USCF Dynamic Commodity Insight Monthly Insight September 2018

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1 Key Takeaways The US Commodity Index Fund (USCI) and the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) gained 1.94% and 1.84%, respectively, last month as September was the best month of the third quarter for the funds. In September, both SDCI and USCI topped the Bloomberg Commodity Index, which was up 1.75% for the month. Due in large part to disease and disaster, lean hogs were the best-performing contract last month. Energy was the best-performing sector in the portfolios. * Please keep in mind that USCI is a passively managed Exchange Traded Product (ETP) registered under the Act of SDCI is an actively managed Exchange Traded Fund (ETF) registered under the Act of They both utilized the SummerHaven Dynamic Commodity Index as a relative benchmark* Attribution: Absolute and Relative to benchmark USCI returned 1.94% in September and SDCI added 1.84% while the Bloomberg Commodity Index was up 1.75%. USCI/SDCI Performance USCI 3% 1.94% 2% 1.82% SDCI Bloomberg Commodity Index Total Return 1.75% Eight of 14 contracts generated positive monthly returns. 1% 0.51% Lean hogs were the best performing contracts up 8.47%. All six energy contracts were up an average of 4.97%. Softs were the worst performing asset class with the two contracts held (Cocoa, Cotton) down an average of (9.53%). 0% -1% -2% -1.56% -3% September -2.76% Year to Date Past Performance does not indicate future results Note: YTD Performance for SDCI is as of inception date, 5/3/2018 Lean Hogs Lead the Way In addition to the fat returns in hogs mentioned above, Feeder Cattle was up 6.1% and Live Cattle was up 5.2%. Lean hogs were the only Livestock contracts held in both portfolios. Hogs surged on news of African swine fever in China s herd. China is the world s largest pork producer. Lost production there could boost demand for U.S. pork exports. Cases of African swine fever were first reported in early August and are not anticipated to slow down any time soon. Since August 15th hogs are up 17.14%. Hurricane Florence affected hog prices, too, resulting in the loss of an estimated 5,500 animals. U.S pork exports: Volumes and export shares of the 10 largest foreign destinations, July 2017 and 2018 Source: USDA as of 9/30/2018. Past performance does not indicate future results

2 Energy Continues Producing US vs OPEC Crude Output The six energy contracts held in the portfolio were once again in the green. Brent led the pack up 6.89% closing at $82.73 per barrel (bbl). Brent was followed closely by West Texas Intermediate (WTI), up 5.59% closing the month at $73.25 per bbl. Natural gas was on the tail end, up 2.35%. Crude rallied in anticipation of new U.S. sanctions against Iran, a member of the Organization of Petroleum Exporting Countries (OPEC). Output there declined to its lowest levels in two and half years. Output also continues declining in Venezuela, another OPEC member. Amid declining inventories, natural gas produced its best September since 2012 ahead of the winter demand season. Thousands of Barrels per Day 40,000 35,000 30,000 25,000 20,000 6/1/16 8/1/16 10/1/16 12/1/16 2/1/17 4/1/17 6/1/17 U.S. Field Production of Crude Oil 8/1/17 10/1/17 12/1/17 2/1/18 4/1/18 6/1/18 11,000 10,000 9,000 8,000 7,000 6,000 Crude Oil Production, Total OPEC Thousands of Barrels per Day Quarter-End Summary Tariffs had a significant impact on commodity prices in the third quarter. In July, USCI and SDCI lost 3.48% and 3.41%, respectively, as energy prices slid amid speculation OPEC was looking to increase output. Past performance does not indicate future results. Top 3 Contract Returns Quarter to Date 7.33% 6.69% 6.00% WTI Crude Mar 19 Gasoil Dec 18 Brent Feb 19 Bottom 3 Contract Returns Quarter to Date % % % LME Zinc Aug 18 LME Nickel Nov 18 Cocoa Dec 18 Past performance does not indicate future results.

3 September USCI/SDCI Portfolio: Adds/Drops and a look ahead On a monthly basis, the index that USCI tracks (SummerHaven Dynamic Commodity Index Total Return) is reformulated, choosing 14 commodity futures out of a possible 27. These 14 contracts are equally weighted and represent six sectors: Energy, Precious Metals, Industrial Metals, Grains, Livestock, and Softs. The index uses market price signals, including backwardation and 12 month price change, as its rules-based selection method. USCI is rebalanced monthly to reflect these changes. In: Holding Sector Futures Curve September Performance Feeder Cattle Livestock Backwardation 6.07% Out: Holding Sector Futures Curve September Performance Zinc Industrial Metals Backwardation 7.64%. Past Performance does not indicate future results Holdings are subject to change USCI Fund Performance as of 9/30/18 Since Inception Cumulative (8/10/2010) Since Inception Annualized (8/10/2010) 1 month 3 month Year-to-Date 1 Year 5 Year NAV 1.94% -2.81% -0.02% 5.96% -5.43% % -1.98% Share Price 1.92% -2.86% -0.14% 6.07% -5.37% % -1.98% SDCI TR 2.03% -2.53% 1.01% 7.48% -3.82% -3.70% -0.46% DBLCDBCT 3.39% 1.70% 8.71% 17.79% -5.83% % -2.17% SPGSCI TR 3.93% 1.34% 11.84% 22.91% % % -4.99% BCOM TR 1.92% -2.02% -2.03% 2.59% -7.18% % -5.15% RICIGL TR 1.65% -1.30% 4.36% 11.04% -6.78% % -3.08% The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The Fund s net asset value per share ( 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.

4 SDCI Fund Performance as of 9/30/18 1 month 3 month Year-to-Date Since Inception Cumulative (5/2/2018) NAV 2.06% -2.63% -2.80% -2.80% Share Price 1.82% -2.72% -2.85% -2.85% SDCI TR 2.03% -2.53% -2.46% -2.46% Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent quarter-end and month-end performance data visit com or call Total Annual Fund Operating Expenses 0.80% The USCF Summerhaven Dynamic Commodity Stratgy No K-1 Fund (ticker: SDCI) is a new fund and has limited operating history Investment Objective: The USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) is an actively-managed ETF that seeks Long-term total return by seeking to provide exposure to the commodities markets that corresponds to the SummerHaven Dynamic Commodity Index Total Return. A funds Performance for very short time periods may not be indicative of future performance An investment in the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund may not be suitable for all investors. Investing involves risks, including loss of principal. There is no guarantee that the fund s objective will be met. The USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund is non-diversified and entails certain risks, including risks associated with the use of derivatives (swap agreements, futures contracts and similar instruments) and the risk associated with investment in commodities. Investing in derivatives, including futures and swaps, entails risks relating to liquidity, counterparty, leverage and credit that may reduce return and increase volatility. Commodities contain a heightened risk including market and price movements that are outside the Fund s control and may be influenced by weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic event, interest rates, currency exchange rates, U.S. and non-u.s. government regulation and taxation. Investments held in U.S. government securities and money market instruments can suffer losses. The Fund is exposed to non-diversification risk which results from the Fund s direct or indirect investment in commodities and futures contracts that are economically identical or substantially similar. Please read the Fund s prospectus for a more complete description of risks, including information about the above and other risks including correlation and specific risks regarding each commodity sector and the investment in the Subsidiary. Investment Objective: The United States Commodity Index Fund (USCI) is for the daily changes in percentage terms of its shares per share net asset value to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total Return, less USCI s expenses United States Commodity Index Fund (USCI) ( the Fund ), is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder. Commodity and futures trading is highly speculative and generally volatile and are not suitable for all investors. The Fund is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Please review the prospectus for the breakeven calculations for the Funds. Ordinary brokerage commissions apply. Shares of the Fund are not FDIC insured, may lose value and have no bank guarantee. Indexes are unmanaged and do not reflect the deduction of any fees, expenses or taxes; individuals cannot invest directly in an Index. Only authorized purchasers may purchase or sell directly with USCI, in minimum blocks of 50,000 shares. USCI s share price may not closely track the SDCITR, the price of the futures contracts in the SDCITR, the spot prices of these commodities, or the NAV of USCI. The Fund is not operated in a fashion such that its NAV will reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day. It is not the intent to operate the Fund in a fashion such that its NAV will equal, in dollar terms, the spot price of any particular futures contract. K-1s will be available for tax reporting purposes. You may download them electronically through a link on the fund s website. ALPS Distributor s, Inc. is unaffiliated with Brown Brothers Harriman & Co. and SummerHaven Investment Management, LLC.

5 Definitions SummerHaven Dynamic Commodity Index Total Return (SDCITR) An index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). The SDCITR uses market price signals, including backwardation and 12 month price change, as part of its rulesbased selection method. USCI is rebalanced monthly to reflect these changes to the index. DBIQ Optimum Yield Diversified Commodity Index Total Return (DBLCDBCT) rules-based index composed of futures contracts on 14 of the most heavily traded physical commodities. Bloomberg Commodity Index Total Return (BCOM TR) 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. USCI United States Commodity Index Fund and its respective Design mark is a registered trademark and service mark of the United States Commodity Funds LLC. The United States Commodity Funds is a registered trademark. All rights reserved. This material must be preceded or accompanied by a prospectus. Please read it carefully before investing or sending money. For additional information contact: ALPS Distributors, Inc., 1290 Broadway, Suite 1100 Denver, Colorado Call Visit USO /31/2019 S&P Goldman Sachs Commodity Index Total Return (SPGSCI TR) is a composite index representing the unleveraged, long-only performance of a diversified group of commodity futures contracts. The returns are calculated on a fully collateralized basis with full reinvestment. Rogers International Commodity Index - (RICIGL TR) is an index of 37 commodities futures contracts based on global consumption and liquidity. Backwardation describes a futures market where the prices of futures contracts, charted over a period of time, are downward sloping. As the contracts near expiration the prices tend to rise. Contango a market price condition where the price of the futures contract that is nearest to expiration is lower than the next contract s price. Volatility is a statistical measurement that refers to the amount of uncertainty or risk about the size of changes in a given security or market index. The United States Commodity Index Fund, is distributed by ALPS Distributors, Inc., administered by Brown Brothers Harriman & Co. and United States Commodity Funds LLC is the General Partner/Sponsor. SummerHaven Investment Management, LLC is the owner of the SummerHaven Dynamic Commodity Index Total Return and its service marks.