At a glance
UDI charges 0.65% a year, above the 0.51% average of the 3 funds most like it (the 3rd cheapest of 4). It has $4.1M in assets, the 4th largest of that group; it paid 2.6% of its price in distributions over the past 12 months, monthly. Over the past year it returned +22.0% with distributions reinvested (S&P 500: +11.5%), 2nd of those 4 funds; over three years it returned +21.8% a year. Its ten largest positions make up 34.7% of the fund, out of 40 in all.
The short version
USCF Dividend Income Fund (UDI) is an actively managed ETF from Marygold holding about 40 US-listed dividend stocks, picked by sub-adviser Miller/Howard Investments on financial and environmental, social and governance (ESG) grounds. It pays monthly and yielded 2.6% over the 12 months to October 27, 2026. The trade-offs are a 0.65% expense ratio, above the 0.51% average for funds with overlapping holdings, and tiny size: $4.1 million in assets as of June 30, 2026.
Price history
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UDI +22.0% 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 | |
|---|---|---|---|---|---|---|
| UDI official prospectus, to Dec 31, 2025 | — | +13.85% | — | — | — | +10.93% |
| S&P 500 Index index, same period | — | +17.88% | — | — | — | +16.68% |
| S&P 500 Value Total Return Index SM index, same period | — | +13.19% | — | — | — | +12.33% |
| UDI price data to Oct 27, 2026 | +16.8% | +22.0% | +21.8% | — | — | +16.3% |
- Over the year to Oct 27, 2026, UDI returned +22.0%, 2nd of 4 among similar funds.
- Its worst full calendar year was 2023 (+6.4%); its best was 2024 (+17.1%).
- The deepest fall in its price history was 14.2% (Feb 28, 2025 to Apr 8, 2025), recovered by Jul 1, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.8% | — |
| 2025 | +14.3% | +13.85% |
| 2024 | +17.1% | +17.18% |
| 2023 | +6.4% | +6.36% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8900 | |
| 2025 | $0.7950 | -48.7% |
| 2024 | $1.5500 | +124.6% |
| 2023 | $0.6900 |
What's inside
As of Jun 30, 2026, the fund held 40 securities; the ten largest made up 34.68% of assets.
| Holding | Weight | |
|---|---|---|
| JOHNSON & JOHNSON | 4.54% | |
| ABBVIE INC | 4.37% | |
| STATE STREET CORP | 3.84% | |
| EAST WEST BANCORP INC | 3.52% | |
| CONOCOPHILLIPS | 3.34% | |
| LAMAR ADVERTISING COMPANY | 3.29% | |
| MEDTRONIC PLC | 2.99% | |
| CITIGROUP INC | 2.95% | |
| PHILLIPS 66 | 2.91% | |
| EXELON CORP | 2.91% | |
| M&T BANK CORP | 2.88% | |
| CISCO SYSTEMS INC | 2.87% | |
| GSK PLC | 2.74% | |
| US BANCORP | 2.72% | |
| BANK OF AMERICA CORP | 2.62% |
By country
United States 87%Canada 5.63%Ireland 2.99%United Kingdom 2.74%By asset type
Stocks 98.36%By sector
Sectors of the companies held, for the 53.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. 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 withdrew a net $4.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.11%, -0.28%, +2.17%.
How it works
UDI does not track an index. Its sub-adviser, Miller/Howard Investments, picks stocks for high current income first and income growth second. At least 80% of net assets go into dividend-paying stocks traded on US exchanges. These can include real estate investment trusts (REITs) and foreign companies, directly or through American Depositary Receipts (US-traded certificates for foreign shares). A typical sector limit is 25%, or twice the sector's Russell 1000 Value Index weight if greater.
Quantitative screens flag candidates for fundamental research, such as company filings and management meetings. The manager weighs dividend yield, room for dividend growth, balance-sheet strength, dividend coverage (how comfortably cash flow covers the payout) and low valuations. Companies generally need a market value above $4 billion and average daily trading value above $30 million.
Every candidate gets an environmental, social and governance (ESG) review. The fund excludes coal miners, companies earning over 10% of revenue from alcohol, tobacco or firearms, and suppliers of parts or services tailor-made for controversial weapons. It then rates governance, environmental record, human rights and board and workforce diversity, weighting financial and ESG factors equally. As of June 30, 2026, it held no derivatives, and the top 10 of its 40 holdings made up about 35% of assets. Portfolio turnover, a measure of how much it trades, was 45%.
What it really costs
- UDI charges 0.65% a year, versus an average of 0.51% for the similar funds below (3rd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UDI | $66 | $208 | $362 | $810 |
In a retirement portfolio
Its stated goal is a high level of current income from dividend-paying stocks, paid monthly, though its 2.6% trailing yield is modest and its price can swing with the stock market.
UDI could add monthly dividend income from about 40 stocks; it yielded 2.6% over the 12 months to October 27, 2026. Its price record starts in October 2022, so it shows nothing about the 2008, 2020 or 2022 downturns. Its weakest calendar year, 2023, still gained 6.4%. Its deepest drop, 14.2% from February 28 to April 8, 2025, took under three months to recover. A retiree drawing cash in a deeper, longer slump could fare worse.
Costs are 0.65% a year, above the 0.51% average for funds with overlapping holdings: $66 in year one and $810 over 10 years on $10,000 in the SEC's example. Assets were $4.1 million as of June 30, 2026; tiny funds are likelier to close, which could force an unplanned, possibly taxable, exit. Past results don't predict the future; a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting monthly income from about 40 US-listed dividend stocks, such as Johnson & Johnson, AbbVie and State Street, rather than a broad index.
- People who want environmental, social and governance (ESG) screens excluding coal miners and companies earning over 10% of revenue from alcohol, tobacco or firearms.
- Investors comfortable with active stock picking by Miller/Howard Investments that favors dividend coverage, strong balance sheets and low valuations.
Look elsewhere if
- Cost-focused investors: its 0.65% expense ratio is above the 0.51% average for funds with overlapping holdings.
- Anyone wary of tiny funds: assets were about $4.1 million as of June 30, 2026, after roughly $4.5 million of outflows in three months.
- Investors wanting S&P 500-like growth: from its 2022 launch through December 31, 2025, it returned 10.93% a year versus 16.68% for the S&P 500.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does UDI pay monthly dividends?
Yes. UDI pays distributions monthly. Over the 12 months to October 27, 2026, it paid $0.955 per share, a trailing yield of 2.6%. That income comes from the dividends of its roughly 40 holdings, such as Johnson & Johnson, AbbVie and State Street, so it can rise or fall. Unlike bond interest, stock dividends aren't guaranteed, and companies can cut them in hard times, as the prospectus warns.
Is UDI good for retirement income?
It can supply monthly income, with trade-offs. UDI aims for a high level of current income and yielded 2.6% over the 12 months to October 27, 2026. Because it owns stocks, its price can fall with the market: its deepest drop was 14.2% between February and April 2025. It also costs 0.65% a year, had only about $4.1 million in assets as of June 30, 2026, and has no record from the 2008, 2020 or 2022 downturns.
What's the difference between UDI and DIVL?
They follow different strategies and differ greatly in size, though both charge 0.65% a year and about 26% of their holdings overlap. UDI's process includes ESG screens and puts current income first. As of October 27, 2026, UDI returned 22% over one year and 21.8% a year over three years, versus 15.6% and 15.8% for Madison Dividend Value ETF (DIVL). DIVL held about $60.1 million as of June 30, 2026, versus UDI's $4.1 million.
How has UDI performed vs the S&P 500?
It has trailed the S&P 500. Through December 31, 2025, UDI returned 10.93% a year since its June 2022 launch, versus 16.68% for the S&P 500 Index and 12.33% for the S&P 500 Value Total Return Index, according to its prospectus. In 2025 it gained 13.85%, behind the S&P 500's 17.88% but ahead of the value index's 13.19%. Calendar-year returns were 6.36% in 2023 and 17.18% in 2024.
Could UDI close because it's so small?
It could, and the risk is worth weighing. UDI had about $4.1 million in net assets as of June 30, 2026, after roughly $4.5 million of net outflows in the prior three months. Funds this small can struggle to cover their costs, and issuers sometimes close them. When an ETF closes, holders usually receive cash, which can create a taxable gain in a regular account and force a reinvestment decision at an unplanned time.