CMDT vs USE: Grades, Fees and Holdings Compared

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDTBNYSE Arca

USCF Energy Commodity Strategy Absolute Return Fund

USECNYSE Arca

Overlap

0.0%by weight

Expense ratio

CMDT −0.14pt a year

CMDT0.65%USE0.79%

Avg volume · 30D

CMDT 13.7×the volume

CMDT65.9KUSE4.8K

3Y return · a year

USE +2.3pt

CMDT+13.3%USE+15.6%

CMDT vs USE Performance

Oct 31, 2025 – Nov 2, 2026

+25.9%CMDT+55.2%USE

Expense ratio: CMDT 0.65%, better; USE 0.79%
Fund size: CMDT $849M; USE $3M
1Y total return: CMDT +25.9%; USE +55.2%, better
Yield (12M): CMDT 12.30%, better; USE 1.85%
Holdings: CMDT 351; USE 5
Avg volume (30D): CMDT 65.9K sh, better; USE 4.8K sh
NAV per share: CMDT $31.77; USE $38.07
52W range

ETF.net Grade

Pillar letters and Scores for CMDT, USE, with each pillar’s weight
Pillar	CMDT	USE
Cost30% weight	B61Higher	C53
Mission25% weight	Not scored	Not scored
Risk15% weight	A80Higher	D39
Tradability15% weight	C51Higher	D34
Holdings10% weight	A70	Not scored
Durability5% weight	A72Higher	D26

Rank among Commodity Futures funds

How we build Categories ›

Same Category. CMDT and USE are both graded against the same 13 Commodity Futures funds, so their Grades compare head to head.

Commodity Futures⁠

Category · 13 funds

See all 13 ›

CMDT ranks 4th and USE 9th of 13 funds in the Commodity Futures Category.

Rank 1APDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETFScore 83
Rank 2BSOYBTeucrium Soybean FundScore 65
Rank 2BWEATTeucrium Wheat FundScore 65
Rank 4BCMDTPIMCO Commodity Strategy Active Exchange-Traded FundScore 63
Rank 5BUSGUSCF Gold Strategy Plus Income FundScore 62
Rank 9CEVMTInvesco Electric Vehicle Metals Commodity Strategy No K-1 ETFScore 40
Rank 9CUSEUSCF Energy Commodity Strategy Absolute Return FundScore 40
Rank 11DKCCAKraneShares California Carbon Allowance Strategy ETFScore 31

Our read on each fund

ETF.net Research

CMDTBPIMCO Commodity Strategy Active Exchange-Traded Fund

USECUSCF Energy Commodity Strategy Absolute Return Fund

In short

CMDT PIMCO took the standard commodity futures fund and added the thing it is known for: an actively managed bond portfolio sitting behind the commodity bets. The mandate is to beat the Bloomberg Commodity Index, not mirror it.

USE Most commodity funds hand you the whole grocery basket. USE shops one aisle: oil, petroleum and natural gas, run through derivatives with an absolute-return mandate instead of a buy-and-hold index.

Stated mandate

CMDT The fund aims to achieve a total return that outperforms the Bloomberg Commodity Index Total Return, while maintaining prudent investment management.

USE The report identifies USE as a Commodity Pool Fund whose strategy is implemented primarily through commodity-linked derivatives, with subsidiary exposure used to support RIC tax requirements.

Why people hold it

CMDT Active by design. The stated objective is to outperform the Bloomberg Commodity Index Total Return, not replicate it.
Two engines in one ticker: swaps, futures and commodity-linked notes for the commodity exposure, an actively managed fixed income portfolio as the collateral behind them.
A 1940 Act fund that routes commodity-linked exposure through a Cayman subsidiary, so holders get a 1099 rather than a partnership K-1.
Global commodity reach spread across roughly 300 positions, with cash distributed quarterly.

USE Single-theme by design. The mandate points at oil, petroleum and natural gas, not the metals-grains-energy grab bag inside diversified peers like PDBC or HARD.
Costs 0.79% a year, a shade under the typical commodity-futures fund and below index peers such as DBB at 0.81%.
Clean plumbing for a futures strategy: a commodity pool built on commodity-linked derivatives, with a subsidiary sleeve used to support RIC tax treatment.

Worth knowing

CMDT At 0.98% a year, it sits above cheaper index-based options in the commodity futures group such as PDBC (0.74%) and HARD (0.78%). Active management is what the premium buys.
Tracking is not the goal here. Manager calls can push results away from the Bloomberg Commodity Index in either direction.
The bond collateral sleeve brings interest rate and credit sensitivity that a plain futures-and-Treasuries commodity fund does not carry.

USE A small fund that trades thinly. That usually shows up as wider spreads and more attention needed on how orders get placed.
Energy futures move sharply in both directions, and an absolute-return label does not mute that. It sits in the lower half of its commodity-futures peer group.
Launched in 2023, so the operating history is short, and cash goes out at most once or twice a year rather than on a monthly rhythm.

Full CMDT profile⁠

Full USE profile⁠

CMDT vs USE Holdings

How CMDT and USE differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CMDT and 0.0% of USE.

Level by level

Asset classCommodities, Alternatives0.0%
Holdings0 in both0.0%

Sector

No Sector split for USE.

Country, concentration and asset class

Country by domicile

No country split for USE.

Concentration

Weight in the 10 largest Holdings

CMDT29.0%
USE113.2%

Securities held

CMDT316
USE2

Asset class

CMDT: Commodities
USE: Alternatives

Holdings

Only in CMDT316
In both0
Only in USE2

Only in CMDT

316 securities, 88.3% of CMDT by weight

Pimco Enhanced Short Maturity Pimco Enhanced Short Maturit5.24%
Vistra Operations Co Llc Company Guar 144A 01/27 3.7 3.70% 01/30/20271.58%
Cpde Invt Co Llc 4.36% 01/08/20271.48%
Jti Finl Svcs North Amer Llc 11/26 Zcp 4.36% 11/20/20261.47%
Rogers Communications In Company Guar 03/27 3.65 3.65% 03/31/20271.30%
Bank of Montreal Sr Unsecured 06/27 4.309 4.31% 06/01/20271.22%
Brent Crude Futr JUN27 Ifeu 20270430 04/30/20271.16%
Crown Castle 4.42% 12/01/20261.14%
Aercap Ireland Cap/Globa Company Guar 04/27 6.45 6.45% 04/15/20271.14%
Brent Crude Futr JAN27 Ifeu 20261130 11/30/20261.07%
Telus Corp 4.41% 11/24/20261.04%
Transcanada Pipelines Sr Unsecured 04/27 3.8 3.80% 04/05/20271.03%
Permian Res Oper Llc Disc Coml 11/26 Zcp 4.38% 11/23/20261.02%
Epr Properties Company Guar 06/27 4.5 4.50% 06/01/20270.96%
Royal Bank of Canada Sr Unsecured 07/27 4.612 4.61% 07/26/20270.92%
Internal Flv+fgr Inc 4.25% 11/19/20260.91%
Dnb Bank Asa 144A 03/28 Var 1.61% 03/30/20280.89%
Wells Fargo & Company Sr Unsecured 03/28 Var 3.53% 03/24/20280.83%
Hca Inc Company Guar 03/27 3.125 3.13% 03/15/20270.81%
Ga Global Funding Trust Secured 144A 09/27 4.4 4.40% 09/23/20270.80%
Fannie Mae Fnr 2025 18 Fm 4.79% 09/25/20540.78%
Government National Mortgage A Gnr 2025 98 Gf 4.77% 06/20/20550.75%
Bat Capital Corp Company Guar 08/27 3.557 3.56% 08/15/20270.72%
Jackson Natl Life Global Secured 144A 07/27 5.55 5.55% 07/02/20270.71%
Ha Sustainable Infrastructure 4.40% 11/18/20260.71%
Bank of America Corp Sr Unsecured 03/28 Var 3.62% 03/16/20280.67%
Freddie Mac Fhr 5685 Fb 4.94% 07/25/20560.66%
Freddie Mac Fhr 5700 Fd 4.69% 09/25/20560.66%
Daimler Truck Finan Na Company Guar 144A 10/30 4.65 4.65% 10/12/20300.62%
Barclays PLC Sr Unsecured 08/28 Var 5.50% 08/09/20280.61%
Fannie Mae Fnr 2025 5 Fd 5.17% 02/25/20550.60%
Freddie Mac Fhr 5686 Fd 4.64% 08/25/20560.60%
Canadian Imperial Bank Sr Unsecured 09/28 Var 4.63% 09/08/20280.59%
Morgan Stanley Pvt Bank Sr Unsecured 07/28 Var 4.67% 07/06/20280.59%
Freddie Mac Fhr 5565 Kf 4.84% 08/25/20550.59%
Canadian Imperial Bank Sr Unsecured 06/27 4.95 4.95% 06/29/20270.58%
General Motors Finl Co Sr Unsecured 07/27 5 5.00% 07/15/20270.58%
Ford Motor Credit Co Llc Sr Unsecured 03/27 5.8 5.80% 03/05/20270.56%
JPMorgan Chase & Co Sr Unsecured 03/28 Var 1.90% 03/05/20280.55%
Fnma Pool AN6507 Fn 09/27 Fixed 2.98 2.98% 09/01/20270.54%
Sempra Sr Unsecured 01/28 Var 4.57% 01/07/20280.53%
Volkswagen Group America Company Guar 144A 08/27 4.85 4.85% 08/15/20270.52%
Armada Euro Clo Armda 2A Arr 144A 3.82% 02/15/20370.51%
American Honda Finance Sr Unsecured 08/27 Var 4.51% 08/13/20270.51%
Bmw Us Capital Llc Company Guar 144A 08/27 Var 4.49% 08/11/20270.49%
Low Su Gasoil G MAR27 Ifeu 20270311 03/11/20270.48%
Sumitomo Mitsui Tr Bk Lt Sr Unsecured Regs 09/27 Var 4.80% 09/10/20270.47%
Fannie Mae Fnr 2025 33 Yf 4.84% 08/25/20540.47%
Oracle Corp Sr Unsecured 04/27 2.8 2.80% 04/01/20270.47%
Providus Clo Prvd 8A Arr 144A 3.42% 11/20/20380.46%

Only in USE

2 securities, 15.1% of USE by weight

NATURAL GAS FUTR Oct2714.14%
Micro WTI Crude F Jan270.98%

Weight gaps

CMDT and USE share no securities.

All 303 CMDT holdings⁠All 32 USE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CMDT vs USE Cost

Overpaying USE vs CMDT

$2,457

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CMDT 0.65%
$12,717
USE 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

CMDT 0.65%
USE 0.79%
Overpaying

Year by year

Year	CMDT	USE	Overpaying
10	$1,163	$1,405	$242
20	$4,440	$5,331	$891
30	$12,717	$15,174	$2,457

Expense ratio

0.65%CMDT, cheaper
0.79%USE

CMDT0.65%USE0.79%

0.45%3.50%

Middle half of Commodity Futures funds
Median 0.79%

CMDT 6th cheapest of 13 funds

USE 7th cheapest of 13 funds

CMDT vs USE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): CMDT 12.30%, better; USE 1.85%
Payout (12M): CMDT $3.83; USE $0.70
Last payment: CMDT $3.20; USE $0.70
Ex-dividend: CMDT Oct 1, 2026; USE Dec 22, 2025
Paid on: CMDT Oct 5, 2026; USE Dec 23, 2025
Frequency: CMDT Quarterly; USE Annual

Distribution history

Per share, 2023 to 2026, same scale for both

CMDTQuarterly · 15 paymentsAll CMDT payments⁠

USEAnnual · 4 paymentsAll USE payments⁠

CMDT vs USE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CMDT 11.5%, betterUSE 34.5%
Return per unit of riskSharpe ratio, 3 years: CMDT 0.83, betterUSE 0.52
Worst fallMax drawdown, 5 years: CMDT −13.2%since May 2023USE −28.2%since May 2023
Market sensitivityBeta, 5 years: CMDT 0.78USE 1.37; Market = 1

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