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HARD vs USG

Simplify Commodities Strategy No K-1 ETF

HARDCNYSE Arca

USCF Gold Strategy Plus Income Fund

USGBNYSE Arca

Overlap

Expense ratio

USG −0.40pt a year

HARD0.85%USG0.45%

Avg volume · 30D

HARD 7.4×the volume

HARD31.3KUSG4.23K

3Y return · a year

USG +1.2pt

HARD+18.2%USG+19.4%

HARD vs USG Performance

Oct 31, 2025 – Oct 30, 2026

+25.0%HARD−6.4%USG

Oct 31, 2025 to Oct 30, 2026. HARD +25.0%. USG −6.4%. Use the arrow keys to read each point.0%10%20%30%Oct 2025Apr 2026Oct 2026
Expense ratio
HARD 0.85%
USG 0.45%, better
Fund size
HARD $59M
USG $9M
1Y total return
HARD +25.0%, better
USG −6.4%
Yield (12M)
HARD 3.36%
USG 32.00%, better
Holdings
HARD 20
USG 3
Avg volume (30D)
HARD 31.3K sh, better
USG 4.23K sh
NAV per share
HARD $35.92
USG $29.84
52W range

ETF.net Grade

HARD: Cost 38, Risk 49, Mission not scored, Tradability 39, Holdings not scored, Durability 54. USG: Cost 99, Risk 32, Mission not scored, Tradability 27, Holdings not scored, Durability 39.
Pillar letters and Scores for HARD, USG, with each pillar’s weight
PillarHARDUSG
Cost30% weightD38A99Higher
Mission25% weightNot scoredNot scored
Risk15% weightC49HigherD32
Tradability15% weightD39HigherD27
Holdings10% weightNot scoredNot scored
Durability5% weightC54HigherD39

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. HARD 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 ›

USG ranks 5th and HARD 7th of 13 funds in the Commodity Futures Category.

  1. Rank 4BCMDTPIMCO Commodity Strategy Active Exchange-Traded FundScore 64
  2. Rank 5BUSGUSCF Gold Strategy Plus Income FundScore 62
  3. Rank 6BDBBInvesco DB Base Metals FundScore 61
  4. Rank 7CACOMHarbor Active Commodity ETFScore 42
  5. Rank 7CHARDSimplify Commodities Strategy No K-1 ETFScore 42
  6. Rank 9CEVMTInvesco Electric Vehicle Metals Commodity Strategy No K-1 ETFScore 40

Our read on each fund

ETF.net Research

HARDCSimplify Commodities Strategy No K-1 ETF

USGBUSCF Gold Strategy Plus Income Fund

In short

HARD Most broad commodity funds buy the basket and hold on. HARD runs a systematic long/short model built by Altis Partners across the futures complex, and mails a 1099 instead of a K-1.

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

HARD HARD seeks long-term capital appreciation through systematic investment in commodity futures. Its strategy uses systematic long/short models designed by Altis Partners to pursue commodity exposure across inflationary and typical market environments.

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

  • HARD Long/short by design: the models can take short positions as well as long ones across commodities, not just ride a long-only basket.
  • Built as a 1940 Act fund, so holders get standard 1099 paperwork rather than the partnership K-1 some commodity futures funds send.
  • A 0.78% expense ratio sits under the median fee in its commodity futures cohort, which is rare for an actively managed futures strategy.
  • Lands in the upper half of its commodity futures peer group, in company with broad names like PDBC and DBB.
  • 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

  • HARD Model-driven and launched in 2023: no index to check it against, and a short live record so far.
  • Commodity futures move in big steps, and a long/short book can end up offside on either side of a trade.
  • Moderately traded and smaller than the category's giants, so spreads can run wider than the largest commodity ETFs.
  • 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 HARD profile⁠

Full USG profile⁠

HARD 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.

HARD vs USG Cost

Overpaying HARD vs USG

$7,158

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

  • HARD 0.85%

    $16,199

  • USG 0.45%

    $9,041

$10,000
30 years

Cost over time

  • HARD 0.85%
  • 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$15K$20K051015202530HARD $16,199USG $9,041

Year by year

YearHARDUSGOverpaying
10$1,508$812$696
20$5,706$3,128$2,578
30$16,199$9,041$7,158

Expense ratio

  • 0.85%HARD
  • 0.45%USG, cheaper
  • Middle half of Commodity Futures funds
  • Median 0.79%

USG cheapest of 13 funds

HARD 9th cheapest of 13 funds

HARD vs USG Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HARD 3.36%
USG 32.00%, better
Payout (12M)
HARD $1.20
USG $9.52
Last payment
HARD $0.30
USG $0.17
Ex-dividend
HARD Sep 25, 2026
USG Sep 21, 2026
Paid on
HARD Sep 30, 2026
USG Sep 23, 2026
Frequency
HARD Quarterly
USG Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

HARDQuarterly · 14 paymentsAll HARD payments⁠
One bar per payment. 14 payments from 2022 to 2026 YTD. Jun 27, 2023 $0.10; Sep 27, 2023 $0.10; Dec 26, 2023 $0.26; Mar 25, 2024 $0.15; Jun 25, 2024 $0.15; Sep 25, 2024 $0.30; Dec 23, 2024 $0.35; Mar 26, 2025 $0.12; Jun 25, 2025 $0.25; Sep 25, 2025 $0.30; Dec 23, 2025 $0.30; Mar 26, 2026 $0.30; Jun 25, 2026 $0.30; Sep 25, 2026 $0.30. 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

HARD vs USG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HARD 17.2%USG 17.1%, better
Return per unit of riskSharpe ratio, 3 years
HARD 0.80USG 0.87, better
Worst fallMax drawdown, 5 years
HARD −21.0%since Mar 2023USG −28.8%since Nov 2021
Market sensitivityBeta, 5 years
HARD 0.82USG 0.28

HARD and USG in the news

All news⁠

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