At a glance
SDCI charges 0.6% a year, below the 0.64% average of the 2 funds most like it (the 2nd cheapest of 3). It has $525.7M in assets, the 3rd largest of that group; it paid 2.57% of its price in distributions over the past 12 months, annual. Over the past year it returned +40.9% with distributions reinvested (S&P 500: +11.5%), the best of those 3 funds; over three years it returned +23.2% a year. At its worst it fell 28.2% in the 2020 crash (S&P 500: 33.7%) and 18.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 21 months after the lows. Its ten largest positions make up 41.1% of the fund, out of 19 in all.
The short version
USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) holds futures on 14 commodities and backs them with Treasury bills. The SummerHaven index it tracks picks those 14 each month from a list of 27. Most broad commodity funds hold a fixed basket, but SDCI changes its lineup every month and gives each contract the same weight. After a fee waiver, its 0.60% expense ratio falls between BCI's 0.26% and FTGC's 1.02%.
Price history
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SDCI +40.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SDCI official prospectus, to Dec 31, 2025 | — | +17.70% | — | +20.07% | — | +8.56% |
| S&P 500 Index index, same period | — | +17.88% | — | +14.42% | — | +15.12% |
| Summer Haven Dynamic Commodity Index Total Return SM index, same period | — | +18.75% | — | +20.47% | — | +9.15% |
| Bloomberg Commodity Index Total Return SM index, same period | — | +15.77% | — | +10.63% | — | +5.46% |
| SDCI price data to Oct 27, 2026 | +42.9% | +40.9% | +23.2% | +21.3% | — | +12.3% |
- Over the year to Oct 27, 2026, SDCI returned +40.9%, 1st of 3 among similar funds.
- Its 5-year annualized return was +21.3%.
- In the 2020 COVID crash it fell 28.2% and regained its old high 9.9 months after the low.
- Its worst full calendar year was 2020 (-10.6%); its best was 2021 (+36.5%).
- The deepest fall in its price history was 45.8% (May 22, 2018 to Mar 18, 2020), recovered by Oct 15, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +42.9% | — |
| 2025 | +17.5% | +17.70% |
| 2024 | +17.9% | +17.98% |
| 2023 | -0.9% | +0.66% |
| 2022 | +32.9% | +31.25% |
| 2021 | +36.5% | +36.05% |
| 2020 | -10.6% | -11.08% |
| 2019 | -2.4% | -1.88% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.8% over that stretch · deepest drop along the way 28.2%, back to its old high 9.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 25% over that stretch · deepest drop along the way 18.5%, back to its old high 20.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8100 | -29.6% |
| 2024 | $1.1500 | +91.7% |
| 2023 | $0.6000 | -90.2% |
| 2022 | $6.1000 | +71.3% |
| 2021 | $3.5600 | +11766.7% |
| 2020 | $0.0300 | -82.4% |
| 2019 | $0.1700 |
What's inside
As of Jun 30, 2026, the fund held 19 securities; the ten largest made up 41.12% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 7.98% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 6.99% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 5.69% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.80% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.79% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.77% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.83% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.28% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.08% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.90% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.90% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.90% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.89% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.89% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.32% |
By country
United States 53.22%By issuer
US Treasury 53.22%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $27.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.56%, -2.00%, -5.31%.
How it works
SDCI aims to match the SummerHaven Dynamic Commodity Index Total Return (SDCITR), before fees. SummerHaven Index Management owns the index and Bloomberg calculates it. Each month the index picks 14 futures contracts from 27 eligible commodities. These span energy, metals, grains, softs such as coffee and cocoa, and livestock. Each contract gets an equal weight by notional amount, which is the full value of the commodity the contract controls. The fund rebalances on the same monthly schedule. It does not try to beat the index or turn defensive when markets fall.
A futures contract is an agreement to buy a set amount of a commodity at a fixed price on a future date. The fund owns no physical commodities. It puts up margin, typically 5% to 10% of a contract's value, and holds collateral in short-term Treasury bills and money market funds. So its return comes from futures price moves plus interest on that collateral. As of June 30, 2026, Treasury bills made up about 53% of net assets. Futures positions that day included coffee, zinc, crude oil and gas oil.
The fund holds most of its futures through a Cayman Islands subsidiary, USCF Cayman Commodity 2. That subsidiary is capped at 25% of total assets at each quarter end. This setup lets the fund meet the tax rules for investment companies, and it is why the fund does not issue a K-1 partnership tax form. The fund is non-diversified, so a few positions can sway results.
What it really costs
- SDCI charges 0.6% a year, versus an average of 0.64% for the similar funds below (2nd of 3, cheapest first).
- Of that, 0.8% is the management fee; the rest covers other fund expenses.
- The fee includes a 20% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $971 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SDCI | $61 | $235 | $425 | $971 |
In a retirement portfolio
SDCI has often moved separately from stocks, including a gain during the 2022 bear market, but it is too volatile to serve as a core holding.
SDCI could add exposure that often moves apart from stocks. Its one-year beta to the stock market was -0.18 as of October 27, 2026, and it gained about 25% during the 2022 bear market. But it swings hard. It fell 28.2% in the 2020 COVID crash and took about 10 months to recover. Its deepest drop, 45.8% from May 2018 to March 2020, took about 19 months after the low to make back. Its worst calendar year was 2020, at -11.08%. Selling after a slump like that would lock in losses. It launched in 2018, so it has no 2008 record. It pays only once a year, with a trailing yield of 2.57% as of October 27, 2026. Under the SEC's standard example, its 0.60% expense ratio comes to $61 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want commodity exposure that changes each month among 14 of 27 commodities, rather than a fixed basket.
- People looking for a diversifier: its one-year beta to stocks was -0.18 as of October 27, 2026, and it gained about 25% in 2022's bear market.
- Taxable investors who want commodity futures exposure without the K-1 partnership tax forms many commodity funds issue.
Look elsewhere if
- Cost-focused buyers: BCI charges 0.26%, compared with SDCI's 0.60% after a fee waiver, though BCI follows a broader Bloomberg index.
- Retirees who need steady income: SDCI pays once a year, and its trailing yield was 2.57% as of October 27, 2026.
- Anyone uneasy with deep drops: SDCI fell 45.8% from May 2018 to March 2020, and 28.2% in the 2020 crash.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does SDCI issue a K-1?
No. As its name says, SDCI is set up to avoid the Schedule K-1 partnership tax form that many commodity futures funds send. It holds most of its futures through a Cayman Islands subsidiary, which is capped at 25% of total assets at each quarter end. This lets the fund meet the tax rules for investment companies. The prospectus warns that the tax treatment of commodity derivatives is unclear in places and could change.
What's the difference between SDCI and BCI?
Both are K-1-free commodity futures funds, but they choose holdings differently. Each month SDCI picks 14 contracts from 27 commodities and weights them equally. BCI follows a Bloomberg all-commodity index. BCI costs 0.26%, compared with 0.60% for SDCI. It is also much larger: about $2.28 billion in net assets versus $525.7 million as of June 30, 2026. Through October 27, 2026, SDCI returned 40.9% over one year versus 37.6% for BCI. Over three years, SDCI averaged 23.2% a year and BCI 14.9%.
Does SDCI pay dividends?
Yes, but only once a year. Over the 12 months through October 27, 2026, it paid $0.81 per share, a trailing yield of 2.57%. The fund's total return includes interest on the Treasury bills and money market funds that back its futures. Still, an annual payout from a commodity fund can change a lot from year to year. It is an uneven source of regular retirement income.
How has SDCI performed over 5 years?
Well. As of December 31, 2025, SDCI returned 20.07% a year over five years. Its index returned 20.47%, the broader Bloomberg Commodity Index Total Return 10.63% and the S&P 500 14.42%. Since its May 2018 launch it averaged 8.56% a year, compared with 15.12% for the S&P 500. Its yearly results have swung widely, from -11.08% in 2020 to 36.05% in 2021. Its price return was 42.9% year to date through October 27, 2026.
What is SDCI's expense ratio?
SDCI's expense ratio is 0.60%, after the adviser waives 0.20% of its 0.80% management fee. That is slightly below the 0.64% average of BCI and FTGC. It costs more than BCI's 0.26% and less than FTGC's 1.02%. The SEC's standard example assumes $10,000 invested and a 5% annual return. In that example, costs total $61 after one year, $235 after three years, $425 after five and $971 after ten.