Commodities Strategy Fund
Data updated: 2026-08-21
C000010403 — Commodities Strategy Fund. Commodity · $8.08M AUM · 1.73% expense ratio · 28.4% 1-yr return. Holdings, fees, performance and SEC filings.
C000010403 Fund Overview
Commodities Strategy Fund is a US mutual fund managed by Rydex Variable Trust, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Rydex Variable Trust
- Category: Commodity
- Assets under management: $8.08M
- 1-year return: 28.4%
- SEC CIK: 0001064046
- SEC series ID: S000003734
- Share class ID: C000010403
C000010403 Investment Objective and Strategy
Commodities Strategy Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Rydex Variable Trust.
Investment objective
The Commodities Strategy Fund (the Fund) seeks to provide investment results that correlate, before fees and expenses, to the performance of a benchmark for commodities. The Funds current benchmark is the S&P GSCI Commodity Index (the underlying index).
Principal investment strategy
The Fund seeks exposure to the performance of the commodities markets. The Fund will seek to gain exposure to the underlying index, a composite index of commodity sector returns, representing an unleveraged long-only investment in commodity futures that is broadly diversified across the spectrum of commodities, by investing in exchange-traded products, including investment companies and commodity pools, that provide exposure to the commodities markets and in commodity-linked derivative instruments, which primarily consist of swap agreements, commodity options, and futures and options on futures. While the Fund may write (sell) and purchase swaps, it expects primarily to purchase swaps. Investing in derivative instruments enables the Fund to pursue its objective without investing directly in physical commodities.
Certain of the Funds derivatives investments may be traded in the over-the-counter (OTC) market. Investments in derivative instruments, such as futures, options, and forward contracts and swap agreements, have the economic effect of creating financial leverage in the Funds portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Funds exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Funds portfolio. The value of the Funds portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940 (the 1940 Act), satisfy margin or collateral requirements, or meet redemption requests.
The Funds use of derivatives and the leveraged investment exposure created by the use of derivatives are expected to be significant. To the extent the underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. It is anticipated that the Funds investment exposure will tend to be heavily weighted toward oil and other energy-related commodities and agricultural commodities. On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents to collateralize its derivatives positions. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. The Fund may invest a portion of its assets, and at times, a substantial portion of its assets, in other short-term fixed income investment companies advised by the Advisor, or an affiliate of the Advisor, for various purposes, including for liquidity management purposes ( e.g.
, to increase yield on liquid investments used to collateralize derivatives positions) or when such investment companies present a more cost-effective investment option than direct investments in the underlying securities. Investments in these investment companies will significantly increase the portfolios exposure to certain other asset categories, including: (i) a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor to be of comparable quality (also known as junk bonds); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) collateralized loan obligations (CLOs), other asset-backed securities (including mortgage-backed securities) and similarly structured debt investments; and (iv) other short-term fixed income securities.
Such investments will expose the Fund to the risks of these asset categories and increases or decreases in the value of these investments may cause the Fund to deviate from its investment objective. The Fund also may invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (the Subsidiary) as measured at the end of every quarter of the Fund's taxable year. The Subsidiary is advised by the Advisor, and has the same investment objective as the Fund. Unlike the Fund, however, the Subsidiary may invest to a greater extent in commodity-linked derivative instruments. The Subsidiarys investments in such instruments are subject to limits on leverage imposed by the 1940 Act. The Funds investment in the Subsidiary is expected to provide the Fund with an effective means of obtaining exposure (long or short) to the investment returns of global commodities markets.
In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund invests, to a significant extent, in companies or commodity-linked derivatives concentrated in the same economic sector. The Fund is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund.
C000010403 Holdings
Top 8 holdings of Commodities Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| J.p. Morgan Securities LLC | 19.75% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | 19.75% |
| Guggenheim Funds Trust | 14.13% |
| United States Of America - Bureau Of The Public Debt | 9.86% |
| Federal Home Loan Banks | 7.42% |
| Federal Farm Credit Banks Funding Corp. | 5.82% |
| Guggenheim Funds Trust | 5.75% |
| Federal Home Loan Mortgage Corp. | 3.70% |
C000010403 Portfolio Allocation
Asset-class allocation of Commodities Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 39.5% |
| Fixed Income | 26.8% |
| Equity | 19.9% |
C000010403 Performance
Total returns for C000010403 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 23.0% |
| 1 year | 28.4% |
| 3 years (annualised) | 12.8% |
| 5 years (annualised) | 11.3% |
C000010403 Risk Information
Risk metrics for C000010403, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 29.7%
C000010403 Costs and Fees
C000010403 costs about $173 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.73%
- Gross expense ratio: 1.96%
- Portfolio turnover: 0%
- Brokerage commissions: 10.33 bps of average net assets (SEC N-CEN)
C000010403 Cashflows
Over the 12 months to 2026-06, Commodities Strategy Fund had net inflows of $2.19M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$800.57K |
| 2026-05 | $1.16M |
| 2026-04 | −$525.37K |
| 2026-03 | $2.99M |
| 2026-02 | $291.41K |
| 2026-01 | −$104.86K |
C000010403 Debt Constituents
Largest debt holdings of Commodities Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States Of America - Bureau Of The Public Debt | 9.86% |
| Federal Home Loan Banks | 7.42% |
| Federal Farm Credit Banks Funding Corp. | 5.82% |
| Federal Home Loan Mortgage Corp. | 3.70% |
C000010403 Prospectus and SEC Filings
Official Commodities Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-28
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus (485BPOS) — filed 2024-04-29
- Portfolio holdings (N-PORT) — filed 2026-08-21
- Portfolio holdings (N-PORT) — filed 2026-06-01
- Portfolio holdings (N-PORT) — filed 2026-03-02
- Annual census (N-CEN) — filed 2026-03-13
- Annual census (N-CEN) — filed 2025-03-14
Related Funds
Other Commodity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.