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KCCA vs USG

KraneShares California Carbon Allowance Strategy ETF

KCCADNYSE Arca

USCF Gold Strategy Plus Income Fund

USGBNYSE Arca

Overlap

Expense ratio

USG −0.50pt a year

KCCA0.95%USG0.45%

Avg volume · 30D

KCCA 5.7×the volume

KCCA24.1KUSG4.23K

3Y return · a year

USG +27.4pt

KCCA−8.0%USG+19.4%

KCCA vs USG Performance

Oct 31, 2025 – Oct 30, 2026

−0.6%KCCA−6.4%USG

Oct 31, 2025 to Oct 30, 2026. KCCA −0.6%. USG −6.4%. Use the arrow keys to read each point.10%20%30%Oct 2025Apr 2026Oct 2026
Expense ratio
KCCA 0.95%
USG 0.45%, better
Fund size
KCCA $121M
USG $9M
1Y total return
KCCA −0.6%, better
USG −6.4%
Yield (12M)
KCCA 2.85%
USG 32.00%, better
Holdings
KCCA 3
USG 3
Avg volume (30D)
KCCA 24.1K sh, better
USG 4.23K sh
NAV per share
KCCA $17.04
USG $29.84
52W range

ETF.net Grade

KCCA: Cost 16, Risk 32, Mission not scored, Tradability 45, Holdings 39, Durability 55. USG: Cost 99, Risk 32, Mission not scored, Tradability 27, Holdings not scored, Durability 39.
Pillar letters and Scores for KCCA, USG, with each pillar’s weight
PillarKCCAUSG
Cost30% weightF16A99Higher
Mission25% weightNot scoredNot scored
Risk15% weightD32D32
Tradability15% weightC45HigherD27
Holdings10% weightD39Not scored
Durability5% weightB55HigherD39

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. KCCA 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 KCCA 11th 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 9CUSEUSCF Energy Commodity Strategy Absolute Return FundScore 40
  5. Rank 11DKCCAKraneShares California Carbon Allowance Strategy ETFScore 29
  6. Rank 12FCCOMSimplify Chinese Commodities Strategy No K-1 ETFScore 22

Our read on each fund

ETF.net Research

KCCADKraneShares California Carbon Allowance Strategy ETF

USGBUSCF Gold Strategy Plus Income Fund

In short

KCCA Most commodity funds ride weather and geology. KCCA tracks futures on California carbon allowances, a market where supply is set by state regulators and the auction floor price ratchets up 5% plus inflation every year.

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

KCCA KCCA provides targeted exposure to California Carbon Allowances through the cap-and-invest market and is benchmarked to an index tracking actively traded CCA futures.

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

  • KCCA A pure play, not a blend: the fund is benchmarked to an index of the most traded California carbon allowance futures, giving you one compliance market rather than a mixed commodity basket.kraneshares.comsec.gov
  • The supply side is written into regulation. California's allowance cap declines over time toward the state's 2045 carbon-neutrality goal, and the program's auction floor price rises 5% plus CPI each year.sec.govcongress.gov
  • Running since 2021 and part of a dedicated KraneShares carbon lineup spanning global, European, California and Eastern US programs. The California sleeve is a deliberate slice, not a one-off launch.sec.gov
  • 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

  • KCCA The 0.95% fee sits above the typical futures-based commodity fund, where diversified baskets like PDBC (0.74%) and DBB (0.81%) charge less. Specialist access carries a specialist price.
  • One market, one rule-maker. Pricing turns on California regulators, auction outcomes and legislation, so this reacts to Sacramento policy news rather than global commodity cycles.congress.govsec.gov
  • Thinly traded next to the big commodity ETFs, so spreads and order size deserve a look. It also holds futures through a Cayman subsidiary and is regulated as a commodity pool.kraneshares.com
  • 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 KCCA profile⁠

Full USG profile⁠

KCCA 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.

KCCA vs USG Cost

Overpaying KCCA vs USG

$8,828

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

  • KCCA 0.95%

    $17,869

  • USG 0.45%

    $9,041

$10,000
30 years

Cost over time

  • KCCA 0.95%
  • 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$20K051015202530KCCA $17,869USG $9,041

Year by year

YearKCCAUSGOverpaying
10$1,678$812$866
20$6,322$3,128$3,194
30$17,869$9,041$8,828

Expense ratio

  • 0.95%KCCA
  • 0.45%USG, cheaper
  • Middle half of Commodity Futures funds
  • Median 0.79%

USG cheapest of 13 funds

KCCA 11th cheapest of 13 funds

KCCA vs USG Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
KCCA 2.85%
USG 32.00%, better
Payout (12M)
KCCA $0.48
USG $9.52
Last payment
KCCA $0.48
USG $0.17
Ex-dividend
KCCA Dec 22, 2025
USG Sep 21, 2026
Paid on
KCCA Dec 23, 2025
USG Sep 23, 2026
Frequency
KCCA Annual
USG Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

KCCAAnnual · 6 paymentsAll KCCA payments⁠
One bar per payment. 6 payments from 2022 to 2026 YTD. Dec 28, 2022 $0.06; Jun 28, 2023 $0.20; Dec 18, 2023 $0.74; Jun 27, 2024 $5.03; Dec 17, 2024 $0.97; Dec 22, 2025 $0.48. 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

KCCA vs USG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
KCCA 19.3%USG 17.1%, better
Return per unit of riskSharpe ratio, 3 years
KCCA −0.56USG 0.87, better
Worst fallMax drawdown, 5 years
KCCA −41.1%USG −28.8%since Nov 2021
Market sensitivityBeta, 5 years
KCCA −0.14USG 0.28

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