USCF Gold Strategy Plus Income Overview

Investment Objective

The Fund seeks investment results that generally correspond over the long term to the performance of the price of gold, while generating dividend income through selling gold call options and through collateral interest income.

Investment Strategy

The Fund seeks to achieve its investment objective by maintaining substantial economic exposure to the performance of the Gold Markets (physical gold and gold futures markets) by investing in: i) negotiable warehouse receipts, called warrants (Gold Warrants), evidencing ownership of specific gold bars stored in licensed depositories in and around New York City, and ii) fully margined and collateralized gold futures contracts. Also, to obtain the desired economic exposure, the Fund may transact in other gold-related derivative instruments such as cash-settled options, forward contracts, options on futures contracts, and other options (Gold Interests).

The Fund may invest in Gold Investments (Gold Warrants and Gold Interests) directly or indirectly through the investments of its wholly-owned subsidiary incorporated in the Cayman Islands. However, the Fund primarily gains exposure to the Gold Markets through the Gold Investments made by the Subsidiary. The Subsidiary, which has the same investment objective as the Fund, is advised by the Adviser and sub-advised by SummerHaven Investment Management, LLC.

The Fund will only invest in COMEX Gold Warrants and gold futures through the Subsidiary. The percentage of the Fund’s assets invested in the Subsidiary will be limited to 25%.

The Fund is not an index ETF and is actively managed. The Fund is “non-diversified,” as that term is defined in the 1940 Act. Investors should be aware that the Fund’s investment objective is not for its NAV per share to equal the spot prices of the gold underlying its Gold Investments or the prices of any particular group of futures contracts, and investors should not expect changes in the Fund’s performance to track changes in such spot prices.

Reasons to Consider GLDX

• GLDX provides exposure to the price of gold while generating quarterly dividend income, without a K-1.
• GLDX is actively managed, integrating our research in commodities, fixed income and covered call options strategies.
• GLDX offers diversification to traditional portfolio holdings such as stocks and bonds while serving as a hedge during periods of financial distress and rising inflation.

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.

²Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

Performance

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT 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's NAV is calculated by dividing the value of the Fund's total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

^† GLDX commenced operations on 11/03/2021

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 the performance of the Fund’s benchmark. 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. You cannot invest directly in an index.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT 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

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%.

Distributions