At a glance
ZSB charges 0.59% a year. It has $2.2M in assets; it paid 0.4% of its price in distributions over the past 12 months, annual. Over the past year it returned +163.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned +41.5% a year.
The short version
USCF Sustainable Battery Metals Strategy Fund (ZSB) is an ETF that gives exposure to metals used in batteries, such as copper, cobalt, lithium and nickel, mostly through futures and swaps (contracts tied to metal prices) rather than mining stocks. It also purchases carbon offsets to match its holdings' estimated emissions. It is tiny, with about $2.2 million in net assets as of June 30, 2026, and charges 0.59% a year after a fee waiver.
Price history
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ZSB +163.9% 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 | |
|---|---|---|---|---|---|---|
| ZSB official prospectus, to Dec 31, 2024 | — | +1.86% | — | — | — | -18.71% |
| S&P 500 Index index, same period | — | +25.02% | — | — | — | +24.68% |
| Bloomberg Commodity Index Total Return SM index, same period | — | +5.38% | — | — | — | +0.31% |
| S&P GSCI Electric Vehicle Metals TR Index SM index, same period | — | -11.52% | — | — | — | -21.00% |
| ZSB price data to Oct 27, 2026 | +128.1% | +163.9% | +41.5% | — | — | +29.1% |
- Over the year to Oct 27, 2026, ZSB returned +163.9%.
- Its worst full calendar year was 2024 (-19.7%); its best was 2025 (+64.3%).
- The deepest fall in its price history was 43.2% (Jul 14, 2023 to Sep 10, 2024), recovered by Jan 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +128.1% | — |
| 2025 | +64.3% | — |
| 2024 | -19.7% | +1.86% |
| 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 | $0.1900 | -50.0% |
| 2024 | $0.3800 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 46% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 46.00% |
By country
United States 46%By issuer
US Treasury 46%The bonds mature in 0 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 withdrew a net $3.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.55%, +1.72%, -8.73%.
How it works
ZSB does not track an index. Its adviser uses its own numbers-driven method to pick metals used in batteries and clean-energy infrastructure, such as lithium, nickel and cobalt. The method weighs each metal's battery role, other uses and environmental impact, and sizes positions in line with each metal's expected battery-related demand. Holdings are reviewed yearly.
The fund prefers derivatives, which track metal prices most closely. It favors actively traded futures (contracts to trade metal at a set price on a later date), uses swaps (private contracts paying a metal's return) where futures are thin, and may add options and forwards. It holds mining or refining stocks only when no suitable derivative exists, and a company must earn, or have projects that could earn, at least 50% of revenue from that work to enter and 25% to stay.
As of June 30, 2026, it held no stocks: a US Treasury bill made up about 46% of net assets, alongside 11 derivatives including copper, cobalt, iron ore, zinc and carbon (CCA) futures. Futures need only a deposit, so spare cash sits in Treasury bills, and expiring contracts must be replaced. Portfolio turnover was 138%. ZSB is not a leveraged fund, but derivatives can still magnify losses. The adviser also estimates its holdings' carbon emissions and purchases matching carbon offsets.
What it really costs
- ZSB charges 0.59% a year.
- Of that, 0.79% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.2% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $959 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ZSB | $60 | $232 | $419 | $959 |
In a retirement portfolio
ZSB is a narrow, derivatives-based stake in a handful of battery metals, with steep price swings and only about $2.2 million in net assets as of June 30, 2026.
ZSB could add a small, targeted stake in metals tied to batteries and electrification, but its record is short. It launched January 11, 2023, so it has no history from the 2008, 2020 or 2022 downturns. Its prospectus shows a 1.86% return for 2024 and an average annual loss of 18.71% from launch through December 31, 2024. Its deepest price drop was 43.2%, from July 14, 2023, to September 10, 2024, and it took about 16 months from that low to recover, on January 6, 2026. Withdrawing during such a slump would lock in steep losses.
Income is minimal: the yield was 0.4% as of October 27, 2026, paid once a year. Costs run 0.59% after a fee waiver, or $60 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, deliberate stake in battery metals such as copper, cobalt and iron ore, held mainly through futures rather than mining stocks.
- People who value the fund's carbon offset purchases, which aim to match the estimated emissions tied to its metal holdings.
- Investors who can stomach swings like its 43.2% drop from July 2023 to September 2024 and wait more than a year for a recovery.
Look elsewhere if
- Anyone seeking income: the yield was 0.4% as of October 27, 2026, and payouts come only once a year.
- Investors wary of tiny funds: net assets were $2.2 million as of June 30, 2026, with $3.3 million of outflows in the prior three months.
- Those seeking broad commodity exposure: from launch through 2024, ZSB lost 18.71% a year on average; the Bloomberg Commodity Index Total Return gained 0.31%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does ZSB invest in?
Mainly metals futures and swaps, with spare cash held in Treasury bills. ZSB targets metals used in batteries, such as copper, cobalt, iron ore, lithium and nickel. As of June 30, 2026, a US Treasury bill made up about 46% of net assets, and its 11 derivative positions included copper and cobalt futures on CME, iron ore futures on Singapore Exchange, zinc futures on the London Metal Exchange and carbon (CCA) futures. It held no company stocks then, though it may own miners when no suitable derivative exists.
Does ZSB pay dividends?
Yes, but very little, and only once a year. ZSB paid about $0.19 per share over the trailing 12 months, a yield of 0.4% as of October 27, 2026. Most of its return depends on metal prices, not income, so it may not suit investors who need regular cash payouts. Taxes may also be complicated: the prospectus warns that the tax treatment of commodity derivatives is partly unclear and could affect the timing and character of income.
How has ZSB performed since it launched?
It lost money at first, then rose sharply. Its prospectus shows an average annual loss of 18.71% from the January 11, 2023 launch through December 31, 2024, slightly better than the S&P GSCI Electric Vehicle Metals TR Index's 21% annual loss but far behind the S&P 500's 24.68% annual gain. Based on market prices, it gained 64.3% in 2025. Through October 27, 2026, it was up 128.1% for 2026, but it had been slightly down before a 133.6% jump in that period's final week.
Is ZSB a risky ETF?
Yes. Its volatility, a gauge of how widely returns swing, was 53.1% a year over the three years to October 27, 2026. Its deepest drop was 43.2%, from July 14, 2023, to September 10, 2024. The fund is non-diversified, meaning it can concentrate in a few positions, and uses derivatives that can magnify losses. With about $2.2 million in net assets as of June 30, 2026, it is also tiny; funds that small can cost more to trade and are more likely to close.
What is ZSB's expense ratio?
ZSB's expense ratio, the yearly cost taken from fund assets, is 0.59%, according to its prospectus filed October 28, 2025. That reflects a 0.79% management fee minus a 0.20 percentage point fee waiver, so costs would be higher without the waiver. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period, total costs would be $60 after one year, $232 after three years, $419 after five and $959 after ten.