First Trust Global Tactical Commodity Strategy Fund
FIRST TRUST EXCHANGE-TRADED FUND VII · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| FTGC | 0.98% |
Portfolio turnover 16.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×4, CME Group Inc., THE LONDON METAL EXCHANGE, BOARD OF TRADE OF THE CITY OF CHICAGO, INC., ICE FUTURES EUROPE
Largest exited: United States Treasury Bills ×5, United States Treasury Notes, NEW YORK MERCANTILE EXCHANGE, INC., BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS | 29.05% | $784.76M | — |
| DGCXX | DREYFUS GOVERNMENT CASH MANAGEMENT FUNDSDGCXX | 29.05% | $784.76M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-07-14 | 8.32% | $224.71M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-08-18 | 8.29% | $223.90M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-07-30 | 7.38% | $199.42M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · 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 | — |
Top 10 positions are 90.50% of net assets, top 25 90.55%, across 10 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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