USCF Sustainable Commodity Strategy Fund

Investment Strategy

The Fund seeks total return by providing broad exposure to commodities across three different sustainability focused themes: agriculture, renewable energy and electrification. The Fund will invest primarily in commodities derivative instruments and equity securities of issuers that are economically tied to particular commodities. The Adviser uses a proprietary methodology to select the commodities derivatives and equity securities in which the Fund invests. The Fund’s exposure to each of the three sustainability themes will be approximately equally weighted.

Agriculture

The Adviser believes that the global push to reduce greenhouse gas emissions coupled with global population growth will increase the demand for agricultural commodities that can be produced sustainably. When selecting investments for the Fund, the Adviser's methodology will consider factors such as water usage, chemical and fertilizer usage, and the ratio of greenhouse gas emissions to weight or calories/protein produced. As such, the Fund will primarily invest in commodities derivatives tied to grain crops and oilseeds (which include soybeans, hemp and various nuts and legumes), and to a lesser extent in cotton, sugar and coffee.

Renewable Energy

The Adviser believes that Global demand for renewable energy (wind, solar, water, and biomass) will continue to increase as countries across the globe seek more sustainable ways to produce power and implement rules and regulations that encourage renewable energy production. The renewable energy portion of the Fund will consist of a mix of commodities derivatives and commodities equities, including renewable energy certificates and credits, and equity securities of companies engaged in the production, extraction, distribution or other activity related to a particular renewable energy source.

Electrification

“Electrification” refers to the process of replacing technologies that use fossil fuels with technologies that use electricity as a source of energy. The Adviser believes that the global desire to reduce fossil fuel consumption will continue to increase the rate of electrification. The process of electrification is heavily reliant on the production and development of batteries that contain certain industrial metals, precious metals, and rare earth metals. The Fund's metals investments will initially include metals such as aluminum, cobalt, copper, graphite, iron ore, lithium, nickel, silver, zinc and other metals currently used in electrification.

The Fund understands that the production of certain agricultural products and the extraction, production and distribution of metals required for electrification are carbon-intensive processes. As such, an important component of the Fund’s sustainable strategy involves purchasing carbon offset investments in an amount equal to the estimated aggregate carbon emissions of the Fund’s holdings. By purchasing carbon offset investments, the Fund seeks to mitigate the carbon-intensive nature of the Fund’s commodities investments.

Reasons to Consider ZSC

• Upstream exposure to the growing sustainable agriculture, renewable energy, and electrification transition.
• Allocates higher exposures to those agricultural commodities, renewable energies and expected to be most positively impacted by the sustainable agriculture, renewable energy, and electrification transition.
• Designed sustainability to mitigate the carbon-intensive nature of certain of the Fund's commodities investments.

¹ The Adviser has contractually agreed through October 31, 2025 to waive 0.20% of its management fee and has agreed to permanently waive any fees received in connection with investment in any affiliated fund.

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.

Bloomberg Commodity Index Total Return (BCOMTR): The Bloomberg Commodity Index Total ReturnSM (“BCOM”) is an index that tracks the performance of 22 broadly diversified commodity futures contracts. Prior to July 1, 2014, BCOM was known as the Dow Jones- UBS Commodity Index. One cannot invest directly in an index.

^† ZSC commenced operations on 08/09/2023.

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