PDBC vs USCI ETF comparison
PDBC vs USCI
PDBC is actively managed and holds futures on the same 27 commodities as DBC, plus swaps, Treasury securities and other short-term holdings, through a Cayman subsidiary, and USCI holds 14 futures contracts picked each year by SummerHaven rules, in roughly equal weights. The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) follows the same 27-commodity universe as DBC but is actively managed, so it can choose contracts and hold Treasury securities, swaps and notes for extra return.
The SummerHaven Dynamic Commodity Index Total Return picks 14 commodities each year from a larger list using price trends, so its mix changes and can differ sharply from the other funds. PDBC charges 0.59% and USCI charges 1.05%. This page lines up what each fund holds by commodity, how much they overlap, what each paid and how each performed, with the date next to every number.
PDBC vs USCI, the short answer
PDBC and USCI differ in what they hold and what they charge. The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) follows the same 27-commodity universe as DBC but is actively managed, so it can choose contracts and hold Treasury securities, swaps and notes for extra return.
The SummerHaven Dynamic Commodity Index Total Return picks 14 commodities each year from a larger list using price trends, so its mix changes and can differ sharply from the other funds. Expense ratios are 0.59% and 1.05%. NAV total returns, annualized (PDBC to Oct 31, 2026, USCI to Sep 30, 2026): 1 year 53.50% vs 40.67%; 5 years 12.45% vs 21.73%; 10 years 10.00% vs 10.19%. Neither is better for everyone; the choice turns on cost, tax form (K-1 or 1099), and what you already own.
PDBC vs USCI overlap, if you own both
PDBC · ten largest holdings
As of Oct 31, 2026- 1Brent crude CO21.12%Only here
- 2WTI crude CL17.38%Only here
- 3Gold GC8.02%Only here
- 4Gasoil QS6.63%Both
- 5Heating oil HO5.67%Both
- 6Copper HG5.35%Both
- 7Gasoline XB3.97%Only here
- 8Soybeans S3.19%Only here
- 9Live cattle LC3.04%Only here
- 10Corn C2.98%Only here
Ten largest total 77.4%
USCI · ten largest holdings
As of Nov 9, 2026- 1Platinum PL7.77%Only here
- 2Aluminum LA7.60%Only here
- 3Zinc LX7.43%Only here
- 4Soybean meal SM7.35%Only here
- 5Copper HG7.32%Both
- 6Coffee KC7.27%Only here
- 7Sugar SB7.25%Only here
- 8Feeder cattle FC7.15%Only here
- 9Heating oil HO7.02%Both
- 10Gasoil QS6.94%Both
Ten largest total 73.1%
Shared by both · 3 commodities
| Commodity | PDBC weight | USCI weight | Gap |
|---|---|---|---|
| Gasoil QS | 6.63% | 6.94% | -0.31 pts |
| Heating oil HO | 5.67% | 7.02% | -1.35 pts |
| Copper HG | 5.35% | 7.32% | -1.97 pts |
Only in PDBC’s top ten: Brent crude, WTI crude, Gold, Gasoline, Soybeans, Live cattle, Corn. Only in USCI’s top ten: Platinum, Aluminum, Zinc, Soybean meal, Coffee, Sugar, Feeder cattle.
The twist
44.5% of the exposure sits in commodities both funds hold (matched by commodity, issuer holdings dated Oct 31, 2026 and Nov 9, 2026), and 3 commodities appear in both top-ten lists. The funds overlap only partly, so owning both is a real choice about how much of each market you want.
PDBC vs USCI, one goal, which fund?
PDBC vs USCI, where the money goes
PDBC · Invesco, Oct 31, 2026
USCI · United States Commodity Funds LLC, Nov 9, 2026
PDBC vs USCI returns compared over 1, 3, 5 and 10 years
PDBC vs USCI, what each fund costs a year
The data room
Every figure behind the PDBC vs USCI cards above, with its source, date and evidence grade. Open the issuer documents before relying on any number.
PDBC vs USCI key facts
Evidence grade: Issuer issuer page · Mixed issuer plus provider · 3rd party| Metric | PDBC | USCI | Grade and source |
|---|
Portfolio characteristics
| Metric | PDBC | USCI | Grade and source |
|---|
Net assets are dated Nov 9, 2026 for both funds (PDBC $7.4B; USCI $401.0M). Figures that the issuers do not publish, such as beta, standard deviation and 52-week range, are left as Not captured rather than estimated.
PDBC vs USCI holdings and top ten
Click a commodity tile · PDBC: Invesco, Oct 31, 2026 · USCI: United States Commodity Funds LLC, Nov 9, 2026Tile area is proportional to weight.
| # | Commodity | Weight |
|---|
| # | Commodity | Weight |
|---|
Top ten sums: PDBC 77.3% · USCI 73.1%. 3 shared top-ten commodities. Weights change.
PDBC vs USCI sector exposure
PDBC: Oct 31, 2026 · USCI: Nov 9, 2026The sector mirror
Same funds, different lenses
Contracts and collateral
Both funds hold futures contracts, not physical commodities. PDBC lists 27 commodities and USCI lists 14. Each contract expires and is replaced (rolled) before it ends, and the cash backing the contracts sits in Treasury bills, money market funds and similar holdings. That collateral earns interest and is not counted in the commodity weights here.
What you actually own
PDBC vs USCI performance
Matched dates, PDBC to Oct 31, 2026, USCI to Sep 30, 2026; issuer NAV rows dated separatelyReturn rows come from the issuer pages and are dated Oct 31, 2026 for PDBC and Sep 30, 2026 for USCI, so they are not matched and no return leader is named. NAV returns include fees; market price and benchmark returns are shown beside them where the issuer published them, and gaps are marked Not captured. “Since inception” starts in different years (PDBC 2014, USCI 2010). Past performance does not guarantee future results.
Growth of a hypothetical $10,000 · NAV total return, PDBC to Oct 31, 2026, USCI to Sep 30, 2026
Both funds derived from issuer NAV total returns on matched dates (compounded). Distributions reinvested; fund expenses are already in NAV. Illustration, not a forecast.
PDBC vs USCI yield, dividends and dividend growth
Yield and distribution facts| Measure | PDBC | USCI |
|---|---|---|
| 30-day SEC yield | 2.90% (Nov 6, 2026) | Not reported |
| Trailing 12-month | 2.71% 12-month distribution rate (Nov 6, 2026) | Not captured |
| Paid, last 12 months | $0.509 per share | Not captured |
| Frequency | Annual | Not captured |
Distribution frequency: PDBC annual, USCI not captured. Per-share payouts differ because share prices differ, so compare yields rather than dollars. Payouts depend on Treasury interest earned on collateral and on how each fund is structured, and some payouts are classed as return of capital. Payouts captured: PDBC 2, USCI 0; gaps are marked Not captured. See what is dividend yield and yield vs total return.
PDBC vs USCI concentration and overlap
Ten largest positions · shared holdingsRank by rank, the ten largest commodities of each fund, as a share of futures exposure. Top five: PDBC 58.8%, USCI 37.5%. Top ten: PDBC 77.3%, USCI 73.1%.
PDBC vs USCI trading and liquidity
Issuer fund pages · Nov 9, 2026The issuers report bid/ask spreads of 0.05% for PDBC and Not captured for USCI (measures differ by issuer; see each fund page). A spread of 0.05% is about $50 between the buy and sell price on $100,000, so check the live quote before you trade.
Commodity prices can swing sharply when oil or metals move, so spreads can widen on volatile days. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.
PDBC vs USCI expense ratio and fees in dollars
As stated by each issuer| Balance | PDBC (0.59%) | USCI (1.05%) | Gap per year |
|---|---|---|---|
| $10,000 | $59 | $105 | $46 |
| $50,000 | $295 | $525 | $230 |
| $100,000 | $590 | $1,050 | $460 |
Expense ratio is taken from fund assets, not billed. Net expense ratios are shown (PDBC: total 0.74% with 0.15% acquired fund fees; USCI: total 1.05%). Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.
PDBC vs USCI, how each fund gets its commodity exposure
Index approach, in plain languagePDBC · DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed)
PDBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed). It holds futures on about 27 commodities and was launched in 2014; the ten largest commodities total 77.3% of futures exposure. Index rules and rebalance dates are in the fund’s prospectus.
USCI · SummerHaven Dynamic Commodity Index Total Return
USCI tracks the SummerHaven Dynamic Commodity Index Total Return. It holds futures on about 14 commodities and was launched in 2010; the ten largest commodities total 73.1% of futures exposure. Index rules and rebalance dates are in the fund’s prospectus.
Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.
PDBC vs USCI, why yield and returns differ
Sector mix explains much of the gapThe two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) follows the same 27-commodity universe as DBC but is actively managed, so it can choose contracts and hold Treasury securities, swaps and notes for extra return. The SummerHaven Dynamic Commodity Index Total Return picks 14 commodities each year from a larger list using price trends, so its mix changes and can differ sharply from the other funds.
PDBC follows the DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) and USCI uses the SummerHaven Dynamic Commodity Index Total Return. Because commodity funds hold futures, the return comes from three sources: the change in commodity prices, the roll yield or cost as contracts are replaced, and interest earned on the collateral. Differences in contract choice, roll timing and collateral income explain most of the gap between funds with similar baskets, and fees explain the rest.
How to decide between PDBC and USCI
A step-by-step frameworkStart with what separates them: The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) follows the same 27-commodity universe as DBC but is actively managed, so it can choose contracts and hold Treasury securities, swaps and notes for extra return.
The SummerHaven Dynamic Commodity Index Total Return picks 14 commodities each year from a larger list using price trends, so its mix changes and can differ sharply from the other funds. Then check what you already own: the funds overlap by 44.5%, so holding both is a real decision about how much of each market you want.
- Step 1 · Structure: PDBC is actively managed and holds futures on the same 27 commodities as DBC, plus swaps, Treasury securities and other short-term holdings, through a Cayman subsidiary; USCI holds 14 futures contracts picked each year by SummerHaven rules, in roughly equal weights.
- Step 2 · Cost: PDBC 0.59% vs USCI 1.05% net expense ratio.
- Step 3 · Tax form: PDBC issues a 1099; USCI issues a Schedule K-1. This matters most for tax-advanced accounts and for Canadian investors.
- Step 4 · Overlap: use the Diversification Calculator against what you own.
Size the position against your whole portfolio. Commodity funds are volatile and behave differently from stocks and bonds, so they usually play a small, deliberate role.
PDBC vs USCI for Canadian investors
Currency, withholding tax and account typePDBC and USCI are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on both entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.
Tax treatment depends on the structure. A fund that files a Schedule K-1 can create extra reporting for a Canadian holder and may not suit an RRSP or TFSA, while a fund that issues a 1099 is simpler. Confirm the rules for your account with a tax professional. This is general education, not tax advice.
Risks of PDBC and USCI
What can go wrongShared risks
- Commodity prices can swing sharply: oil, metals and crops respond to supply shocks, weather, politics and demand, and a broad commodity fund can fall while stocks rise.
- Futures funds can lose value when the market is in contango, because rolling into a more expensive contract costs money even if the spot price does not change.
- Energy is 57% of PDBC and 34% of USCI, so oil and fuel prices drive a large share of the result.
- Commodities produce no earnings or dividends of their own; returns come from price changes, roll yield and interest on collateral.
Fund-specific risks
- PDBC: ten largest commodities total 77.3% of futures exposure (Oct 31, 2026); exposure to 27 commodities.
- USCI: ten largest commodities total 73.1% of futures exposure (Nov 9, 2026); exposure to 14 commodities.
- PDBC: is actively managed through a Cayman subsidiary and holds swaps, so it carries counterparty and management risk. USCI: its 14-commodity basket is reset by rule and can concentrate in a few markets; it files a Schedule K-1.
- Both: not registered as ordinary stock funds; see each prospectus for legal form and the risks of futures.
PDBC vs USCI taxes and account placement
General education, not tax advicePDBC holds futures through a Cayman subsidiary and issues a standard 1099, but income from the subsidiary can be taxed as ordinary income. USCI is a commodity pool and issues a Schedule K-1, and futures gains are generally taxed under the 60/40 rule. Issuer pages list after-tax returns only for some funds, and gaps are marked Not captured.
For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.
Other ETFs people compare
For context, not recommendationsInvestors comparing PDBC and USCI often also look at the other broad commodity funds in this group: DBC, PDBC, GSG, USCI, BCI and COMT. See the other commodity ETFs comparisons and the ETF research hub.
PDBC vs USCI drawdown arithmetic
What a decline means in dollarsRecovery gain = decline ÷ (1 − decline). The scenarios use illustrative declines of 10%, 20% and 30% so you can see what a drop does to each fund. They are a rough guide to a bad year, not a worst-case figure. See the Position Size Calculator.
Tools to compare PDBC vs USCI
Static weights from this pageIgnores taxes, spreads and holdings differences. ETF Fee Calculator.
Check shared exposure with the Diversification Calculator.
PDBC vs USCI, which fits which job
Characteristics, not recommendationsPDBC may suit investors who want…
Actively managed exposure to the same 27 commodities, with a 1099.
Strengths
- Lower fee: 0.59% against 1.05%
- Futures on 27 commodities
- Exchange-traded and priced all day
- Holdings dated on this page
Watch points
- Heavier top ten: 77.3% against 73.1%
- Not a complete portfolio
- Futures roll costs
USCI may suit investors who want…
A rotating 14-commodity basket picked each year.
Strengths
- Futures on 14 commodities
- Flatter top ten: 73.1% against 77.3%
- Exchange-traded and priced all day
- Holdings dated on this page
Watch points
- Higher fee: 1.05% against 0.59%
- Not a complete portfolio
- Futures roll costs
PDBC vs USCI investor scenarios
Characteristics that fit, not recommendationsPDBC vs USCI key terms
Plain-language definitions
PDBC vs USCI, frequently asked questions
Answers use the figures and dates shown aboveIs PDBC or USCI better?
In the PDBC vs USCI question, neither is better for everyone. PDBC and USCI differ in what they hold and what they charge. The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) follows the same 27-commodity universe as DBC but is actively managed, so it can choose contracts and hold Treasury securities, swaps and notes for extra return.
The SummerHaven Dynamic Commodity Index Total Return picks 14 commodities each year from a larger list using price trends, so its mix changes and can differ sharply from the other funds. Expense ratios are 0.59% and 1.05%. NAV total returns, annualized (PDBC to Oct 31, 2026, USCI to Sep 30, 2026): 1 year 53.50% vs 40.67%; 5 years 12.45% vs 21.73%; 10 years 10.00% vs 10.19%. Neither is better for everyone; the choice turns on cost, tax form (K-1 or 1099), and what you already own.
PDBC vs USCI, what are the expense ratios?
PDBC charges 0.59% and USCI charges 1.05%, which is $59 and $105 a year per $10,000.
PDBC vs USCI, how much do the funds overlap?
About 44.5% of the exposure is held by both funds, matched by commodity in issuer holdings dated Oct 31, 2026 and Nov 9, 2026. 3 commodities appear in both top-ten lists.
PDBC vs USCI, what does each ETF track?
PDBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed). USCI tracks the SummerHaven Dynamic Commodity Index Total Return.
PDBC vs USCI, what are the top commodities?
PDBC (Oct 31, 2026): Brent crude 21.12%, WTI crude 17.38%, Gold 8.02%, Gasoil 6.63%, Heating oil 5.67%. USCI (Nov 9, 2026): Platinum 7.77%, Aluminum 7.6%, Zinc 7.43%, Soybean meal 7.35%, Copper 7.32%.
PDBC vs USCI, which has performed better?
NAV total returns, annualized (PDBC to Oct 31, 2026, USCI to Sep 30, 2026): 1 year 53.50% vs 40.67%; 5 years 12.45% vs 21.73%; 10 years 10.00% vs 10.19%. Returns depend on commodity prices, roll yield and collateral income, and past performance does not guarantee future results.
PDBC vs USCI, can I own both?
On PDBC vs USCI, you can, but they overlap by about 44.5%. 3 top-ten commodities are shared. The funds overlap only partly, so owning both is a real choice about how much of each market you want.
PDBC vs USCI, how often do the funds pay dividends?
Distribution frequency: PDBC annual, USCI not captured. Distribution rates are 2.90% for PDBC and not captured for USCI; check each issuer page for the schedule.
PDBC vs USCI, are they suitable for Canadian investors?
On PDBC vs USCI, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs. PDBC issues a 1099 and USCI issues a Schedule K-1, which can change reporting. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.
PDBC vs USCI, how do the funds differ by sector?
PDBC (Oct 31, 2026): energy 56.7%, agriculture 16.0%, industrial metals 10.8%. USCI (Nov 9, 2026): energy 34.0%, industrial metals 29.2%, agriculture 21.9%.
PDBC vs USCI documents and sources
Open the issuer documents before relying on any figurePDBC · Invesco
USCI · United States Commodity Funds LLC
Third-party sources
Invesco PDBC fund page · USCF USCI fund page.
Methodology and limits
- PDBC figures come from Invesco fund pages and USCI figures from United States Commodity Funds LLC fund pages.
- Dates are shown beside each figure; the issuer documents are linked below.
- Overlap is the sum of the smaller weight of each commodity held by both funds. Treasury bills, cash and swaps used as collateral are excluded, and the dates and bases differ, so treat the overlap as an estimate. Weights are shares of each fund’s futures exposure by underlying commodity, so Treasury bills, cash and collateral are excluded. PDBC weights are the prior month-end commodity exposure published by Invesco (Oct 31, 2026). USCI weights are the market value of each futures contract divided by net assets on Nov 9, 2026, from the USCF holdings file. Invesco groups livestock with agriculture in its PDBC sector chart; this page shows it separately.
- This page shows livestock as its own group for every fund.
- Figures that were unavailable (beta, standard deviation, 52-week range, calendar-year returns) are left as Not captured, and nothing was filled from memory or from another fund.
- Growth of $10,000 is derived from annualized NAV total returns on matched dates; dollar values are approximate.
- Returns are issuer-reported NAV total returns (dates shown beside each figure), with market price and benchmark figures where published.
Educational research, not personalized investment, tax or legal advice, and not a recommendation to buy or sell any fund. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Calculators are hypothetical illustrations. Fund data are provided as published by the sources named and may differ from current figures.