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USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund

Active ETF
SDCI
Payout Change
Pending
Price as of:
$16.5 -0.25 -1.49%
primary theme
Commodity
SDCI (ETF)

USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund

Payout Change
Pending
Price as of:
$16.5 -0.25 -1.49%
primary theme
Commodity
SDCI (ETF)

USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund

Payout Change
Pending
Price as of:
$16.5 -0.25 -1.49%
primary theme
Commodity

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$16.50

$10.3 M

2.24%

$0.37

0.69%

Vitals

YTD Return

-8.9%

1 yr return

-13.1%

3 Yr Avg Return

26.6%

5 Yr Avg Return

3.9%

Net Assets

$10.3 M

Holdings in Top 10

74.9%

52 WEEK LOW AND HIGH

$16.8
$16.50
$26.87

Expenses

OPERATING FEES

Expense Ratio 0.69%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$16.50

$10.3 M

2.24%

$0.37

0.69%

SDCI - Profile

Distributions

  • YTD Total Return -8.9%
  • 3 Yr Annualized Total Return 26.6%
  • 5 Yr Annualized Total Return 3.9%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.56%
DIVIDENDS
  • Dividend Yield 2.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund
  • Fund Family Name
    USCF Investments
  • Inception Date
    May 03, 2018
  • Shares Outstanding
    400000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Andrew Ngim

Fund Description

The Fund seeks to maintain substantial economic exposure to the performance of the commodities markets. The Fund primarily gains exposure to the commodities markets through the investments of its wholly-owned subsidiary incorporated in the Cayman Islands, USCF Cayman Commodity 2 (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 (“SummerHaven” or the “Sub-Adviser”).

The Fund seeks to provide exposure to the commodities markets that corresponds to the SummerHaven Dynamic Commodity Index Total ReturnSM (the “SDCITR”). The SDCITR is owned and maintained by SummerHaven Index Management, LLC (“SHIM”), an affiliate of SummerHaven. Even though the Fund seeks to provide exposure to the commodities markets that corresponds to the SDCITR, the Fund is not an index Fund and is actively managed.

The SDCITR is a total return commodity sector index designed to broadly represent major commodities. The SDCITR reflects the performance of a fully margined and collateralized portfolio of commodities futures contracts.

· A commodities futures contract is a financial instrument in which a party agrees to pay a fixed price for a fixed quantity of a commodity at a specified future date. The total cost of the commodities underlying a futures contract at their current price (or spot price) is often referred to as “notional amount.” Futures contracts are traded at market prices on exchanges pursuant to terms common to all market participants.
· A futures contract is fully margined when a fund has deposited the amount required to enter into and maintain the contract, as determined by a commodity futures exchange, including the New York Mercantile Exchange, ICE Futures, Chicago Board of Trade, Chicago Mercantile Exchange, London Metal Exchange, and Commodity Exchange, Inc. (collectively, the “Futures Exchanges”), which is typically 5% to 10% of the contract amount.
· A futures contract is fully collateralized when a fund holds cash or cash equivalents, government securities, or other liquid investments at least equal in value to the notional amount of the contract.

At any time, the SDCITR is comprised of 14 futures contracts (the “Component Futures Contracts”), weighted equally by notional amount. The SDCITR is reconstituted and rebalanced on a monthly basis. See “Additional Information about the SDCITR” below for more information about how the SDCITR is composed.

To achieve an exposure to the commodities markets that corresponds to the SDCITR, the Fund invests in a fully margined and collateralized portfolio of commodities futures contracts that will generally consist of the Component Futures Contracts, weighted equally by notional amount. 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 futures contracts that the portfolio managers believe are economically identical or substantially similar to the Component Futures Contracts. Also, to obtain the desired economic exposure, the Fund may invest in commodity-related derivative instruments such as cash-settled options, forward contracts, options on futures contracts, and other options. The futures contracts (including Component Futures Contracts) and other commodity-related derivative instruments in which the Fund may invest are collectively referred to herein as “Commodity-Linked Investments.” The Fund may invest in Commodity-Linked Investments directly or indirectly through the Subsidiary. Neither the Fund nor the Subsidiary invests directly in commodities.

In addition to the market price movements of the Fund’s futures contracts and other Commodity-Linked Investments, the Fund’s total return includes the return on any assets used to collateralize the Fund’s portfolio. In managing the collateral portion of the Fund’s investment strategy, the Adviser will seek to at least match the hypothetical return of the collateral portion of the SDCITR. The SDCITR’s Component Futures Contracts are hypothetically collateralized with U.S. Treasury bills (“Treasuries”) with three-month maturities, the value of which are calculated using the weekly auction rate for 3-Month U.S. Treasury Bills published by the U.S. Department of the Treasury. To collateralize its portfolio, the Fund will hold significant amounts of short-term U.S. government securities (e.g., Treasuries) and shares of money market mutual funds. The Fund may also seek to enhance collateral returns relative to the SDCITR or increase portfolio liquidity by investing in money market instruments, investment grade fixed-income securities, and cash and cash equivalents.

Although the Fund may invest in Commodity-Linked Investments directly, the Fund invests in Commodity-Linked Investments primarily through the Subsidiary. The Subsidiary’s investments are considered to be part of the Fund’s portfolio. By investing in the Subsidiary, the Fund is able to obtain greater exposure to the commodities markets while maintaining compliance with U.S. federal income taxation requirements applicable to investment companies. The Subsidiary may also hold investments used to collateralize the Fund’s portfolio.

The Fund will not invest more than 25% of its total assets in the Subsidiary, as determined at the end of each fiscal quarter. The amount of the Fund’s total assets that is not invested in the Subsidiary at any given time will be invested directly by the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund, except that the Subsidiary may invest without limitation in Commodity-Linked Investments.

The Fund is not diversified within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”).

Additional Information about the SDCITR:

At any time, the SDCITR is comprised of 14 Component Futures Contracts, weighted equally by notional amount, selected each month from a universe of 27 eligible commodities and futures contracts for those commodities. The eligible futures contracts are physical non-financial commodity futures contracts traded on the Futures Exchanges in major industrialized countries, and typically have active and liquid markets. The eligible futures contracts are denominated in U.S. dollars. The universe of eligible commodities, categorized into five commodity sectors, is made up of:

· petroleum (crude oil (Brent), crude oil (WTI), gas oil, heating oil, and unleaded gasoline)
· precious metals (gold, silver, and platinum)
· industrial metals (zinc, nickel, aluminum, copper, lead, and tin)
· grains (soybean oil, wheat, corn, soybeans, and soybean meal)
· non-primary sector (sugar, cotton, coffee, cocoa, natural gas, live cattle, lean hogs, feeder cattle)

The SDCITR is based on the notion that commodities with low inventories tend to outperform commodities with high inventories, as commodity prices tend to increase when supply is low and conversely tend to decrease when supply is high. To help assess the current state of commodity inventories, the SDCITR analyzes price-based signals (i.e., backwardation, contango, and momentum) within the universe of eligible commodity futures contracts, as discussed further below.

The SDCITR is rules-based and reconstituted and rebalanced monthly using quantitative formulas, subject to the constraint that each of the four primary commodity sectors above (Petroleum, Grains, Industrial Metals, and Precious Metals) must be represented by at least one Component Futures Contract. There is no requirement that the non-primary sector be so represented. Monthly commodity selection is a two-step process that occurs on the fifth business day prior to the end of the calendar month (the “Selection Date”) based upon the following:

1) The annualized percentage price difference between the closest-to-expiration Component Futures Contract and the next closest to expiration Component Futures Contract is calculated for each of the 27 eligible Component Futures Contracts on the Selection Date. The 14 commodities with the greatest backwardation (or least contango) are selected where backwardation is measured based on the highest percentage price difference. When evaluating the data from the first step, all four primary commodity sectors must be represented (Petroleum, Grains, Industrial Metals, and Precious Metals).
2) If the selection of the 14 commodities with the greatest backwardation fails to meet the overall diversification requirement that all four primary commodity sectors be represented in the SDCITR, the commodity with the greatest backwardation among the commodities of the omitted primary sector(s) would be substituted for the commodity with the least backwardation among the fourteen commodities.

The 14 commodities selected are included in the SDCITR for the next month on an equally-weighted basis by notional amount. Due to the dynamic monthly commodity selection, the primary sector weights will vary from approximately 7% to 43% over time, depending on the price observations each month.

The Selection Date for the SDCITR is the fifth business day prior to the end of that calendar month. Following the Selection Date, the SDCITR is reconstituted and rebalanced accordingly during the last four business days of the month.

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SDCI - Performance

Return Ranking - Trailing

Period SDCI Return Category Return Low Category Return High Rank in Category (%)
YTD -8.9% -39.0% 55.2% 86.38%
1 Yr -13.1% -60.4% 1743.4% 31.07%
3 Yr 26.6%* -24.7% 188.9% 19.51%
5 Yr 3.9%* -26.1% 82.1% N/A
10 Yr N/A* -20.5% 27.8% N/A

* Annualized

Return Ranking - Calendar

Period SDCI Return Category Return Low Category Return High Rank in Category (%)
2022 33.2% -58.5% 2475.6% 16.96%
2021 16.8% -87.8% 170.8% 17.65%
2020 -3.7% -38.3% 438.4% 80.72%
2019 -0.6% -81.2% 208.1% 80.41%
2018 N/A -29.0% 34.3% N/A

Total Return Ranking - Trailing

Period SDCI Return Category Return Low Category Return High Rank in Category (%)
YTD -8.9% -49.6% 119.0% 83.57%
1 Yr -13.1% -60.4% 1743.4% 31.07%
3 Yr 26.6%* -24.7% 188.9% 19.51%
5 Yr 3.9%* -26.1% 82.1% N/A
10 Yr N/A* -20.5% 28.7% N/A

* Annualized

Total Return Ranking - Calendar

Period SDCI Return Category Return Low Category Return High Rank in Category (%)
2022 33.2% -58.5% 2475.6% 16.96%
2021 16.8% -87.8% 170.8% 17.65%
2020 -3.7% -38.3% 438.4% 80.72%
2019 -0.6% -81.2% 208.1% 80.41%
2018 N/A -29.0% 34.3% N/A

SDCI - Holdings

Concentration Analysis

SDCI Category Low Category High SDCI % Rank
Net Assets 10.3 M 348 K 63.1 B 88.11%
Number of Holdings 18 1 846 59.60%
Net Assets in Top 10 2.9 M 0 63.2 B 96.69%
Weighting of Top 10 74.87% 20.7% 100.0% 61.59%

Top 10 Holdings

  1. Goldman Sachs FS Government Instl 18.59%
  2. Fidelity® Inv MM Fds Government Instl 18.07%
  3. Uscf Cayman Commodity 2 17.58%
  4. Uscf Cayman Commodity 2 17.58%
  5. Uscf Cayman Commodity 2 17.58%
  6. Uscf Cayman Commodity 2 17.58%
  7. Uscf Cayman Commodity 2 17.58%
  8. Uscf Cayman Commodity 2 17.58%
  9. Uscf Cayman Commodity 2 17.58%
  10. Uscf Cayman Commodity 2 17.58%

Asset Allocation

Weighting Return Low Return High SDCI % Rank
Cash
78.56% -81.87% 100.00% 7.38%
Other
17.58% -47.59% 165.73% 71.14%
Bonds
3.85% 0.00% 96.71% 74.17%
Stocks
0.00% 0.00% 92.26% 35.10%
Preferred Stocks
0.00% 0.00% 0.00% 22.30%
Convertible Bonds
0.00% 0.00% 3.89% 46.62%

Bond Sector Breakdown

Weighting Return Low Return High SDCI % Rank
Cash & Equivalents
95.33% 0.00% 100.00% 15.67%
Government
4.67% 0.00% 100.00% 77.44%
Derivative
0.00% 0.00% 100.00% 40.30%
Securitized
0.00% 0.00% 36.61% 51.13%
Corporate
0.00% 0.00% 42.72% 57.14%
Municipal
0.00% 0.00% 1.45% 36.09%

Bond Geographic Breakdown

Weighting Return Low Return High SDCI % Rank
US
3.85% 0.00% 97.72% 75.17%
Non US
0.00% -1.01% 21.42% 46.98%

SDCI - Expenses

Operational Fees

SDCI Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.69% 0.10% 3.08% 64.71%
Management Fee 0.80% 0.00% 1.75% 76.32%
12b-1 Fee 0.00% 0.00% 1.00% 9.59%
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

SDCI Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

SDCI Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SDCI Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 460.74% 20.28%

SDCI - Distributions

Dividend Yield Analysis

SDCI Category Low Category High SDCI % Rank
Dividend Yield 2.24% 0.00% 44.18% 4.17%

Dividend Distribution Analysis

SDCI Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

SDCI Category Low Category High SDCI % Rank
Net Income Ratio -0.56% -55.71% 52.26% 50.70%

Capital Gain Distribution Analysis

SDCI Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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SDCI - Fund Manager Analysis

Managers

Andrew Ngim


Start Date

Tenure

Tenure Rank

May 03, 2018

4.08

4.1%

Mr. Andrew F Ngim co-founded United States Commodity Funds, LLC (“USCF”) in 2005 and has served as a Management Director since May 2005 and, since August 15, 2016, has served as the Chief Operating Officer of USCF. Mr. Ngim has served as the portfolio manager for United States Commodity Index Fund, United States Copper Index Fund, and United States Agriculture Index Fund since January 2013.He has been listed with the CFTC as a Principal of United States Commodity Funds since November 2005. Mr. Ngim was Ameristock Corporation’s Managing Director from January 1999 to January 2013 and co-portfolio manager of Ameristock Mutual Fund, Inc., a large-cap equity fund registered under the 1940 Act from January 2000 to January 2013 when such fund was liquidated, Trustee of the Ameristock ETF Trust from February 2007 to June 2008, and served as a portfolio manager for the Ameristock/Ryan ETF from June 2007 to June 2008 when such funds were liquidated. Mr. Ngim received a Bachelor of Arts from the University of California at Berkeley in 1983.

Kevin Sheehan


Start Date

Tenure

Tenure Rank

Sep 08, 2020

1.73

1.7%

Kevin Sheehan, is a Portfolio Manager/Trader of USCF Advisers, LLC. Prior to joining the Adviser, Mr. Sheehan was, since 2011, Managing Director in the Trading department at SummerHaven, responsible for all day to day trading activities. Prior to joining SummerHaven Mr. Sheehan was a trader at Indus Capital. He also served in the United States Marine Corps from 1995 to 1999. Mr. Sheehan received his BBA in Accounting from Hofstra University

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 5.81 11.51