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Name

As of 11/25/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

CM Commodity Index Fund

COMIX | Fund

$70.18

$513 M

3.61%

$2.55

0.89%

Vitals

YTD Return

4.1%

1 yr return

1.9%

3 Yr Avg Return

6.2%

5 Yr Avg Return

10.1%

Net Assets

$513 M

Holdings in Top 10

77.2%

52 WEEK LOW AND HIGH

$70.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.89%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/25/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

CM Commodity Index Fund

COMIX | Fund

$70.18

$513 M

3.61%

$2.55

0.89%

COMIX - Profile

Distributions

  • YTD Total Return 4.1%
  • 3 Yr Annualized Total Return 6.2%
  • 5 Yr Annualized Total Return 10.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.61%
DIVIDENDS
  • Dividend Yield 3.6%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    CM Commodity Index Fund
  • Fund Family Name
    VANECKFUND
  • Inception Date
    Dec 31, 2010
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Roland Morris

Fund Description

The Fund seeks to achieve its investment objective by investing in instruments that derive their value from the performance of the UBS Constant Maturity Commodity Total Return Index (formerly known as UBS Bloomberg Constant Maturity Commodity Total Return Index) (the “CMCI” or the “Index”), as described below, and in bonds, debt securities and other fixed income instruments (“Fixed Income Instruments”) issued by various U.S. public- or private-sector entities. The Fund invests in commodity-linked derivative instruments, including commodity index- linked notes, swap agreements, commodity futures contracts and options on futures contracts that provide economic exposure to the investment returns of the commodities markets, as represented by the CMCI and its constituents.
Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. A commodity-linked derivative is a derivative instrument whose value is linked to the movement of a commodity, commodity index, commodity option or futures contract. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments.
The CMCI is a rules-based, composite benchmark index diversified across 29 commodity components from the following five sectors: energy, precious metals, industrial metals, agriculture and livestock. The CMCI is comprised of futures contracts with maturities ranging from three months up to a maximum of about three years for each commodity, depending on liquidity. The return of the CMCI reflects a combination of (i) the returns on the futures contracts comprising the CMCI; and (ii) the return based on a hypothetical fixed income portfolio representing collateral for the hypothetical investment in futures contracts comprising the CMCI. The selection and relative weightings of the components of the CMCI are designed to reflect the economic significance and market liquidity of each commodity, as determined based on global economic data, consumption data, commodity futures prices, open interest and volume data. The CMCI maintains a predefined target maturity for each commodity component by means of a continuous rolling process, in which a weighted percentage of contracts with less time to maturity for each commodity are replaced with contracts with more time to maturity on a daily basis. The CMCI is rebalanced monthly back to the target weightings of the commodity components of the CMCI and the target weightings of all commodity components are revised once per year. A more detailed description of the CMCI is contained in the "Description of the CMCI" section of this prospectus.
The Fund will seek to track the returns of the CMCI by entering into swap contracts and commodity index-linked notes with one or more counterparties, which contracts and notes will rise and fall in value in response to changes in the value of the CMCI. As of the date of this prospectus, UBS AG, London (“UBS”) was the only available counterparty with which the Fund may enter into such swap contracts on the CMCI. The Fund may enter into such contracts and notes directly or indirectly through a wholly owned subsidiary of the Fund (the “Subsidiary”). Commodity index-linked notes are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices (such as the CMCI). These commodity index-linked notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by the issuer and the purchaser of the note. The Fund may also seek to gain exposure to the individual commodity components of the CMCI by investing in futures contracts that comprise the CMCI.
The Fund currently expects that it will invest in all commodity-linked derivative instruments through the Subsidiary, an exempted limited company organized under the laws of the Cayman Islands. The Subsidiary is wholly owned and controlled by the Fund and is advised by the Adviser. The Fund’s investment in the Subsidiary is not expected to exceed 25% of the value of the Fund’s total assets at each quarter-end of the Fund's fiscal year. The Fund's investment in the Subsidiary generally provides the Fund with exposure to commodity-linked derivative instruments within the limits of the federal tax laws, which limit the ability of investment companies like the Fund to invest directly in such instruments. The Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions except that, unlike the Fund, it may invest without limit in commodity-linked derivative instruments.
The derivative instruments in which the Fund and the Subsidiary primarily intend to invest are instruments linked to commodity indices, such as the CMCI, and instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts. These instruments may specify exposure to commodity futures with different roll dates, reset dates or contract months than those specified by a particular commodity index. As a result, the commodity-linked derivatives component of the Fund’s portfolio may deviate from the returns of any particular commodity index. The Fund or the Subsidiary may over-weight or under-weight its exposure to a particular commodity index, or a subset of commodities, such that the Fund has greater or lesser exposure to that index than the value of the Fund’s net assets, or greater or lesser exposure to a subset of commodities than is represented by a particular commodity index.
Assets not invested in commodity-linked derivative instruments or the Subsidiary may be invested in Fixed Income Instruments, including derivative Fixed Income Instruments.
The average duration of the portfolio of Fixed Income Instruments will vary based on interest rates and, under normal market conditions, is not expected to exceed five years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. The Fund will invest primarily in securities of the U.S. Government and its agencies and investment grade bonds of private issuers rated Baa3 or higher by Moody's Investor Service, Inc. or, if unrated, determined by the Adviser to be of comparable quality. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy back or dollar rolls, repurchase agreements or reverse repurchase agreements). The Fund may also invest, without limitation, in money market funds.
Read More

COMIX - Performance

Return Ranking - Trailing

Period COMIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -29.4% 31.1% 57.81%
1 Yr 1.9% -39.5% 35.1% 69.53%
3 Yr 6.2%* -40.2% 276.0% 34.13%
5 Yr 10.1%* -29.0% 134.1% 29.27%
10 Yr 2.2%* -27.6% 47.4% 37.08%

* Annualized

Return Ranking - Calendar

Period COMIX Return Category Return Low Category Return High Rank in Category (%)
2023 -6.4% -64.0% 30.1% 28.91%
2022 -7.7% -40.8% 2475.6% 65.35%
2021 8.8% -23.3% 106.7% 46.03%
2020 1.5% -71.9% 295.5% 40.65%
2019 7.3% -31.8% 53.9% 46.72%

Total Return Ranking - Trailing

Period COMIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -29.4% 31.1% 57.81%
1 Yr 1.9% -39.5% 35.1% 69.53%
3 Yr 6.2%* -40.2% 276.0% 34.13%
5 Yr 10.1%* -29.0% 134.1% 29.27%
10 Yr 2.2%* -27.6% 47.4% 37.08%

* Annualized

Total Return Ranking - Calendar

Period COMIX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.8% -64.0% 41.1% 28.91%
2022 15.0% -15.1% 5648.8% 44.09%
2021 33.1% -23.3% 188.1% 31.75%
2020 1.5% -67.8% 296.1% 41.46%
2019 8.5% -31.8% 53.9% 53.28%

NAV & Total Return History

COMIX - Holdings

Concentration Analysis

COMIX Category Low Category High COMIX % Rank
Net Assets 513 M 2.34 M 27.6 B 52.87%
Number of Holdings 19 1 1009 75.78%
Net Assets in Top 10 426 M 2.66 M 30.7 B 48.44%
Weighting of Top 10 77.25% 20.9% 169.5% 50.81%

Top 10 Holdings

  1. U.S. Treasury Bills 9.95%
  2. U.S. Treasury Bills 9.89%
  3. U.S. Treasury Bills 9.88%
  4. U.S. Treasury Bills 7.21%
  5. U.S. Treasury Bills 7.20%
  6. U.S. Treasury Bills 7.18%
  7. U.S. Treasury Bills 7.17%
  8. U.S. Treasury Bills 7.10%
  9. U.S. Treasury Bills 6.30%
  10. U.S. Treasury Bills 5.37%

Asset Allocation

Weighting Return Low Return High COMIX % Rank
Cash 		97.05% 0.00% 101.92% 4.76%
Stocks 		3.04% 0.00% 49.72% 24.22%
Preferred Stocks 		0.00% 0.00% 0.08% 69.84%
Convertible Bonds 		0.00% 0.00% 3.89% 76.00%
Bonds 		0.00% 0.00% 127.91% 92.19%
Other 		-0.09% -7.17% 100.19% 62.70%

Stock Sector Breakdown

Weighting Return Low Return High COMIX % Rank
Utilities 		0.00% 0.00% 27.00% N/A
Technology 		0.00% 0.00% 2.77% N/A
Real Estate 		0.00% 0.00% 13.82% N/A
Industrials 		0.00% 0.00% 23.28% N/A
Healthcare 		0.00% 0.00% 1.73% N/A
Financial Services 		0.00% 0.00% 13.67% N/A
Energy 		0.00% 0.00% 33.64% N/A
Communication Services 		0.00% 0.00% 100.00% N/A
Consumer Defense 		0.00% 0.00% 12.04% N/A
Consumer Cyclical 		0.00% 0.00% 3.41% N/A
Basic Materials 		0.00% 0.00% 47.41% N/A

Stock Geographic Breakdown

Weighting Return Low Return High COMIX % Rank
US 		3.04% 0.00% 32.22% 24.60%
Non US 		0.00% 0.00% 28.52% 73.02%

COMIX - Expenses

Operational Fees

COMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.89% 0.21% 5.23% 64.00%
Management Fee 0.65% 0.00% 1.75% 50.96%
12b-1 Fee 0.00% 0.00% 1.00% 21.05%
Administrative Fee N/A 0.05% 0.45% N/A

Sales Fees

COMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% 92.31%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

COMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

COMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 162.00% 32.95%

COMIX - Distributions

Dividend Yield Analysis

COMIX Category Low Category High COMIX % Rank
Dividend Yield 3.61% 0.00% 19.94% 28.03%

Dividend Distribution Analysis

COMIX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Annually

Net Income Ratio Analysis

COMIX Category Low Category High COMIX % Rank
Net Income Ratio -0.61% -55.71% 52.26% 59.20%

Capital Gain Distribution Analysis

COMIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

COMIX - Fund Manager Analysis

Managers

Roland Morris

Start Date

Tenure

Tenure Rank

May 01, 2014

8.09

8.1%

Mr. Morris joined VanEck in 2012. He serves as Portfolio Manager for VanEck’s CM Commodity Index Strategy and Strategist for VanEck’s Global Hard Asset Strategy, focusing on macro strategies, commodities trading, and client development. Prior to joining VanEck, Mr. Morris was a macro/commodities trading specialist, manager of a futures clearing and execution service, and a client relationship manager at various top financial services companies. He has over 35 years of experience in the financial services industry. Mr. Morris earned a BA in Economics from the University of Vermont.

Gregory Krenzer

Start Date

Tenure

Tenure Rank

May 01, 2016

6.08

6.1%

Mr. Krenzer joined VanEck in 1994. He serves as Deputy Portfolio Manager for VanEck’s CM Commodity Index Strategy and Head of Active Equity Trading for VanEck’s Emerging Markets Equity Strategy, Global Hard Assets Strategy and Gold Strategies, specializing in trade construction and execution. Mr. Krenzer is also Deputy Portfolio Manager for VanEck Morningstar Wide Moat Fund. He has over 20 years of experience in investing in commodities, natural resource equities, and global fixed income. Mr. Krenzer is a CFA Charterholder and a member of the CFA Society New York. He earned a BS in Finance with a minor in Economics (Beta Gamma Sigma) from Syracuse University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 6.11 11.51

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