ETF Research Center

The USCF SummerHaven SHPEI Index Fund tracks an equal-weighted index of roughly 200 micro-, small-, and midcap US stocks that exhibit similar return characteristics to those companies held by private equity firms.

FUND BASICS
Category	US Equities
Fund Sponsor	USCF Advisers
Website	www.uscfinvestments.com
Inception date	Dec 01, 2017
Assets (mns)	$27
Currency	USD
Expense ratio	80 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	267
Wgt avg mkt cap (mns)	$1,391
Large cap (>$10bn)	0.6%
Mid cap ($2-10bn)	21.6%
Small cap (<$2bn)	77.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	7.7 %
STAMPS.COM INC	1.4 %
SYNAPTICS INC	1.0 %
REALOGY HOLDINGS CORP	0.7 %
COLLEGIUM PHARMACEUTICAL, INC.	0.7 %
PETMED EXPRESS INC	0.7 %
XPO LOGISTICS INC	0.7 %
UNISYS CORP	0.6 %
AXCELIS TECHNOLOGIES, INC.	0.6 %
ULTRA CLEAN HOLDINGS	0.6 %
MASONITE INTERNATIONAL CORP	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	PUERTO RICO	0.7 %
	LUXEMBOURG	0.7 %
	CANADA	0.6 %
	BERMUDA	0.6 %
	ISRAEL	0.3 %
	BRITAIN	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-9.4%	-7.8%	--	--	-6.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.28	66%
MSCI EAFE	1.35	57%
MSCI Emg. Mkts.	0.91	43%

Technical Indicators
Recent close	$18.91
30d moving avg.	$19.83
Annualized volatility	22.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	41

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.51%
ADV underlying (mns)	$3,789

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the USCF SummerHaven SHPEI Index Fund ETF based on the alternatives' overlap in portfolio holdings with BUY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BUY

Expense:

80 bp

ALTAR Score™:

11.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BUY
Ticker	Fund Name	Overlap¹ vs BUY (%)	Expense ratio (bp)	Savings vs BUY (bp)	ALTAR Score™ (%)	ALTAR vs BUY (%)
SQLV	Legg Mason Small-Cap Quality Value	25.0	62	18	4.4	-7.1
AVUV	Avantis U.S. Small Cap Value ETF	23.6	25	55	8.2	-3.3
CSML	IQ Chaikin U.S. Small Cap ETF	21.2	35	45	8.4	-3.2
PQSV	PGIM QMA Strategic Alpha Small-Cap Value ETF	21.0	29	51	7.4	-4.2
EES	WisdomTree SmallCap Earnings Fund	20.2	38	42	9.3	-2.3
RWJ	Invesco S&P SmallCap 600 Revenue ETF	18.2	39	41	6.8	-4.7
FDM	First Trust Dow Jones Select Microcap Index Fund	18.0	60	20	7.3	-4.2
FYT	First Trust Small Cap Value AlphaDEX Fund	17.9	72	8	7.7	-3.8
RZV	Invesco S&P Smallcap 600 Pure Value ETF	17.3	35	45	7.2	-4.4
VUSE	Vident Core US Equity Fund	16.4	48	32	8.0	-3.6
ROGS	Hartford Multifactor Global Small Cap ETF	16.3	34	46	7.7	-3.8
CALF	Pacer US Small Cap Cash Cows 100 ETF	15.8	59	21	10.8	-0.8
BUYN	USCF SummerHaven SHPEN Index Fund	15.7	80	0	7.1	-4.5
EWSC	Invesco S&P Smallcap 600 Equal Weight ETF	15.5	40	40	5.6	-6.0
SLYV	SPDR S&P 600 Small Cap Value ETF	15.3	15	65	7.7	-3.9
IJS	iShares S&P Small-cap 600 Value ETF	15.1	25	55	7.5	-4.1
FYX	First Trust Small Cap Core AlphaDEX Fund	15.0	63	17	5.4	-6.1
VIOV	Vanguard S&P Small-Cap 600 Value ETF	14.7	15	65	7.6	-4.0
AFSM	First Trust Active Factor Small Cap ETF	14.6	75	5	7.1	-4.5
CSA	Victory CEMP US Small Cap Volatility Weighted Index ETF	14.4	35	45	7.6	-3.9

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	USCF SummerHaven SHPEI Index Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.3	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	11.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.