GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF

GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) is an actively managed fund that uses futures contracts to invest in energy, metals and farm goods, guided by the Bloomberg Commodity Index. It holds most of its cash in short-term US Treasury bills. Its 0.25% expense ratio is the lowest among the similar funds compared, where the average is 0.65%. At tax time it sends a simple Form 1099 instead of a Schedule K-1.

• Over the year to Oct 27, 2026, COMB returned +37.6%, 2nd of 5 among similar funds.
• Its 5-year annualized return was +10.1%.
• In the 2020 COVID crash it fell 21.2% and regained its old high 9 months after the low.
• Its worst full calendar year was 2018 (-11.4%); its best was 2021 (+26.5%).
• The deepest fall in its price history was 33.5% (May 23, 2018 to Apr 21, 2020), recovered by Apr 26, 2021.

As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 81.22% of assets.

The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.

• Over the three months to Jun 30, 2026, investors withdrew a net $40.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.16%, -3.59%, -8.62%.

COMB starts from the Bloomberg Commodity Index. The index holds 24 futures contracts on 22 commodities, from crude oil and natural gas to gold, copper, corn and coffee. Each commodity's weight depends on how heavily it trades, how much it matters to the world economy, and rules that stop any one commodity from taking too large a share. COMB is not an index tracker, though. The manager can pick different contract maturities, skip some commodities, weight them differently and use other commodity-linked instruments.

The futures sit inside a wholly owned subsidiary based in the Cayman Islands. The fund can put up to 25% of its total assets there. US tax rules limit how much a fund can hold in futures directly, so the subsidiary is what lets COMB be taxed like a mutual fund and send a Form 1099. The fund and its subsidiary are still regulated as commodity pools by the Commodity Futures Trading Commission. A futures contract needs only part of its value set aside as collateral (money pledged to cover it). COMB keeps the rest in investment-grade bonds. As of June 30, 2026, two US Treasury bills made up about 81% of net assets.

On that date, the futures added up to about 100% of net assets. The largest were gold (12.6%), Brent crude (9.5%), WTI crude (7.6%), natural gas (7.3%) and copper (6.3%). New shares are created and redeemed mostly for cash. That can cost more, and can lead to more taxable gains, than ETFs that trade in-kind.

• COMB charges 0.25% a year, versus an average of 0.65% for the similar funds below (1st of 5, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).

Commodity futures have sometimes moved very differently from stocks and bonds, as they did in 2022, but they swing too much to anchor a portfolio.

COMB adds an asset that often moves on its own path. Its one-year beta, a measure of how closely it follows the stock market, was -0.14 as of October 27, 2026. In the 2022 bear market it gained 15.4% while stocks fell. In the 2020 COVID crash, though, it dropped 21.2% along with stocks before recovering in about nine months. Its deepest fall was 33.5%, from May 2018 to April 2020. A 19.2% slide in mid-2022 took about 43 months to win back. Anyone who had to sell during those stretches would have locked in losses. The trailing yield was 6.82% as of October 27, 2026, but the fund pays only once a year. Costs are low: $26 in the first year on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).