At a glance
USCI charges 0.8% a year, above the 0.66% average of the 7 funds most like it (the 5th cheapest of 7). It has $337.8M in assets, the 8th largest of that group. Over the past year it returned +40.6% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds; over three years it returned +22.8% a year. At its worst it fell 18.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low.
The short version
United States Commodity Index Fund (USCI) is a commodity pool. It holds futures contracts that track the SummerHaven Dynamic Commodity Index Total Return (SDCI), a diversified group of commodities. Many commodity indexes keep their weights fixed, but the SDCI resets its mix every month using a price-based formula. As of its June 30, 2026 filing, USCI charged 0.80% a year, above the 0.66% average for similar funds. It is taxed as a partnership, so holders get a Schedule K-1.
Price history
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USCI +40.6% 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 | |
|---|---|---|---|---|---|---|
| USCI price data to Oct 27, 2026 | +42.1% | +40.6% | +22.8% | +20.5% | — | +24.8% |
- Over the year to Oct 27, 2026, USCI returned +40.6%, 5th of 8 among similar funds.
- Its 5-year annualized return was +20.5%.
- Its worst full calendar year was 2023 (0.0%); its best was 2021 (+33.1%).
- The deepest fall in its price history was 18.8% (Jun 8, 2022 to Sep 26, 2022), recovered by Apr 5, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +42.1% |
| 2025 | +17.6% |
| 2024 | +17.2% |
| 2023 | 0.0% |
| 2022 | +29.5% |
| 2021 | +33.1% |
| 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 23% over that stretch · deepest drop along the way 18.8%, back to its old high 18.3 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $337.8M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
USCI aims to make the daily percentage change in its net asset value (NAV, the per-share value of what it owns) match the daily percentage change in the SDCI, minus its expenses. SummerHaven Index Management owns and maintains the index, and Bloomberg calculates and publishes it. Each month the index changes the weights of its futures contracts, using SummerHaven's formulas based on those contracts' prices. United States Commodity Funds LLC (USCF), a subsidiary of The Marygold Companies, manages the fund.
The fund owns futures contracts, not barrels or bushels. It buys the index's own contracts first. If limits or market conditions get in the way, it moves on to other futures on the same commodity, then to similar contracts, and finally to options, forwards or swaps. As of December 31, 2025, it held futures on six exchanges, including 2,215 contracts on ICE Futures and 1,132 on NYMEX. Its goal is that, over any 30 trading days, its average daily change stays within plus or minus 10% of the index's. It does not try to match the index over any period longer than one day.
Futures expire, so the fund keeps "rolling" into later contracts. When later contracts cost more (contango), rolling takes away from returns. When they cost less (backwardation), it adds to them. Over time this can pull the fund well away from spot commodity prices. The fund is not a 1940 Act investment company, so it lacks some investor protections that regular funds have.
What it really costs
- USCI charges 0.8% a year, versus an average of 0.66% for the similar funds below (5th of 7, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
USCI's commodity futures have often moved apart from stocks, with a beta of -0.2 for the year to October 27, 2026, and it rose during the 2022 stock decline.
USCI's price history starts June 2, 2020, so it doesn't show how the fund did in the 2008 crisis or the early-2020 crash. In the 2022 bear market, it gained 23% while stocks fell. Still, it dropped 18.8% from June 8 to September 26, 2022. It didn't get back to that peak until April 5, 2024, about 18 months after the low. Its weakest full calendar year in the data, 2023, ended flat. A retiree who needed cash in late 2022 would have had to cash in shares at a loss.
The fund recorded no distributions. Any money taken from it means cashing in shares. Its 0.80% expense ratio is above the 0.66% average for similar funds, and the K-1 adds tax paperwork. Past results don't predict future returns, and a plan should look at the whole portfolio rather than one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting broad commodity futures exposure that has moved largely apart from stocks (beta of -0.2 for the year to October 27, 2026).
- Holders who prefer an index that reweights its commodity contracts every month using SummerHaven's price-based formulas instead of a fixed basket.
- Investors comfortable with a Schedule K-1 and with owing tax on the fund's gains each year, even without cashing in shares.
Look elsewhere if
- Anyone needing regular income: USCI recorded no distributions, so drawing cash means cashing in shares.
- Cost-focused investors: its 0.80% expense ratio is above the 0.66% peer average and well above BCI's 0.26%.
- Investors who want a 1099 instead of a K-1 may want to compare PDBC or BCI, whose names say "No K-1" and "K-1 Free."
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| USCI this fund | 0.8% | $337.8M | +40.6% | +22.8% |
| 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
Does USCI pay dividends?
No. The fund recorded no distributions. Any return shows up only in its share price. Because USCI is taxed as a partnership, holders may still owe tax each year on their share of the fund's gains, even with no cash paid out. Those gains are reported on a Schedule K-1. Investors who want regular income from a commodity holding won't get it here. Taking money out means cashing in shares.
What's the difference between USCI and DBC?
Both hold commodity futures, but they follow different indexes. USCI tracks the SDCI, which reweights its contracts every month using a price-based formula. As of October 27, 2026, DBC's one-year return was higher (52.2% vs. 40.6%). USCI's three-year annualized return was higher (22.8% vs. 15.3%). Costs are close: 0.80% for USCI and 0.85% for DBC. USCI is much smaller, with $337.8 million in assets as of June 30, 2026, compared with about $1.3 billion for DBC.
Does USCI issue a K-1?
Yes. USCI is a commodity pool taxed as a partnership. Investors get a Schedule K-1 instead of a 1099, and they owe tax on their share of the fund's gains each year, even if they don't cash in any shares. The fund is also not registered under the Investment Company Act of 1940, so it lacks some protections that regular mutual funds and ETFs have. K-1s can arrive later than 1099s and can make tax filing more complicated.
How did USCI do in the 2022 bear market?
It held up well overall. From January 3 to October 12, 2022, while stocks fell, USCI gained 23%. But the ride was bumpy. It dropped 18.8% between June 8 and September 26, 2022, and didn't regain that June peak until April 5, 2024. That is about 18 months after the low. The fund's price history starts in June 2020, so it doesn't show how USCI behaved in the 2008 crisis or the early-2020 crash.
Does USCI own physical commodities?
No. USCI holds futures contracts, plus the cash and Treasury bills that back them. It does not hold the commodities themselves. As of December 31, 2025, it held contracts on six exchanges, including NYMEX, ICE Futures, CBOT, CME, the London Metal Exchange and COMEX. Futures expire, so the fund must keep rolling into later contracts. The price gap between old and new contracts can add to or take from returns, so USCI can drift away from spot commodity prices.