At a glance
UCIB charges 0.55% a year, below the 0.66% average of the 7 funds most like it (the 3rd cheapest of 7). It has $25.6M in assets, the 8th largest of that group. Over the past year it returned +37.7% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds; over three years it returned +14.4% a year. At its worst it fell 21.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month after the low.
The short version
ETRACS CMCI Total Return ETN Series B (UCIB) is a UBS exchange-traded note that aims to pay the return of a commodity index, the CMCI Total Return, minus fees. As UBS debt rather than a fund, it owns no assets for holders, who rely on the bank's ability to pay. Its 0.55% yearly cost is below the 0.66% peer average, though at $25.6 million it is the smallest product in its comparison group.
Price history
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UCIB +37.7% 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 | |
|---|---|---|---|---|---|---|
| UCIB price data to Oct 27, 2026 | +35.0% | +37.7% | +14.4% | +12.7% | — | +19.9% |
- Over the year to Oct 27, 2026, UCIB returned +37.7%, 5th of 8 among similar funds.
- Its 5-year annualized return was +12.7%.
- Its worst full calendar year was 2023 (-2.3%); its best was 2021 (+37.3%).
- The deepest fall in its price history was 22.7% (May 12, 2026 to Jul 28, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +35.0% |
| 2025 | +9.0% |
| 2024 | +6.6% |
| 2023 | -2.3% |
| 2022 | +18.2% |
| 2021 | +37.3% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 12% over that stretch · deepest drop along the way 21%, back to its old high 1.1 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.How it works
UCIB is an exchange-traded note, or ETN, issued by UBS and launched on October 8, 2015. An ETN is a debt security that trades on a stock exchange like a share. A fund pools investors' money into assets. UBS instead promises to pay holders the return of the CMCI Total Return commodity index, minus fees. Its annual cost is 0.55%. The note owns no commodities, futures or other assets on investors' behalf. That is why it has no fund prospectus and no holdings reports listing what it owns.
Two mechanical points matter most. First, the notes are unsecured, meaning no specific assets back them. Holders get paid only as long as UBS can pay, so the bank's financial health matters alongside commodity prices. Second, UBS can redeem the notes early. That would hand holders their money on the bank's timetable rather than their own.
In commodity indexing, “total return” generally means an index counts two things: price changes in commodity futures contracts and interest on the cash set aside to back them. The index's own rules set which commodities it includes, how each is weighted and how often it rebalances. Those details aren't covered here. And because UCIB is a note, no holdings reports show them.
What it really costs
- UCIB charges 0.55% a year, versus an average of 0.66% for the similar funds below (3rd of 7, cheapest first).
Structure and tax notes
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
It gained 12% while stocks fell in 2022 and had a negative one-year beta, but its 41.8% volatility and reliance on UBS point to a small supporting role rather than a core position.
UCIB could add commodity exposure that hasn't tracked stocks. While stocks fell from January 3 to October 12, 2022, it gained 12%. Its one-year beta was -0.34 as of October 27, 2026, meaning it moved slightly against stocks. But its one-year volatility, a gauge of price swings, was 41.8%. It fell 21% in mid-March 2022 and recovered within about a month. Its deepest drop, 22.7% from May 12 to July 28, 2026, had not been recovered by October 27. Its price record starts after the 2008 and 2020 crashes.
Its weakest calendar year was 2023, down 2.3%. It paid no income in the 12 months to October 27, 2026, so raising cash means giving up shares, possibly mid-slump. Its 0.55% cost undercuts the 0.66% peer average, but holders depend on UBS's ability to pay. Past results don't predict the future; a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting commodity-index exposure at 0.55% a year, below the 0.66% average of the commodity funds it is compared with.
- Those wanting a holding that gained 12% while stocks fell in 2022 and moved slightly against stocks in the year to October 27, 2026.
- Investors comfortable owning UBS debt rather than a fund, accepting that returns depend on the bank's ability to pay.
Look elsewhere if
- Retirees who need regular income: UCIB paid nothing in the 12 months to October 27, 2026.
- Anyone wary of bank credit risk or early redemption; commodity ETFs such as BCI, at 0.26% a year, are funds rather than bank debt.
- Cautious investors: one-year volatility was 41.8%, and a 22.7% drop from May to July 2026 hadn't been recovered by October 27.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UCIB this fund | 0.55% | $25.6M | +37.7% | +14.4% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| PDBC Invesco Optimum Yield Diversified Commodity… | 0.59% | $4.90B | +53.4% | +14.8% |
| FTGC First Trust Global Tactical Commodity Strat… | 1.02% | $2.50B | +37.4% | +16.9% |
| BCI abrdn Bloomberg All Commodity Strategy K-1 … | 0.26% | $1.40B | +37.6% | +14.9% |
| DBC Invesco DB Commodity Index Tracking Fund | 0.85% | $1.30B | +52.2% | +15.3% |
| GSG iShares S&P GSCI Commodity-Indexed Trust | 0.75% | $1.10B | +59.6% | +18.7% |
| COMT iShares U.S. ETF Trust iShares GSCI Commodi… | 0.48% | $683.2M | +54.4% | +17.0% |
Questions investors ask
Is UCIB an ETF or an ETN?
UCIB is an ETN, or exchange-traded note, not an ETF. It trades on an exchange like a fund, but it is unsecured debt issued by UBS and owns no assets on holders' behalf. Instead, UBS promises to pay the return of the CMCI Total Return commodity index minus fees, only as long as the bank can pay. UBS can also redeem the notes early, returning money on its own timetable.
Does UCIB pay dividends?
No. UCIB made no payouts in the 12 months to October 27, 2026, so its yield over that period was 0%. Any return comes through changes in the note's price. For retirees who draw money from their portfolio, raising cash from UCIB means giving up shares. That could happen during a slump, given its one-year volatility of 41.8% as of October 27, 2026.
What's the difference between UCIB and BCI?
The main differences are structure, cost and size. BCI, the abrdn Bloomberg All Commodity Strategy K-1 Free ETF, is a fund charging 0.26% a year, while UCIB is UBS debt charging 0.55%. BCI had about $1.4 billion in assets against UCIB's $25.6 million. Returns were close as of October 27, 2026: 37.6% over one year for BCI versus 37.7% for UCIB, and 14.9% versus 14.4% a year over three years. They track different commodity indexes.
How has UCIB performed?
UCIB gained about 81% over the five years to October 27, 2026, or 12.7% a year. Over three years it returned 14.4% a year, the lowest of the eight commodity and gold products it is compared with. Over one year it returned 37.7%. Calendar-year results ranged from 37.3% in 2021 to -2.3% in 2023, and it was up 35% in 2026 through October 27. Its price history starts June 2, 2020.
Is UCIB good for retirement?
It may fit only as a small diversifier, and it carries risks many retirees may not want. UCIB gained 12% while stocks fell in 2022. But it pays no income, its one-year volatility was 41.8%, and a 22.7% drop from May to July 2026 hadn't been recovered by October 27, 2026. Holders also depend on UBS's ability to pay. Past results don't predict future ones, and a plan should consider the whole portfolio.