ETF Evaluator:
United States Commodity Index ()
Follow This ETF
(as of Nov 13)
Best Performing in Commodities Broad Basket Over the Last Year
| 73.3% | DB Commodity Long ETN (DPU) |
| 65.2% | VanEck Commodity Strategy ETF (PIT) |
| 60.5% | iShares S&P GSCI Commodity-Indexed Trust (GSG) |
| 55.5% | iShares GSCI Cmd Dyn Roll Stgy ETF (COMT) |
| 53.5% | Invesco Optm Yd Dvrs Cdty Stra No K1 ETF (PDBC) |
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ETF Details
United States Commodity Index Overview
United States Commodity Index (USCI) is a passively managed Commodities Commodities Broad Basket exchange-traded fund (ETF). USCF Investments launched the ETF in 2010.
The investment seeks the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total ReturnSM (the “SDCI”), less USCI’s expenses.
The SDCI is designed to reflect the performance of a diversified group of commodities. USCI seeks to achieve its investment objective by investing primarily in the Benchmark Component Futures Contracts.
About United States Commodity Index (USCI)
There are 1 members of the management team with an average tenure of 16.24 years: Management Team (2010). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: SummerHaven Dynamic Commodity TR USD index with a weighting of 100%. United States Commodity Index has 41 securities in its portfolio. The top 10 holdings constitute 57.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
United States Commodity Index is part of the Real Assets global asset class and is within the Commodities ETF group. United States Commodity Index has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 25.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 3.1% (3.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). United States Commodity Index has 20.7% of the portfolio in cash.
Assets Under Management
The fund has $420 million in total assets, which is below the $981 million average for the Commodities Broad Basket category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
USCI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The United States Commodity Index expense ratio is high compared to funds in the Commodities Broad Basket category. United States Commodity Index has an expense ratio of 1.05%, which is 59% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. United States Commodity Index has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 26% for the Commodities Broad Basket category.
Recently, in the month of October 2026, United States Commodity Index returned -0.2%, which earned it a grade of D, as the Commodities Broad Basket category had an average return of 1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
United States Commodity Index has a trailing yield of 0.00%, which is below the 6.25% category average.
The fund normally distributes its income none.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
United States Commodity Index Grades
Year to date, the ETF has returned 41.0%, 6.5 percentage points better than the category, which translates into a grade of B. The fund has returned 39.9% over the past year (grade of C), 22.7% over the past three years (grade of A) and 20.1% per year over the past five years (grade of A) and 10.0% per year over the past 10 years (grade of C).
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USCI Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| USCI Return (NAV) | -0.2% | 8.0% | 39.9% | 22.7% | 20.1% | 10.0% |
| USCI Return (Price) | -0.4% | 7.8% | 39.5% | 22.6% | 20.1% | 10.0% |
| NAV +/- Price Return | 0.273% | 0.147% | 0.416% | 0.139% | 0.077% | 0.036% |
| Commodities Broad Basket Avg | 1.3% | 9.3% | 36.7% | 17.0% | 12.1% | 9.6% |
| USCI Grade (NAV) | D | D | C | A | A | C |
| +/- Category (NAV) | -1.5% | -1.4% | 3.2% | 5.7% | 8.0% | 0.5% |
| USCI Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
USCI Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USCI Return (NAV) | 41.0% | 17.3% | 17.2% | 0.2% | 29.5% | 33.3% | -11.6% | -1.7% | -11.7% | 6.1% | -1.2% |
| USCI Return (Price) | 40.4% | 17.6% | 17.2% | 0.0% | 29.5% | 33.1% | -11.5% | -1.7% | -11.8% | 6.3% | -1.2% |
| NAV +/- Price Ret | -0.016% | 0.017% | 0.001% | -1.000% | 0.000% | -0.007% | -0.015% | 1.5% | 0.2% | 3.0% | -4.9% |
| Commodities Broad Basket Avg | 34.6% | 15.1% | 8.2% | -4.2% | 15.9% | 31.9% | -4.8% | 7.3% | -10.7% | 5.9% | 11.7% |
| USCI Grade (NAV) | B | B | A | A | A | C | F | F | C | C | F |
| +/- Category | 6.5% | 2.2% | 9.0% | 4.4% | 13.6% | 1.4% | -6.8% | -9.0% | -1.1% | 0.3% | -12.9% |
| Risk Measures | |
| Beta: | 0.83 |
| R-Squared: | 81% |
| Standard Deviation: | 12.8% |
| Category Risk Index: | 0.87 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.06 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 421 Mil |
| Share Class Assets: | $ 421 Mil |
| Turnover: | na |
| Expense Ratio: | 1.05% |
| Index Fund: | Yes |
| Index Tracked: | SummerHaven Dynamic Commodity TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | None |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 16.2 years | |||
| Average Tenure: 16.2 years | |||
| Managers (Year): Team Management (2010) | |||
Portfolio Composition (as of 9/30/26)
| # of Holdings: | 41 |
| % in Top 10 Holdings: | 57.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 25.0% |
| Domestic Bond: | 3.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 51.3% |
| Cash: | 20.7% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | USCF Investments |
| Phone Number: | 510-522-9600 |
| Website: | |
| Inception Date: | August 10, 2010 |
Expenses and Fees
| Expense Ratio (%): | 1.05% (Rating: High) |
| Category Average Expense Ratio (%): | 0.66% |
