IQ
COM
Direxion Auspice Broad Commodity Strategy ETF
Category CommoditiesIssuer DirexionNet assets $193mFee 0.72%

COM bid-ask spread and liquidity

See what COM costs to trade and how closely it tracks its value.

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Not scored

IQ Liquidity Score

· 1 of 6 measured · Nov 11, 2026
−0.01%
latest close, Nov 11
±0.01%
95% of days within
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Not measured · a commodity fund: its reference market has no volume source here
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Price fidelity
Not measured · 2 days of closing premium are held, under the 20 needed
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Primary market
5 active dealers of 5; largest 33% of creations and redemptions, N-CEN to Oct 31, 2025
85.0
Bad-day behaviour
Not measured · 0 of the 10 worst days and 2 other days are held, under the 5 and 60 needed
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

COM is not scored: its spread is not read, so it has no point on this chart. 32 scored Commodities ETFs are plotted for comparison, Nov 12, 2026.

Spread against score

COM among Commodities ETFs

Cheaper to trade sits left, easier to trade sits up.

32 scored
Hard to tradeThinLiquid with careLiquidTrades like a giantNov 12, 2026
Premium or discount to valueDaily, 2 days to Nov 11, 2026 · the ±1% band marked

Above zero: a premium. Below: a discount.

COM premium or discount to NAV, 2 days+1%0−1%Nov 10, 2026Nov 11, 2026
Latest close, Nov 11
−0.01%
95% of days within
±0.01%
Days more than 1% from NAV
0 of 2
Widest
−0.01%, Nov 11, 2026

Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

CapacityWhat the holdings can absorb a day

Not measured: a commodity fund: its reference market has no volume source here.

Who makes the market

Authorized participants · N-CEN, the year to Oct 31, 2025
Active dealers
5
of 5 authorized
Largest
33%
of creations and redemptions
One dealer
No
5 active

5 of 5 authorized participants created or redeemed COM shares in the year to Oct 31, 2025. From the fund’s Form N-CEN, filed Jan 14, 2026.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: BofA Securities, Inc. (33.5%), Jane Street Capital, LLC (24.8%), Goldman Sachs & Co. LLC (23.8%), Virtu Americas LLC (15.1%), J.P. Morgan Securities LLC (2.8%).

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$7.30
Vanguard customers
$0.41
Schwab customers
$2.31
Robinhood customers
$4.58
Fidelity customers
$9.40

In Sep 2026, retail market orders in COM paid $7.30 one way on $10,000, against $8.34 at the quote.

42% of shares filled better than the quote.

COM ranked 1310th of 4,090 ETFs by retail order activity in Sep 2026, an ETFIQ estimate.

0.0034% of the market-order dollars in 4 retail brokers’ reports. Buys and sells together. Retail activity ranking →

Where it trades

Q2 2026, 62 trading days
Off exchange
81%
Odd lots, of exchange volume
9.9%

In Q2 2026, 81% of COM’s shares traded off exchange on the median day.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
Watch
The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Does COM trade at a premium or discount to NAV?

It closed −0.01% from its NAV on Nov 11, 2026. On 95% of the 2 days to then it was within ±0.01%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for COM?

COM’s latest Form N-CEN, for the period ending Oct 31, 2025, lists 5 authorized participants (APs), and 5 created or redeemed shares. The largest were BofA Securities, Inc. (33.5%), Jane Street Capital, LLC (24.8%), Goldman Sachs & Co. LLC (23.8%) of the dollars its APs created and redeemed.

Who is the LMM for COM?

COM is on none of the lead market maker (LMM) lists ETFIQ reads, from NYSE Arca, Cboe BZX and Nasdaq. Each list covers only that exchange’s own program, so this does not mean it has no LMM.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →COM fund page→
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Nov 10, 2026 to Nov 11, 2026
DealersForm N-CEN · the year to Oct 31, 2025
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, COM trading: cost, capacity, premium and dealers, data as of Nov 11, 2026. https://etfiq.com/funds/com/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.