USCF Midstream Energy Income Fund (UMI) Valuation
UMI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.1 trailing earnings
- Forward P/E
- 15.6 analyst estimates
- Price / sales
- 0.73
- Price / book
- 3.56
- EV / EBITDA
- 10.0
- Earnings yield
- 4.99% inverse of P/E
- Dividend yield
- 4.56% of the holdings
- Return on equity
- 17.8% combined
- Net margin
- 3.7% combined
- Beta
- 0.60 weighted, vs S&P 500
UMI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| UMI | 20.1 | 15.6 | 0.73 | 3.56 | 4.56% | 17.8% | 3.7% | 0.0% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
UMI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 85.9% | 20.1 | 15.6 | 0.73 | 3.56 | 4.56% | 17.8% |
UMI earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How UMI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
UMI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| TRGP | Targa Resources Corp. | 7.60% | 28.2 | 23.2 | 3.8 | 1.70% | 8.38% |
| EPD | Enterprise Products Partners L.P. | 7.47% | 12.8 | 11.9 | 1.4 | 6.08% | 18.17% |
| WMB | The Williams Companies, Inc. | 6.84% | 28.4 | 26.8 | 7.1 | 2.95% | 7.48% |
| KMI | Kinder Morgan, Inc. | 6.29% | 22.1 | 20.0 | 4.2 | 3.45% | 8.86% |
| ENB | Enbridge Inc | 6.06% | — | — | — | — | — |
| PAGP | Plains GP Holdings, L.P. | 5.59% | 62.4 | 12.1 | 0.1 | 6.08% | 2.79% |
| MPLX | MPLX LP | 5.24% | 12.5 | 12.2 | 4.9 | 7.40% | 13.03% |
| DTM | DT Midstream, Inc. | 5.11% | 27.1 | 22.1 | 9.6 | 2.85% | 5.87% |
| PPL | Pembina Pipeline Corp | 4.69% | — | — | — | — | — |
| LNG | Cheniere Energy, Inc. | 4.64% | 21.9 | 13.5 | 2.9 | 0.77% | 6.59% |
| TRP | TC Energy Corp | 4.26% | — | — | — | — | — |
| KEY | Keyera Corp. | 4.15% | — | — | — | — | — |
| WES | Western Midstream Partners, LP | 3.47% | 14.1 | 11.3 | 4.3 | 8.34% | 7.65% |
| SOBO | South Bow Corporation | 3.15% | 15.8 | 17.5 | 3.6 | 5.77% | 6.21% |
| AM | Antero Midstream Corporation | 3.03% | 24.9 | 12.9 | 7.5 | 4.36% | 3.79% |
| SUNC | SunocoCorp LLC | 2.47% | 25.9 | — | 0.1 | 5.54% | 2.96% |
| GEI | Gibson Energy Inc. | 2.27% | — | — | — | — | — |
| HESM | Hess Midstream LP | 1.83% | 10.6 | 9.9 | 3.9 | 10.07% | 5.38% |
| KNTK | Kinetik Holdings Inc. | 1.78% | 19.3 | 21.4 | 5.0 | 5.86% | 2.86% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About UMI valuation
Adding up its 14 holdings with company data, UMI trades at 20.1 times trailing earnings and 15.6 times analysts' forward estimates, with a price-to-book ratio of 3.56 and a dividend yield of 4.56%. Its earnings yield of 4.99% is 0.34 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 59.5% of the fund and earn 85.0% of its combined profit. Companies that lost money over the past year are 0.0% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 75.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: UMI chart, UMI performance, UMI holdings, UMI dividends.
UMI valuation FAQ
What is the P/E ratio of UMI?
Based on its holdings, UMI has a trailing P/E of 20.1 and a forward P/E of 15.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of UMI?
The trailing earnings yield is 4.99% (1 ÷ P/E) and the forward earnings yield 6.42%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is UMI more expensive than the S&P 500?
UMI trades at 20.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.6 and 19.9.
What is the price-to-book ratio of UMI?
The holdings of UMI trade at 3.56 times book value, with a combined return on equity of 17.8%.