Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
111.3 mln EUR
NAV
308.24 USD
Domicile
Ireland
Inception date
24 March 2016
Data as declared by UBS in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description
UBS CMCI ex-Agriculture SF UCITS ETF USD acc tracks the issuer-declared index: UBS CMCI Ex-Agriculture Ex-Livestock Capped Index Total Return. The declared annual cost (TER) is 0.34%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is synthetic replication (fully funded + total return swap). The fund has assets of about 111 million euro, was launched on 24 March 2016 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 CMCI ExAgriculture Ex-Livestock Capped Index 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 is a benchmark for the commodity markets (not including agriculture or livestock). It is well diversified and contains components in the energy and metals sectors, and excludes components from the agriculture and livestock sectors. 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.
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 ex-Agriculture SF UCITS ETF and the available share classes, the full prospectus, and the latest annual and semiannual 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) · USD · from Mar 2016 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+216.8%
Annualised
+11.7%
Volatility (ann.)
15.9%
Max drawdown
-36.25%
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
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
-36.25%
peak → trough
Trough
21 Apr 2020
from the 22 May 2018 peak
Recovery time
302 days
recovery only: trough to break-even · ≈ 10 months
Underwater
1,002 days
decline + recovery: peak to break-even · ≈ 2 years and 9 months · → recovered on 17 Feb 2021
The five worst falls in the period
From the peak of
Trough
Depth
Back to break-even
Days underwater
22 May 2018
21 Apr 2020
-36.25%
17 Feb 2021
1,002
08 Mar 2022
31 May 2023
-23.36%
01 Dec 2025
1,364
13 May 2026
24 Jun 2026
-11.56%
08 Sept 2026
118
10 Feb 2017
21 Jun 2017
-11.17%
29 Aug 2017
200
15 Oct 2021
02 Dec 2021
-10.55%
12 Jan 2022
89
Calendar-year returns
2016
19.0%
2017
16.0%
2018
-12.2%
2019
10.9%
2020
-0.9%
2021
34.9%
2022
14.3%
2023
-5.9%
2024
6.8%
2025
18.6%
2026
29.4%
Month-by-month returns
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Year
2026
9.3
1.6
5.6
5.3
0.8
-8.5
5.6
4.6
2.8
29.4
2025
2.3
1.6
3.8
-7.1
1.1
4.7
0.4
0.8
3.1
3.2
0.9
3.0
18.6
2024
0.4
-0.2
3.6
6.6
0.7
-1.0
-4.2
0.1
3.1
-1.4
-0.9
0.1
6.8
2023
3.5
-5.7
-0.5
-1.7
-6.7
2.4
7.9
-1.6
0.8
-1.4
-2.0
-0.3
-5.9
2022
6.8
6.2
10.2
-0.2
0.3
-9.8
1.7
-2.6
-7.1
2.6
8.0
-0.7
14.3
2021
2.1
9.7
-2.1
7.3
4.5
0.8
3.2
-0.9
2.6
4.4
-6.1
5.9
34.9
2020
-8.0
-5.6
-16.0
-0.9
9.3
5.9
6.1
5.2
-4.8
-2.3
10.4
3.2
-0.9
2019
8.0
4.2
0.1
0.0
-7.4
3.7
0.7
-2.9
0.5
1.7
-1.9
4.8
10.9
2018
2.1
-3.6
0.5
3.6
2.5
-1.7
-3.7
-0.7
3.0
-4.7
-5.3
-4.3
-12.2
2017
2.2
0.9
-2.1
-2.6
-1.7
0.0
4.6
4.8
0.3
3.6
-0.4
5.8
16.0
2016
9.0
-1.7
4.4
-3.3
-0.2
4.7
0.2
4.4
1.1
19.0
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 9 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.51% /anno
Declared TER
0.34%
Year
Fund
Index
Difference
2025
+18.63%
+19.04%
-0.41%
2024
+6.75%
+7.28%
-0.53%
2023
-5.90%
-5.30%
-0.60%
2022
+14.32%
+15.07%
-0.75%
2021
+34.88%
+35.92%
-1.05%
2020
-0.91%
-0.09%
-0.83%
2019
+10.92%
+11.88%
-0.96%
2018
-12.17%
-11.34%
-0.83%
2017
+16.00%
+17.16%
-1.15%
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
Last 10 years
Full history
Volatility (ann.)
15.54%
14.81%
17.02%
16.50%
16.52%
Max drawdown
-8.91%
-14.44%
-22.67%
-30.92%
-30.92%
Sharpe
2.33
0.73
0.72
0.65
0.68
Sortino
3.60
1.02
1.02
0.92
0.95
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: 2.21%), 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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.
Portfolio holdings
Sectors
Metalli industriali
46.9%
Energia
37.2%
Metalli prezioso
16.0%
Top 10 holdings and breakdowns as declared by UBS in the fund factsheet, data as of 31 July 2026. Percentages may not sum to 100 due to cash, derivatives and rounding. Synthetic replication: the issuer factsheet reports the exposure of the replicated index (not the basket of securities held as swap collateral), which is what is shown here.
+ 15 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 ex-Agriculture SF UCITS ETF USD acc track?
The issuer UBS declares the benchmark: UBS CMCI Ex-Agriculture Ex-Livestock Capped Index Total Return.
How much does UBS CMCI ex-Agriculture SF UCITS ETF USD 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 ex-Agriculture SF UCITS ETF USD acc?
The fund size declared by UBS is about 111 million euro.
When was UBS CMCI ex-Agriculture SF UCITS ETF USD acc launched?
The fund was launched on 24 March 2016: it has 10 years of history.
How does UBS CMCI ex-Agriculture SF UCITS ETF USD acc replicate its index?
It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Sintetica (Fully funded + Total Return Swap)”).
Does UBS CMCI ex-Agriculture SF UCITS ETF USD 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 ex-Agriculture SF UCITS ETF USD acc trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (UEQU), Börse Frankfurt (UEQU), Börse Hamburg (UEQU), Börse Hannover (UEQU), Börse München / gettex (UEQU), Börse Stuttgart (UEQU).
What was UBS CMCI ex-Agriculture SF UCITS ETF USD acc's worst fall?
Over the available history (since 2016), the maximum drawdown was -36.25%, reached in April 2020. Past performance is not indicative of future results.
What is UBS CMCI ex-Agriculture SF UCITS ETF USD acc's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.51% 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.