Commodity Prices Can Rise While PDBC Lags. Blame the Futures Roll - 24/7 Wall St.

AI desk brief

Commodity prices can rise while PDBC underperforms because the ETF is exposed to futures-roll drag rather than spot moves. The article says PDBC has about 90.2% of its $6.4bn in net assets in cash-like holdings, with commodity exposure via futures on gold, silver, corn, coffee, copper and natural gas; roll costs in contango can erode returns even when underlying commodity prices are firm.

It also notes the roll can help in backwardation, but the effect is often masked in strong rallies. PDBC returned 54.34% from Oct. 27, 2025 to Oct. 28, 2026 versus 60.87% for GSG, 53.49% for DBC and 37.74% for FTGC, highlighting how fund design, roll rules, fees and collateral yield can materially affect performance.