At a glance
COM charges 0.72% a year. It has $204.4M in assets; it paid 2.39% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +8.6% a year. At its worst it fell 8.2% in the 2020 crash (S&P 500: 33.7%) and 12.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 38 months after the lows.
The short version
Direxion Auspice Broad Commodity Strategy ETF (COM) tracks the Auspice Broad Commodity Index, a rules-based basket of futures on 12 commodities across agriculture, energy and metals. Most commodity funds hold their positions at all times. This one holds a commodity only while its price trend points up and drops it when the trend turns down, aiming to limit losses in falling markets. It costs 0.72% a year and is legally a commodity pool.
Price history
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COM +20.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| COM official prospectus, to Dec 31, 2025 | — | +7.70% | — | +9.37% | — | +5.74% |
| COM price data to Oct 27, 2026 | +18.2% | +20.7% | +8.6% | +7.3% | — | +7.0% |
- Over the year to Oct 27, 2026, COM returned +20.7%.
- Its 5-year annualized return was +7.3%.
- In the 2020 COVID crash it fell 8.2% and regained its old high 5.9 months after the low.
- Its worst full calendar year was 2023 (-2.1%); its best was 2021 (+27.9%).
- The deepest fall in its price history was 16% (May 23, 2018 to Mar 20, 2020), recovered by Dec 31, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.2% | — |
| 2025 | +7.7% | +7.70% |
| 2024 | +5.8% | +5.91% |
| 2023 | -2.1% | -2.17% |
| 2022 | +9.2% | +9.44% |
| 2021 | +27.9% | +28.11% |
| 2020 | +6.6% | +6.24% |
| 2019 | -0.2% | -0.13% |
| 2018 | -0.1% | -0.15% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 7.1% over that stretch · deepest drop along the way 8.2%, back to its old high 5.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 7.8% over that stretch · deepest drop along the way 12.5%, back to its old high 38.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7000 | |
| 2025 | $0.8800 | -20.0% |
| 2024 | $1.1000 | +3.8% |
| 2023 | $1.0600 | -57.9% |
| 2022 | $2.5200 | -16.3% |
| 2021 | $3.0100 | +9933.3% |
| 2020 | $0.0300 | -88.5% |
| 2019 | $0.2600 | -53.6% |
| 2018 | $0.5600 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 97.86% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $56.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.74%, -3.31%, +3.58%.
How it works
COM, from Rafferty Asset Management, aims to track the Auspice Broad Commodity Index, before fees and expenses. This rules-based index follows 12 commodity futures contracts in three sectors: agriculture (soybeans, corn, wheat, cotton, sugar), energy (crude oil, natural gas, gasoline, heating oil) and metals (copper, gold, silver). Futures are agreements to buy a commodity at a set price on a later date.
Each commodity is either long (gaining if prices rise) or flat (no position), depending on its price trend, so the fund may hold only some of the 12. As of December 31, 2025, the index was long heating oil, gasoline, gold, silver, copper and soybeans, and flat in the other six. Position sizes are based on each commodity's historical volatility, or price swings, and reset after month-end, though a commodity can switch between long and flat daily. Expiring contracts roll into ones due within the next 13 months.
The fund invests through a wholly owned Cayman Islands subsidiary to fit federal tax rules; that stake is generally capped at 25% of total assets at each quarter-end. Most assets sit in cash and short-term debt backing the futures; cash was about 98% of net assets as of July 31, 2026. Its heavy futures use also makes it a regulated commodity pool.
What it really costs
- COM charges 0.72% a year.
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $74 in the first year and $894 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| COM | $74 | $230 | $401 | $894 |
In a retirement portfolio
Its trend-following commodity futures have moved almost independently of stocks, with a one-year beta of 0.05 as of October 27, 2026.
COM could add a source of returns that doesn't follow the stock market. In the 2022 bear market it gained 7.8% while stocks fell. It still had its own 12.5% drop from March to September 2022, and that loss took about 38 months to recover. An investor who sold shares in late 2022 would have locked in that loss. In the 2020 COVID crash it lost 7.1% and recovered within about six months. Its deepest drop, 16% from May 2018 to March 2020, recovered in about nine months. Its weakest calendar year was 2023, at -2.17%. The fund launched in 2017, so it has no record for 2008. The trailing yield was 2.39% as of October 27, 2026, paid quarterly. Costs are 0.72% a year, or $894 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want commodity exposure that steps aside in downtrends, using rules across 12 futures instead of always-on positions.
- Those seeking a diversifier with little link to stocks: a beta of 0.05 and a 7.8% gain during the 2022 bear market.
- Holders who are fine with modest quarterly payouts; the trailing yield was 2.39% as of October 27, 2026.
Look elsewhere if
- Cost-conscious investors: the 0.72% expense ratio adds up to $894 over 10 years in the SEC's $10,000 example.
- Those wanting every commodity held at all times; at the end of 2025, six of the 12, including crude oil, were flat.
- Investors wanting a simple, tax-efficient ETF: it's a commodity pool with a Cayman subsidiary and mostly cash-based share creations.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does COM pay dividends?
Yes. COM pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.82 per share, a trailing yield of 2.39%. The fund holds most of its assets in short-term fixed-income investments that back its futures positions. In funds like this, the interest on those holdings is typically a major source of payouts. Distributions can vary from quarter to quarter, so a past yield doesn't promise future income.
What is the COM expense ratio?
COM's expense ratio is 0.72% a year, including a 0.50% management fee, according to the prospectus filed February 26, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $74 after one year, $230 after three years, $401 after five years and $894 after ten. That example assumes shares are sold at the end of each period.
How is COM different from a regular commodity index fund?
COM follows trends instead of buying and holding. Many commodity index funds keep a position in each commodity at all times. COM's index holds each of its 12 commodities only while that commodity's price trend points up, and goes flat (no position) when the trend turns down. For example, as of December 31, 2025, it held heating oil, gasoline, gold, silver, copper and soybeans and was flat on the other six. This can soften losses in falling markets but may lag sudden rallies.
What does COM actually hold?
COM holds mostly short-term fixed-income investments plus commodity futures, some of them through a Cayman Islands subsidiary. As of July 31, 2026, cash and similar holdings made up about 98% of net assets. The largest futures positions were soybeans (14.3%), wheat (10.2%), cotton (8.2%), copper (6.4%) and gasoline (3.1%). These positions shift often, because the index can drop or add a commodity on any day. Net assets were about $204 million on that date.
How has COM performed over the long term?
COM's returns have been modest but mostly positive. As of December 31, 2025, its average annual return was 7.7% over one year, 9.37% over five years and 5.74% since its 2017 launch. Its strongest calendar year was 2021 (28.11%) and its weakest was 2023 (-2.17%). It gained 9.44% in 2022, when stocks fell. Based on price, it was up 18.2% for 2026 through October 27.