The USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund seeks long-term total return.
The Fund is an actively managed ETF that seeks to maintain substantial economic exposure to the performance of the commodities markets primarily by investing in a wholly-owned Cayman Islands subsidiary of the Fund (the Subsidiary). The Fund will not invest more than 25% of its total assets in the Subsidiary. The Fund’s portfolio of futures contracts will generally consist of the commodities futures contracts included in the SDCITR, in proportionally equal weights by notional amount as the SDCITR.
The Fund’s portfolio of futures contracts is reconstituted and rebalanced on a monthly basis to reflect the changing composition of the SDCITR. The Fund may also invest in other futures contracts as well as other derivative instruments. To collateralize its derivative investments, the Fund will hold short-term U.S. government securities (e.g., Treasuries). In managing the collateral portion of the Fund’s investment strategy, the Fund’s Adviser will seek to at least match the return of the hypothetical investments used by the SDCITR to collateralize the component futures contracts, but may seek to enhance interest returns or increase portfolio liquidity by investing in money market instruments, investment grade fixed-income securities, cash, and cash equivalents.
About the SummerHaven Dynamic Commodity Index, the Fund's benchmark
The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is a total return commodity sector index designed to broadly represent major commodities and reflect the performance of a fully margined and collateralized portfolio of exchange-traded commodities futures contracts. The SDCITR is based on the notion that commodities with low inventories tend to outperform commodities with high inventories, and that priced-based measures can be used to help assess the current state of commodity inventories.
The total return of the SDCITR is based upon the market price movements of its component futures contracts and the return on the hypothetical investments used to collateralize those futures contracts. At any time, the SDCITR is comprised of 14 commodity futures contracts, weighted equally by notional amount, selected each month based upon a universe of 27 eligible commodities futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy, Precious Metals, Industrial Metals, Grains, Livestock and Softs. The SDCITR is rules-based and reconstituted and rebalanced monthly.
SDCI's Fund Benefits
- SDCI permits commodity exposure without using a commodity futures account.
- SDCI offers the convenience of an exchange-traded security (NYSE Arca).
- SDCI provides order flexibility, including market, limit, stop, stop limit and Good-Til-Cancelled (GTC) orders.
- SDCI provides market price, NAV and portfolio holdings on a daily basis.
|Total Annual Fund Operating Expenses|
|Administrator||Brown Brothers Harriman & Co.|
|Distributor||ALPS Distributors, Inc.|
|Investment Adviser||USCF Advisers, LLC|
|Portfolio Managers||Andrew F Ngim
Ashraf R. Rizvi
|Sub-Adviser||SummerHaven Investment Management|
|Index Provider||SummerHaven Index Management|
1 The 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.
2 Other Expenses are estimated for the current fiscal year.
The Fund's Commodity Holdings
The portfolio consists of listed futures contracts and other commodity-related investments and may consist of forwards and swap contracts. These investments will be collateralized by cash, cash equivalents and US government obligations with remaining maturities of two years or less.
Below are the eligible commodities that may comprise the Index on a monthly basis:
|Crude Oil (Brent)||Crude Oil (WTI)||Gasoil|
|Heating Oil||Natural Gas||Unleaded Gasoline|
|Feeder Cattle||Lean Hogs||Live Cattle|
For the month of May, the Benchmark Component Futures Contracts are:
|Crude Oil (Brent) FEB19||Gas Oil DEC 18||Live Cattle JUN18|
|Crude Oil (WTI) MAR19||Heating Oil APR19||Unleaded Gasoline (RBOB) DEC18|
|Nickel NOV18||Copper FEB19||Tin JUN18|
|Cocoa DEC18||Zinc AUG18||Gold AUG18|
|Soybean Meal OCT18||Cotton DEC18|
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.
The Fund launched on 05/03/2018, therefore, Performance information is not available at this time.
Growth of $10,000 Investment
The Fund launched on 05/03/2018, therefore, Growth of $10,000 Investment information is not available at this time.
Premium / Discount
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.
The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported NAV. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount expressed in basis points. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.
* A basis point is equal to 1/100th of 1%.
The Fund launched on 05/03/2018, therefore, Distributions information is not available at this time.
Creation & Redemption Process
- Creation/Redemption Basket Size 50,000 Shares
- Authorized Participants pay a transaction fee of $350 for Creates/Redeems (per order, not per basket)
- Authorized Participants pay a maximum 5.0% charge for Creates/Redeems in cash (per order, not per basket)
- Order cut-off for Cash Creates/Redeems is 10:30 a.m.
- SDCI’s NAV is calculated generally as of 2:30 p.m. ET
- Settlement is T+2
- Custodian is Brown Brothers Harriman & Co.