Global X Commodity Strategy ETF (COMD) 3Q26 Commentary

Commodities rallied in the third quarter as geopolitical escalations in both the Middle East and Black Sea pushed energy and agriculture prices higher, with metals ultimately proving resilient despite higher treasury yields and a stronger US dollar¹. COMD outperformed its reference index, Bloomberg Commodity Total Return Index (BCOMTR or “the Index”) by 51 basis points².

Market Review

Commodities rallied strongly during the third quarter, with all but one subsector gaining during the period³. Strait of Hormuz supply disruptions pushed energy sharply higher, with Brent crude oil rising 42%, while downstream products once again outperformed due to constrained global refining capacity, with gasoil and ULS diesel rising 57% and +49% respectively⁴. Agriculture saw a strong rally, finishing the quarter up 12% as grains caught a bid on the back of escalations in the Black Sea and unfavorable weather conditions⁵. Metals proved resilient despite rising treasury yields and a stronger US dollar, with gold finishing the quarter up 4% while copper gained 7% on the back of lower-than-expected supply⁶. Livestock was the only declining subsector, with easing import restrictions pushing protein prices lower despite tight domestic supply⁷.

Fund Performance & Attribution

COMD outperformed the Bloomberg Commodity Total Return Index for the quarter by 51 basis points, returning 16.70% (NAV return) versus a 16.19% increase in the benchmark⁸. Since inception on February 10, 2026, the fund has returned 21.05% (NAV return)⁹.

Contributors: The fund’s overweight positioning in ULS diesel, RBOB gasoline, sugar, bitcoin, and gold, as well as the fund’s underweight positioning in Henry Hub natural gas all contributed to relative performance.
Detractors: Underweight positioning in Brent crude, gasoil, coffee, soybeans, and soybean meal detracted from performance.

This quarter the fund added new positions with exposure to Bitcoin¹⁰ and Uranium¹¹.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent quarter- and month-end is available at https://www.globalxetfs.com/funds/comd/. Expense Ratio: 0.55%.

Holdings subject to change

Outlook

We remain constructive on commodities heading into the fourth quarter, but continue to monitor four key factors:

Risks include a de-escalation in the Middle East or the Black Sea that reverses recent energy and agriculture gains, further Fed tightening that strengthens the US dollar and pressures precious metals, normal weather that restores crop supply, and slower global growth that weakens industrial demand.

Why This Fund

Commodities once again proved their resilience thus far in 2026, providing protection against accelerating inflation and outperforming both equities and fixed income¹⁷. We see inflation and portfolio concentration as structural risks for many portfolios, with growing El Niño concerns and geopolitical energy supply shocks adding to macroeconomic uncertainty and supporting the case for diversification. COMD provides broad exposure to commodities markets, including agriculture and energy, while the fund's active approach to futures contract selection aims to reduce the costs associated with rolling futures contracts on performance.

Related ETF

COMD – Global X Commodity Strategy

Click the fund name above to view current performance and holdings. Holdings are subject to change. Current and future holdings are subject to risk.

Footnotes

Bloomberg LP. Data as of September 30, 2026.
Global X ETFs (fund NAV), Bloomberg (benchmark).
Bloomberg LP. Data as of September 30, 2026.
Bloomberg LP. Data as of September 30, 2026. Brent crude measured by CO1 COMDTY. Gasoil measured by QS1 COMDTY. ULS diesel measured by HO1 COMDTY.
Bloomberg LP. Data as of September 30, 2026. Agriculture measured by Bloomberg Agriculture Subindex (BCOMAG Index).
Bloomberg LP. Data as of September 30, 2026. Gold measured by XAU CURNCY. Copper measured by HG1 COMDTY.
Bloomberg LP. Data as of September 30, 2026. Livestock measured by Bloomberg Livestock Subindex (BCOMLI Index).
Bloomberg LP. Data as of September 30, 2026.
Bloomberg LP. Data as of September 30, 2026.
Bitcoin exposure expressed through the iShares Bitcoin Trust ETF, ticker: IBIT US.
Uranium exposure expressed through the Sprott Physical Uranium Trust, ticker: SRUUF US.
Bloomberg News. Golle, Vince. “Charting the Global Economy: Fed Officials Raise Interest Rates”. September 19, 2026.
U.S. Energy Information Administration. (2026, October 6). Short-Term Energy Outlook.
Bloomberg News. Lee, Julian. (2026, September 29). “Russian Crude Exports Boom Blunted by Kremlin’s Diesel Sales Ban”.
Bloomberg News. Thornber, Eleanor. Kozlov, Pyotr. (2026, October 1). “Russia’s Grain Rerouting Falls Short as War Roils Black Sea”.
Citi Research. (2026, September 28). “4Q’26 Commodities Market Outlook”.
Equities (S&P 500) gained +12.75% in the first three quarters of 2026, Fixed Income (Bloomberg US Aggregate Index Total Return Value Unhedged USD) returned -2.91% in the three quarters of 2026. Bloomberg LP. Data as of September 30, 2026.

Glossary

Exposure (%): Exposure (%) is equal to the Exposure Amount of a position divided by the total Market Value of the Fund’s assets.
Exposure Amount: Exposure Amount ($), when in reference to the Fund’s equity security holdings (including any ETFs or individual stocks), refers to its Market Value. In reference to the Fund’s futures positions, it refers to the notional value of the futures positions, which represents the total value of the positions referenced by the futures contracts. An ‘Exposure Amount’ figure is not provided for cash and/or treasury security holdings.
Market Value: Market Value ($) represents the total current value of a given holding. For equity securities, this is calculated as the number of shares held multiplied by its most recent closing price. Because futures contracts are marked to market on a daily basis, any change in the value of a futures contract impacts the amount of cash and/or treasuries held by the Fund, and the Market Value of a futures contract is equal to zero at the close of each business day.
Rolls: The process of replacing an expiring futures contract with a longer-dated contract to maintain continuous market exposure.
Generic First Contracts: A continuous futures price series that tracks the most actively traded, nearest-to-expiration futures contract, switching to the next contract before the current one expires.

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