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)	$29
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	271
Wgt avg mkt cap (mns)	$1,445
Large cap (>$10bn)	0.5%
Mid cap ($2-10bn)	22.5%
Small cap (<$2bn)	77.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.0 %
STAMPS.COM INC	0.7 %
SYNAPTICS INC	0.7 %
VISTEON CORP	0.6 %
AMKOR TECHNOLOGY INC	0.6 %
ATKORE INTERNATIONAL GROUP INC.	0.6 %
BUCKLE INC/THE	0.6 %
COLLEGIUM PHARMACEUTICAL, INC.	0.6 %
REALOGY HOLDINGS CORP	0.6 %
TRIBUNE PUBLISHING CO	0.6 %
XPO LOGISTICS INC	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.7 %
	PUERTO RICO	0.7 %
	LUXEMBOURG	0.6 %
	CANADA	0.5 %
	ISRAEL	0.4 %
	BERMUDA	0.4 %
	BRITAIN	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.2%	-4.7%	--	--	-3.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.26	70%
MSCI EAFE	1.31	57%
MSCI Emg. Mkts.	0.91	41%

Technical Indicators
Recent close	$20.13
30d moving avg.	$20.22
Annualized volatility	22.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.53%
ADV underlying (mns)	$4,448

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the USCF SummerHaven SHPEI Index 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™:

11.3%

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 (%)
OMFS	Oppenheimer Russell 2000 Dynamic Multifactor	32.3	39	41	5.2	-6.1
SQLV	Legg Mason Small-Cap Quality Value	25.9	60	20	-5.0	-16.3
AVUV	Avantis U.S. Small Cap Value	23.8	25	55	7.4	-3.8
PQSV	PGIM QMA Strategic Alpha Small-Cap Value	21.4	29	51	6.2	-5.0
CSML	IQ Chaikin U.S. Small Cap	21.3	35	45	7.9	-3.4
EES	WisdomTree SmallCap Earnings	20.7	38	42	9.1	-2.2
RWJ	Invesco S&P SmallCap 600 Revenue ETF	18.9	39	41	-5.2	-16.5
FYT	First Trust Small Cap Value AlphaDEX	18.8	76	4	7.2	-4.1
RZV	Invesco S&P Smallcap 600 Pure Value	18.4	35	45	6.6	-4.7
FDM	First Trust DJ Select Microcap	17.9	60	20	6.9	-4.3
BUYN	USCF SummerHaven SHPEN Index	17.8	80	0	6.1	-5.2
FYX	First Trust Small Cap Core Alphadex	16.9	66	14	5.5	-5.8
ROGS	Lattice Global Small Cap Strategy	16.6	39	41	7.2	-4.0
EWSC	Invesco S&P Small Cap 600 Equal Weight	16.1	40	40	3.0	-8.3
IJS	iShares S&P 600 SmallCap Value	15.6	25	55	6.7	-4.5
SLYV	SPDR S&P600 Small Cap Value	15.6	15	65	6.8	-4.5
VIOV	Vanguard S&P Small-Cap 600 Value	15.5	20	60	6.8	-4.4
CSF	Compass EMP US Discovery 500 Enhanced Vol.	15.3	35	45	7.2	-4.1
CSA	Victory CEMP US Small Cap Volatility Wtd	15.3	35	45	7.1	-4.1
XSVM	Invesco S&P SmallCap Value with Momentum	15.2	39	41	8.2	-3.1

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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
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	12.8	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	11.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.