Investment objective & strategy
As of April 16, 2025 · prospectusObjective. The portfolio seeks total return.
Strategy. The portfolio is designed to achieve positive total return relative to the performance of the Bloomberg Commodity Index Total Return (the "BCOM Index"). The portfolio intends to invest its assets in a combination of commodity-linked derivative instruments and fixed income securities. The portfolio intends to gain exposure to commodities markets by investing through the Subsidiary and in structured notes linked to the BCOM Index, other commodity indices, or the value of a particular commodity or commodity futures contract or subset of commodities or commodity futures contracts. The value of these investments will rise or fall in response to changes in the underlying index or commodity. The portfolio intends to engage in active and frequent trading. The portfolio may invest up … The portfolio is designed to achieve positive total return relative to the performance of the Bloomberg Commodity Index Total Return (the "BCOM Index"). The portfolio intends to invest its assets in a combination of commodity-linked derivative instruments and fixed income securities. The portfolio intends to gain exposure to commodities markets by investing through the Subsidiary and in structured notes linked to the BCOM Index, other commodity indices, or the value of a particular commodity or commodity futures contract or subset of commodities or commodity futures contracts. The value of these investments will rise or fall in response to changes in the underlying index or commodity. The portfolio intends to engage in active and frequent trading. The portfolio may invest up to 25% of its total assets in the Subsidiary, a wholly-owned subsidiary of the portfolio organized under the laws of the Cayman Islands. The portfolio will invest in the Subsidiary primarily to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Generally, the Subsidiary will invest in commodity-linked derivative instruments, but it will also invest in fixed income instruments, including U.S. government securities, U.S. government agency securities, corporate bonds, debentures and notes, mortgage-backed and other asset-backed securities, event-linked bonds, loan participations, bank certificates of deposit, fixed time deposits, bankers' acceptances, commercial paper and other short-term fixed income securities. The primary purpose of the fixed income instruments held by the Subsidiary will be to serve as collateral for the Subsidiary's derivative positions; however, these instruments are also expected to earn income for the Subsidiary. The portfolio invests in a portfolio of fixed income securities normally having an average duration of one year or less, and emphasizes investment-grade fixed income securities.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Royal Bank of Canada | — | $48.44M | 5.97% |
| U.S.Treasury Notes | — | $47.05M | 5.80% |
| U.S. Treasury Notes | — | $44.62M | 5.50% |
| U.S. Treasury Floating Rate Notes | — | $43.29M | 5.34% |
| Bank of Montreal | — | $42.60M | 5.25% |
| U.S. Treasury Notes | — | $39.24M | 4.84% |
| U.S. Treasury Notes | — | $35.04M | 4.32% |
| U.S. Treasury Notes | TF | $33.40M | 4.12% |
| U.S. Treasury Notes | — | $33.04M | 4.07% |
| U.S. Treasury Notes | — | $24.21M | 2.98% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Credit Suisse Commodity Return Strategy Fund · CRSOX, CRSAX, CRSCX | 61% | 0.80% |
| WisdomTree Floating Rate Treasury Digital Fund · FLTTX | 36% | 0.05% |
| iShares Treasury Floating Rate Bond ETF · TFLO | 36% | 0.15% |
Advisers
| Firm | Role |
|---|---|
| UBS Asset Management (Americas) LLC | Adviser |
Footnotes
- Expense ratio as of April 16, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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