USCI vs BCI

Portfolio characteristics

Net assets are dated Nov 9, 2026 for both funds (USCI $401.0M; BCI $3.28B). Figures that the issuers do not publish, such as beta, standard deviation and 52-week range, are left as Not captured rather than estimated.

Top ten sums: USCI 73.1% · BCI 66.6%. 3 shared top-ten commodities. Weights change.

The sector mirror

Same funds, different lenses

Contracts and collateral

Both funds hold futures contracts, not physical commodities. USCI lists 14 commodities and BCI lists 25. 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

All rows come from the issuer pages and are dated Sep 30, 2026 for both funds, so they compare like for like. 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 (USCI 2010, BCI 2017). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, both 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.

Rank by rank, the ten largest commodities of each fund, as a share of futures exposure. Top five: USCI 37.5%, BCI 46.0%. Top ten: USCI 73.1%, BCI 66.6%.

The issuers report bid/ask spreads of Not captured for USCI and 0.04% for BCI (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.

Expense ratio is taken from fund assets, not billed. Net expense ratios are shown (USCI: total 1.05%; BCI: total 0.26%). Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.

Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.

The two funds follow different indexes. 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. The Bloomberg Commodity Index Total Return caps any one commodity or sector so oil cannot dominate, which gives it more gold and farm products than a production-weighted index.

USCI follows the SummerHaven Dynamic Commodity Index Total Return and BCI uses the Bloomberg 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.

Start with what separates them: The two funds follow different indexes. 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.

The Bloomberg Commodity Index Total Return caps any one commodity or sector so oil cannot dominate, which gives it more gold and farm products than a production-weighted index. Then check what you already own: the funds overlap by 42.4%, so holding both is a real decision about how much of each market you want.

• Step 1 · Structure: USCI holds 14 futures contracts picked each year by SummerHaven rules, in roughly equal weights; BCI holds futures on the 24 commodities of the Bloomberg Commodity Index.
• Step 2 · Cost: USCI 1.05% vs BCI 0.26% net expense ratio.
• Step 3 · Tax form: USCI issues a Schedule K-1; BCI issues a 1099. 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.

USCI and BCI 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.

USCI is a commodity pool and issues a Schedule K-1, and futures gains are generally taxed under the 60/40 rule. BCI is marketed as K-1 free and issues a standard 1099, but income from its holdings can be taxed as ordinary income. 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.

Investors comparing USCI and BCI 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.

Is USCI or BCI better?

In the USCI vs BCI question, neither is better for everyone. USCI and BCI differ in what they hold and what they charge. The two funds follow different indexes. 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.

The Bloomberg Commodity Index Total Return caps any one commodity or sector so oil cannot dominate, which gives it more gold and farm products than a production-weighted index. Expense ratios are 1.05% and 0.26%. NAV total returns, annualized (both to Sep 30, 2026): 1 year 40.67% vs 39.78%; 5 years 21.73% vs 10.63%. Neither is better for everyone; the choice turns on cost, tax form (K-1 or 1099), and what you already own.

USCI vs BCI, what are the expense ratios?

USCI charges 1.05% and BCI charges 0.26%, which is $105 and $26 a year per $10,000.

USCI vs BCI, how much do the funds overlap?

About 42.4% of the exposure is held by both funds, matched by commodity in issuer holdings dated Nov 9, 2026 and Oct 31, 2026 sectors. 3 commodities appear in both top-ten lists.

USCI vs BCI, what does each ETF track?

USCI tracks the SummerHaven Dynamic Commodity Index Total Return. BCI tracks the Bloomberg Commodity Index Total Return.

USCI vs BCI, what are the top commodities?

USCI (Nov 9, 2026): Platinum 7.77%, Aluminum 7.6%, Zinc 7.43%, Soybean meal 7.35%, Copper 7.32%. BCI (Oct 31, 2026 sectors): Gold 11.05%, Brent crude 11.05%, Natural gas 9.51%, WTI crude 8.78%, Copper 5.58%.

USCI vs BCI, which has performed better?

NAV total returns, annualized (both to Sep 30, 2026): 1 year 40.67% vs 39.78%; 5 years 21.73% vs 10.63%. Returns depend on commodity prices, roll yield and collateral income, and past performance does not guarantee future results.

USCI vs BCI, can I own both?

On USCI vs BCI, you can, but they overlap by about 42.4%. 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.

USCI vs BCI, how often do the funds pay dividends?

Distribution frequency: USCI not captured, BCI not captured. Distribution rates are not captured for USCI and not captured for BCI; check each issuer page for the schedule.

USCI vs BCI, are they suitable for Canadian investors?

On USCI vs BCI, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs. USCI issues a Schedule K-1 and BCI issues a 1099, which can change reporting. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.

USCI vs BCI, how do the funds differ by sector?

USCI (Nov 9, 2026): energy 34.0%, industrial metals 29.2%, agriculture 21.9%. BCI (Oct 31, 2026 sectors): energy 38.9%, agriculture 29.1%, precious metals 14.0%.

Third-party sources

USCF USCI fund page · abrdn BCI fund page.

Methodology and limits

• USCI figures come from United States Commodity Funds LLC fund pages and BCI figures from abrdn 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. USCI weights are the market value of each futures contract divided by net assets on Nov 9, 2026, from the USCF holdings file. BCI publishes sector weights only (Oct 31, 2026), so Bloomberg Commodity Index 2026 target weights were rescaled to match abrdn’s sector weights.
• 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.

Pathways, not rankings or recommendations.