Fund Details

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, 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 Return^SM (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.

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.

² Other Expenses are estimated for the current fiscal year.

³ The Adviser has contractually agreed through October 31, 2020 to waive 0.20% of its management fees. The agreement may be amended or terminated prior to October 31, 2020 only by agreement of the Board of Trustees of USCF ETF Trust and the Adviser, and will terminate automatically if the investment advisory agreement between the Adviser and the Fund is terminated. After October 31, 2020, the Adviser, in its sole discretion, may choose to renew or amend the agreement. 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 July, the Benchmark Component Futures Contracts are:

Natural Gas MAY21	Nickel DEC20	Cocoa SEP20
Feeder Cattle JAN21	Tin AUG20	Coffee DEC20
Soybean Oil DEC20	Gold FEB21	Cotton DEC20
Soybeans MAR21	Platinum OCT20	Sugar (#11) OCT20
Copper SEP20	Silver SEP20

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.

Performance

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'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.

^† 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 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 Daily Information as of
NAV
4PM Bid/Ask Midpoint
Difference ($)
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