USCF Midstream Energy Income Fund ETF

USCF Midstream Energy Income Fund ETF (UMI) is an actively managed fund holding about 22 North American pipeline, storage and processing companies. As of June 30, 2026, its largest holdings were Energy Transfer, Enterprise Products Partners and Williams. Its main goal is income: the trailing yield was 5.88% as of October 27, 2026, paid monthly. Its 0.69% expense ratio, after a fee waiver, is below the 0.83% average of similar funds, though VanEck Energy Income ETF (EINC) charges 0.47%.

• Over the year to Oct 27, 2026, UMI returned +32.9%, 2nd of 5 among similar funds.
• Its 5-year annualized return was +20.0%.
• Its worst full calendar year was 2025 (+5.1%); its best was 2024 (+43.1%).
• The deepest fall in its price history was 20.1% (Jun 7, 2022 to Jun 23, 2022), recovered by Jul 31, 2023.

As of Jun 30, 2026, the fund held 22 securities; the ten largest made up 63.11% of assets.

• Over the three months to Jun 30, 2026, investors withdrew a net $27.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.69%, -3.10%, +1.99%.

UMI does not track an index. It is an actively managed ETF whose sub-adviser, Miller/Howard Investments, picks the holdings, aiming first for high current income and second for capital growth. At least 80% of net assets goes into US and Canadian midstream energy companies: pipeline, storage and processing businesses for oil and natural gas.

Miller/Howard judges each company on income, income growth, distribution coverage (how comfortably cash flow covers payouts), debt, direct commodity-price exposure and contract quality. It generally favors firms with market values above $1.5 billion and steady cash flow, and gives each an environmental, social and governance (ESG) risk rating. The fund typically holds 20 to 25 companies; it held 22 as of June 30, 2026.

It can put up to 25% of total assets directly into master limited partnerships (MLPs), publicly traded partnerships such as Energy Transfer, so corporations like Williams, Enbridge and Kinder Morgan also feature. Canadian stocks are expected to stay below 40%; they were about 27% as of June 30, 2026. The prospectus sets no weighting formula or rebalancing schedule. At that date, the ten largest holdings made up 63%, led by Energy Transfer (7.7%) and Enterprise Products (7.5%). It held no options or other derivatives, and portfolio turnover was a modest 20%. Being non-diversified, it can lean heavily on a few names.

• UMI charges 0.69% a year, versus an average of 0.83% for the similar funds below (2nd of 5, cheapest first).
• Of that, 0.85% is the management fee; the rest covers other fund expenses.
• The fee includes a 16% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $1,034 over 10 years (assuming a 5% annual return).

UMI's main objective is a high level of current income, and it pays that income monthly from a concentrated group of pipeline companies.

UMI could add a monthly income stream from energy infrastructure. Its trailing 12-month yield was 5.88% as of October 27, 2026, or $3.56 per share. The fund launched in March 2021, so it has no record from the 2008 financial crisis or the 2020 COVID crash. During the 2022 bear market it gained 11.5% while broad stocks fell. Even so, it had its deepest drop that year, 20.1% between June 7 and June 23, 2022, and took about 13 months to recover. It has not had a losing calendar year. Its weakest was 2025, a gain of 5.58%. Because it holds only energy companies, a sharp energy slump would hit it directly, and anyone selling shares during one could lock in losses. It costs 0.69% a year, or $70 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.