Definitions 30-Day SEC Yield: Refers to a calculation that is based on the 30-day period ending on the last day of the previous month. Backwardation: If the futures market is in backwardation, an investor would be buying a next month future contracts at a lower price than the current near month futures contract. Basis Point: A per ten thousand sign or basis point is one hundredth of a percent or equivalently one ten thousandth. Basis Points (BPS): A common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument. Beta: A measure of the risk arising from exposure to general market movements as opposed to idiosyncratic factors. Commodity Futures: an agreement to buy or sell a predetermined amount of a commodity at a specific price on a specific date in the future. Contango: If the futures market is in contango, an investor would be buying a next month futures contract for a higher price than the current near month futures contract. Correlation: a statistic that measures the degree to which two securities move in relation to each other Dispersion: Describes a range of possible returns for an investment. Diversification: The process of allocating capital in a way that reduces the exposure to any one particular asset or risk. Forward Curves: Define the prices at which a contract for future delivery or payment can be concluded today. The forward curve represents a term structure of prices. Good Til Cancelled Order: A good 'til canceled (GTC) order can be placed by an investor to buy or sell a security at a specified price that remains active until it is either rescinded by the investor or the trade is executed. Gross Domestic Product (GDP): The monetary value of all the finished goods and services produced within a country's borders in a specific time period. Limit Order: A limit order is a take-profit order placed with a bank or brokerage to buy or sell a set amount of a financial instrument at a specified price or better; because a limit order is not a market order, it may not be executed if the price set by the investor cannot be met during the period of time in which the order is left open. Limit orders also allow an investor to limit the length of time an order can be outstanding before being canceled. Liquidity: Is defined as the number of shares traded of the stock or ETF on a daily basis. Market Order: A market order is a buy or sell order to be executed immediately at current market prices. As long as there are willing sellers and buyers, market orders are filled. Market orders are therefore used when certainty of execution is a priority over price of execution. Momentum: The tendency of a security to continue movement in a single direction. Non-Correlated Assets: If two assets are considered to be non-correlated, the price movement of one asset has no effect on the price movement of the other asset. Return on Capital: A profitability ratio. It measures the return that an investment generates for capital contributors, i.e. bondholders and stockholders. Return on capital indicates how effective a company is at turning capital into profits. Risk Premium: the return in excess of the risk-free rate of return an investment is expected to yield. Russell 1000: The Russell 1000 Index is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 90% of the total market capitalization of that index. Sharpe Ratio: The Sharpe ratio is a measure of volatility-adjusted performance and is calculated by dividing excess return by the standard deviation of excess return. Smart Beta: Defines a set of investment strategies that emphasize the use of alternative index construction rules to traditional market capitalization based indices. Smart beta emphasizes capturing investment factors or market inefficiencies in a rules-based and transparent way. Stop Order: A stop order is an order to buy or sell a security when its price surpasses a particular point, thus ensuring a greater probability of achieving a predetermined entry or exit price, limiting the investor’s loss or locking in his or her profit. Once the price surpasses the predefined entry/exit point, the stop order becomes a market order. Stop-Limit Order: A stop-limit order is an order placed with a broker that combines the features of a stop order with those of a limit order. A stop-limit order will be executed at a specified price, or better, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better. S&P 500: The Standard & Poor’s 500, often abbreviated as the S&P 500, or just the S&P, is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. 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. The New York Mercantile Exchange (NYMEX): A commodity futures exchange owned and operated by CME Group of Chicago. Total Net Assets (TNA): The total of all investor dollars invested in the fund. Trailing 12-Month Yield: The Trailing 12-month Yield is calculated by assuming any income distributions over the past 12 months and any capital gain distributions made over the past 12 months and dividing the sum by the most recent NAV. Transparency: Refers to the extent to which investors have ready access to any required financial information about a company such as price levels, market depth and audited financial reports. T+2: Trade Date + 2 business days. This rule means that when you buy securities, the brokerage firm must receive your payment no later than three business days after the trade is executed. Warrant: A derivative that give the right, but not the obligation, to buy or sell a security at a certain price before expiration. Back to Top Our Company Disclosures Definitions Terms of Use Careers K-1 Information Privacy Site Map Stay Connected NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE This information is intended for U.S. residents. One cannot invest directly in an index. USCF is a registered service mark of United States Commodity Funds LLC. United States Commodity Funds LLC and USCF Advisers LLC are wholly owned limited liability companies of Wainwright Holdings, Inc. ALPS Distributors, Inc., is the distributor for funds sponsored by the United States Commodity Funds LLC and funds that are series of the USCF ETF Trust and not affiliated with USCF Investments or Wainwright Holdings, Inc. Shares of the funds that are exchange-traded products (ETPs) or exchange-traded funds (ETFs) are not individually redeemable and owners of any Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations of 50,000 or 100,000 Shares. Investments contain a heightened risk including market and price movements that are outside the Fund’s control and may be influenced by infectious disease outbreaks, including Covid-19, 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. EXCHANGE TRADED PRODUCT DISCLOSURES We advise you to consider a Fund's objectives, risks, charges and expenses carefully before investing. Download a copy of a Fund's Prospectus by clicking one of the following: USCI, USO, USL, BNO, UNG, UNL, UGA, CPER which contains this and other information, or contact the Fund’s distributor at: ALPS Distributors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203 or call 800-920-0259. Please read the Fund’s Prospectus carefully before investing. USCI, USO, USL, BNO, UNG, UNL, UGA, and CPER are commodity pools regulated by the Commodity Futures Trading Commission. These Funds, which are ETPs, are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Past performance does not guarantee future results. Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. INVESTING IN USO INVOLVES RISKS SIMILAR TO THOSE INVOLVED WITH AN INVESTMENT DIRECTLY IN THE OIL FUTURES MARKETS, BUT IT IS NOT A PROXY FOR TRADING DIRECTLY IN THE OIL MARKETS AND THESE RISKS ARE REAL. Investing in USO also involves correlation risk. Recent and unprecedented volatility in the crude oil markets in 2020 demonstrates that these risks are real. An investor should consider carefully the risks described below before making an investment decision. See the section of the USO prospectus titled “Risk Factors Involved with an Investment in USO.” Certain of these risk factors are summarized in the Disclosures section of this website. EXCHANGE TRADED FUND DISCLOSURES We advise you to consider a fund's objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund's Prospectus by clicking one of the following: SDCI, UMI, GLDX. Please read any Prospectus carefully before investing. An investment in the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), the USCF Midstream Energy Income Fund (UMI) and the USCF Gold Strategy Plus Income Fund (GLDX) may not be suitable for all investors. Investing involves risks, including loss of principal. The market value of shares of common stock can be volatile and change quickly. There is no guarantee that the fund's objective will be met. Fund concentration generally leads to greater price volatility. Foreign investing involves special risks such as currency fluctuations and political uncertainty. Investment in small companies generally experience greater price volatility. Past performance does not guarantee future results. Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. SDCI, UMI, and GLDX shares are not individually redeemable. Individual investors must buy and sell SDCI, UMI, and GLDX shares in the secondary market through their brokerage firm. Brokerage commissions may apply and will reduce returns. UMI and GLDX are new and have a limited operating history. © 2021 USCF | All rights reserved.