First Trust Global Tactical Commodity Strategy Fund
Actively managed U.S. bond ETF
As of its 2026 Q2 report, First Trust Global Tactical Commodity Strategy Fund held 32 positions with $2.70B in net assets. Its ten largest holdings made up 90.5% of the fund. The FTGC share class costs 0.98% a year. Over the 12 months to May 2026, FTGC returned 44.0%, with dividends reinvested. In 2026 Q2 it added 30 new positions and exited 38.
The First Trust Global Tactical Commodity Strategy Fund (the "Fund" ) seeks to provide total return by providing investors with commodity exposure while seeking a relatively stable risk profile.
The fund is an actively managed ETF that gains commodity exposure through a wholly-owned Cayman Islands subsidiary, which holds commodity futures contracts, commodity-linked ETFs, pooled vehicles, and total return swaps. The fund itself invests up to 25% of assets in the subsidiary and collateralizes that exposure with U.S. government securities, money market instruments, and repurchase agreements. The portfolio manager dynamically rebalances commodity weightings using a volatility forecasting process to maintain relatively stable risk levels, with notional commodity exposure normally kept near 100% of net asset value but adjusted downward at times for risk mitigation.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS | 29.05% | $784.76M | — |
DGCXXDREYFUS GOVERNMENT CASH MANAGEMENT FUNDS | 29.05% | $784.76M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-07-14 | 8.32% | $224.71M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-08-18 | 8.29% | $223.90M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-07-30 | 7.38% | $199.42M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-09-03 | 7.36% | $198.70M | — |
ICE FUTURES U.S. | 0.65% | $17.51M | — |
ICE FUTURES U.S. | 0.26% | $7.12M | — |
ICE FUTURES EUROPE | 0.12% | $3.27M | — |
THE LONDON METAL EXCHANGE | 0.03% | $0.92M | — |
All 32 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%.
| Cash & short-term | 58.09% |
| Bonds | 31.34% |
| Derivatives | -4.67% |
These positions come to 84.76% 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%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
FTGC share class · total returns with dividends reinvested
Volatility over the last 12 months: 14.86%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
First Trust Global Tactical Commodity Strategy Fund is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Expense ratio, by class
- 0.98%· FTGC 0.98%
- Portfolio turnover
- 16.00% a year · as of 2026 Q2
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.
30 new· the largest 5
38 exited· the largest 4
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
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 a small fraction 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 | 99% |
| Credit spreads | 1% |
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 | +0.00 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 | 0.06 yr | 100% |
| 1 yr | 0.00 yr | 0% |
| 3 mo | 0.00 yr | 100% |
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 | +0.06 | +0.00 | +0.00 | $78 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $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.
Understand how this fund fits with the rest.
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