Embark Commodity Strategy Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Embark Commodity Strategy Fund held 223 positions with $3.32B in net assets. Its ten largest holdings made up 50.8% of the fund. The ECSQX share class costs 0.71% a year. Over the 12 months to May 2026, ECSQX returned 43.7%, with dividends reinvested. In 2026 Q3 it added 118 new positions and exited 109.
The Fund seeks total return.
The fund gains commodity exposure by investing in commodity-linked derivative instruments, including futures contracts and swaps across agricultural products, oil, metals, and other sectors, with day-to-day management delegated to six unaffiliated subadvisers who independently select investments for their respective portfolio sleeves. Up to 25% of assets may be invested through wholly-owned Cayman Islands subsidiaries to access commodity returns within tax law limits. The fund is non-diversified and may concentrate significantly in particular sectors or commodities; because commodity futures are leveraged instruments, small price changes produce disproportionate portfolio swings, and rolling contracts into contango markets can generate losses.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury 0.00% · due 2026-08-13 | 12.00% | $397.81M | — |
United States Treasury | 9.62% | $318.77M | — |
United States Treasury 0.00% · due 2026-09-17 | 6.30% | $208.82M | — |
United States Treasury | 5.71% | $189.34M | — |
United States Treasury | 3.80% | $126.08M | — |
United States Treasury | 3.67% | $121.78M | — |
United States Treasury 0.00% · due 2026-08-06 | 2.69% | $89.13M | — |
United States Treasury 0.00% · due 2026-05-21 | 2.57% | $85.16M | — |
United States Treasury 0.00% · due 2026-10-01 | 2.52% | $83.52M | — |
United States Treasury | 1.95% | $64.57M | — |
The 200 largest of 223 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 51.67% |
| Cash & short-term | 28.00% |
| Derivatives | 4.58% |
These positions come to 84.25% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
Derivatives are shown at market value, not notional exposure.
How it has done
ECSQX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.25%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.71% | +43.67% | — | — | — | |
| 0.79% | +43.54% | — | — | — |
These classes hold the same portfolio, so the 0.13pp spread over 1 year is the cost difference between them — roughly 0.13pp a year — not a difference in what they own.
Fees & fund details
Embark Commodity Strategy Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
- Expense ratio, by class
- 0.71% – 0.79%· ECSQX 0.71%
- Portfolio turnover
- 50.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
118 new· the largest 2
109 exited· the largest 1
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Zero-coupon or unclassified | 78.2% |
| Floating rate | 19.0% |
| Fixed rate | 2.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 84.3% |
| 1-3y | 15.5% |
| 3-5y | 0.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 64% |
| Credit spreads | 36% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.10 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.15 yr | 87% |
| 1 yr | 0.02 yr | 13% |
| 5 yr | 0.00 yr | 0% |
| 30 yr | 0.00 yr | 0% |
10 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 14% |
| 1 yr | 0.06 yr | 62% |
| 5 yr | 0.02 yr | 25% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.15 | +0.01 | +0.00 | $4.5k | $0 |
| 1 yr | +0.02 | +0.06 | +0.00 | $19.9k | $0 |
| 5 yr | +0.00 | +0.02 | +0.00 | $8.0k | $0 |
| 10 yr | -0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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