CERY vs COM

CERYAState Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF

COMCDirexion Auspice Broad Commodity Strategy ETF

In short

CERY Broad commodity exposure without the K-1 envelope. CERY tracks Bloomberg's Enhanced Roll Yield index, a rules-based long-only basket held through synthetic futures, and charges 0.28% in a category where the typical fee is far higher.

COM Most broad commodity funds ride the whole basket down through every slump. COM tracks a rules-based index that holds a commodity while its trend holds and steps to cash when it doesn't, one market at a time.

Stated mandate

CERY The fund seeks to track the Bloomberg Enhanced Roll Yield Total Return Index, which represents diversified, long-only exposure to broad commodities through synthetic futures positions.

COM The fund seeks investment results that track the Auspice Broad Commodity Index. The index uses rules-based long-or-cash positioning across commodity futures and seeks to capture upside while mitigating downside risk.

Why people hold it

• CERY Costs 0.28% a year against a category norm nearer 0.68%. Fees bite hard in commodity futures funds, where there are no dividends to paper over the drag.
• Tracks Bloomberg's Enhanced Roll Yield index: rules-based, long-only commodity exposure via synthetic futures. Roll mechanics come from index design, not a manager's call.ssga.com
• Built as a 1940 Act fund, so shareholders get a 1099 rather than the partnership K-1 that many commodity futures vehicles send.ssga.com
• Sits with BCI and BCD at the low-fee end of the broad commodity futures group and rates among the strongest implementations in it.

• COM The index is long-or-cash by rule across commodity futures, designed to capture upside while limiting downside, rather than staying fully invested through every slide.
• Registered under the 1940 Act, so shareholders get standard fund tax reporting instead of a K-1 partnership form.
• Live since 2017 and sitting in the upper half of a crowded broad-commodity futures peer group, so the trend rules have run through several full commodity cycles.
• Pays distributions quarterly, a cadence set by the fund rather than by whatever commodities did last month.

Worth knowing

• CERY Launched in 2024, so the record is short. The roll rules have not been tested across a full commodity cycle yet.
• Long-only by design. There is no short side, so a broad commodity downturn passes straight through to the fund.
• Distributions come once or twice a year. This is commodity price exposure, not a paycheck.

• COM 0.72% a year, above the category median. Always-long index baskets like BCI (0.26%) and BCD (0.30%) charge a fraction of that for plain commodity exposure.
• Trend rules cut both ways: in choppy or sharply reversing markets, a commodity can be sitting in cash while its price snaps back.
• A mid-size, moderately traded fund, so spreads can run wider than at the category's largest names. Limit orders matter more here.

Full CERY profile⁠

Full COM profile⁠