The USCF SummerHaven SHPEI Index Fund (BUY) seeks to track the price and yield performance, before fees and expenses, of the SummerHaven Private Equity Strategy Index® (SHPEI).
The Fund employs a “passive management” or “indexing” investment approach designed to track the price and yield performance, before fees and expenses, of the Index. The Index includes common stocks of micro-, small-, and mid-capitalization U.S. companies with market capitalizations of at least $100 million and lower than $10 billion at the time of the index construction. The market capitalization range of the Index may fluctuate between rebalancing periods. The companies comprising the Index are listed on U.S. stock exchanges.
The Index attempts to replicate the long-term (i.e., 10 years or more) return characteristics of diversified private equity allocations. SHPEI is designed to include publicly-traded companies that possess characteristics similar to the companies that private equity firms have historically selected for investment, as well as companies that the index provider, believes private equity firms are likely to select for investment in the future. However, the Index does not include, and the Fund does not invest in, private equity funds or private equity of companies.
The Index is constructed using a proprietary methodology that favors companies with low enterprise value to earnings before interest, taxes, depreciation, and amortization (“EV /EBITDA”) ratios; low net equity issuance; low market capitalization; and moderate profitability. From a universe of approximately 3,000 U.S. companies, SummerHaven Index Management (SHIM) applies proprietary screens to determine an investable universe. The Index includes the greater of 200 companies or 20% of such investable universe. The Index is equally-weighted and rebalanced annually.
Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the common stocks comprising the Index. The Fund generally invests in substantially all of the common stocks comprising the Index and in approximately the same proportions as the Index.
BUY's Key Features
- BUY permits private equity strategy without the capital requirements of a traditional private equity investment.
- BUY offers the convenience of an exchange-traded security (NYSE Arca).
- BUY provides "equity-like" order flexibility, including market, limit, stop, stop limit and Good-Til-Cancelled (GTC) orders.
- BUY provides market price, Net Asset Value (NAV) and portfolio holdings on a daily basis.
|Total Annual Fund Operating Expenses|
|Administrator||Brown Brothers Harriman & Co.|
|Distributor||ALPS Distributors, Inc.|
|General Adviser||USCF Advisers LLC|
Andrew F Ngim
Ashraf R. Rizvi
|Sub-Adviser||SummerHaven Investment Management|
|Index Provider||SummerHaven Index Management|
1The Fund pays USCF Advisers LLC (the "Adviser") an annual unitary management fee based upon the Fund’s average daily net assets at the rate set forth above. The Adviser is responsible for all expenses of the Fund except expenses for taxes and governmental fees, brokerage fees, commissions and other transaction expenses, costs of borrowing money, including interest expenses, securities lending expenses, extraordinary expenses (such as litigation and indemnification expenses) and fees and expenses of any independent legal counsel.
2Other Expenses are estimated for the current fiscal year because the Fund has not commenced operations as of the date of this Prospectus.
The performance data quoted above represents past performance.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Growth of $10,000 Investment
This chart shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark futures contract(s). The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.
The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.
Premium / Discount
( Premium/Discount is not available at this time. )
( Distribution information is not available at this time. )
|Ex-Date||Record Date||Pay Date||Ordinary Income||Short Term Gains||Long Term Gains||Return of Capital||Total|
Creation & Redemption Process
- Creation/Redemption Basket Size 50,000 Shares
- Transaction charge for each Authorized Purchasers Order is $350 (per order, not per basket)
- Order cut-off for in-kind Creates/Redeems is 4:00 p.m. ET and 3:00 p.m. ET for Cash Creates/Redeems
- BUY's NAV is calculated generally around 4:00 p.m. ET
- Settlement is T+2
- Custodian is Brown Brothers Harriman & Co.