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CMDT vs USG

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDTBNYSE Arca

USCF Gold Strategy Plus Income Fund

USGBNYSE Arca

Overlap

Expense ratio

USG −0.20pt a year

CMDT0.65%USG0.45%

Avg volume · 30D

CMDT 15.6×the volume

CMDT65.9KUSG4.23K

3Y return · a year

USG +5.2pt

CMDT+14.2%USG+19.4%

CMDT vs USG Performance

Oct 31, 2025 – Oct 30, 2026

+28.0%CMDT−6.4%USG

Oct 31, 2025 to Oct 30, 2026. CMDT +28.0%. USG −6.4%. Use the arrow keys to read each point.0%10%20%Oct 2025Apr 2026Oct 2026
Expense ratio
CMDT 0.65%
USG 0.45%, better
Fund size
CMDT $890M
USG $9M
1Y total return
CMDT +28.0%, better
USG −6.4%
Yield (12M)
CMDT 12.09%
USG 32.00%, better
Holdings
CMDT 357
USG 3
Avg volume (30D)
CMDT 65.9K sh, better
USG 4.23K sh
NAV per share
CMDT $31.84
USG $29.84
52W range

ETF.net Grade

CMDT: Cost 61, Risk 81, Mission not scored, Tradability 51, Holdings 70, Durability 72. USG: Cost 99, Risk 32, Mission not scored, Tradability 27, Holdings not scored, Durability 39.
Pillar letters and Scores for CMDT, USG, with each pillar’s weight
PillarCMDTUSG
Cost30% weightB61A99Higher
Mission25% weightNot scoredNot scored
Risk15% weightA81HigherD32
Tradability15% weightC51HigherD27
Holdings10% weightA70Not scored
Durability5% weightA72HigherD39

Rank among Commodity Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CMDT and USG 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 USG 5th of 13 funds in the Commodity Futures Category.

  1. Rank 1APDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETFScore 84
  2. Rank 2BSOYBTeucrium Soybean FundScore 65
  3. Rank 2BWEATTeucrium Wheat FundScore 65
  4. Rank 4BCMDTPIMCO Commodity Strategy Active Exchange-Traded FundScore 64
  5. Rank 5BUSGUSCF Gold Strategy Plus Income FundScore 62
  6. Rank 6BDBBInvesco DB Base Metals FundScore 61

Our read on each fund

ETF.net Research

CMDTBPIMCO Commodity Strategy Active Exchange-Traded Fund

USGBUSCF Gold Strategy Plus Income 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.

USG Gold with a paycheck attached. USG holds claims on real gold bars plus collateralized futures, sells call options against that gold, and distributes quarterly, at one of the lowest fees in the commodity-futures crowd.

Stated mandate

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

USG The Fund seeks long-term results that generally correspond to gold-price performance while generating dividend income from selling gold call options and collateral interest. It obtains gold exposure through gold warrants, collateralized futures, and related derivatives.

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.
  • USG At 0.45% a year it charges well under the 0.79% cohort median, and less than top-ranked commodity peers PDBC, SOYB and WEAT.
  • Gold that throws off cash: the fund writes call options against its gold exposure and earns collateral interest, then pays shareholders quarterly.uscfinvestments.com
  • Exposure comes via COMEX gold warrants (ownership claims on bars in licensed depositories) and fully collateralized futures, actively run through a Cayman subsidiary capped at 25% of assets.alpsinc.com
  • USCF states the fund delivers its gold-plus-income strategy without a K-1, sparing the tax-form headache common to commodity products.uscfinvestments.comalpsinc.com

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.
  • USG Covered calls swap upside for income. Above the strike plus premium collected, further gold gains go to the option buyer, while the fund keeps the downside if gold slides.alpsinc.com
  • A small fund that trades thinly, so bid-ask spreads can run wider than on the household-name gold ETFs.
  • Payouts can include return of capital, meaning part of a distribution may be capital coming back rather than income the fund earned.

Full CMDT profile⁠

Full USG profile⁠

CMDT vs USG 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 USG Cost

Overpaying CMDT vs USG

$3,676

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

  • CMDT 0.65%

    $12,717

  • USG 0.45%

    $9,041

$10,000
30 years

Cost over time

  • CMDT 0.65%
  • USG 0.45%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CMDT $12,717USG $9,041

Year by year

YearCMDTUSGOverpaying
10$1,163$812$351
20$4,440$3,128$1,312
30$12,717$9,041$3,676

Expense ratio

  • 0.65%CMDT
  • 0.45%USG, cheaper
  • Middle half of Commodity Futures funds
  • Median 0.79%

USG cheapest of 13 funds

CMDT 6th cheapest of 13 funds

CMDT vs USG Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CMDT 12.09%
USG 32.00%, better
Payout (12M)
CMDT $3.83
USG $9.52
Last payment
CMDT $3.20
USG $0.17
Ex-dividend
CMDT Oct 1, 2026
USG Sep 21, 2026
Paid on
CMDT Oct 5, 2026
USG Sep 23, 2026
Frequency
CMDT Quarterly
USG Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

CMDTQuarterly · 15 paymentsAll CMDT payments⁠
One bar per payment. 15 payments from 2022 to 2026 YTD. Jul 3, 2023 $0.03; Oct 2, 2023 $0.32; Dec 11, 2023 $0.03; Dec 28, 2023 $0.31; Apr 1, 2024 $0.27; Jul 1, 2024 $0.26; Oct 1, 2024 $0.76; Dec 31, 2024 $0.93; Apr 1, 2025 $0.20; Jul 1, 2025 $0.21; Oct 1, 2025 $0.21; Dec 31, 2025 $0.22; Apr 1, 2026 $0.19; Jul 1, 2026 $0.22; Oct 1, 2026 $3.20. Use the arrow keys to read each point.$0$1020232026YTD
USGQuarterly · 18 paymentsAll USG payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Jun 27, 2022 $0.17; Sep 27, 2022 $0.44; Dec 27, 2022 $0.12; Mar 21, 2023 $0.18; Jun 20, 2023 $0.26; Sep 19, 2023 $0.84; Dec 19, 2023 $0.80; Mar 19, 2024 $0.17; Jun 20, 2024 $0.09; Sep 20, 2024 $1.59; Dec 23, 2024 $0.33; Mar 19, 2025 $0.16; Jun 20, 2025 $0.21; Sep 22, 2025 $0.21; Dec 22, 2025 $8.92; Mar 20, 2026 $0.19; Jun 18, 2026 $0.25; Sep 21, 2026 $0.17. Use the arrow keys to read each point.$0$1020232026YTD

CMDT vs USG 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%, betterUSG 17.1%
Return per unit of riskSharpe ratio, 3 years
CMDT 0.83USG 0.87, better
Worst fallMax drawdown, 5 years
CMDT −13.2%since May 2023USG −28.8%since Nov 2021
Market sensitivityBeta, 5 years
CMDT 0.78USG 0.28

Popular comparisons

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