USCF Sustainable Battery Metals Strategy Fund Overview

Investment Strategy

As the global economy undergoes Electrification, the infrastructure necessary to produce and store energy will require substantial amounts of certain metals. This may lead to rising prices for these metals over time.

The Fund seeks total return by investing in metals derivatives instruments and equities (Metals Investments) economically tied to the metals that are necessary for Electrification.

The Adviser uses a proprietary methodology to select the Metals Investments. The Fund’s holdings will consist of instruments tied to industrial metals, precious metals, and rare earth metals that are used in batteries, battery charging infrastructure, and sustainable energy generation and storage infrastructure.

The Metals Derivatives in which the Fund will invest are futures and swaps, options, and forwards. The Metals Equities in which the Fund will invest are the common stock of companies located in both the United States and in foreign countries, including in emerging markets, which are economically tied to the metals because they derive a substantial portion of their revenue from the mining, processing, production, refining, recycling, and other related activities of such metals.

The Fund also seeks to achieve a “net-zero” carbon footprint by purchasing carbon offset investments in an amount equal to the estimated aggregate carbon emissions of the Fund’s holdings.

Reasons to Consider ZSB

• Upstream exposure to the growing electric vehicle (EV) battery and electrification adoption and energy transition.
• Allocates higher exposures to those green metals expected to be most positively impacted by the EV battery and electrification adoption and energy transition.
• Designed sustainability to deliver these exposures while seeking a net-zero carbon outcome.

¹ The Adviser has contractually agreed through January 4, 2024 to waive 0.20% of its management fees.

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.

^† ZSB commenced operations on 1/11/2023.

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

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

The Fund launched on 1/11/2023. Distribution information is not available at this time.