CPXR USCF Daily Target 2X Copper Index ETF

Investment Objective

The Fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the SummerHaven Copper IndexSM (the “Index”) for a single day.

The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund is very different from most mutual funds and exchange-traded funds. The Fund is designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies.

The Fund does not invest directly in copper. Instead, the Fund seeks to benefit from increases in the price of copper futures contracts for a single day.

The Fund seeks daily investment results, before fees and expenses, that corresponds to two times (2x) the return of the SummerHaven Copper IndexSM (the “Index”) for a single day, not for any other period.

The Fund’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund’s stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index’s performance is flat, and it is possible that the Fund will lose money even if the level of the Index increases. During periods of higher Index volatility, the volatility of the Index may affect the Fund’s return as much as or more than the return of the Index.

The Fund may not always achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Index

Investors in the Fund should note: the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of the Index, understand the consequences of seeking daily leveraged investment results; and should understand the risks associated with the use of leverage. An investor could lose the full principal value of his/her investment within a single day. the Fund is not suitable for all investors.

Fund Documents

Fund Details & Data

Fund Inception: 01/21/2025
Ticker: CPXR
Primary Exchange: NYSE Arca
CUSIP: 45259A688
Expense Ratio*: 1.20%
30 Day SEC Yield* As of 08/31/2026: 1.79%

*The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended on the date indicated by the Yield, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Net Assets: $14.36M
NAV: $33.02
Shares Outstanding: 435,000
Premium/Discount Percentage: 0.22%
Closing Price: $33.09
Median 30 Day Spread*: 0.37%

As of 09/25/2026

**30 Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Performance

Inception Date: 01/21/2025

As of 08/31/2026

Fund Ticker	1MO	3MO	6MO	YTD	1YR	Since Inception (Cumulative)	Since Inception (Annualized)
CPXR MKT	1.75%	3.75%	11.99%	22.31%	80.89%	63.06%	35.53%
CPXR NAV	3.94%	3.75%	11.79%	22.58%	80.16%	62.94%	35.47%
SPTR2	2.72%	1.68%	12.37%	13.14%	20.38%	29.59%	17.49%

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.

A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

Premium/Discount

January 21, 2025 to September 25, 2026

Number of Days at Premium/Discount

	2025	1Q 2026	2Q 2026	3Q 2026
Days at Premium	117	31	26	27
Days at NAV	1	–	–	–
Days at Discount	121	30	36	34

Top 10 Holdings

As of 09/28/2026

Name	Shares	Price	Market Value
First American Government Obligations Fund 12/01/2031	11,999,284	$100.00	$11,999,283.72	83.54%
COPPER FUTURE May27	52	$694.00	$9,022,000.00	62.81%
COPPER FUTURE Mar27	52	$687.05	$8,931,650.00	62.18%
COPPER FUTURE Dec26	51	$676.60	$8,626,650.00	60.06%
Cash & Other	2,365,178	$1.00	$2,365,177.62	16.47%
MICRO COPPER Dec26	56	$6.77	$947,240.00	6.59%
MICRO COPPER Mar27	37	$6.87	$635,521.25	4.42%
MICRO COPPER May27	31	$6.94	$537,850.00	3.74%

Holdings are subject to change without notice.

DOWNLOAD ALL HOLDINGS

Purchase

USCF Daily Target 2X Copper Index ETF (CPXR) is available through various channels including via phone (855) 885-9885, broker-dealers, investment advisers, and other financial services firms, including:

This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (855) 885-9885 or visit our website at www.cpxretf.com. Read the prospectus or summary prospectus carefully before investing.

SummerHaven Copper Index: The SummerHaven Copper Index (SCI) is an index that tracks the performance of a portfolio of copper futures contracts on the COMEX exchange. It’s a benchmark for investors in copper futures.

Historically, the Index has closely tracked the daily price movements of copper. However, because the Index is designed to track the performance of copper futures contracts rather than the spot price of copper, its daily price movements may not always perfectly correlate with the daily price movements of copper.

Principal Investment Risks

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund Principal Risks of Investing in the Fund.”

Copper Investment Risks. Copper is an industrial metal. Consequently, in addition to factors affecting commodities generally, copper related investments may be subject to a number of additional factors specific to industrial metals, and in particular copper, which might cause price volatility.

Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (2x) the performance of the Index, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily.

Daily Correlation/Tracking Risk. There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Index and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Index, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective.

Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. This pattern of higher futures contract prices for longer expiration contracts is often referred to as “contango.” Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as “backwardation.” Extended periods of contango could possibly cause significant losses for the Fund

Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Index will be magnified.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Target Exposure and Rebalancing Risks. The Fund normally will seek to maintain notional exposure to the Index at 200%. However, in order to comply with certain tax qualification tests at the end of each tax quarter, the Fund may reduce its exposure to Copper Futures Contracts on or about such date. If the value of Copper Futures Contracts rises during such periods when the Fund has reduced its futures exposure to Copper Futures Contracts, the performance of the Fund may be less than it would have been had the Fund maintained its exposure through such period.

Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fun

Non-Diversification Risk. Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Distributed by Foreside Fund Services, LLC.