At a glance
USE charges 0.79% a year. It has $2.6M in assets; it paid 1.8% of its price in distributions over the past 12 months, annual. Over the past year it returned +55.1% with distributions reinvested (S&P 500: +11.5%).
The short version
USCF Energy Commodity Strategy Absolute Return Fund (USE) is an actively managed ETF. It uses a quantitative model, not an index, to seek gains from rising or falling prices in energy futures such as crude oil, natural gas and gasoline. Its board approved liquidation on October 9, 2026. Trading ends before the market opens on November 6, and cash proceeds are due on or about November 13. It charges 0.79% a year.
Price history
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USE +55.1% 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 | |
|---|---|---|---|---|---|---|
| USE official prospectus, to Dec 31, 2025 | — | -14.85% | — | — | — | +5.19% |
| S&P 500 Index index, same period | — | +17.88% | — | — | — | +23.03% |
| Bloomberg Commodity Index Total Return SM index, same period | — | +15.77% | — | — | — | +8.00% |
| Bloomberg Energy Subindex Total Return SM index, same period | — | -10.41% | — | — | — | -1.26% |
| USE price data to Oct 27, 2026 | +70.0% | +55.1% | — | — | — | +17.9% |
- Over the year to Oct 27, 2026, USE returned +55.1%.
- Its worst full calendar year was 2025 (-15.0%); its best was 2024 (+22.4%).
- The deepest fall in its price history was 28.2% (May 19, 2026 to Jul 1, 2026), recovered by Sep 9, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +70.0% | — |
| 2025 | -15.0% | -14.85% |
| 2024 | +22.4% | +5.50% |
| 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 |
|---|---|---|
| 2025 | $0.7000 | -93.5% |
| 2024 | $10.7200 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 47.46% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 47.46% |
By country
United States 47.46%By issuer
US Treasury 47.46%The bonds mature in 0.2 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 $788K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.21%, -8.12%, -17.77%.
How it works
USE does not track an index. Its adviser uses a proprietary quantitative model, plus some discretion, to predict the direction of energy futures prices. Signals include price and volume data, momentum, supply and demand for specific fuels, and inflation expectations. The fund can go long (gaining if prices rise), short (gaining if they fall) or hold spreads (a bet on the price gap between two contracts) in futures on crude oil, natural gas, gasoline, diesel and gasoil.
A futures contract locks in a price for a set amount of a commodity delivered on a later date. Contracts expire monthly, so the fund closes them or “rolls” into later ones. Futures need only a small deposit, so much of the fund sits in cash-like collateral. As of June 30, 2026, the largest holding was a short-term US Treasury bill due September 22, 2026, at about 47% of net assets. It also held six derivative positions, including crude oil, natural gas and gasoline futures.
USE holds most of its futures through a Cayman Islands subsidiary, capped at 25% of total assets at each quarter-end, to stay within tax rules for regular funds. Its heavy use of futures also makes it a “commodity pool” regulated by the CFTC, the US futures regulator. The fund will wind down and pay out cash on or about November 13, 2026.
What it really costs
- USE charges 0.79% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| USE | $81 | $252 | $439 | $978 |
In a retirement portfolio
USE is not leveraged, but its board approved liquidation on October 9, 2026, and trading ends before the market opens on November 6, so it cannot serve as a long-term holding.
USE launched on May 4, 2023, so it has no record through the 2008, 2020 or 2022 market drops. Results swung widely. It lost 14.85% in 2025, its weakest calendar year, then its share price rose about 70% in 2026 through October 27. Between May 19 and July 1, 2026, its price fell 28.2%, and it regained that peak by September 9, about 2.3 months later. Cashing out near such a low would lock in the loss. Income came once a year, with a trailing 12-month yield of 1.8% as of October 27, 2026. It charges 0.79% a year.
Because the fund is closing, remaining shareholders receive cash on or about November 13, 2026. In a taxable account that payout generally counts as a sale and may create a taxable gain or loss. Past results don't predict the future, and a plan needs to consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Current shareholders weighing an exchange exit before trading ends ahead of the November 6, 2026, open against waiting for the cash payout around November 13.
- People studying active energy strategies: USE returned 5.19% a year from launch through 2025, versus -1.26% for the Bloomberg Energy Subindex Total Return.
- Short-term traders comfortable with futures-driven swings, such as the 28.2% drop from May 19 to July 1, 2026, until trading ends.
Look elsewhere if
- Anyone wanting a long-term holding: the board approved liquidation on October 9, 2026, and proceeds go out on or about November 13.
- Investors who want an index fund: USE follows no benchmark, and its 2025 loss of 14.85% was worse than the Bloomberg Energy Subindex's 10.41% drop.
- Retirees seeking regular income: USE paid once a year, with a trailing yield of 1.8% as of October 27, 2026, and charges 0.79% a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is the USE ETF closing?
Yes. On October 9, 2026, the board of trustees approved liquidating USCF Energy Commodity Strategy Absolute Return Fund. At the close of business on or about November 5, 2026, it stops accepting creation orders, which is how large firms make new shares. Trading on NYSE Arca ends before the market opens on November 6. The fund will then wind down its positions and pay cash to shareholders of record on or about November 13, 2026.
What does the USE ETF invest in?
USE invests in energy futures. Its quantitative model can go long (gaining if prices rise), short (gaining if they fall) or hold spreads in crude oil, natural gas, gasoline, diesel and gasoil contracts. It holds most of its futures through a Cayman Islands subsidiary and keeps much of its money in Treasury bills and other cash-like collateral. As of June 30, 2026, its largest holding was a Treasury bill due September 22, 2026, at about 47% of net assets, plus six derivative positions.
How has USE performed compared with energy commodity indexes?
From launch through 2025, it beat the energy index but trailed broader benchmarks. Between its May 4, 2023, launch and December 31, 2025, USE returned 5.19% a year. That compares with -1.26% for the Bloomberg Energy Subindex Total Return, 8% for the Bloomberg Commodity Index Total Return and 23.03% for the S&P 500. In 2025 alone, USE lost 14.85% while the energy subindex fell 10.41%. Its share price rose about 70% in 2026 through October 27.
Does USE pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid $0.70 per share, a trailing yield of about 1.8%. The fund holds energy futures and Treasury bills rather than dividend-paying stocks, so payouts can vary from year to year. Its final payment will be the liquidation proceeds, due to shareholders of record on or about November 13, 2026.
What is USE's expense ratio?
USE's expense ratio, the yearly fee taken from fund assets, is 0.79%, all of it a management fee, according to its prospectus filed October 28, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, total costs would be about $81 after one year and $252 after three years. Trading costs on the exchange come on top. With the fund closing in November 2026, the longer five- and 10-year figures don't apply.