USCI ETF guide. Cost, commodity mix and tax form in one place.
USCI holds 14 futures contracts picked each year by SummerHaven rules, in roughly equal weights. See what it costs to hold each year, what it pays, what sits inside and how it has returned.
One ticker.
What USCI is, in plain words.
USCI holds 14 futures contracts picked each year by SummerHaven rules, in roughly equal weights. The fund is managed by USCF, trades on NYSE Arca in U.S. dollars and launched on Aug 10, 2010. On Nov 9, 2026 it held $401.0M in net assets and its expense ratio was 1.05%. USCI holds a rotating basket of 14 commodity futures and issues a Schedule K-1.
Investors search for USCI ETF because they want a clear answer to four practical questions. What does it cost to hold each year, what does it pay, what is actually inside, and how does it fit in a Roth IRA, a traditional IRA or 401(k), or a taxable account. This guide answers each one with dated figures from the issuer, and marks anything the issuer page does not publish as Not captured.
Key takeaways
- What it is. USCI holds 14 futures contracts picked each year by SummerHaven rules, in roughly equal weights.
- Cost. Expense ratio 1.05%, about $105 a year on $10,000.
- Income. USCI made no distributions to shareholders in 2024 and none in the last 12 months, so its trailing distribution yield is 0.00%.
- Risk. Commodity prices can fall sharply in a weak year.
It suits you if
- You want exposure to commodity prices as a diversifier next to stocks and bonds.
- You accept large price swings and little or no income.
- You are comfortable with a fund that holds futures contracts, not companies.
Look elsewhere if
- You want regular income from your holdings.
- You cannot accept large swings in value.
- You want long term growth from a single fund, since commodity prices can move sideways or lower for long stretches.
What USCI holds.
The 10 largest commodity positions inside USCI, as of Nov 9, 2026. Pick a number to see how much of the fund they make up.
The largest positions and the group split are shown below. The fund holds futures contracts, not companies, so the table lists commodities, and each weight is that commodity share of the fund futures exposure rather than a share of net assets.
Weights basis: USCI weights are the market value of each futures contract divided by net assets on Nov 9, 2026, from the USCF holdings file.
USCI yield and distributions.
The issuer page for USCI does not show a yield, a payment frequency or a distribution table. Because of that, no yield or payment history is given here. Check the latest annual report and the tax documents from the issuer for what the fund distributes.
A yield is a snapshot, not a promise. The payment moves with the interest the fund earns on its cash and Treasury bills, and some years include capital gains or return of capital that do not repeat.
Every payment, and the year by year record.
USCI has no distributions to list, so there is no payment log. Use the latest annual report and tax documents from the issuer.
What USCI costs to hold each year.
The expense ratio of 1.05% means the fund keeps about $105 a year for every $10,000 you hold. That cost is taken out of the fund price in small daily amounts, so you never see a bill, but it lowers your return every year. Over ten years on a flat $10,000 the expense ratio adds up to roughly $1050, before any growth.
Two other costs sit outside the expense ratio. Trading commissions depend on your brokerage, and most large U.S. brokerages now charge nothing to buy ETFs. The bid and ask spread is a small cost you pay each time you trade, and for the largest funds it is usually tiny.
Expense ratio cost at common amounts
| Amount held | Per month | Per year | Over 10 years, flat | Hypothetical 2.00% fund, per year |
|---|---|---|---|---|
| $1,000 | $0.88 | $10.50 | $105 | $20 |
| $5,000 | $4.38 | $52.50 | $525 | $100 |
| $10,000 | $8.75 | $105.00 | $1,050 | $200 |
| $25,000 | $21.88 | $262.50 | $2,625 | $500 |
| $50,000 | $43.75 | $525.00 | $5,250 | $1,000 |
| $100,000 | $87.50 | $1,050.00 | $10,500 | $2,000 |
| $250,000 | $218.75 | $2,625.00 | $26,250 | $5,000 |
Flat estimates at the current expense ratio with no growth and no change in fee. Trading commissions depend on your brokerage and are not included. The 2.00% fund is a hypothetical used for scale.
Where the cost shows up
- Not as a bill. The share price and returns are already lower by the expense ratio.
- Trading cost shows up as the bid and ask spread each time you buy or sell, and as a commission if your broker charges one.
- In a taxable account, the fund reports your share of gains and income on a Schedule K-1 and you pay tax in the year it is earned, even if you do not sell.
Expense ratio cost calculator
Flat estimate at an expense ratio of 1.05% with no growth and no change in fee. It shows scale only, not a forecast.
How USCI has returned.
Calendar year returns were Not captured from the issuer page for this fund, so this guide shows the period returns the issuer publishes. Returns include fees. Past performance does not guarantee future results, and a single period tells you little about the next one.
Annualised NAV returns from the issuer, as of Sep 30, 2026. They include fees.
Past performance does not guarantee future results. Gaps are shown as Not captured because the issuer page did not publish that period.
What $10,000 became over 10 years
Using the annualised NAV return from the issuer, with distributions reinvested.
An illustration of past figures, not a forecast. It ignores taxes and trading costs.
What $10,000 became, by starting point
Each row starts a different number of years before Sep 30, 2026 and uses the issuer annualised NAV return for that period.
USCI fund facts in one place.
Every figure comes from the issuer for the date shown. A line reads Not captured when it is not published on the pages we use.
What the fund is exposed to.
Commodity group exposure
What the ride can look like.
USCI can lose value, and the period returns from the issuer show the range so far.
- Commodity price risk. The fund falls when the prices of the commodities it holds fall, and those prices can swing sharply.
- Roll cost. When later futures cost more than the nearby one, which is called contango, rolling the contracts costs money and the fund can trail the spot price.
- Little income. The fund pays little or no regular income, so a loss is not cushioned by payouts.
- Concentration. Energy can carry a large share of the weight, so oil and gas prices can drive the result.
- Tax reporting. The fund sends a Schedule K-1, and the tax rules for futures gains differ from those for stock funds.
- Fund specifics. The USCI basket of 14 commodities is reset by rule and can concentrate in a few markets.
How investors use USCI.
USCI is most often used as a small satellite holding next to stocks and bonds. An investor who owns it is choosing exposure to commodity prices, which can move differently from shares and bonds but not always, and which can fall for long periods.
Compare commodity funds on what they hold and how they roll their futures, not only on the fee. Two funds with similar names can hold quite different mixes, and the comparison pages on this site show the overlap.
Before buying USCI, check four things on the issuer page. First, confirm the expense ratio matches the figure on this page, since fees can change when an issuer cuts costs. Second, confirm the fund is eligible for the account you plan to use. Third, read the latest tax breakdown if you hold it in a taxable account. Fourth, look at the bid and ask spread on the day you trade, since a wide spread is a cost that the expense ratio does not show.
Several comparable funds exist, with expense ratios of DBC at 0.82%, PDBC at 0.59%, GSG at 0.75%, BCI at 0.26%, so weigh cost together with what each fund holds, how it pays and the account you use.
No single fund is right for everyone, and this guide describes the product rather than recommending it. The figures come from the issuer and are dated. Distribution amounts, yields and holdings change, and past returns do not predict future returns. For a decision with large amounts of money, read the prospectus and the shareholder reports, and consider speaking with a licensed adviser about your own situation.
USCI against similar funds.
The same fund type from other issuers. Open a comparison for holdings overlap and returns.
| Fund | Issuer | Expense ratio | Net assets | Trailing yield |
|---|---|---|---|---|
| USCI (this fund) | USCF | 1.05% | $401.0M | 0.00% |
| DBC | Invesco | 0.82% | $1.77B | 2.36% |
| PDBC | Invesco | 0.59% | $7.4B | 2.71% |
| GSG | iShares | 0.75% | $961.7M | Not captured |
| BCI | abrdn | 0.26% | $3.28B | Not captured |
| COMT | iShares | 0.48% | $1.29B | 4.96% |
USCI is part of the Commodity ETFs category on this site, grouped here with DBC, PDBC, GSG. Each comparison page lines up two funds on cost, holdings overlap, yield and returns, so you can see what separates them.
Where USCI fits.
Qualified withdrawals from a Roth IRA are tax free, so dividends and gains compound without a yearly tax bill and the expense ratio is the main drag you carry. USCI is an exchange traded fund, so many brokerages let you hold it in a Roth IRA. A fund that sends a Schedule K-1 can add paperwork, so confirm how your brokerage handles it.
Tax is deferred until you withdraw, and withdrawals are taxed as ordinary income. A 401(k) offers only the funds on its menu, so check whether USCI or a similar fund is in your plan.
USCI is a commodity pool and issues a Schedule K-1, and futures gains are generally taxed under the 60/40 rule. The fund sends a Schedule K-1 after year end instead of a Form 1099, and the figures on it are what count on your return. A K-1 can arrive later than a 1099, so filing may take longer.
General education, not tax advice. Rules change, so confirm with the issuer tax documents or an adviser.
Buying USCI in five steps.
- Pick the account. Roth IRA, traditional IRA, 401(k) or taxable. Most brokerages let IRAs hold ETFs like this one.
- Search the ticker. Type USCI in your brokerage and choose the U.S. listing, priced in U.S. dollars.
- Use a limit order. It sets the most you will pay and avoids surprises at the open.
- Check the cost. Most large U.S. brokerages charge no commission on ETFs, and some charge a small fee per trade.
- Set a routine. Add money on a schedule and decide whether to reinvest distributions.
Terms used on this page.
Where to go next from USCI.
Every USCI link in one place. Start with the category, then the head to head comparisons, then the guides for other funds and the tools.
CategoryCommodity ETFsEvery fund in this category, with a comparison page for every pair.Open the category →USCI comparison pages 5
Guides for similar funds
More U.S. fund guides
Calculators for USCI investors
Other ETF categories
Guides and research
Common questions about USCI.
What is USCI?
USCI holds 14 futures contracts picked each year by SummerHaven rules, in roughly equal weights. It is managed by USCF, trades on NYSE Arca in U.S. dollars and launched on Aug 10, 2010.
What is the expense ratio of USCI?
The expense ratio of USCI on the issuer page is 1.05%, or about $105 a year per $10,000 invested.
What is the USCI distribution rate?
The trailing distribution yield of USCI is 0.00% because it paid nothing in the last 12 months.
How often does USCI pay a distribution?
The issuer page for USCI does not show a yield, a payment frequency or a distribution table.
What does USCI hold?
USCI gives exposure to 14 commodities. Its largest positions are Platinum, Aluminum, Zinc.
Can I hold USCI in a Roth IRA or 401(k)?
Yes for IRAs. USCI is an exchange traded fund, so many brokerages let you hold it in a Roth IRA or a traditional IRA. A fund that sends a Schedule K-1 can add paperwork, so confirm how your brokerage handles it. Whether it is available in a 401(k) depends on the funds your plan offers.
How has USCI performed?
The issuer period returns are shown in the returns section. Returns include fees, and past performance does not guarantee future results.
USCI or DBC, what is the difference?
The two funds do a similar job and differ in cost, issuer and holdings. USCI has an expense ratio of 1.05% and DBC has an expense ratio of 0.82%. Open the DBC vs USCI comparison for holdings overlap, yield and returns side by side.
How is USCI taxed?
USCI is a commodity pool and issues a Schedule K-1, and futures gains are generally taxed under the 60/40 rule. Use the tax form your fund sends after year end for your own return.
Source, USCF fund page. All figures are dated as shown. This guide is for education and is not personal advice or an offer to sell.