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Description
UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc is an actively managed ETF: it does not track an index — the declared index (UBS CM-BCOM Outperformance Strategy Ex-Precious Metals, Agriculture, Livestock 2.5x Leveraged Net of Cost Total Return EUR Monthly Hedged Index) is a comparison yardstick only. The declared annual cost (TER) is 0.34%, plus 0.00% in transaction costs estimated by the issuer in the KID. The fund has assets of about 22 million euro, was launched on 22 January 2021 and is domiciled in Ireland.
The fund’s objective — in the issuer’s words
The objective of the Fund is capital appreciation. The Fund tracks the daily performance of a commodity index, called the UBS CM-BCOM Outperformance Strategy Ex-Precious Metals, Agriculture, Livestock 2.5x Leveraged Net of Cost Total Return (the 'Index'), less fees and costs and consequently is passively managed. The Fund invests in financial derivative instruments ('FDIs') with UBS AG, London Branch ('UBS') as counterparty. The Fund may also invest in securities (e.g. company shares and bonds issued by companies and governments). Under the terms of the FDIs, the performance of the Index is swapped from UBS to the Fund, and in return the performance of the securities is swapped from the Fund to UBS – consequently, the Fund's performance reflects the performance of the Index and is not impacted by the performance of the securities. The Index provides an exposure to the difference in performance of two commodity indices. Its objective is therefore not to directly track movements in commodity markets. The Index also utilises leverage, meaning that its value may rise or fall more than the difference in performance of the two commodity indices to which it has exposure. It is well diversified and contains components in the energy and metals sectors, and excludes components from the agriculture and livestock. More information on the Index is available at www.ubs.com/cmci. As a result of fees and costs, the performance of the Fund on any day will always be less than the performance of the Index on that day. Sustainability risks are not systematically integrated as they are not considered as part of the Index selection process. The return of the fund depends mainly on the performance of the tracked index. The share class does not pay dividends. The exchange rate risk of the share class currency is to a large extent hedged against the currency of the fund.
Keep reading the KID section ▾
Intended retail investorThis fund applies to retail investors with a basic financial understanding, who can accept a possible loss on the investment amount. The fund is aimed at growing the investment value, while granting daily access to the capital under normal market conditions. With their investment in this fund, investors can satisfy medium term investment needs. The fund is suited to be acquired by the target client segments without any restriction of the distribution channel or platform. Depositary State Street Custodial Services (Ireland) Limited Further Information Information about UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF and the available share classes, the full prospectus, and the latest annual and semi-annual reports, as well as additional information can be obtained free of charge from the fund management company, the central administrator, the custodian bank, the fund distributors or online at www.ubs.com/etf. Latest price can be found at www.ubs.com/etf
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.
Fund performance
issuer-declared net asset value (NAV) · EUR · from Jan 2021 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
-9.2%
Annualised
-1.7%
Volatility (ann.)
20.1%
Max drawdown
-42.48%
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
Tip: drag across the chart to zoom into a period.
Drawdown — distance from previous peak
This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
Max drawdown
-42.48%
peak → trough
Trough
02 Apr 2026
from the 06 Dec 2024 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
637 days
decline + recovery: peak to break-even · ≈ 1 year and 9 months · (ongoing)
The five worst falls in the period
From the peak of
Trough
Depth
Back to break-even
Days underwater
06 Dec 2024
02 Apr 2026
-42.48%
ongoing
637
09 Dec 2021
08 Mar 2022
-21.44%
01 Dec 2022
357
22 Jan 2021
05 Oct 2021
-12.79%
01 Dec 2021
313
02 Jun 2023
27 Sept 2023
-9.35%
12 Dec 2023
193
27 Mar 2024
22 May 2024
-5.22%
09 Jul 2024
104
Calendar-year returns
2021
1.4%
2022
8.2%
2023
13.8%
2024
3.9%
2025
2.7%
2026
-31.8%
Month-by-month returns
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Year
2026
-13.4
9.1
-31.2
0.3
11.0
5.9
-7.4
1.8
-5.8
-31.8
2025
-2.1
-1.8
0.2
5.0
-0.2
-1.8
0.1
2.4
0.0
-0.1
-4.8
6.3
2.7
2024
0.6
0.8
2.4
-0.2
-0.1
-0.7
4.9
0.2
-2.1
2.8
-1.6
-3.1
3.9
2023
5.7
1.7
4.0
-0.1
2.7
-2.8
-2.0
-0.8
-3.4
2.5
5.5
0.7
13.8
2022
-7.9
-1.0
-1.0
-3.4
-1.3
5.5
-3.2
4.0
4.4
0.0
7.0
6.0
8.2
2021
-4.2
2.3
-0.4
0.7
-3.3
-0.1
0.5
-6.0
1.4
11.1
1.5
1.4
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: UBS. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.
Tracking difference — fund vs index
How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 4 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.28% /anno
Declared TER
0.34%
Year
Fund
Index
Difference
2025
+2.66%
+2.77%
-0.11%
2024
+3.93%
+4.20%
-0.28%
2023
+13.81%
+14.26%
-0.45%
2022
+8.19%
+8.67%
-0.47%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →
Risk indicators· EUR
Last year
Last 3 years
Last 5 years
Full history
Volatility (ann.)
38.88%
24.10%
21.81%
20.70%
Max drawdown
-42.22%
-42.48%
-42.48%
-42.48%
Sharpe
-0.84
-0.40
-0.04
-0.09
Sortino
-1.29
-0.60
-0.07
-0.14
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.
Stock exchange listings
Exchange
Ticker
Trading since
Börse Düsseldorf
UBF7
24 Feb 2021
Börse Frankfurt
UBF7
11 Feb 2021
Börse Hamburg
UBF7
19 Oct 2022
Börse Hannover
UBF7
9 Dec 2024
Börse München / gettex
UBF7
11 Feb 2021
Börse Stuttgart
UBF7
25 Feb 2021
Tradegate Exchange
UBF7
13 Jun 2023
Xetra (Deutsche Börse)
UBF7
11 Feb 2021
+ 8 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.
Frequently asked questions
Which index does UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc track?
The issuer UBS declares the benchmark: UBS CM-BCOM Outperformance Strategy Ex-Precious Metals, Agriculture, Livestock 2.5x Leveraged Net of Cost Total Return EUR Monthly Hedged Index.
How much does UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc cost?
The issuer-declared TER is 0.34% per year; the transaction costs estimated in the KID are 0.00%.
What is the fund size of UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc?
The fund size declared by UBS is about 22 million euro.
When was UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc launched?
The fund was launched on 22 January 2021: it has 5 years of history.
Is UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (UBS CM-BCOM Outperformance Strategy Ex-Precious Metals, Agriculture, Livestock 2.5x Leveraged Net of Cost Total Return EUR Monthly Hedged Index) is a yardstick for comparison, not an index being tracked. Exposure is obtained through synthetic (swap) replication (issuer wording: “Sintetica (Fully funded + Total Return Swap)”).
Does UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Non”).
Where does UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (UBF7), Börse Frankfurt (UBF7), Börse Hamburg (UBF7), Börse Hannover (UBF7), Börse München / gettex (UBF7), Börse Stuttgart (UBF7).
What was UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc's worst fall?
Over the available history (since 2021), the maximum drawdown was -42.48%, reached in April 2026. Past performance is not indicative of future results.
What is UBS CMCI Commodity Carry ex-Agriculture SF UCITS ETF hEUR acc's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.28% per year versus its index (from issuer-declared series).
Transparency note
The data in this sheet is declared by UBS in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.