and exchange-cleared commodity related swaps (together, “Commodity-Linked Investments”), thereby obtaining exposure to the commodities markets.

Average

Process

iShares’s team is strong compared with others in the industry, resulting in an Above Average People Pillar rating. There are four managers listed on the fund: Greg Savage, Paul Whitehead, Richard Mejzak, Tim Parsons. The team is well equipped, with an average of 13 years of portfolio management experience. Together, they manage a total of two strategies, with a Bronze asset-weighted average Morningstar Medalist Rating, indicating the potential to deliver positive alpha relative to the category median in aggregate.  

 Note: The People Pillar rating is indirectly assigned by an analyst. The longest-tenured manager of the fund also manages a different product rated by an analyst. Their analyst-assigned People Pillar rating is combined here with the People scores (algorithmic or analyst-assigned) for the fund’s other managers on a tenure-weighted basis.

Above Average

People

BlackRock offers compelling options across asset classes and vehicles. It earns an Above Average rating for Parent. 
The firm’s approximately USD 8 trillion in assets under management, as of Sept. 30, 2022, gives it unparalleled scale and influence. It is a market-leading index fund provider globally, and its iShares exchange-traded fund franchise offers a low-cost lineup of core funds that investors can use to build a well-diversified portfolio for dirt cheap. The firm can be more adventurous in its ETF launches than some peers, so not everything it launches is appropriate for the masses. As a result, it is likely to have more ETF closures than peers that stick to the basic building blocks.  
The firm’s active fixed-income and multi-asset efforts also stand out as some of the best in the industry. Those benefit from BlackRock’s commitment to building a first-class risk management system via its Aladdin analytics software. The software is also available for sale to other firms and has proved to be a popular option for competitors, a testament to its usefulness. 
More recently, the firm has shifted its focus to ESG offerings and incorporating ESG across its investment lineup, leading to a political backlash in the United States.
BlackRock isn’t the best at everything it tries to do, but retail investors, financial advisors, and large institutions could all build robust portfolios using BlackRock’s products.

Parent

iShares Commodities Select Strategy ETF

COMT tracks a broad-market commodity index that utilizes a flexible dynamic roll strategy.

The United States Commodity Index Fund is our preferred commodity ETF, followed by the iShares GSCI Commodity Dynamic Roll Strategy ETF. COMT is an optimized commodity ETF that maximizes roll yields by selecting commodities and futures contracts with strong backwardation or mild contango. COMT has outperformed GSG and USCI since its inception, with lower volatility and a similar commodity exposure as GSG.

COMT: The Right Optimized Commodity ETF For Strong Energy Markets

Commodities have not performed well as a safe haven investment compared to equities, particularly tech-growth stocks. The iShares GSCI Commodity Dynamic Roll Strategy ETF has seen mixed inflows and outflows over the past 3 years. The performance of COMT is heavily influenced by energy prices and oil & gas stocks, with the top holdings being in the energy sector.

COMT: Worse Risk-Adjusted Returns With Heavy Energy Tilt

COMT is a commodity ETF that gains exposure to the commodity markets through futures contracts. It has a structure that allows it to avoid being taxed as a commodity fund and distributing a K-1.

COMT: Good Option, But Not The Best

2022 has been good for commodities. 2023 should mark the transition to a new energy order. Europe seems to have passed its first cold spell in this winter. But more challenges await. The Russia-Ukraine war and the European winter is structurally changing the game for commodities.

COMT: Watching The Commodities From The Sidelines

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COMT does well to reduce rolling risk and has a good track record of outperforming the Bloomberg Commodity Index. Underlying conditions in the commodity space look vulnerable.

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As the economy continues to heal, the risk of rising inflation remains. Commodities exposure and ETFs like the iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) can help.

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