USCF SummerHaven Dynamic Commodity Strategy No K-1 Overview

Investment Objective

The USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund seeks long-term total return.

Investment Strategy

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, money market funds, investment grade fixed-income securities, cash, and cash equivalents.

About the SummerHaven Dynamic Commodity Index Total Return^SM, the Fund's benchmark

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 five sectors: petroleum (e.g., crude oil, heating oil, etc.), precious metals (e.g., gold, silver, platinum), industrial metals (e.g., zinc, nickel, aluminum, copper, etc.), grains (e.g., wheat, corn, soybeans, etc.), and non-primary sector (e.g., sugar, cotton, coffee, cocoa, natural gas, live cattle, lean hogs, feeder cattle). The SDCITR is rules-based and reconstituted and rebalanced monthly.

An investment in the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund may not be suitable for all investors. Investing involves risks, including loss of principal. There is no guarantee that the fund's objective will be met. The USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund is non-diversified and entails certain risks, including risks associated with the use of derivatives (futures contracts and similar instruments) and the risk associated with investment in commodities. Investing in derivatives, including futures, entails risks relating to liquidity, counterparty, leverage and credit that may reduce return and increase volatility. Commodities contain a heightened risk including market and price movements that are outside the Fund’s control and may be influenced by weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic event, interest rates, currency exchange rates, U.S. and non-U.S. government regulation and taxation Investments held in U.S. government securities, money market instruments, and money market funds can suffer losses. The Fund is exposed to non-diversification risk which results from the Fund’s direct or indirect investment in commodities and futures contracts that are economically identical or substantially similar. Please read the Fund’s prospectus for a more complete description of risks, including information about the above and other risks including correlation and specific risks regarding each commodity sector and the investment in the Subsidiary.

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 five sectors: petroleum (e.g., crude oil, heating oil, etc.), precious metals (e.g., gold, silver, platinum), industrial metals (e.g., zinc, nickel, aluminum, copper, etc.), grains (e.g., wheat, corn, soybeans, etc.), and non-primary sector (e.g., sugar, cotton, coffee, cocoa, natural gas, live cattle, lean hogs, feeder cattle). The SDCITR is rules-based and reconstituted and rebalanced monthly.

Reasons to Consider SDCI

• 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 an d Good-Til-Cancelled (GTC) orders.
• SDCI provides market price, NAV and portfolio holdings on a daily basis.

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 Acquired 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.

³ The Adviser has contractually agreed through October 31, 2023 to waive 0.20% of its management fees. The agreement may be amended or terminated prior to October 31, 2023 only by agreement of the Board of Trustees (the “Board”) of USCF ETF Trust (the “Trust”) and the Adviser, and will terminate automatically if the investment advisory agreement between the Adviser and the Fund is terminated. After October 31, 2023, the Adviser, in its sole discretion, may choose to renew or amend the agreement, subject to approval by the Board. Amounts waived are not subject to recoupment by the Adviser.

The Fund's Commodity Holdings

The portfolio consists of listed futures contracts and other commodity-related investments and may consist of forwards. 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
Bean Oil	Corn	Soybeans
Soybean Meal	Wheat	Aluminum
Copper	Lead	Nickel
Tin	Zinc	Gold
Platinum	Silver	Cocoa
Coffee	Cotton	Sugar

For the month of December, the Benchmark Component Futures Contracts are:

BRENT CRUDE FUTR NOV23	SOYBEAN MEAL FUTR MAR23	PLATINUM FUTURE APR23
LOW SU GASOIL G APR23	COPPER FUTURE MAR23	SILVER FUTURE MAR23
NY HARB ULSD FUT MAY23	LME TIN FUTURE JAN23	COTTON NO.2 FUTR MAR23
GASOLINE RBOB FUT FEB23	LME ZINC FUTURE FEB23	SUGAR #11 (WORLD) MAY23
SOYBEAN OIL FUTR MAR23	GOLD 100 OZ FUTR FEB23

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.

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.

Shares of the fund are bought and sold by individual investors at market price (not NAV) and are not individually redeemed by the Fund. Brokerage commissions apply and will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Beginning with the commodity selection process that commenced 12/24/2020, the SDCITR was revised to consolidate the six commodity sectors that comprised the index into the five sectors as described above.

^† SDCI commenced operations on 5/03/2018.

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