RLY has a total expense ratio of 0.7%, which covers the underlying ETFs' expenses. SPDR has reported a yield of 1.77% to the Securities and Exchange Commission, but it is too soon to know what the actual annual dividend will be.

As mentioned above, RLY has lagged the S&P 500 index since its inception in April by a little more than 2%. RLY is intended to protect investors against inflation. There is very little chance that an inflation protection strategy, like the one that underlies RLY, can offer much in the way of added portfolio benefit over the course of a few months.

Inflation eats away at purchasing power over long periods of time. If there is to be any benefit from holding RLY, it would be over the long term.

A final point is that although this fund is aimed at inflation protection, for years the government has reported inflation statistics that appear tame.

Many people believe that government statistics don't accurately reflect real inflation, but as long as these numbers remain tame, they'll be a headwind for RLY.

At the time of publication, Nusbaum held no positions in securities mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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