BCM
iPath Pure Beta Broad Commodity ETN

Price: $40.47
Change: $0.57 (0.01%)
Category: Commodities
Last Updated:

Vitals

Brand iPath
Structure ETN
Expense Ratio 0.70%
ETF Home Page Home page
Inception Apr 20, 2011

Analyst Report

This exchange-traded note offers exposure to a broad basket of commodities futures, including contracts linked to agricultural resources, precious and industrial metals, and various fuels. As such, BCM is one of many funds in the Commodities ETFdb Category that has the potential to bring diversification and return enhancement benefits to stock-and-bond portfolios; this ETF can be useful as either a components of a long-term portfolio or as a shorter-term play for those bullish on commodity prices. There are several ETPs offering similar exposure, and a handful of nuances that make BCM unique. First, it should be noted that BCM is an ETN, meaning that investors are exposed to the credit (default) risk of the bank behind the exchange-traded note, but will be able to avoid tracking error (which can be a big issue among some commodity ETFs). The ETN structure may also have some favorable tax characteristics relative to ETFs, especially for investors who intend to establish a position for more than a year. Another noteworthy attribute of BCM is the roll frequency of the underlying index; this ETN is linked to an index comprised of futures contracts, and as such may not correspond to movements in spot prices for the underlying resources. Unlike many commodity ETPs, BCM does not roll exposure on a predetermined schedule; the roll timing is based on a proprietary methodology designed to reduce the impact of contango or backwardation on returns. This feature, which is conceptually similar to the strategy behind DBC (a popular broad-based commodity ETF) may make BCM more appealing to investors looking to establish a position over the long term. Other broad-based commodity options to consider are DBC and USCI (both ETFs) as well as the cost efficient DJCI (an ETN). Be sure to take a look under the hood and examine the allocation across various commodity families; this mix can vary from ETP to ETP, and generally has a big impact on bottom line returns.

ETF Database Themes

Category Commodities
Asset Class Commodity
Commodity Type Diversified
Commodity Broad
Commodity Exposure Futures-Based

FactSet Classifications

  • Segment Commodities: Broad Market
  • Category Broad Market
  • Focus Broad Market
  • Niche Optimized
  • Strategy Optimized commodity
  • Weighting Scheme Liquidity

Trading Data

Open - Volume -
Day Lo - Day Hi -
  • Open
  • Volume
  • Day Lo
  • Day Hi
  • 52 Week Lo $26.52
  • 52 Week Hi $40.47
  • AUM $36.2 M
  • Shares 0.9 M

Historical Trading Data

  • 1 Month Avg. Volume 1,365
  • 3 Month Avg. Volume 1,076

Alternative ETFs in the ETF Database Commodities Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest BCI 0.25% $838.4 M 132,182 33.88%
Largest (AUM) PDBC 0.59% $6.8 B 4 M 48.82%
Most Liquid (Volume) PDBC 0.59% $6.8 B 4 M 48.82%
Top YTD Performer BDRY 3.76% $117.9 M 244,755 384.55%

Alternative ETFs in the FactSet Commodities: Broad Market Segment

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest BCI 0.25% $838.4 M 132,182 33.88%
Largest (AUM) PDBC 0.59% $6.8 B 4 M 48.82%
Most Liquid (Volume) PDBC 0.59% $6.8 B 4 M 48.82%
Top YTD Performer GSP 0.75% $26.6 M 7,261 61.45%

Top 15 Holdings

Concentration Analysis

This section compares how balanced and deep this ETF is relative to its peers.

Holdings Comparison

BCM ETF Database Category Average FactSet Segment Average
Number of Holdings 10 15 18
% of Assets in Top 10 100.00% 76.01% 71.74%
% of Assets in Top 15 100.00% 79.99% 76.68%
% of Assets in Top 50 100.00% 84.04% 81.70%

Size Comparison

BCM ETF Database Category Average FactSet Segment Average
Large (>12.9B) N/A N/A N/A
Mid (>2.7B) N/A N/A N/A
Small (>600M) N/A N/A N/A
Micro (<600M) N/A N/A N/A

BCM Valuation

This section compares the P/E ratio of this ETF to its peers.

BCM
P/E Ratio
N/A
ETF Database Category Average
P/E Ratio
0.33
FactSet Segment Average
P/E Ratio
0.41

BCM Dividend

This section compares the dividend yield of this ETF to its peers.

BCM ETF Database Category Average FactSet Segment Average
Dividend N/A $ 0.21 $ 0.23
Dividend Date N/A N/A N/A
Annual Dividend Rate N/A $ 0.20 $ 0.21
Annual Dividend Yield N/A 0.87% 0.95%

BCM Price and Volume Chart

BCM Fund Flows

View charts featuring ETF fund flow data.

5 Day Net Flows: 0 1 Month Net Flows: 184.68 K 3 Month Net Flows: 520.83 K 6 Month Net Flows: -6.53 M 1 Year Net Flows: -5.69 M 3 Year Net Flows: -26.06 M 5 Year Net Flows: -22.07 M 10 Year Net Flows: 27.94 M

BCM Price vs Flows AUM Influence

View charts that break down the influence that fund flows and price had on overall assets.

Realtime Rating

The adjacent table gives investors an individual Realtime Rating for BCM on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The "A+ Metric Rated ETF" field, available to ETF Database Pro members, shows the ETF in the Commodities with the highest Metric Realtime Rating for each individual field. To view all of this data, sign up for a free 14-day trial for ETF Database Pro. To view information on how the ETF Database Realtime Ratings work, click here.

Metric Metric Realtime Rating A+ Metric Rated ETF
Liquidity A- n/a
Expenses B+ n/a
Performance
Volatility
Dividend
Concentration

A+ Overall Rated ETF:

BCM Expenses & Fees

This section compares the cost efficiency of this ETF to its peers.

Expenses Ratio Analysis

BCM
Expense Ratio
0.70%
ETF Database Category Average
Expense Ratio
0.77%
FactSet Segment Average
Expense Ratio
0.62%

Tax Analysis

Max ST Capital Gains Rate 39.60%
Max LT Capital Gains Rate 20.00%
Tax On Distributions No distributions
Distributes K1 No
ESG Themes and Scores

BCM does not have an ESG score. There are no ESG themes that map to this ETF.

BCM Performance

This section shows how this ETF has performed relative to its peers.

BCM ETF Database
Category Average
Factset Segment
Average
1 Month Return 9.49% 8.87% 9.79%
3 Month Return 11.46% 12.79% 11.78%
YTD Return 34.79% 51.99% 37.58%
1 Year Return 45.97% 66.03% 48.55%
3 Year Return 37.05% 17.36% 20.72%
5 Year Return 50.73% 14.29% 16.67%

Geographic Exposure

The following charts reflect the geographic spread of BCM's underlying holdings.

Holdings Analysis

The following charts reflect the allocation of BCM's underlying holdings.

BCM Technicals

Volatility Analysis

This section shows how the volatility of this ETF compares to the peer group ETF Database Category.

5 Day Volatility
22.03%
Rank
17 of 26

20 Day Volatility
11.11%
Rank
21 of 26

50 Day Volatility
14.60%
Rank
18 of 26

200 Day Volatility
15.64%
Rank
22 of 26

Beta
0.6
Rank
12 of 26

Standard Deviation
3.42%
Rank
7 of 26

Technicals

  • 20 Day MA $38.75
  • 60 Day MA $37.19
  • MACD 15 Period 1.32
  • MACD 100 Period 3.58
  • Williams % Range 10 Day n/a
  • Williams % Range 20 Day n/a
  • RSI 10 Day 78
  • RSI 20 Day 71
  • RSI 30 Day 67
  • Ultimate Oscillator 74

Bollinger Bands

  • Lower Bollinger (10 Day) $38.52
  • Upper Bollinger (10 Day) $40.63
  • Lower Bollinger (20 Day) $36.86
  • Upper Bollinger (20 Day) $40.68
  • Lower Bollinger (30 Day) $35.72
  • Upper Bollinger (30 Day) $40.54

Support & Resistance

  • Support Level 1 $40.47
  • Support Level 2 $40.47
  • Resistance Level 1 $40.47
  • Resistance Level 2 $40.47

Stochastic

  • Stochastic Oscillator %D (1 Day) 30.78
  • Stochastic Oscillator %D (5 Day) 88.77
  • Stochastic Oscillator %K (1 Day) 31.53
  • Stochastic Oscillator %K (5 Day) 87.56

Financial Advisor Report

ETF Database's Financial Advisor Reports are designed as an easy handout for clients to explain the key information on a fund. Includes new analyst insights and classification data.

Fact Sheet

Fact sheets are issued by the ETF provider and framed by ETF Database. Information contained within the fact sheet is not guaranteed to be timely or accurate.

Data Lineage

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Analyst Report Authors

ETF Database analysts have a combined 50 years in the ETF and Financial markets, covering every asset class and investment style. The team monitors new filings, new launches and new issuers to make sure we place each new ETF in the appropriate context so Financial Advisors can construct high quality portfolios.

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