FINANCIAL HIGHLIGHTS

12 Months Ended

Dec. 31, 2019

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

NOTE 7 - FINANCIAL HIGHLIGHTS

The following tables present per share performance data and other supplemental financial data for each Trust Series for the years ended December 31, 2019, 2018 and 2017 for the shareholders. This information has been derived from information presented in the financial statements.

USCI

	Year ended			Year ended			Year ended
	December 31, 2019			December 31, 2018			December 31, 2017
Per Share Operating Performance:
Net asset value, beginning of year	$	37.49		$	42.48		$	40.02
Total income (loss)		(0.21)			(4.56)			2.87
Total expenses		(0.41)			(0.43)			(0.41)
Net increase (decrease) in net asset value		(0.62)			(4.99)			2.46
Net asset value, end of year	$	36.87		$	37.49		$	42.48
Total Return		(1.65)	%		(11.75)	%		6.15	%
Ratios to Average Net Assets
Total income (loss)		(1.32)	%		(11.33)	%		6.17	%
Management fees		0.80	%*		0.80	%*		0.80	%*
Total expenses excluding management fees		0.30	%		0.23	%		0.24	%
Expenses waived		—	%*		—	%*		—	%*
Net expenses excluding management fees		0.30	%		0.23	%		0.24	%
Net income (loss)		(2.42)	%		(12.36)	%		5.14	%

*     Effective January 1, 2016, USCF permanently lowered the management fee to 0.80% (80 basis points) per annum of average daily total net assets for USCI.

CPER

	Year ended			Year ended			Year ended
	December 31, 2019			December 31, 2018			December 31, 2017
Per Share Operating Performance:
Net asset value, beginning of year	$	16.44		$	21.05		$	16.36
Total income (loss)		1.24			(4.46)			4.83
Net expenses		(0.14)			(0.15)			(0.14)
Net increase (decrease) in net asset value		1.10			(4.61)			4.69
Net asset value, end of year	$	17.54		$	16.44		$	21.05
Total Return		6.69	%		(21.90)	%		28.67	%
Ratios to Average Net Assets
Total income (loss)		3.36	%		(24.49)	%		22.70	%
Management fees		0.65	%*†		0.65	%*†		0.65	%*†
Total expenses excluding management fees		0.79	%		0.58	%		0.54	%
Expenses waived		(0.64)	%*†		(0.43)	%*†		(0.39)	%*†
Net expenses excluding management fees		0.15	%		0.15	%		0.15	%
Net income (loss)		2.56	%		(25.29)	%		21.90	%

*     Effective January 1, 2016, USCF permanently lowered the management fee to 0.65% (65 basis points) per annum of average daily total net assets for CPER.

†     USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15% (15 basis points) of CPER’s NAV, on an annualized basis. USCF has no obligation to continue such payments into subsequent periods.