BCD is an index-tracking fund- the Bloomberg Commodity Index. The index includes the following commodity futures contracts: agriculture, energy, livestock, and metals sectors, there are 25 eligible commodities but may vary. Futures positions are weighted 2/3 by trading volume and 1/3 by world production. The index rebalances each January, with weight-caps applied at the sector level. Contracts are selected several months out on the futures curve and held for 2-4 months, according to a set roll schedule that varies by commodity. The fund manages its commodity exposure through a wholly owned Cayman Islands subsidiary, a common structure in the commodity ETF space which allows the fund to avoid issuing k-1 tax forms each year.